东吴证券研报指出，华友钴业25H1归母净利润27.1亿元，同+62.3%，其中25Q2归母净利润14.6亿元， 同环比+27%/16.5％。此前预告25H1归母净利26-28亿元，业绩符合预期。盈利端，25H1华越、华飞贡 献净利润合计12.6亿元，MHP镍成本1.2万美金，按Q2镍均价1.55万美金/吨，预计单吨利润0.35万美 金，火法基本盈亏平衡，我们预计公司25年镍利润贡献30-35亿。考虑目前镍价触底，未来价格弹性 大。钴价上行Q2起释放业绩弹性，下半年可能迎来第二波涨势。Q2三元正极出货环比高增，全年有望 增长90%+。考虑镍仍处于底部，给予25年15xPE，目标价53元，维持"买入"评级。 ...

东吴证券8月18日发布研报称，给予华友钴业（603799.SH）买入评级，目标价格为53元。评级理由主 要包括：1）业绩处于预告中值，符合预期；2）镍湿法项目持续超产，单吨利润维持稳定；3）钴价上 行Q2起释放业绩弹性，下半年可能迎来第二波涨势；4）铜贡献稳定利润，锂盈亏平衡；5）Q2三元正 极出货环比高增，全年有望增长90%+；6）25Q2谨慎计提减值损失，经营性现金流下滑。风险提示： 上游原材料价格大幅波动，电动车销量不及预期。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Zhejiang Huayou Cobalt Co., Ltd., has released its 2025 semi-annual report, detailing its financial performance, operational status, and future plans, emphasizing the importance of transparency and compliance with regulatory requirements [1][2]. Company Overview - The company is engaged in the production and sale of cobalt and related materials, with a focus on the lithium battery industry [1]. - The board of directors and supervisory board members have confirmed the authenticity and completeness of the report [1]. Financial Data - The report includes key financial data, although specific figures are not provided in the excerpts [1]. - The company has undergone a non-public stock issuance and a public convertible bond issuance, raising significant funds for operational and investment purposes [43][44]. Board Meeting Proceedings - The 31st meeting of the 6th Board of Directors was held on August 16, 2025, where several key resolutions were passed, including the approval of the semi-annual report and the special report on the use of raised funds [3][4][7]. - All board members attended the meeting, ensuring compliance with legal and procedural requirements [3]. Special Reports - The company approved a special report on the storage and actual use of raised funds for the first half of 2025, detailing the amounts raised and their allocation [7][43]. - The report indicates that the funds from the 2021 non-public stock issuance and the 2022 public convertible bond issuance have been effectively utilized, with specific amounts detailed [43][44]. Related Transactions - The company has approved new related transactions for 2025, which are deemed necessary for normal business operations and will not affect the company's independence [57][58]. - The board and supervisory board have reviewed and approved these transactions, ensuring they adhere to fair pricing principles [59][62]. Governance Changes - A proposal to abolish the supervisory board and amend the company's articles of association was passed, with the audit committee taking over supervisory responsibilities [9][38]. - Various governance documents, including rules for shareholder meetings and board meetings, have been revised to enhance operational efficiency [15][17][19][21][23]. Upcoming Events - The company plans to hold its third extraordinary general meeting of shareholders on September 8, 2025, to discuss various resolutions, including those related to governance changes [31].

Core Viewpoint - Huayou Cobalt Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational performance and growth potential in the cobalt and nickel industry [1] Financial Performance - The company achieved an operating revenue of 37.2 billion yuan, representing a year-on-year growth of 23.78% [1] - The net profit reached 2.711 billion yuan, with a year-on-year increase of 62.26% [1] Product and Operational Insights - Sales volume and prices of the company's main products have both increased, contributing to the overall revenue growth [1] - The company has improved its profitability by optimizing production processes and reducing costs [1] Project Development - Progress on the nickel-cobalt project in Indonesia is proceeding smoothly, which is expected to provide strong support for the company's future performance growth [1]

Macro Insights - The macro team believes that the recent interest rate cuts and reserve requirement ratio reductions signal a "moderate easing" to "stabilize growth and the market," reflecting the central bank's proactive approach [1][28]. - The central bank's easing cycle is expected to continue, with potential for further rate cuts if economic pressures increase [1][28]. Strategy Insights - The strategy team indicates that positive financial policies will significantly lower the opportunity cost of investing in the Chinese stock market, leading to increased market participation [1][5]. - The discount rate for the Chinese stock market is entering a systematic downward trend, maintaining a positive outlook for A/H shares [5][31]. Fund Evaluation - The fund evaluation team highlights the "Action Plan for Promoting High-Quality Development of Public Funds," which emphasizes aligning the interests of public funds with investors through various mechanisms [9][10]. - The plan aims to enhance the quality of development and improve investor service capabilities, particularly focusing on the growth of equity funds [10][12]. Industry Insights - Nonferrous Metals - The nonferrous metals team notes that Huayou Cobalt's multi-site production capacity is steadily being released, with rising cobalt prices expected to boost performance in 2025 [2][19]. - The company has announced a shareholder dividend plan, ensuring that cash distributions over three consecutive years will not be less than 30% of the average distributable profit [19]. Industry Insights - Exoskeleton Robots - The electric new energy team believes that exoskeleton robots represent a successful integration of human intelligence and mechanical power, with diverse application scenarios [5][14]. - Recent favorable policies have led multiple regions to include exoskeleton therapy in medical insurance, indicating a rapid development of the consumer-grade exoskeleton market [15][16]. Policy Insights - Shanghai - The policy team emphasizes Shanghai's commitment to institutional innovation to foster new productive forces, enhancing the city's economic capabilities [20][23]. - The development of strategic emerging industries, such as artificial intelligence, integrated circuits, and biomedicine, is crucial for Shanghai's economic transformation [22][23].