中金指出，刚果(金)对于2026/2027 年度钴总出口配额仅占2024 年刚果金钴产量的44%。需求端三元电 池渗透率有望逐步触底，供给端刚果金出口配额收紧有望带动钴价中枢提升。刚果金配额收紧将带动钴 价进一步上涨，力勤资源印尼的湿法产能有望受益，且未来存在扩张印尼镍产业链布局的潜力，驱动公 司业绩和估值抬升。 力勤资源(02245)涨超5%，截至发稿，涨5.3%，报19.2港元，成交额2805.09万港元。 消息面上，刚果(金)自2025年10月16日起实施钴出口配额制度，2025年剩余时间出口上限为1.81万吨， 2026-2027年年度配额为9.66万吨。配额按企业历史出口量比例分配，未使用配额可转入战略配额，政 府保留动态调整权。天风证券（601162）此前指出，刚果(金)出台最新配额政策，全年9.66万配额长期 逻辑——供需直接平衡甚至短缺，中长期看好钴价中枢提升，并且在长逻辑夯实下，权益端的长久期资 产或面临重估。 ...

中金指出，刚果(金)对于2026/2027 年度钴总出口配额仅占2024 年刚果金钴产量的44%。需求端三元电 池渗透率有望逐步触底，供给端刚果金出口配额收紧有望带动钴价中枢提升。刚果金配额收紧将带动钴 价进一步上涨，力勤资源印尼的湿法产能有望受益，且未来存在扩张印尼镍产业链布局的潜力，驱动公 司业绩和估值抬升。 消息面上，刚果(金)自2025年10月16日起实施钴出口配额制度，2025年剩余时间出口上限为1.81万吨， 2026-2027年年度配额为9.66万吨。配额按企业历史出口量比例分配，未使用配额可转入战略配额，政 府保留动态调整权。天风证券此前指出，刚果(金)出台最新配额政策，全年9.66万配额长期逻辑——供 需直接平衡甚至短缺，中长期看好钴价中枢提升，并且在长逻辑夯实下，权益端的长久期资产或面临重 估。 智通财经APP获悉，力勤资源(02245)涨超5%，截至发稿，涨5.3%，报19.2港元，成交额2805.09万港 元。 ...

Core Viewpoint - Huayou Cobalt achieved revenue and profit growth in the first three quarters of 2025, indicating strong operational performance and effective business strategies [2] Financial Performance - The company reported a cumulative operating revenue of 58.941 billion yuan, representing a year-on-year increase of 29.57% [2] - The cumulative net profit attributable to shareholders reached 4.216 billion yuan, reflecting a year-on-year growth of 39.59% [2] - In the third quarter alone, the company achieved an operating revenue of 21.744 billion yuan, with a quarter-on-quarter increase of 12.35% [2] - The net profit for the third quarter was 1.505 billion yuan, showing a quarter-on-quarter growth of 3.18% [2] Business Operations - The company's precursor business for cobalt and nickel raw materials is fully self-sufficient [2] - The Pomalaa project in Indonesia is expected to be completed and commence production by the end of next year [2]

Core Points - Tengyuan Cobalt Industry (301219.SZ) closed at 64.36 yuan, with a decline of 3.80%, and a total market capitalization of 18.968 billion yuan, currently in a state of breaking issue [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on March 17, 2022, with an initial public offering (IPO) of 31.4869 million shares at a price of 173.98 yuan per share [1][2] - The total funds raised from the IPO amounted to 5.478 billion yuan, with a net amount of 5.204 billion yuan after deducting issuance costs, exceeding the original plan by 3.006 billion yuan [2] Fund Utilization - The funds raised were intended for projects including an annual production capacity of 20,000 tons of cobalt and 10,000 tons of nickel metal products, as well as for working capital [2] - The total issuance costs were 274 million yuan, with the underwriting fees for the sponsor, Dongxing Securities, amounting to 245 million yuan [2] Dividend Distribution - In 2021, the company announced a dividend distribution plan of 39.9 yuan per 10 shares (including tax) and a capital reserve increase of 8 shares for every 10 shares held [2] - For the year 2022, the company proposed a cash dividend of 12.00 yuan per 10 shares (including tax), totaling 272.046 million yuan, along with a capital reserve increase of 3 shares for every 10 shares held, increasing the total share capital to 294,717,182 shares [3]

