截至6月30日，浩通科技股东户数1.26万，较上期增加16.11%；人均流通股8857股，较上期增加 20.15%。2025年1月-6月，浩通科技实现营业收入13.47亿元，同比减少22.13%；归母净利润8408.73万 元，同比增长9.45%。 分红方面，浩通科技A股上市后累计派现1.69亿元。近三年，累计派现1.24亿元。 机构持仓方面，截止2025年6月30日，浩通科技十大流通股东中，广发睿毅领先混合A（005233）位居 第三大流通股东，持股283.72万股，为新进股东。广发聚富混合（270001）位居第十大流通股东，持股 147.79万股，为新进股东。 10月9日，浩通科技涨4.78%，成交额2.56亿元。两融数据显示，当日浩通科技获融资买入额3159.80万 元，融资偿还2514.46万元，融资净买入645.34万元。截至10月9日，浩通科技融资融券余额合计1.54亿 元。 融资方面，浩通科技当日融资买入3159.80万元。当前融资余额1.54亿元，占流通市值的3.15%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，浩通科技10月9日融券偿还0.00股，融券卖出0.00股，按当日收 ...

Group 1 - Iridium is a rare precious metal with a density close to that of gold, historically used to adulterate gold due to its similar properties [2] - The market situation has dramatically changed, with iridium's market price now significantly exceeding that of gold, reversing its previous role in gold adulteration [4] - Iridium, including iridium powder, titanium-coated iridium, and iridium alloy materials, has become highly valuable in the precious metal recycling market [6]

Group 1 - TANAKA PRECIOUS METAL GROUP Co., Ltd. collaborates with JEPLAN to reduce CO₂ emissions in precious metal recycling processes and promote resource recycling of organic materials [1][2] - The partnership aims to achieve decarbonization and a circular economy, leveraging TANAKA's expertise in precious metals and JEPLAN's advancements in plastic recycling technology [1][7] - TANAKA has historically used incineration to remove organic materials from waste containing precious metals, which has resulted in significant CO₂ emissions [2][7] Group 2 - JEPLAN has developed innovative chemical recycling technology for polyethylene terephthalate (PET) to address CO₂ emissions from traditional recycling methods [7] - The new chemical recycling process is expected to reduce CO₂ emissions in precious metal recovery to about 10% of previous levels while also enabling plastic regeneration [7] - The collaboration will utilize both companies' strengths to contribute to the goals of decarbonization and a circular society [1][7]

Core Viewpoint - XuZhou HaoTong New Materials Technology Co., Ltd. reported a significant decrease in revenue and cash flow for the first half of 2025, with a focus on precious metal recovery and related products, while maintaining a stable net profit margin [3][4][5]. Financial Performance - The company's operating revenue for the reporting period was approximately 1.35 billion yuan, a decrease of 22.13% compared to the same period last year [6]. - The net profit attributable to shareholders was approximately 84.72 million yuan, reflecting a 10.97% increase year-on-year [6]. - The net cash flow from operating activities was negative at approximately -137.59 million yuan, a decline of 130.60% compared to the previous year [6]. Business Overview - The main business segments include precious metal recovery, new materials, and trade, with a focus on recovering platinum, palladium, rhodium, and silver from secondary resources [7][8]. - The company has established a stable supply chain for raw materials, primarily sourcing from the petrochemical and fine chemical industries [8]. Product and Service Analysis - Key products include platinum, palladium, rhodium, and silver, with applications in jewelry, catalysts, and electronic components [9]. - The company also offers deep processing services for new materials, such as dichlorotetraamine platinum and dichlorodiamine palladium [9]. Competitive Advantages - The company has a strong brand presence and product reputation in the precious metals market, supported by over a decade of industry experience [10]. - Technological innovation is a priority, with significant investments in R&D leading to several core technologies being at the domestic leading level [10][11]. - The company has established long-term partnerships with major petrochemical companies, enhancing its competitive position in the industry [12]. Financial Health - Total assets increased by 35.35% year-on-year, reaching approximately 4.12 billion yuan [6]. - The company has a strong cash position, with cash and cash equivalents amounting to approximately 882.07 million yuan, representing 21.41% of total assets [13].

