Group 1 - The core business of Ganzhou Tengyuan Cobalt Industry Co., Ltd. includes the production and sales of hazardous chemicals, fertilizers, non-ferrous metal smelting, and recycling of used power batteries for electric vehicles, among others [2] - As of September 19, 2023, the number of shareholders in Tengyuan Cobalt decreased by 3.18% to 24,500, while the average circulating shares per person increased by 74.97% to 11,801 shares [2] - For the first half of 2025, Tengyuan Cobalt achieved operating revenue of 3.532 billion yuan, a year-on-year increase of 10.30%, and a net profit attributable to shareholders of 469 million yuan, up 9.94% year-on-year [2] Group 2 - Tengyuan Cobalt has distributed a total of 1.356 billion yuan in dividends since its A-share listing, with 853 million yuan distributed over the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders of Tengyuan Cobalt [3] Group 3 - On September 25, 2023, Tengyuan Cobalt's stock price fell by 0.74%, with a trading volume of 681 million yuan [1] - The financing buy-in amount for Tengyuan Cobalt on the same day was 86.6144 million yuan, while the financing repayment was 97.3361 million yuan, resulting in a net financing outflow of 10.7217 million yuan [1] - The total balance of margin trading for Tengyuan Cobalt reached 527 million yuan, with the financing balance accounting for 2.67% of the circulating market value, indicating a high level compared to the past year [1]

Group 1 - The core point of the news is that Tengyuan Cobalt Industry has seen a stock price increase of 5.01%, reaching 70.49 CNY per share, with a total market capitalization of 20.775 billion CNY as of September 19 [1] - Tengyuan Cobalt Industry, established on March 26, 2004, and listed on March 17, 2022, operates in various sectors including hazardous chemicals, fertilizers, non-ferrous metal smelting, and recycling of used batteries from electric vehicles [1] - The company's main revenue sources are cobalt products (47.56%), copper products (44.39%), and other products (8.05%) [1] Group 2 - Silver Hua Fund has a significant position in Tengyuan Cobalt Industry, with its Silver Hua Growth Mixed Fund (161838) increasing its holdings by 24,000 shares in the second quarter, now holding 293,800 shares, which represents 5.87% of the fund's net value [2] - The fund has achieved a year-to-date return of 23.73% and a one-year return of 64.36%, ranking 1910 out of 8060 in its category [2] Group 3 - The fund managers of Silver Hua Growth Mixed Fund are Liu Hui and Wang Ligang, with Liu having a tenure of 8 years and Wang having a tenure of nearly 6 years [3] - Liu Hui's best fund return during his tenure is 120.82%, while Wang Ligang's best return is 25.98% [3]

Investment Rating - The report indicates a positive outlook for the antimony industry, driven by increasing demand in various applications such as flame retardants and photovoltaic glass [4][21]. Core Insights - Antimony is recognized as a strategic mineral with significant market potential, particularly due to its applications in semiconductors, alloys, and flame retardant materials [4][14]. - The global antimony resource is highly concentrated in countries like China, Russia, and Bolivia, with China holding the largest reserves [12][13]. - China's implementation of export control policies in 2024 has led to a widening price gap between domestic and international markets [15][40]. - The market size of the antimony industry is projected to grow from 7.95 million tons in 2021 to 9.71 million tons in 2024, with a compound annual growth rate (CAGR) of 6.91% [37][38]. Summary by Sections Industry Definition - Antimony (Sb) is a silver-white metal with atomic number 51, widely used in various industrial applications, including semiconductors and flame retardants [5][6]. Industry Characteristics - The antimony industry is characterized by resource concentration, strategic importance, and policy sensitivity, particularly regarding export controls [12][15]. - As of 2024, global antimony reserves are estimated at 2.255 million tons, with China accounting for 670,000 tons, representing 29.7% of the total [13][14]. Development History - The modern development of the antimony industry has gone through three key phases, with China emerging as a dominant player since the 1990s [16][19]. Industry Chain Analysis - The antimony industry chain includes upstream mining, midstream processing, and downstream applications, with significant demand from the flame retardant and photovoltaic sectors [20][23]. Market Size and Growth - The antimony market is expected to experience fluctuations, with a projected decline in size from 8.98 million tons in 2025 to 8.30 million tons by 2030, reflecting a CAGR of -1.57% [37][40]. Policy Overview - Recent policies emphasize the importance of strategic minerals like antimony, focusing on resource security and sustainable development [43][45]. Competitive Landscape - The antimony mining sector in China is divided into three tiers, with leading companies like Hunan Gold and Huayu Mining at the forefront [46][50].