证券研究报告 | 2025年08月18日 华友钴业（603799.SH）——半年报点评 优于大市 经营业绩创历史同期新高，持续强化海外布局 公司发布半年报：上半年实现营收 371.97 亿元，同比+23.78%；实现归母净 利润 27.11 亿元，同比+62.26%。公司于 25Q2 实现营收 193.55 亿元，同比 +28.28%，环比+8.48%；实现归母净利润 14.59 亿元，同比+27.04%，环比 +16.51%。公司一体化优势持续释放，经营业绩创历史同期新高。 核心产品产销方面：今年上半年，公司充分发挥产业一体化优势，抓机遇、 拓市场、增订单，运营质量稳步提升：①上游资源端，公司钴产品出货量约 2.08 万吨，同比-9.89%，同比下降或是因为钴原料供应紧张，公司钴产品惜 售；公司镍产品出货量约 13.94 万吨，同比+83.91%，Q2 出货量环比大幅增 加，这是 Q2 业绩环比增长的核心驱动。②下游材料端，公司三元前驱体出 货量约 4.21 万吨，同比有所下滑，因公司主动减少部分低盈利产品出货， 优化产品结构；公司三元正极材料出货量 3.96 万吨，同比+17.68%，超高镍 9 系产品占 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company achieved record-high operating performance in the first half of the year, with revenue of 37.197 billion yuan, up 23.78% year-on-year, and a net profit attributable to shareholders of 2.711 billion yuan, up 62.26% year-on-year [1][8]. - The company continues to strengthen its overseas layout and leverage its integrated advantages, with significant growth in nickel product shipments driving quarterly performance [2][12]. - The company is positioned as a leading player in the domestic new energy lithium battery materials industry, with an integrated supply chain that effectively mitigates industry downturn risks and is expected to benefit from future industry recovery [3][18]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 19.355 billion yuan, a year-on-year increase of 28.28% and a quarter-on-quarter increase of 8.48%. The net profit attributable to shareholders was 1.459 billion yuan, up 27.04% year-on-year and 16.51% quarter-on-quarter [1][8]. - The company’s core products showed mixed performance, with cobalt product shipments of approximately 20,800 tons, down 9.89% year-on-year, while nickel product shipments increased significantly by 83.91% year-on-year to approximately 139,400 tons [12][16]. Business Development - The company is actively expanding its overseas operations, including projects in Indonesia and Africa, which are expected to enhance its resource integration and production capabilities [2][16]. - Key projects include the Pomalaa and Sorowako nickel projects in Indonesia and the Arcadia lithium mine in Zimbabwe, which has seen an increase in lithium resources from 1.5 million tons to 2.45 million tons [2][16][17]. Profit Forecast - The profit forecast for 2025-2027 has been revised upwards, with expected revenues of 74.439 billion yuan, 81.159 billion yuan, and 89.137 billion yuan, representing year-on-year growth rates of 22.1%, 9.0%, and 9.8% respectively [3][18]. - The net profit attributable to shareholders is projected to be 6.067 billion yuan, 7.006 billion yuan, and 8.294 billion yuan for the same period, with growth rates of 46.0%, 15.5%, and 18.4% respectively [3][18].

浙江华友钴业股份有限公司 章 程 二零二五年八月 目 录 浙江华友钴业股份有限公司章程 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司是经中华人民共和国商务部批准，于 2008 年以整体变更方式发起设立， 并在浙江省市场监督管理局注册登记的股份有限公司，统一社会信用代码为： 第三条 公司于 2015 年 1 月 4 日经中国证券监督管理委员会批准，首次向 社会公众发行人民币普通股 9100 万股，于 2015 年 1 月 29 日在上海证券交易所 上市。 公司于 2023 年 3 月 30 日经中国证券监督管理委员会核准，发行 5000 万份 全球存托凭证（以下简称"GDR"），按照公司确定的转换比例计算代表 10000 万股人民币普通股，于 2023 年 7 月 7 日在瑞士证券交易所上市。 第四条 公司注册名称：浙江华友钴业股份有限公司。 英文名称：ZHEJIA ...