Core Viewpoint - Haotong Technology, a representative enterprise in the non-ferrous metal industry, reported a decline in revenue but an increase in profit for the first half of 2025, indicating a mixed performance amidst operational challenges [1][5]. Financial Performance - The company achieved an operating revenue of 1.347 billion yuan, a year-on-year decrease of 22.13%, while the net profit attributable to shareholders was 85 million yuan, reflecting a year-on-year increase of 10.97% [1]. - The net profit margin improved from 4.41% in the first half of 2024 to 6.29%, and the gross profit margin increased from 6.11% to 7.37% [3]. Operational Challenges - Inventory turnover days increased to 138.30 days, up 48.49% year-on-year, indicating a decline in inventory management efficiency [5]. - The net cash flow from operating activities turned negative at -138 million yuan, compared to a positive 450 million yuan in the same period of 2024, highlighting pressure on cash flow [5]. - The debt-to-asset ratio rose to 60.81%, an increase of 15.44 percentage points year-on-year, suggesting a heavier debt burden [5]. Institutional Holdings - As of the first half of 2025, the number of institutions holding Haotong Technology's stock decreased to 5, down from 39 in the same period of 2024, reflecting a cautious outlook from institutional investors [8]. - The company's market capitalization peaked at 13.6 billion yuan on July 16, 2021, and the current market cap is 4.448 billion yuan, indicating a need for a 205.79% increase in stock price to reach its historical high [8].

Group 1 - The core viewpoint of the articles highlights the financial performance of Haotong Technology, with a revenue of 1.35 billion yuan, a year-on-year decrease of 22.1%, while the net profit attributable to the parent company increased by 9.5% to 84.087 million yuan [1][2] - Haotong Technology specializes in precious metal recycling and related products, divided into three business segments: precious metal recycling, new materials primarily based on precious metals, and trade [1] - The industry has seen increased attention from the government, with policies promoting the development of resource utilization, leading to a rise in companies engaged in precious metal recycling and advancements in technology [1][2] Group 2 - The company has over ten years of experience in the precious metal recycling business, allowing it to extend its industrial chain into new materials and trade, enhancing customer loyalty through integrated services [2] - Collaboration among business segments from procurement to production and sales has enabled the company to optimize internal operations, reduce costs, and improve customer response efficiency and service quality, contributing to profit enhancement [2] - The company has a strong focus on technological innovation, having participated in the formulation of 44 national and industry standards, and holds 32 patents, including 10 invention patents, showcasing its commitment to research and development [2]

Group 1 - The company Haotong Technology (SZ 301026, closing price: 28.1 yuan) announced on August 11 that its seventh board meeting was held to review the 2025 semi-annual report and other documents [2] - For the year 2024, Haotong Technology's revenue composition is as follows: trade accounts for 57.62%, precious metal recycling accounts for 41.34%, new materials account for 0.56%, and other businesses account for 0.47% [2]

Group 1 - The core viewpoint of the article emphasizes the significant value of palladium carbon catalysts in various high-end manufacturing industries, highlighting their potential for recycling and recovery of precious metals [1][5][7] - Palladium carbon, or Pd/C, is a composite catalyst formed by loading palladium onto activated carbon, which provides essential catalytic sites for industrial reactions [1][6] - The catalyst is irreplaceable in critical chemical reactions, particularly in the pharmaceutical industry, fine chemicals, and electronic manufacturing [2][3][4] Group 2 - The recycling of palladium carbon is crucial due to the rarity of palladium, with global annual production around 200 tons and a market price ranging from 390 to 420 yuan per gram [5][6] - Waste palladium carbon can contain 1% to 10% palladium, making its recovery economically viable; for instance, a ton of 5% palladium carbon can yield a metal value of 200,000 yuan [5][6] - The recycling process involves several steps, including pre-treatment, roasting, wet metallurgy, reduction, and purification, often conducted in environmentally compliant facilities [6][7] Group 3 - The palladium carbon recycling market is influenced by the palladium content, real-time palladium prices, and impurity levels, with current recovery prices ranging from 3,500 to 42,000 yuan per kilogram depending on the palladium concentration [6][7] - The industry is witnessing a trend towards increased palladium carbon recycling due to stricter environmental regulations and rising precious metal prices, leading to more frequent updates of catalysts in pharmaceutical and chemical plants [7][8] - The potential for economic and environmental benefits in palladium carbon recycling positions it as a "low-key gold mine" for industry players who can recognize its value and implement effective recovery technologies [8]

