Group 1: Project Progress and Challenges - The construction of the waste battery recycling equipment manufacturing demonstration base is progressing slowly due to significant fluctuations in the prices of lithium carbonate and other battery raw materials [2] - The construction of the construction waste recycling equipment production base is also delayed, primarily due to the ongoing pressure in the real estate sector, leading to a decline in related investment and infrastructure growth [3] Group 2: Financial Performance - In Q1 2025, the company reported total revenue of 170,586,488.38 CNY and a net profit of 23,753,136.15 CNY, reflecting a significant decline compared to the previous period [3] - The decline in revenue and net profit is attributed to delays in project schedules and production line completion [3] Group 3: Market Outlook and Strategy - The mining equipment industry is currently facing intense competition, with weaker companies likely to be eliminated, while those with strong product quality and financial stability will find new opportunities [4] - The company remains focused on technological innovation and service enhancement to maintain a robust operational stance during industry adjustments [4] - Long-term prospects for the mining equipment industry are positive, driven by global mining transformation and domestic resource security needs [4]

Core Insights - Ruthenium, a rare platinum group metal, has a unique industrial value and is significantly rarer than gold and platinum, with an abundance of only 5×10⁻⁹ in the earth's crust, leading to a current international recovery price exceeding $800 per ounce, reflecting a growth of over 300% in the last decade [1][5] Physical and Chemical Properties - Ruthenium exhibits three notable advantages: a super high melting point of 2334℃, which is 566℃ higher than platinum and 2.2 times that of gold, making it ideal for extreme applications like aerospace components and nuclear reactor control rods [3] - It shows superior stability against strong corrosive media at room temperature compared to platinum, making it irreplaceable in organic synthesis catalysts [3] Market Vulnerability - The global annual production of ruthenium is only about 12 tons, which is 0.03% of gold production, and it heavily relies on a few countries like South Africa and Russia for mining [5] - The recovery rate of ruthenium is less than 30%, leading to a high price volatility with an annualized volatility of 28% over the past five years, highlighted by a 65% price surge within three months due to supply chain disruptions from the Russia-Ukraine conflict in 2022 [5] Circular Economy Perspective - From a circular economy viewpoint, recovering 1 kilogram of ruthenium can reduce 3.2 tons of electronic waste landfill and avoid emissions equivalent to 15 tons of CO2 [7] - The cost of recycled ruthenium is 40%-60% lower than that of primary mined products, and the application costs in emerging industries like G chips can decrease by 25%-35% [7] - Advanced separation technologies can enhance the recovery purity of ruthenium from electronic waste to 99.99%, providing critical material support for the semiconductor industry [7] Strategic Importance - Ruthenium's recovery and utilization have transcended mere commercial interests to become a matter of resource security, with the EU's Critical Raw Materials Act listing it as one of 20 strategic metals, aiming for 50% self-supply by 2030 [7] - China's 14th Five-Year Plan for Circular Economy Development also emphasizes establishing a recycling system for platinum group metals [7] - The demand for ruthenium-based catalysts in proton exchange membrane fuel cells is expected to grow at an annual rate of 15%, underscoring the urgency of developing a closed-loop recovery system [7]