Core Viewpoint - The article highlights the significant performance improvement of Huayou Cobalt Industry in the lithium battery supply chain, driven by its integrated operational advantages and the recovery of cobalt prices, leading to a notable increase in net profit for the first half of 2025 [2][4][8]. Industry and Company Summary - The fifth "Two-Wheeled Vehicle Battery Swap Conference" will be held on July 11, 2025, in Shenzhen, focusing on the theme "Battery Swap City, Smart Two-Wheelers" [2]. - Huayou Cobalt Industry expects a net profit of 2.6 billion to 2.8 billion yuan for the first half of 2025, representing a year-on-year increase of 55.62% to 67.59% [2][3]. - The company's net profit for Q2 2025 is projected to be between 1.348 billion and 1.548 billion yuan, showing a year-on-year growth of 17.42% to 34.84% [3]. - Huayou Cobalt's stock price has increased by 32.91% since the beginning of the year, reflecting strong market confidence following the earnings forecast [4]. - The company has achieved continuous net profit growth for five consecutive quarters, with 2024 marking its best annual performance to date [4]. - Huayou Cobalt operates across the entire lithium battery materials supply chain, including resource development, green refining, and recycling [4]. - The company has successfully reduced reliance on external raw materials through projects in Indonesia, achieving high production and cost reductions [4][5]. - Huayou Cobalt's overseas revenue reached 36.18 billion yuan in 2024, accounting for 59.36% of total revenue, indicating a strong international market presence [7]. - The company has diversified its resource layout and secured long-term contracts to mitigate market risks associated with cobalt price fluctuations [8]. - Research and development investments have significantly increased, with a total of 4.45 billion yuan spent over the last three years, focusing on high-nickel materials and solid-state batteries [8].

公司发布2024 年年报：全年实现营收609.46 亿元，同比-8.08%；实现归母净利润41.55 亿元，同比 +23.99%。24Q4 实现营收154.57 亿元，同比+1.61%；实现归母净利润11.34 亿元，同比+235.93%。公司 在锂电行业的下行周期，创造历史上最好的年度业绩，锂电产业链一体化布局的优势凸显，有效抵御行 业下行风险。 分红方面：公司拟向全体股东每10 股派发现金股利5 元（含税），总计约为8.39 亿元，占公司2024 年 归母净利润的20.20%，再加上公司2024 年以现金为对价，采用集中竞价交易方式已实施股份回购金额 约1.12 亿元，总计约为9.52 亿元，占公司2024 年归母净利润的22.91%。 风险提示：项目建设进度不达预期，核心产品销售价格不达预期。 公司发布2025 年一季报：实现营收178.42 亿元，同比+19.24%，环比+15.43%；实现归母净利润12.52 亿元，同比+139.68%，环比+10.37%；实现扣非净利润12.27 亿元，同比+116.05%，环比+62.78%。 核心产品产销方面：2024 年，系统提升运营效能，稳步提升经营质量： ...