CNGR(SZ:300919) Xin Lang Cai Jing·2025-10-30 13:25Core Viewpoint - Zhongwei Co., Ltd. is a leading enterprise in the global ternary precursor market, focusing on the research, production, and sales of lithium battery cathode material precursors, with a fully integrated industrial chain advantage [1] Group 1: Business Performance - In Q3 2025, Zhongwei's revenue reached 33.297 billion yuan, ranking first among 44 companies in the industry, significantly higher than the industry average of 6.52 billion yuan and median of 4.845 billion yuan [2] - The main business composition includes battery materials at 9.632 billion yuan (45.17%), new energy metals at 9.273 billion yuan (43.49%), and other revenues at 2.417 billion yuan (11.34%) [2] - The net profit for the same period was 1.107 billion yuan, ranking fourth in the industry, above the industry average of 198 million yuan and median of 16.084 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Zhongwei's debt-to-asset ratio was 61.31%, up from 59.97% year-on-year and above the industry average of 51.96% [3] - The gross profit margin for Q3 2025 was 12.28%, slightly down from 12.55% year-on-year but higher than the industry average of 10.89% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.27% to 46,800, while the average number of circulating A-shares held per account decreased by 23.00% to 19,500 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [5] Group 4: Production and Sales - In the first half of 2025, the sales volume of nickel, cobalt, phosphorus, and sodium products grew positively, exceeding 188,000 tons, a year-on-year increase of 33.91% [6] - The production capacity utilization rates for ternary precursors, cobalt tetraoxide, and iron phosphate were 60.86%, 84.35%, and 71.78%, respectively [6] Group 5: Leadership Compensation - The chairman and president, Deng Weiming, received a salary of 3.4617 million yuan in 2024, an increase of 916,000 yuan from 2023 [4]