GEM(SZ:002340) Chang Jiang Shang Bao·2025-12-14 23:45Core Viewpoint - Company Greeenme is acquiring a 16.38% stake in Henan Recycling Technology Industry Group for 400 million yuan, despite the target company reporting a net loss in the first three quarters of 2025, indicating a strategic move to enhance its circular economy strategy and leverage synergies with state-owned enterprises [1][5]. Group 1: Acquisition Details - The acquisition involves a 16.38% stake in Henan Recycling Group, which will become an associate company and not be included in Greenme's consolidated financial statements [1][3]. - The target company reported a net loss of 162.62 million yuan in the first three quarters of 2025, with a net asset value of 1.454 billion yuan as of September 30, 2025 [1][4]. - The valuation for the acquisition was based on an assessment report that valued the total equity of Henan Recycling Group at 2.442 billion yuan as of May 31, 2025, indicating a high premium for the transaction [4][5]. Group 2: Financial Performance - In the first three quarters of 2025, Greenme achieved a record revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit of 1.109 billion yuan, up 22.66% [7]. - The company reported significant growth in its nickel resource project, with shipments reaching 79,916 tons, a 151% increase year-on-year, supporting the goal of 120,000 tons for the year [2][7]. - The company also reported a 22% increase in tungsten resource shipments and a 59% increase in the recycling of power batteries, indicating strong operational performance across its key segments [8]. Group 3: Global Strategy - Greenme is actively pursuing a globalization strategy, having submitted an application for an H-share listing on the Hong Kong Stock Exchange to enhance its international brand image and competitiveness [2][9]. - The funds raised from the Hong Kong listing are intended for capacity construction in key metal resources, overseas R&D, and global marketing center development, aligning with the company's sustainable growth objectives [9].