华友钴业：上半年净利润27.11亿元，同比增长62.26%

Core Insights - Huayou Cobalt (603799) reported a record high in both revenue and net profit for the first half of 2025, with revenue reaching 37.197 billion yuan, a year-on-year increase of 23.78%, and net profit attributable to shareholders at 2.711 billion yuan, up 62.26% [1] Revenue and Profit Performance - The company achieved a historical high in revenue and net profit for the same period, with earnings per share at 1.61 yuan [1] - The increase in net profit is significantly driven by the growth in nickel product sales, which surged by 83.91% to 139,400 tons [1] Product Performance - The shipment volume of ternary cathode materials reached 39,600 tons, marking a year-on-year growth of 17.68%, with high-nickel 9-series products accounting for over 60% of the total [1] - The export volume of ternary cathode materials constituted 57% of China's total exports in this category [1] - Shipment of ternary precursors was 42,100 tons, showing a decline compared to the previous year due to a strategic reduction in low-margin products [1] - Cobalt product shipments decreased by 9.89% to 20,800 tons [1]