鹏欣资源：氢氧化钴是提升锂电池能量密度的核心成分，钴业务营收激增897.59%

Core Insights - The cobalt business of Pengxin Resources reported significant growth in the first three quarters of 2025, with sales revenue of cobalt hydroxide reaching 245 million yuan, a year-on-year increase of 897.59%, which was a key driver for the company's turnaround [1] - The surge in cobalt sales is attributed to the essential role of cobalt in the new energy sector and the company's strong resource reserves and cost control [1] - The rebound in cobalt prices due to the recovery in new energy demand in 2025, along with a reversal of inventory impairment of 225 million yuan, directly activated the performance elasticity of the cobalt business [1] Resource Reserves - Pengxin Resources controls over 200,000 tons of cobalt resources globally, with a potential reserve of 100,000 tons in the Congo (Kinshasa) 1078 block and an equity reserve of 10,600 tons from the Australian Clean TeQ project, leading the industry in scale [1] - The Congo (Kinshasa) base has established a cobalt hydroxide production line with a designed capacity of 3,000 tons per year, with plans to expand to 7,000 tons per year in the second phase, indicating clear future growth potential [1] Cost Management - The company has built a competitive barrier through low-cost operations, with a complete cost of cobalt products at approximately 3,200 USD per ton, which is 15 percentile points below the global cost curve and 20% lower than peers like Huayou Cobalt [2] - A partnership with the local government to establish a cobalt ore trading center is expected to yield 15%-20% of export quotas in 2025, giving the company a competitive edge under the quota system in Congo (Kinshasa) [2] Future Prospects - With the Clean TeQ project in Australia expected to commence production in 2025, adding 2,000 tons per year of cobalt capacity, and the continuous expansion of the new energy industry demand, Pengxin Resources' cobalt business is poised to further unleash performance potential [2] - The cobalt business is expected to become a crucial support for the company's strategic focus on "gold + copper + cobalt" [2]