1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 dropped 7.97% to 157,200 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,500 yuan/ton to 163,000 yuan/ton, the average price of industrial - grade lithium carbonate dropped 1,500 yuan/ton to 159,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell 500 yuan/ton to 150,500 yuan/ton. The warehousing receipt inventory was concentratedly cancelled by 19,746 tons, leaving 11,318 tons [3]. - On the supply side, the weekly production data increased by 628 tons to 24,814 tons. In April, the expected production of lithium carbonate will increase by 4% month - on - month to 110,950 tons, with battery - grade lithium carbonate increasing by 4.17% to 81,190 tons and industrial - grade lithium carbonate increasing by 3.77% to 29,760 tons. On the demand side, the expected production of ternary materials in April will decrease by 3.85% month - on - month to 80,970 tons, while the production of lithium iron phosphate will increase by 5.53% to 450,000 tons. On the inventory side, the weekly social inventory of lithium carbonate increased by 616 tons to 99,489 tons, with downstream inventory increasing by 552 tons to 46,657 tons, inventory in other links decreasing by 660 tons to 35,500 tons, and upstream inventory increasing by 724 tons to 17,332 tons [3]. - Affected by the news that the suspension of lithium ore exports from Zimbabwe might be alleviated, the price of lithium carbonate futures dropped significantly. Further observation of policy changes is needed. Recently, the price of lithium ore has been continuously strengthening, reflecting the reality and expectation of tight circulation at the ore end. The reduction caused by the suspension of lithium ore exports from Zimbabwe may appear from late April to May. If the suspension continues, the gap will continue to widen. If there is an expectation of resuming exports, there will be a situation of tight current supply and loose future expectation. The impact of concentrated shipments should be vigilant. Therefore, with high uncertainty currently, it is difficult for the price to maintain at a high level. Also, from the current spot procurement and sales rhythm and inventory rhythm, if the price strengthens rapidly in the short term, the spot trading rhythm may slow down, causing a divergence between futures and spot prices to some extent. It is recommended to continue to pay attention to low - buying opportunities in the future [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract decreased from 171,620 yuan/ton on March 30, 2026, to 157,200 yuan/ton on March 31, 2026, a drop of 14,420 yuan/ton; the closing price of the continuous contract decreased from 170,060 yuan/ton to 158,040 yuan/ton, a drop of 12,020 yuan/ton [5]. - Lithium ore: The prices of lithium ore such as lithium spodumene concentrate (6%, CIF China), lithium mica (Li2O: 1.5% - 2.0%), lithium mica (Li2O: 2.0% - 2.5%), and phospho - lithium - aluminum stone (Li2O: 6% - 7%, Li2O: 7% - 8%) remained unchanged [5]. - Lithium carbonate and lithium hydroxide: The average price of battery - grade lithium carbonate decreased by 1,500 yuan/ton to 163,000 yuan/ton, the average price of industrial - grade lithium carbonate dropped 1,500 yuan/ton to 159,500 yuan/ton, and the prices of various types of lithium hydroxide also decreased to varying degrees [5]. - Other products: The price of lithium hexafluorophosphate remained unchanged at 107,000 yuan/ton. The prices of ternary precursors and cathode materials such as ternary precursor 523, ternary material 523, and lithium iron phosphate decreased to varying degrees, while the prices of some products such as manganese acid lithium and cobalt acid lithium remained unchanged [5]. 3.2 Chart Analysis - Ore prices: The report presents charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%, 2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%, 7% - 8%) from 2024 to 2026 [6][9]. - Lithium and lithium salt prices: Charts of the prices of battery - grade metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2026 are shown [12][14][18]. - Spreads: Charts of spreads such as the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate, the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate, and the spread between CIF China - Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide are presented [18][20]. - Precursor and cathode materials: Charts of the prices of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2026 are provided [26][28][30]. - Lithium battery prices: Charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2026 are shown [32][36]. - Inventory: Charts of the downstream inventory, smelter inventory, and inventory in other links of lithium carbonate from July 2025 to March 2026 are presented [39][41]. - Production cost: A chart of the production cost of lithium carbonate from 2024 to 2026, including the cash production profit of purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate, is shown [44].