Group 1 - The article highlights the growing importance of ruthenium oxide (RuO₂) in the recycling industry, particularly in Zibo, where overlooked industrial waste is becoming a new opportunity for precious metal recovery [1][2] - Ruthenium oxide is recognized for its high electrical conductivity and chemical stability, making it widely used in various industries such as electronic ceramics, titanium anode coatings, glass coloring agents, and military composite materials [4][5] - Zibo's industrial chain aligns well with the applications of ruthenium oxide, leading to significant amounts of ruthenium-containing waste entering recycling channels annually [5] Group 2 - Typical sources of ruthenium waste in Zibo include retired anode plates from electrode factories and residual materials from glass manufacturing and catalysts, with the metal value per ton often reaching tens of thousands of yuan [9] - The recovery process of ruthenium oxide involves precise analysis and specialized metallurgy techniques, including sample testing, chemical dissolution, reduction precipitation, and final product regeneration [9] - As of August 2025, the recovery prices for ruthenium oxide in Zibo vary based on the ruthenium content, with prices ranging from 80 to 150 yuan per gram depending on the material form and purity [9] Group 3 - Several industrial enterprises in Zibo are profiting from the ruthenium business, with examples including an electronic ceramics factory earning over 100,000 yuan quarterly from waste recovery and intermediaries making substantial profits by connecting electrode factories with recycling companies [10]

Core Value of Rhodium Recovery - Rhodium is one of the rarest precious metals globally, with market prices exceeding 1445 RMB per gram by 2025, and its recovery value is significantly higher [1] - Companies like Hede Recycling Technology Co., Ltd. in Jiaozuo have improved rhodium recovery purity to over 99.95%, establishing a closed-loop economy model [1] - Leading companies such as Fuxin Precious Metals have adopted a full industry chain model of "recovery-refining-sales," increasing profit margins by 20% compared to single recovery models [1] Application Scenarios Driving Rhodium Recovery Demand - **Automotive Industry**: Each National VI standard vehicle requires 5-8 grams of rhodium for catalytic converters, with companies in Jiaozuo enhancing recovery rates by 2%-3% through vacuum drying methods [1] - **Chemical Industry**: A chemical company in Jiaozuo has achieved a stable recovery rate of 85%-90% for 5% palladium-carbon waste using innovative extraction techniques [3] - **New Energy Sector**: Rhodium-based catalysts in fuel cells show a 41% improvement in catalytic activity compared to traditional platinum-based materials, with a pilot production base being established in Jiaozuo [5] Technological Breakthroughs in Recovery Methods - **Physical Methods**: High-temperature melting at 1200-1500°C has improved recovery rates to 95%, with a processing capacity of 500 tons annually [6] - **Chemical Methods**: Advanced techniques have reduced processing costs by 30% for rhodium-iridium alloy waste [8] - **Biological Methods**: Innovative microbial metallurgy techniques have achieved over 99% recovery rates while reducing energy consumption by 60% [8] Policy Empowerment and Financial Innovations - **Fiscal Subsidies**: Companies recovering over 50 tons annually receive a 15% VAT rebate, increasing profits by 12% for compliant firms [9] - **Smart Platforms**: IoT-driven waste recovery platforms in Jiaozuo enhance response times by 50% and reduce logistics costs by 15% [10] - **Futures Hedging**: The Shanghai Futures Exchange plans to launch palladium-carbon futures contracts in 2025, allowing companies to hedge against price fluctuations [11] Future Trends in the Industry - **EU Carbon Certification**: Companies obtaining international sustainability certifications can access premium pricing, generating an additional 5000-8000 RMB per ton [14] - **Microbial Technology**: The integration of ultrasonic-assisted extraction with microbial metallurgy is expected to lead to fully automated production processes [14] - **Urban Mining**: The Jiaozuo model demonstrates that through technological innovation and policy collaboration, urban mining can unlock trillion-level resource values [14]