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 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]

Core Viewpoint - The Gansu Rubai Metal Technology Co., Ltd. has completed the first phase of its project for comprehensive recycling of precious metal secondary resources, with an investment of 516 million yuan and an annual processing capacity of 26,000 tons [1][2]. Company Overview - The company has been established in Jinchang since 2021, aiming to create a benchmark project for the comprehensive recycling of precious metal secondary resources [2]. - The project covers an area of approximately 140 acres and includes facilities for both pyrometallurgical and hydrometallurgical processes [2]. Project Details - The project focuses on the recycling of hazardous waste materials containing precious metals, such as medical waste, petrochemical waste catalysts, incineration slag, and used automotive catalytic converters [2]. - The advanced technology employed is expected to efficiently extract platinum group metals and high-value products like ice copper [2]. Production and Economic Impact - Once fully operational, the project is projected to supply 149.1 tons of scarce platinum group metals and 10,000 tons of ice copper annually to the domestic market, reducing reliance on imported resources [2]. - The estimated annual sales revenue upon reaching full capacity is expected to be 1 billion yuan, with a profit of 50 million yuan and tax contributions of 10 million yuan, creating 62 job opportunities [2]. Environmental Contribution - The project will significantly contribute to environmental protection by properly disposing of various hazardous waste materials containing precious metals, thereby alleviating environmental pressure [2]. - It supports the construction of a "waste-free city" in Jinchang and enhances regional environmental governance [2]. Government Support - The project has benefited from efficient and professional support from the Jinchang city and economic development zone's investment promotion team, which facilitated policy matching, site selection, and administrative procedures [5]. - The favorable business environment has been a key factor in the project's smooth progress and the company's confidence in its development [5]. Industry Context - Jinchang is focusing on optimizing its industrial layout and developing a circular economy, with the Rubai precious metal recycling project exemplifying the region's commitment to high-quality green development [5].

Group 1 - The price of platinum-rhodium wire has recently surpassed 406 yuan per gram, marking a 12% increase from 360 yuan over the past three months [1][3] - The demand for platinum-rhodium alloys is driven by their essential role in automotive catalytic converters and the glass fiber industry, with increased usage due to stricter emissions standards for fuel vehicles [3][5] - The global supply of rhodium is heavily concentrated in South Africa, where power crises have led to the shutdown of several smelting plants, tightening the supply chain and driving prices up [3][5] Group 2 - The current price of 406 yuan per gram is 35% higher than the same period in 2023, with downstream glass manufacturers just beginning to adjust their purchase prices [5] - Technical analysis indicates that the price is nearing the upper Bollinger Band, suggesting potential volatility ahead [5] - A strategy of selling in three batches is recommended, with the first batch being 30% of the total volume to secure initial profits, while the remaining 70% should be monitored for further price movements [7]

Group 1 - The core focus of the article is on the rising value and demand for ruthenium trichloride in the precious metal recycling market, driven by technological advancements and industrial growth [1] - By early 2025, the recycling price of ruthenium trichloride is projected to stabilize at approximately 30,000 RMB per kilogram, reflecting a 5% increase compared to the previous year, indicating strong market demand and resource scarcity [2] - The actual transaction price of ruthenium trichloride is influenced by various factors, including material purity, real-time market demand, and fluctuations in the international metal market [4] Group 2 - The supply of ruthenium trichloride is constrained by limited natural resource extraction and high costs associated with mining, alongside the efficiency of recycling processes [5] - Global economic integration means that price fluctuations of ruthenium and its compounds have significant international transmission effects, impacting domestic recycling markets [6] - Technological innovations have improved the efficiency of extracting ruthenium trichloride from waste, lowering recycling costs, while stricter environmental regulations have enhanced the value of high-quality recycled materials [8][9]

Group 1 - The recovery price of ruthenium oxide (RuO) typically ranges from 50 to 100 yuan per gram, influenced by purity, market demand, recovery processes, and environmental regulations [4][5] - Some recovery merchants offer prices around 90 yuan per gram, while others may quote lower prices, such as 80 yuan [4] Group 2 - Purity directly affects the recovery value of ruthenium oxide, with a minimum ruthenium content of 65% to 70% required for optimal pricing [5] - Market demand in the electronics and catalyst sectors significantly impacts the recovery price [5] - Different purification technologies can alter the final recovery costs and quotes [5] - Strict environmental regulations may increase recovery costs, thereby affecting the final price [5] Group 3 - When selecting a recovery merchant, it is essential to verify their qualifications and relevant licenses [8] - Assessing the technical capabilities of the recovery merchant, including advanced purification and testing equipment, is crucial [9] - Quality recovery merchants typically provide payment within 24 hours post-testing, while the industry average is 3-5 working days [10]