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The Q4 performance of the company met expectations, with revenue of 148 billion yuan, a quarter-on-quarter increase of 48% and a year-on-year increase of 24% [8] - The company expects stable growth in the sales of ternary and four-cobalt precursor materials in 2026, with a projected output of 62,000 tons for ternary precursors in Q4, a quarter-on-quarter increase of 13% and a year-on-year increase of over 50% [8] - Nickel price increases are expected to contribute positively to profits, with the company holding rights to 30,000 tons of nickel metal, potentially generating over 700 million yuan in profit [8] - The company anticipates a turnaround in the phosphate iron segment, with expected sales of 200,000 tons in 2026, following a significant increase in demand and a slight price rise [8] - The company has adjusted its profit forecasts slightly upward for 2026 and downward for 2027, with projected net profits of 2.05 billion yuan and 2.56 billion yuan for 2026 and 2027, respectively [8] Financial Summary - Total revenue is projected to reach 48.14 billion yuan in 2025, with a year-on-year growth of 19.68% [1] - The net profit attributable to shareholders is expected to be 1.57 billion yuan in 2025, reflecting a year-on-year increase of 6.84% [1] - The earnings per share (EPS) is forecasted to be 1.50 yuan in 2025, with a price-to-earnings (P/E) ratio of 33.50 [1] - The company's total assets are estimated at 81.61 billion yuan in 2025, with a debt-to-asset ratio of 58.80% [6][9] - Operating cash flow is projected to be 1.37 billion yuan in 2025, a decrease of 65.2% year-on-year [9]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 CNGR Advanced Material Co., Ltd. 中偉新材料股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2579） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列中偉新材料股份有限公司（「本公司」）在深圳證券交易所網站刊登的《2025 年 中 偉 新 材 料 股 份 有 限 公 司 可 持 續 發 展 報 告》，僅 供 參 閱。 特 此 公 告。 承董事會命 中偉新材料股份有限公司 董 事 長、執 行 董 事 兼 總 裁 鄧偉明先生 香 港，2026年3月30日 於 本 公 告 日 期，本 公 司 董 事 為：(i)執 行 董 事 鄧 偉 明 先 生、鄧 競 先 生、陶 吳 先 生、 廖 恆 星 先 生、李 衛 華 ...

Core Viewpoint - The article highlights the significant growth and differentiation in the markets for key new energy materials, driven by the ongoing global energy transition and the rapid development of downstream sectors such as electric vehicles, energy storage, and consumer electronics under the "dual carbon" goals [1]. Group 1: Market Overview - In 2025, the production of ternary precursors in China is projected to reach 918,000 tons, reflecting a year-on-year increase of 7.9%, while global production is expected to be 1,038,000 tons, with a growth of 7.7% [2]. - The market for cobalt-based materials, particularly tetrahydrocobalt, is experiencing a price rebound due to fluctuating tariffs and export controls, with prices rising from 111,500 CNY/ton at the beginning of the year to 361,500 CNY/ton, leading to a 24.1% increase in global production to 113,000 tons [11]. - The phosphate iron market is witnessing explosive growth, with global production expected to reach 3,334,000 tons in 2025, marking a 64.1% increase year-on-year [18]. Group 2: Market Dynamics - The penetration rate of high-nickel products is expected to increase in 2025, with 6-series products gaining a 9 percentage point increase in market share compared to 2024, while 3-series products continue to decline [5]. - The phosphate iron production process is evolving, with mainstream ammonium methods declining slightly to below 60% market share, while emerging methods like iron and nickel-iron processes are gaining traction [20]. - The competitive landscape in the phosphate iron market shows that the top three companies dominate with significant market shares, with Hunan Youneng exceeding 30% and Wanrun New Energy over 10% [22]. Group 3: Future Outlook - Looking ahead to 2026, the global new energy industry is expected to continue upgrading, with emerging fields such as low-altitude economy, humanoid robots, and solid-state batteries driving demand for key materials [29]. - The trend towards high-nickel ternary precursors is anticipated to persist, with raw material prices expected to remain volatile [29]. - The phosphate iron market is projected to continue expanding in both capacity and production, with an expected increase in industry concentration [29].