Core Viewpoint - Huayou Cobalt announced that its actual controller, Chen Xuehua, will release a portion of pledged shares on October 21, 2025, specifically 10 million shares, which accounts for 12.12% of his holdings and 0.53% of the company's total share capital [1] Summary by Relevant Sections - **Share Pledge Release** - Chen Xuehua will release 10 million shares from pledge, representing 12.12% of his total holdings and 0.53% of the company's total share capital [1] - **Current Shareholding Status** - As of the announcement date, Chen Xuehua holds 82.5051 million shares, which is 4.34% of the total share capital, with 22.27 million shares still pledged, making up 26.99% of his holdings and 1.17% of the total share capital [1] - **Total Holdings and Pledged Shares** - Chen Xuehua and his concerted party, Huayou Holdings, collectively own 391 million shares, accounting for 20.60% of the total share capital, with a total of 204 million shares pledged, which is 52.25% of their holdings and 10.76% of the total share capital [1]

Core Viewpoint - Hanrui Cobalt Industry (300618.SZ) reported a year-on-year increase in revenue and net profit for the first three quarters of the year, indicating strong operational performance despite a decline in net profit after excluding non-recurring gains and losses [1] Financial Performance - The company's operating revenue for the first three quarters reached 4.87 billion yuan, representing a year-on-year growth of 16.49% [1] - The net profit attributable to shareholders of the listed company was 238 million yuan, showing a year-on-year increase of 42.57% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 176 million yuan, which reflects a year-on-year decline of 14.93% [1]

人民财讯10月22日电，寒锐钴业（300618）10月22日披露2025年三季度报告，公司第三季度实现营业收 入17.03亿元，同比增长4.99%；归母净利润1.11亿元，同比增长6.32%。前三季度实现营业收入48.71亿 元，同比增长16.49%；归母净利润2.38亿元，同比增长42.57%。 ...

Core Viewpoint - Hanrui Cobalt Industry Co., Ltd. reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance despite a decline in net profit excluding non-recurring gains and losses [1] Financial Performance - The company's operating revenue for the first three quarters reached 4.871 billion yuan, representing a year-on-year growth of 16.49% [1] - The net profit attributable to shareholders of the listed company was 238 million yuan, showing a year-on-year increase of 42.57% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 176 million yuan, which reflects a year-on-year decrease of 14.93% [1] - Basic earnings per share stood at 0.77 yuan [1]

Core Insights - The company reported third-quarter revenue of 1.703 billion yuan, representing a year-on-year increase of 4.99% [2] - The net profit for the third quarter was 111 million yuan, showing a year-on-year growth of 6.32% [2] - For the first three quarters, the total revenue reached 4.871 billion yuan, which is a year-on-year increase of 16.49% [2] - The net profit for the first three quarters was 238 million yuan, reflecting a significant year-on-year growth of 42.57% [2]

Core Insights - The company reported a revenue of 1.703 billion yuan for Q3 2025, representing a year-on-year growth of 4.99% [2] - The net profit for Q3 2025 was 111 million yuan, showing a year-on-year increase of 6.32% [2] - For the first three quarters of 2025, the total revenue reached 4.871 billion yuan, which is a year-on-year growth of 16.49% [2] - The net profit for the first three quarters was 238 million yuan, reflecting a significant year-on-year increase of 42.57% [2]

Core Insights - The company reported Q3 2025 revenue of 1.703 billion yuan, representing a year-on-year increase of 4.99% [1] - Net profit for Q3 2025 was 111 million yuan, showing a year-on-year growth of 6.32% [1] - For the first three quarters of 2025, total revenue reached 4.871 billion yuan, up 16.49% year-on-year [1] - Net profit for the first three quarters was 238 million yuan, reflecting a significant year-on-year increase of 42.57% [1]

Core Insights - The company reported third-quarter revenue of 1.703 billion yuan, representing a year-on-year increase of 4.99% [1] - The net profit for the third quarter was 111 million yuan, showing a year-on-year growth of 6.32% [1] - For the first three quarters, the total revenue reached 4.871 billion yuan, which is a year-on-year increase of 16.49% [1] - The net profit for the first three quarters was 238 million yuan, reflecting a significant year-on-year growth of 42.57% [1]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company has shown continuous growth in performance, significantly benefiting from the rising cobalt prices. In the first three quarters of 2025, the company achieved revenue of approximately 589 billion yuan, a year-on-year increase of 29.57%, and a net profit attributable to shareholders of 42.16 billion yuan, up 39.59% year-on-year [1]. - The company is expanding its production capacity across various metals, including nickel, cobalt, copper, and lithium, with significant increases in output and sales expected in Q3 2025 [2]. - The implementation of Congo's export quota policy is expected to lead to a clear upward trend in cobalt prices, benefiting the company as the supply shortage situation remains unresolved [3]. - The company is making steady progress in project construction, enhancing its resource base and operational efficiency, particularly in nickel and lithium projects [4]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of approximately 217 billion yuan, a year-on-year increase of 40.85%, and a net profit of 15.05 billion yuan, up 11.53% year-on-year [1]. - The projected net profits for 2025-2027 are 59.74 billion yuan, 79.07 billion yuan, and 97.72 billion yuan, respectively, with corresponding PE ratios of 20X, 15X, and 12X [5][6]. Production and Sales - Nickel projects are maintaining stable production, with cobalt product shipments expected to increase due to rising prices and inventory release [2]. - The company anticipates an increase in copper production as electricity supply improves in the Democratic Republic of Congo [2]. Pricing Trends - The prices for the company's main products in Q3 2025 were reported as follows: copper at 79,500 yuan/ton, cobalt at 266,800 yuan/ton, and nickel at 15,226 USD/ton, with cobalt prices showing a significant increase [3]. Project Development - The company is enhancing its resource base by investing in nickel and lithium projects, with ongoing construction of a nickel project in Indonesia and an increase in lithium resource estimates in Zimbabwe [4].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]