Core Insights - Huayou Cobalt Industry has established a strong position in the cylindrical battery market, with its subsidiary Bamo Technology accounting for nearly 40% of the company's total sales of cathode materials, widely used in renowned domestic and international electric vehicle brands [1][4] - The demand for large cylindrical batteries is expected to reach a scale of 100 GWh globally this year, with a projected growth of four to five times by 2030 compared to 2025 [1][5] - Huayou Cobalt Industry leverages its full industry chain advantages and technological innovations to define new industry standards for large cylindrical battery materials [1][2] Industry Positioning - The company has built an integrated industry chain from cobalt and nickel resource development, smelting processing to ternary cathode material manufacturing, providing stable and high-quality raw material guarantees for Bamo Technology [2][4] - Huayou Cobalt Industry's full industry chain layout acts as a protective barrier against raw material price fluctuations and supply chain instability, ensuring the continuous and stable mass production of high-nickel ternary cathode materials [2][3] Technological Advancements - Bamo Technology has achieved a breakthrough in the mass production of ultra-high nickel ternary cathode materials, enhancing electric vehicle range by 30 to 40 kilometers [3][5] - The company has continuously innovated in the high nickel and high voltage technology routes, establishing itself as a benchmark for technological iteration in the industry [3][5] Global Collaboration - Bamo Technology has entered the global core supply chain of power batteries through collaborations with top partners, including a six-year supply agreement with LG Energy Solution for 8 GWh of large cylindrical batteries [1][4] - The company is advancing its Hungarian factory to enhance local supply capabilities for the European new energy industry, further solidifying its global customer ecosystem [4][5] Market Outlook - The market for large cylindrical batteries is expected to reach a scale of hundreds of billions by 2030, with Huayou Cobalt Industry focusing on product high-end and international operations to secure future growth [5] - The company's strategic focus on technological breakthroughs in large cylindrical battery materials aims to meet the industry's ongoing demand for high capacity, high rate, low cost, and high safety [5]

Core Viewpoint - The article discusses the evolution of Zhejiang's economy through the "Sweet Potato Economy" theory, emphasizing the importance of Zhejiang merchants expanding globally to enhance local development and economic growth [1][2]. Group 1: Economic Growth and Development - Zhejiang's economic total has grown from 800 billion in 2002 to 9.01 trillion in 2024, with foreign trade exceeding 5 trillion for the first time, and exports ranking second nationally for two consecutive years [1]. - Over 600,000 Zhejiang merchants are actively engaged in markets outside the province, with more than 200,000 operating in over 180 countries and regions globally [4]. Group 2: Global Expansion of Companies - Companies like Huayou Cobalt have successfully integrated into global supply chains, expanding operations from Zhejiang to Africa, Indonesia, and Europe, thus enhancing their competitive edge [3]. - The Delixi Group, after relocating its R&D center to Shanghai, expanded its operations to countries like Russia, Brazil, and Spain, demonstrating the benefits of "going out" for long-term growth [3]. Group 3: High-Quality Development Strategies - Zhejiang's strategy includes high-quality "going out" and "bringing in" to strengthen its economic base, with a focus on integrating into global industrial chains [5][6]. - The success of companies like Jack and Geely illustrates the effectiveness of acquiring foreign technology and resources to enhance local production capabilities [6]. Group 4: Digital Economy and Trade - Zhejiang is leveraging digital trade to enhance its international competitiveness, focusing on creating a digital trade rule system and promoting cross-border e-commerce [7]. - The province has hosted global digital trade expos and developed a "digital port" to facilitate international trade, aligning domestic supply with global demand [7]. Group 5: Future Challenges and Opportunities - Zhejiang faces challenges from increasing external uncertainties and the need for internal breakthroughs, prompting a push for high-level openness and the construction of a high-energy open province [8][10]. - The ongoing application of the "Sweet Potato Economy" theory is seen as crucial for sustainable development and adapting to global market changes [10].

Core Viewpoint - Ningbo Shanshan Co., Ltd. is facing potential risks due to the restructuring application of its controlling shareholder, Shanshan Group, which is undergoing a debt crisis and management turmoil following the death of its founder [1][3][6]. Group 1: Restructuring and Debt Crisis - Shanshan Group has filed for restructuring due to significant debt issues, with a total interest-bearing debt of 12.265 billion yuan as of November 8, 2024, increasing to 12.621 billion yuan by January 2025 [4]. - The restructuring application was initiated by three banks, including China Construction Bank, due to overdue loan interest payments amounting to 19.6391 million yuan [3][4]. - The court has appointed management firms to oversee the restructuring process, but the success of this restructuring remains uncertain, potentially affecting shareholder rights and control of Shanshan Co. [3][4]. Group 2: Management Turmoil - The death of founder Zheng Yonggang in February 2023 has led to internal governance issues and power struggles among family members, impacting the company's stability [6]. - Zheng Yonggang's son, Zheng Ju, initially took over as chairman but faced opposition from Zheng Yonggang's second wife, leading to a series of leadership changes within a short period [6]. Group 3: Financial Performance - Shanshan Co. reported a revenue decline of 12.13% year-on-year in 2023, with a net profit drop of 71.56%, and is projected to incur a net loss of between 320 million yuan to 480 million yuan in 2024 [9]. - As of February 27, 2025, Shanshan Co.'s stock price increased by 4.7%, with a total market capitalization of 18.59 billion yuan [9].