Core Viewpoint - The company, Greeenmei, reported strong financial performance for the first three quarters of 2025, driven by growth in key metal resource recycling and battery materials, achieving record high revenues and profits [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to shareholders of 1.109 billion yuan, up 22.66% [1]. - In Q3 2025, the company recorded operating revenue of 9.937 billion yuan, a 31.89% increase year-on-year, and a net profit of 310 million yuan, reflecting a 52.99% growth [1]. Key Business Developments - The company has established itself as a leader in global key metal resource recycling, creating a comprehensive industrial chain from waste metal recovery to high-purity raw materials and end products, covering over 20 key metals [1]. - In the first three quarters of 2025, the company recycled over 6,000 tons of cobalt, significantly enhancing the stability of its global cobalt supply chain during the Democratic Republic of Congo's cobalt export ban [2]. - Nickel metal shipments from the company's Indonesian nickel resource project reached 79,916 tons, a 151% increase year-on-year, laying a solid foundation for achieving an annual output of 120,000 tons [2]. Product and Technology Advancements - The company reported a tungsten resource recovery shipment of 5,590 tons, a 22% increase year-on-year, and a 59% increase in the recovery of dismantled power batteries, totaling 36,643 tons [3]. - The company is actively promoting the recycling of power batteries and the development of solid-state battery materials, collaborating with a research team to tackle core technology challenges in solid-state battery production [3]. Global Expansion and Capital Strategy - To support its global development strategy, the company submitted an application for an H-share listing on the Hong Kong Stock Exchange in September 2025, aiming to raise funds for capacity construction and international marketing [3]. - The funds raised will be used for key metal resource capacity construction, overseas R&D innovation, digitalization, and working capital to enhance the company's global competitiveness [3].