Core Viewpoint - The company has completed the investment projects funded by the public issuance of convertible bonds and will permanently supplement its working capital with the remaining funds, amounting to 265.96 million yuan [2][5]. Group 1: Fundraising Basic Situation - The fundraising project includes the production of high-nickel ternary cathode materials and nickel sulfate, among others, which have reached the expected usable state as of September 30, 2025 [2][4]. - The total remaining amount from the fundraising is 26,595.79 thousand yuan, which will be used for daily production and operations [2]. Group 2: Project Completion and Fund Surplus - The projects funded by the convertible bonds have been completed and are operational, meeting the conditions for project completion [2][4]. - The remaining funds will be used to enhance the efficiency of fund utilization and reduce financial costs, without adversely affecting the company's normal operations [3][5]. Group 3: Review Procedures and Opinions - The audit committee and board of directors have approved the project completion and the use of surplus funds, confirming compliance with regulatory requirements and protection of shareholder interests [3][4][5]. - The surplus funds account for 3.52% of the net amount raised from the convertible bond issuance, which does not exceed the 10% threshold, thus not requiring shareholder meeting approval [5].

Core Insights - The company reported Q3 2025 earnings that met expectations, with a revenue of 58.94 billion yuan for the first three quarters, a year-on-year increase of 29.6%, and a net profit of 4.216 billion yuan, up 39.6% year-on-year [1] - The nickel segment maintained stable production and overproduction to offset price declines, while rising cobalt prices contributed to profit growth [1] Financial Performance - For Q3 2025, the company achieved a revenue of 21.74 billion yuan, a year-on-year increase of 40.9% and a quarter-on-quarter increase of 12.3% - The net profit for Q3 2025 was 1.505 billion yuan, reflecting an 11.5% year-on-year increase and a 3.2% quarter-on-quarter increase [1] Industry Trends - The company is advancing key projects and strengthening its integrated industrial advantages, including new stakes in two laterite nickel mines and a 63% increase in lithium resources from the Arcadia lithium mine [2] - The tightening supply and demand dynamics are driving cobalt prices up, with the Democratic Republic of Congo's new export quotas expected to tighten the market further [2] - The commercial application of solid-state batteries is anticipated to boost demand for ternary batteries, with projections indicating a tight supply-demand situation in the cobalt industry from 2025 to 2027 [2] Profit Forecast and Valuation - Due to the significant rise in cobalt prices, the company's profit forecasts for 2025 and 2026 have been raised by 20.3% and 54.3%, respectively, to 5.92 billion yuan and 8.33 billion yuan [3] - The current stock price corresponds to a price-to-earnings ratio of 20.1 for 2025 and 14.3 for 2026, with a target price increase of 72.1% to 74.56 yuan, indicating a potential upside of 19.1% from the current stock price [3]

Core Viewpoint - The report highlights the strong performance of Huayou Cobalt in Q3 2025, driven by integrated operations and rising cobalt prices, indicating a positive outlook for the company's profitability and growth potential [4][5]. Financial Performance - For the first three quarters of 2025, Huayou Cobalt reported revenue of 58.94 billion yuan, a year-on-year increase of 29.6%, and a net profit attributable to shareholders of 4.22 billion yuan, up 39.6% year-on-year. The non-recurring net profit was 4.01 billion yuan, reflecting a 31.9% increase [4]. - In Q3 2025, revenue reached 21.74 billion yuan, marking a 40.9% year-on-year growth and a 12.4% quarter-on-quarter increase. The net profit attributable to shareholders was 1.505 billion yuan, up 11.5% year-on-year and 3.2% quarter-on-quarter [4]. Operational Highlights - The integrated operational advantages are evident, with nickel wet-process capacity gradually being released, leading to sustained overproduction. In the first half of 2025, MHP shipments reached approximately 120,000 tons, a year-on-year increase of over 40%, with expectations for continued overproduction in Q3 [5]. - Cobalt prices have shown significant recovery, with average prices in China for Q1, Q2, and Q3 of 2025 being 192,000 yuan/ton, 239,000 yuan/ton, and 267,000 yuan/ton respectively, primarily benefiting from the export ban on cobalt from the Democratic Republic of Congo [5]. Project Developments - The Pomalaa project, with an annual production capacity of 120,000 tons of nickel metal, has commenced construction, while the Sorowako project, with a capacity of 60,000 tons, is progressing well [6]. - A lithium sulfate project in Zimbabwe, expected to produce 50,000 tons annually, is in the equipment installation phase and is anticipated to be completed by the end of the year, which will further reduce lithium salt production costs [6]. - The first phase of the ternary precursor project in Indonesia, with a capacity of 50,000 tons, has achieved bulk supply, and the first phase of the cathode material project in Hungary, with a capacity of 25,000 tons, is expected to be completed within the year [6]. Market Outlook - The cobalt export quota system from the Democratic Republic of Congo, effective from October 16, 2025, allows for exports of 36,250 tons in Q4 2025 and a total of 96,600 tons from 2026 to 2027. This change is expected to support cobalt prices in the coming years [7]. - Based on the estimated cobalt production reduction of 141,600 tons during the export ban period, and assuming stable demand, the cobalt supply-demand balance for 2025-2027 is projected to be -75,000 tons, -33,000 tons, and -33,000 tons respectively, indicating a potential supply deficit [7].

