Core Insights - The company reported a revenue of 5.752 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 725 million yuan, up 19.18% year-on-year [1] - In Q3 alone, the company achieved a revenue of 2.219 billion yuan, a year-on-year increase of 31.60%, and a net profit of 271 million yuan, reflecting a growth of 45.42% [1] Group 1: Business Performance - The company has established a multi-layered security system to adapt to policy changes, with inventory at 3.399 billion yuan, an increase of 28.71% from the beginning of the year [1] - The company has elevated the recycling of secondary resources to a strategic level, increasing the proportion of recycled materials in total raw materials [1] - The company and its subsidiary have formed a synergistic business model, leveraging technological advantages to synthesize high-quality cobalt products from battery waste [1] Group 2: Copper Business - The copper segment provides stable profit support, with global copper prices remaining strong amid expectations of U.S. interest rate cuts [2] - The company plans to build a hydrometallurgical plant in the Democratic Republic of the Congo with an annual capacity of 30,000 tons of copper and 2,000 tons of cobalt, expected to be operational by Q4 2026 [2] - The copper smelting capacity will reach 90,000 tons, benefiting from local copper concentrate procurement models [2] Group 3: Financial Metrics - The company's contract liabilities surged by 2,431.20% to 86.1385 million yuan due to rising cobalt and copper prices [3] - The fixed asset return rate was recorded at 23.27%, and the overall gross profit margin was 25.01%, significantly higher than industry peers [3] - The controlling shareholder has committed not to reduce holdings within 12 months, indicating confidence in the company's long-term development [3]
腾远钴业：前三季度营收同比增长17.65%，钴铜协同驱动业绩持续向好