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures 2605 rose 1.02% to 149,040 yuan/ton. The average price of battery - grade lithium carbonate fell 2,500 yuan/ton to 146,500 yuan/ton, the average price of industrial - grade lithium carbonate fell 2,500 yuan/ton to 143,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell 3,500 yuan/ton to 138,500 yuan/ton. The warehouse receipt inventory decreased by 781 tons to 33,537 tons [3]. - On the supply side, the weekly production data increased by 760 tons to 24,186 tons; the estimated lithium carbonate production in March increased by 28% to 106,390 tons. On the demand side, the estimated output of ternary materials in March increased by 19% to 84,360 tons; the output of lithium iron phosphate increased by 24% to 430,000 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased by 86 tons to 98,873 tons, with downstream inventory increasing by 458 tons to 46,105 tons, other links decreasing by 860 tons to 36,160 tons, and upstream inventory increasing by 316 tons to 16,608 tons [3]. - The lagging demand data is difficult to strongly boost the market. The weekly de - stocking speed has significantly slowed down, and the downstream inventory level has relatively and significantly rebounded. Therefore, if the price rises sharply in the short term, it may lead to a weakening of downstream purchasing enthusiasm. However, recently, due to geopolitical issues, the long - term energy substitution logic has strengthened, and the stock market has reacted more strongly. Concerns about overseas resource supply have resurfaced. In the short term, it is necessary to focus on whether there will be a gap in lithium ore supply. In the medium - to - long term, the price center will still move upwards, so it is still advisable to consider bottom - fishing [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 149,040 yuan/ton, up 5,180 yuan from March 20; the closing price of the continuous contract was 147,860 yuan/ton, up 2,860 yuan from March 20 [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 2,028 US dollars/ton, down 29 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 3,020 yuan/ton, down 40 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 4,400 yuan/ton, down 50 yuan; the price of amblygonite (Li2O: 6% - 7%) was 11,750 yuan/ton, down 225 yuan; the price of amblygonite (Li2O: 7% - 8%) was 12,750 yuan/ton, down 250 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 146,500 yuan/ton, down 2,500 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 143,500 yuan/ton, down 2,500 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 138,500 yuan/ton, down 3,500 yuan; the price of battery - grade lithium hydroxide (micropowder) was 145,000 yuan/ton, down 3,500 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 127,050 yuan/ton, down 3,000 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 18.1 US dollars/kg, down 0.1 US dollars [5]. - **Lithium Hexafluorophosphate**: The price was 108,000 yuan/ton, down 1,000 yuan [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate was 3,000 yuan/ton, unchanged; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 8,000 yuan/ton, down 1,000 yuan; CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 13,536 yuan/ton, up 3,070 yuan [5]. - **Precursors and Cathode Materials**: The prices of some ternary precursors and cathode materials remained unchanged, while the prices of some ternary materials and lithium iron phosphate decreased. For example, the price of ternary material 523 (polycrystalline/consumer - type) was 189,250 yuan/ton, down 1,550 yuan; the price of lithium iron phosphate (power - type) was 52,680 yuan/ton, down 610 yuan [5]. - **Cells and Batteries**: The prices of most cells and batteries remained unchanged, with only a slight increase in the price of 523 square ternary cells (0.002 yuan/Wh) and square lithium iron phosphate cells (0.004 yuan/Wh) [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) from 2024 to 2026 [6][9]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of battery - grade metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2026 [12][14][17]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide - battery - grade lithium hydroxide, and battery - grade lithium carbonate (CIF) Asia - domestic, as well as the basis from 2024 to 2026 [17][19][23]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese dioxide, and cobalt - acid lithium from 2024 to 2026 [25][27][29]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2026 [31][35]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from July 2025 to March 2026 [38][40]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials (such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, 外购锂辉石精矿) from 2024 to 2026 [43]. 3.3 Team Members Introduction - Zhan Dapeng, a science master, is the director of the non - ferrous research department at Everbright Futures Research Institute, a senior precious metals researcher, and a gold intermediate investment analyst. He has more than ten years of commodity research experience and has won many awards [47]. - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He has won relevant analyst awards [47]. - Zhu Xi, a master of science from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. She has won relevant analyst awards [48]. 3.4 Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. - Company phone: 021 - 80212222. - Fax: 021 - 80212200. - Customer service hotline: 400 - 700 - 7979. - Zip code: 200127 [51].