Group 1 - The stock of Liqin Resources (02245) increased by over 8%, reaching 26.9 HKD, with a trading volume of 19.58 million HKD [1] - The Democratic Republic of Congo announced the lifting of the cobalt export ban on October 16, implementing annual export quota management, with a cap of 18,125 tons for the remainder of 2025 [1] - The DRC is the largest cobalt producer globally, accounting for 75.86% of the world's production in 2024 [1] Group 2 - Analysts predict that the DRC's export quota policy will lead to significantly lower global cobalt supply from 2025 to 2027, with shortages of 122,000 tons, 88,000 tons, and 97,000 tons respectively, potentially driving cobalt prices up [1] - Minsheng Securities noted that nickel prices are at a cyclical bottom with clear cost support, and the DRC's export ban has exacerbated domestic raw material shortages [2] - The company’s wet-process nickel production capacity is located in Indonesia, which is unaffected by the DRC's export restrictions, allowing it to benefit from rising cobalt prices [2]

Core Viewpoint - The lifting of the cobalt export ban in the Democratic Republic of Congo (DRC) is expected to significantly impact global cobalt supply and prices, with the country being the largest producer globally, accounting for 75.86% of the world's production in 2024 [1] Group 1: Cobalt Market Impact - The DRC will lift its cobalt export ban on October 16, implementing an annual export quota management system, with a cap of 18,125 tons for the remainder of 2025 [1] - The export quota policy is projected to lead to a global cobalt supply shortage from 2025 to 2027, with shortfalls of 122,000 tons, 88,000 tons, and 97,000 tons respectively [1] - Analysts anticipate that cobalt prices are likely to rise significantly due to the expected supply constraints [1] Group 2: Nickel Market Dynamics - Indonesia's newly released RKAB regulations for 2026 are expected to boost nickel ore demand, supporting nickel prices [1] - Minsheng Securities noted that nickel prices are currently at a cyclical low, with clear cost support [1] Group 3: Company Growth Potential - The company has wet nickel production capacity located in Indonesia, which is not affected by the DRC's export restrictions, allowing it to fully benefit from rising cobalt prices [1] - The combination of new capacity release and cost advantages indicates significant growth potential for the company [1]

Core Viewpoint - Tengyuan Cobalt Industry (301219.SZ) is currently experiencing a decline in stock price, with a closing price of 65.72 yuan and a drop of 3.35%, resulting in a total market capitalization of 19.369 billion yuan. The stock is in a state of breaking below its initial public offering price [1]. Group 1: IPO and Financial Performance - Tengyuan Cobalt Industry was listed on the Shenzhen Stock Exchange's ChiNext board on March 17, 2022, with an initial public offering (IPO) price of 173.98 yuan per share and a total of 31.4869 million shares issued [1][2]. - The total funds raised from the IPO amounted to 5.478 billion yuan, with a net amount of 5.204 billion yuan after deducting issuance costs. The net funds raised exceeded the original plan by 3.006 billion yuan [2]. - The company planned to use the raised funds for projects including the annual production of 20,000 tons of cobalt and 10,000 tons of nickel, as well as for working capital [2]. Group 2: Dividend Distribution - In 2021, Tengyuan Cobalt Industry announced a dividend distribution plan, proposing a cash dividend of 39.9 yuan per 10 shares and a capital reserve conversion of 8 shares for every 10 shares held [2]. - For the year 2022, the company announced a cash dividend of 12.00 yuan per 10 shares, totaling 272.046 million yuan, along with a capital reserve conversion of 3 shares for every 10 shares held, increasing the total share capital to 294,717,182 shares [3].