Core Insights - Palladium carbon, a key catalyst in the production of semiconductor chips, is essential for modern industrial processes, particularly in electronic component manufacturing [3] - The market demand for palladium carbon remains high due to its critical role in enhancing chip performance by over 15% through precise chemical reactions [3] - The recycling price of palladium carbon varies significantly based on palladium content, with prices ranging from approximately 1,200 RMB per kilogram for 3% content to 8,000 RMB per kilogram for 20% content, indicating a price difference of over six times [5] - Efficient recycling of palladium carbon can achieve a metal recovery rate exceeding 98%, saving over 10 billion RMB in mineral resources annually [7] Industry Overview - Palladium carbon is referred to as the "industrial vitamin" due to its irreplaceable role in semiconductor chip production [3] - The global production of billions of chips each year relies on palladium carbon for over 80% of its manufacturing processes [3] - The scarcity of palladium, with global reserves being only one-sixth of platinum and concentrated in a few countries, highlights the importance of recycling efforts [7]

Core Insights - The company, Xuzhou Haotong New Materials Technology Co., Ltd., reported significant changes in its financial data for the year 2024, indicating major adjustments in investment and financing strategies [1] Financial Performance Summary - Revenue showed steady growth, reaching ¥2,658,923,309.03, a 5.21% increase from ¥2,527,255,577.15 in 2023, with trade business being the main driver, growing by 28.26% to ¥1,532,116,557.04, accounting for 57.62% of total revenue [2] - The precious metal recovery business saw a revenue decline of 8.71% to ¥1,099,305,131.35, while the new materials business experienced a significant drop of 87.24% to ¥15,005,999.18, indicating challenges in this segment [2] Profitability Analysis - Net profit attributable to shareholders increased by 11.42% to ¥116,613,490.13 from ¥104,661,673.38 in 2023, reflecting improved core business profitability [3] - Basic earnings per share rose by 11.96% to ¥1.03, while the diluted earnings per share increased to ¥0.86, indicating enhanced shareholder value [4] Expense Overview - Sales expenses decreased by 13.70% to ¥7,330,956.44, suggesting cost-saving measures in sales strategies [5] - Management expenses increased by 22.91% to ¥32,179,253.45, likely due to business expansion [6] - Financial expenses rose by 25.75% to ¥13,014,040.16, attributed to increased borrowing costs [7] - R&D expenses fell by 25.90% to ¥6,033,088.24, which may impact future innovation [8] R&D Insights - R&D investment amounted to ¥81,519,745.95, representing 3.07% of revenue, an increase from 1.65% in 2023, despite a decrease in absolute terms [10] - The number of R&D personnel remained stable at 17, with a slight increase in the proportion of master's degree holders [11] Cash Flow Analysis - Operating cash flow turned positive at ¥15,440,001.79, a significant improvement from a negative cash flow of -¥123,336,178.09 in 2023, indicating better operational management [12] - Investment cash flow showed a net outflow of -¥257,085,123.40, a 330.55% decline, driven by increased investment activities [13] - Financing cash flow netted ¥246,206,061.62, a 467.01% increase, reflecting higher borrowing to support business expansion [14]

Core Viewpoint - The efficient recycling of iridium in the precious metal recovery sector is a key technological focus, driven by its high density and resistance to high temperatures and corrosion, making it valuable in aerospace, electronics, and chemical catalysis [1][3]. Group 1: Physical Separation - Ensuring iridium materials are free from contaminating impurities is the starting point of the recycling process [1]. - The physical separation process employs a combination of "multi-stage screening + high-temperature pyrolysis" to remove mechanical impurities and organic contaminants, enhancing the initial purity of iridium from 60-75% to over 85% [1]. Group 2: Chemical Extraction - After physical separation, iridium still contains impurities such as platinum and rhodium, requiring chemical methods for atomic-level purification [3]. - The chemical extraction process involves "concentrated nitric acid dissolution - complex separation - electrochemical reduction," achieving a current efficiency of over 92% and producing sponge iridium with a purity exceeding 99.5% [3]. Group 3: Refining and Purification - Even after the first two processes, trace impurities may remain, necessitating electrochemical refining to achieve "self-purification" [5]. - The refining process can elevate iridium purity to over 99.99% while simultaneously recovering platinum group metals, with a recovery rate exceeding 98% [5]. Group 4: Technological Value and Industry Outlook - The "physical - chemical - electrochemical" three-tier recycling system creates a complete technical chain from impurity separation to atomic purification, overcoming energy consumption issues of traditional methods and waste liquid treatment challenges [7]. - With the surge in demand for iridium driven by emerging industries such as 5G communication and hydrogen energy catalysis, this technology is poised to support the closed-loop utilization of precious metal resources [7][8]. - Future advancements, including microwave-assisted dissolution and ionic liquid extraction, are expected to further enhance the efficiency and purity of iridium recovery, promoting the development of a higher-level circular economy [8].