1. Report Industry Investment Rating - The report suggests a strategy of "buying on dips" for lithium carbonate [5] 2. Core Viewpoints - The lithium carbonate market is in a state of tight supply - demand balance. With downstream industries entering the peak season, there is a replenishment demand, and the total inventory has fallen below 100,000 tons. Considering factors such as the resumption of production of domestic lithium salt plants and potential changes in overseas lithium ore policies, it is advisable to buy lithium carbonate on dips [5] 3. Summary by Directory 3.1 Macro Overview - China's imports from January to February increased by 17.1% year - on - year, and exports increased by 19.2% year - on - year. Affected by the Spring Festival, the CPI rose by 1.0% month - on - month and 1.3% year - on - year, and the PPI rose by 0.4% month - on - month and decreased by 0.9% year - on - year with the decline narrowing. The GDP growth target for 2026 is set at 4.5% - 5%, and the central bank will maintain moderately loose monetary policy and sufficient liquidity. In the US, the February CPI rose by 0.3% month - on - month and 2.4% year - on - year, and the core CPI rose by 0.2% month - on - month and 2.5% year - on - year. The non - farm payrolls decreased by 92,000 in February, and the unemployment rate rose to 4.4%. Geopolitical conflicts are intensifying, increasing spill - over risks and reducing investors' risk appetite [3] 3.2 Supply Side - This week, the output of lithium carbonate increased month - on - month, mainly contributed by lithium extraction from spodumene. Salt lakes have not yet entered the seasonal production peak. Lithium salt plants are actively purchasing raw materials, and domestic supply capacity is gradually recovering [3] 3.3 Demand Side - In February, the retail sales of new energy vehicles in China were 464,000 units, a year - on - year decrease of 32%. From January to February, the cumulative retail sales of new energy passenger vehicles were 1.06 million units, a year - on - year decline of 25.7%. In the 10th week of 2026, the weekly orders of major new energy vehicle brands increased by 96% on average week - on - week, showing a strong rebound [4] 3.4 Cost and Profit - This week, the prices of lithium ore remained relatively stable. The price of African SC 5% lithium ore was $1,830 per ton, up $60 from last week. The CIF price of Australian 6% spodumene was $2,160 per ton, unchanged from last week. The market price of lithium mica was 6,600 yuan per ton, also unchanged from last week. The profit of the lithium carbonate industry was 31,507 yuan per ton, a decrease of 234 yuan week - on - week [4] 3.5 Total Inventory - As of March 12, the total inventory of lithium carbonate was 98,959 tons, a decrease of 414 tons from last week. The inventory of upstream smelters was 16,292 tons, a decrease of 1,184 tons week - on - week [4] 3.6 Market Review - As of March 13, LC2605 was reported at 152,080 yuan per ton, a 2.6% decline from last week. The spot price of battery - grade lithium carbonate was 158,000 yuan per ton, a 1.94% increase from last week. The basis changed from a discount to a premium, and the open interest of the main contract was 320,000. The main contract fluctuated widely in the range of 150,000 - 160,000 yuan per ton this week. Due to geopolitical conflicts, funds favored the chemical and crude oil sectors, and the non - ferrous metals, precious metals, and lithium carbonate sectors were under pressure. However, the fundamentals remained in a tight - balance state, with the total inventory decreasing for eight consecutive weeks. In mid - to late March, the peak season will arrive, and downstream industries with high operating rates have a rigid demand for lithium carbonate [7] 3.7 Production Status - As of March 13, the output of lithium carbonate was 23,720 tons, an increase of 720 tons from last week. The enterprise operating rate was 51.51%, an increase of 1.56 percentage points from last week. The output of lithium iron phosphate was 113,409 tons, an increase of 625 tons from last week, and the enterprise operating rate was 88.52%, an increase of 0.48 percentage points from last week [9][12] 3.8 Downstream Inventory - As of March 13, the total inventory of the lithium iron phosphate industry was 27,731 tons, a decrease of 701 tons from last week. The inventory of the ternary material, manganese - acid lithium, cobalt - acid lithium, and ternary precursor industries changed little, and the overall inventory level was low [34] 3.9 Cost - end Situation - As of March 13, the cost of lithium carbonate production was 124,785 yuan per ton, a decrease of 44 yuan from last week. The cost of lithium iron phosphate production was 54,913 yuan per ton, an increase of 1,125 yuan from last week [48][51]

Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated March 6, 2026 [2] Report Industry Investment Rating - Not provided Core Viewpoints Bullish Factors - Indonesia's nickel ore quota reduction and an increase of over 1.5 million tons in the import of sulfur for hydrometallurgical nickel smelting support the smelting cost center [4] - The futures basis remains positive, with the spot price higher than the futures price, indicating a certain demand for spot premium [4] Bearish Factors - Weaker macro - expectations and stagnant pre - holiday demand lead to a weak fundamental situation, and market sentiment is changeable [4] - High inventory levels with a slight increase this week, limited contradictions in spot supply and demand, and inventory suppresses the upside space of prices [4] Trading Consultation Viewpoint - It is recommended to focus on the game between Indonesia's quota and macro - sentiment. In the short term, due to the support of tightened quotas offset by high inventory, the fundamentals show the characteristic of "inventory suppression but quota benefits". It is advisable to maintain a wait - and - see attitude and focus on the further impact of the geopolitical situation on the quota [4] Summary by Relevant Catalogs Market Data - **Nickel Futures**: The latest price of the Shanghai Nickel main contract is 136,270 yuan/ton, down 4,620 yuan (-3.28%); the LME nickel 3M price is 17,215 US dollars/ton, down 480 US dollars (-2.42%); the trading volume decreased by 16.23% to 464,447 lots, and the open interest decreased by 0.7% to 217,527 lots [5] - **Stainless Steel Futures**: The latest price of the stainless steel main contract is 14,105 yuan/ton, down 280 yuan (-2%); the trading volume decreased by 40.47% to 95,306 lots, and the open interest decreased by 16.42% to 56,765 lots [5] - **Spot Prices**: The price of Jinchuan nickel is 143,650 yuan/ton, down 450 yuan (-0.31%); the price of imported nickel is 136,800 yuan/ton, down 250 yuan (-0.18%) [5] - **Inventory Data**: Domestic social nickel inventory is 76,538 tons, an increase of 2,036 tons; LME nickel inventory is 287,550 tons, unchanged; stainless steel social inventory is 1,016.1 tons, an increase of 121.6 tons; nickel pig iron inventory is 29,346 tons, a decrease of 879 tons [6] Supply and Inventory of Primary Nickel - **Production**: China's refined nickel monthly production and primary nickel monthly total supply (including imports) show seasonal patterns [13] - **Inventory**: Domestic social inventory (nickel plates + nickel beans) and LME nickel inventory also exhibit seasonal characteristics [14] Upstream Nickel Ore - **Price of Nickel Ore**: The average price of 1.5% Philippine laterite nickel ore (FOB) shows a long - term trend [16] - **Inventory of Nickel Ore**: China's port nickel ore inventory shows seasonal changes by port [17] - **Price of Nickel Pig Iron**: The average ex - factory price of 8 - 12% nickel pig iron in China and the average price of Ni≥14% Indonesian nickel pig iron (arrival duty - paid) are presented [18] - **Production of Nickel Pig Iron**: China's and Indonesia's nickel pig iron monthly production shows seasonal patterns [19][20] Downstream Nickel Sulfate - **Price of Nickel Sulfate**: The average price of battery - grade nickel sulfate shows a trend over time [22] - **Profit Margin**: The profit margin of producing nickel sulfate from nickel beans and the profit margin of producing electrowon nickel from externally purchased nickel sulfate in China show seasonal characteristics [25] - **Production and Capacity**: China's monthly production of nickel sulfate (in metal tons) and the monthly production capacity of ternary precursors show seasonal patterns [26] Stainless Steel - **Profit Margin**: The profit margin of China's 304 stainless steel cold - rolled coils shows seasonal characteristics [28] - **Production**: Stainless steel monthly production shows seasonal patterns [30] - **Inventory**: Stainless steel inventory shows seasonal characteristics [31]

Core Viewpoint - The article provides an overview of the lithium battery market and its components, highlighting the expected trends and production changes for 2025, with a focus on demand dynamics and supply chain factors affecting lithium carbonate and other materials [1][2]. Group 1: Lithium Market Overview - The lithium carbonate market is experiencing fluctuations due to domestic inventory levels not meeting expectations, alongside a recent price increase following export restrictions from Zimbabwe [1]. - The focus has shifted back to demand as the futures market stabilizes, indicating a potential for continued strong demand in the coming months [1]. Group 2: Production Trends - In March, the top 10 lithium battery companies reported a month-on-month production increase of approximately 20%, with ternary materials slightly outperforming iron lithium [2]. - The increase in production is largely driven by a strong replenishment intention from downstream sectors, particularly in positive electrode materials, which is expected to support the demand for lithium carbonate [2].

