华友钴业业绩大增背后：钴镍撑盘，风险暗涌

Core Viewpoint - Zhejiang Huayou Cobalt Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased shipments of ternary cathode materials and nickel products, amidst a booming Chinese electric vehicle market [2][3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 37.2 billion yuan, a year-on-year increase of 23.78%, and a net profit of 2.711 billion yuan, up 62.26% [2][3]. - For Q2 2025 alone, revenue reached 19.36 billion yuan, with a quarter-on-quarter growth of 8.5%, and net profit of 1.46 billion yuan, reflecting a quarter-on-quarter increase of 16.5% [3]. Product Performance - The shipment 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 60% of the total [4][5]. - Nickel product shipments totaled 139,400 tons, showing a remarkable year-on-year increase of 83.91% [5]. Market Dynamics - The rapid growth in the electric vehicle market has significantly boosted demand for power batteries, leading to a transformation in the lithium battery market previously dominated by Japan and South Korea [2][3]. - The company has expanded its business into nickel and lithium battery materials, establishing a comprehensive platform in the lithium battery supply chain [3][11]. Strategic Developments - Huayou Cobalt has diversified its operations into five major sectors: new energy, new materials, Indonesian nickel, African resources, and recycling industries [3]. - The company has made strategic investments in nickel resources in Indonesia and has secured long-term supply agreements to ensure stable supply [10]. Challenges and Opportunities - Despite the impressive growth, the company faces challenges in maintaining its leading position amid increasing global competition in the new energy sector [3]. - The company’s profitability has shown volatility, closely tied to the cyclical nature of the new energy market and resource price fluctuations [7][12]. Future Outlook - Analysts suggest that the company could leverage the recent rise in cobalt prices due to export restrictions from the Democratic Republic of Congo to secure long-term supply agreements with automakers in Europe and North America [17]. - The market is expected to enter a new cycle of price and volume growth, driven by ongoing developments in electric vehicles and technology applications [17].