HUAYOU COBALT(SH:603799) Zheng Quan Shi Bao·2025-08-17 17:41Core Viewpoint - Huayou Cobalt's H1 2025 financial report shows significant growth in revenue and net profit, driven by increased product sales and historical highs in performance metrics [2] Financial Performance - Huayou Cobalt reported H1 2025 revenue of 37.197 billion yuan, a year-on-year increase of 23.78% [2] - The net profit attributable to shareholders reached 2.711 billion yuan, up 62.26% year-on-year [2] - The non-recurring net profit was 2.587 billion yuan, reflecting a 47.68% increase compared to the previous year [2] - Basic earnings per share stood at 1.61 yuan [2] Product Performance - The shipment volume of ternary cathode materials reached 39,600 tons, a year-on-year increase of 17.68%, with high-nickel 9-series products accounting for over 60% [2] - Ternary precursor shipments totaled 42,100 tons, showing a decline due to a strategic reduction in low-margin products [2] - Cobalt product shipments decreased by 9.89% to 20,800 tons, while nickel product shipments surged by 83.91% to 139,400 tons, significantly supporting revenue growth [2] Industry Collaboration and Market Outlook - Huayou Cobalt has achieved large-scale production of cylindrical battery materials and established deep collaborations with leading companies like Yiwei Lithium Energy and CATL [3] - The company is engaged in joint development of solid-state battery materials with key clients, indicating a strategic focus on high-energy density battery solutions [3] - The market for lithium battery cathode materials is expected to grow steadily, although the dominance of lithium iron phosphate batteries in the mid-to-low-end market is noted [3] - The company anticipates a narrowing price gap between ternary and lithium iron phosphate batteries as core metal prices stabilize, potentially increasing the market share of ternary materials [3] Resource Optimization and Production Efficiency - Huayou Cobalt is optimizing its global operational structure by enhancing overseas resources and international manufacturing [4] - The company has added stakes in two nickel mines in Indonesia, increasing its nickel-cobalt resource reserves [4] - The MHP (Nickel Cobalt Hydroxide) project shipped approximately 120,000 tons, marking a year-on-year growth of over 40% [4] - The company is advancing its lithium sulfate project, which is expected to reduce lithium salt production costs upon completion [4]