Core Viewpoint - Greeenme's stock price has shown significant growth in 2023, with a year-to-date increase of 17.34% and notable trading activity, indicating strong investor interest and market performance [1][2]. Group 1: Stock Performance - On February 27, Greenme's stock rose by 2.08%, reaching 9.81 CNY per share, with a trading volume of 6.12 billion CNY and a turnover rate of 1.24%, resulting in a total market capitalization of 500.64 billion CNY [1]. - The stock has experienced a 1.76% increase over the last five trading days, an 8.28% increase over the last 20 days, and a 29.42% increase over the last 60 days [1]. - Greenme has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 4.11 billion CNY on February 11, accounting for 15.73% of total trading volume [1]. Group 2: Company Overview - Greenme, established on December 28, 2001, and listed on January 22, 2010, is based in Shenzhen, China, and specializes in the recycling of cobalt and nickel resources, as well as electronic waste [2]. - The company's main revenue sources include ternary precursors (38.70%), nickel resources (15.73%), and cobalt-related products (12.28%), among others [2]. - As of February 10, 2025, Greenme had 391,600 shareholders, with an average of 12,960 circulating shares per shareholder [2]. Group 3: Financial Performance - For the period from January to September 2025, Greenme reported a revenue of 27.498 billion CNY, reflecting a year-on-year growth of 10.55%, and a net profit attributable to shareholders of 1.109 billion CNY, up 22.66% [2]. - The company has distributed a total of 1.825 billion CNY in dividends since its A-share listing, with 1.002 billion CNY distributed over the past three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, the second-largest shareholder is Hong Kong Central Clearing Limited, holding 111 million shares, a decrease of 14.5245 million shares from the previous period [3]. - The third-largest shareholder is Southern CSI 500 ETF, holding 74.5979 million shares, down by 1.4917 million shares [3]. - New shareholders include Guangfa National New Energy Vehicle Battery ETF, holding 52.7594 million shares, and Huatai-PineBridge CSI Battery Theme ETF, holding 26.7343 million shares [3].

Core Viewpoint - Greeenme's stock price has shown a significant increase this year, with a year-to-date rise of 15.31%, while experiencing a slight decline of 2.03% on February 26, 2023 [1] Group 1: Stock Performance - As of February 26, 2023, Greenme's stock price was reported at 9.64 yuan per share, with a total market capitalization of 49.196 billion yuan [1] - The stock has seen a trading volume of 1.469 billion yuan, with a turnover rate of 2.97% [1] - Year-to-date, the stock has increased by 15.31%, with a 1.47% rise over the last five trading days, 5.36% over the last 20 days, and 29.40% over the last 60 days [1] Group 2: Financial Data - For the period from January to September 2025, Greenme achieved operating revenue of 27.498 billion yuan, representing a year-on-year growth of 10.55%, and a net profit attributable to shareholders of 1.109 billion yuan, up 22.66% year-on-year [2] - The company has distributed a total of 1.825 billion yuan in dividends since its A-share listing, with 1.002 billion yuan distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, Greenme had 391,600 shareholders, with an average of 12,960 circulating shares per person, reflecting a slight increase of 0.06% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 111 million shares, and Southern CSI 500 ETF, holding 74.5979 million shares, both showing a decrease in holdings compared to the previous period [3]