分红方面，格林美A股上市后累计派现18.25亿元。近三年，累计派现10.02亿元。 资料显示，格林美股份有限公司位于广东省深圳市宝安区新安街道海旺社区宝兴路88号星通大厦43楼, 香港湾仔皇后大道东183号合和中心46楼，成立日期2001年12月28日，上市日期2010年1月22日，公司主 营业务涉及废弃钴镍资源与电子废弃物的循环利用以及钴镍粉体材料与塑木型材的生产、销售。主营业 务收入构成为：三元前驱体38.70%，镍资源(MHP、镍板)15.73%，四氧化三钴12.28%，贸易及其他 8.35%，正极材料7.26%，钴回收业务(钴粉、钴片等)6.74%，钨资源回收利用业务(APT、碳化钨粉 等)6.01%，动力锂电池综合利用3.06%，报废汽车综合利用1.87%。 格林美所属申万行业为：电力设备-电池-电池化学品。所属概念板块包括：锂电池、可降解、燃料电 池、汽车拆解等。 截至2月10日，格林美股东户数39.16万，较上期减少0.01%；人均流通股12960股，较上期增加0.06%。 2025年1月-9月，格林美实现营业收入274.98亿元，同比增长10.55%；归母净利润11.09亿元，同比增长 22. ...

2月26日，格林美盘中下跌2.03%，截至10:40，报9.64元/股，成交14.69亿元，换手率2.97%，总市值 491.96亿元。 资金流向方面，主力资金净流出1.76亿元，特大单买入1.33亿元，占比9.03%，卖出2.29亿元，占比 15.60%；大单买入3.01亿元，占比20.51%，卖出3.81亿元，占比25.93%。 格林美今年以来股价涨15.31%，近5个交易日涨1.47%，近20日涨5.36%，近60日涨29.40%。 今年以来格林美已经1次登上龙虎榜，最近一次登上龙虎榜为2月11日，当日龙虎榜净买入4.11亿元；买 入总计9.05亿元 ，占总成交额比15.73%；卖出总计4.94亿元 ，占总成交额比8.59%。 截至2月10日，格林美股东户数39.16万，较上期减少0.01%；人均流通股12960股，较上期增加0.06%。 2025年1月-9月，格林美实现营业收入274.98亿元，同比增长10.55%；归母净利润11.09亿元，同比增长 22.66%。 分红方面，格林美A股上市后累计派现18.25亿元。近三年，累计派现10.02亿元。 机构持仓方面，截止2025年9月30日，格林美十大流 ...

Investment Rating - The industry investment rating is maintained as "Positive" [8] Core Viewpoints - The energy metals market has seen a slight rebound in prices due to a recovery in other non-ferrous markets, although overall trading activity has slowed ahead of the holiday [4] - The lithium price is expected to shift from "short-term fluctuations" to "upward opportunities" before the second quarter [4] - The cobalt sector is supported by tight raw material costs, limiting overall downward space, and is expected to maintain a range-bound consolidation in the short term [4] Summary by Sections 1. Cycle Judgment: Pre-holiday Trading Slows, Cobalt and Lithium Supported by Others - Lithium and cobalt core targets have clear investment value, suggesting active positioning [12] - The lithium sector's fundamentals have eased, with a cooling spot market before the holiday, but there is potential for an upward trend in the second quarter [12] - The price of lithium concentrate is reported at $2,000 per ton, up $120 from the previous week [12] 2. Company and Industry Dynamics - North American battery factories are shifting towards AI-related energy storage systems due to declining electric vehicle sales [16] - Tianhua New Energy forecasts a net profit decline of 47.83% to 56.23% for 2025, primarily due to structural imbalances in supply and falling prices of lithium hydroxide [16] 3. Core Data on New Energy Materials: Production Changes and Price Movements - In January, domestic lithium carbonate production increased by 5% month-on-month, while hydroxide production decreased by 4% [17] - The weekly average price of battery-grade lithium carbonate fell by 6.04% [61] - The average price of battery-grade lithium hydroxide decreased by 6.28% [61]

Group 1: Copper - LME copper price decreased by 1.65% to $12,855.0 per ton, while Shanghai copper fell by 3.45% to ¥100,100 per ton [1][14] - Domestic copper inventory increased by 4.03% week-on-week, with a year-on-year increase of 62,700 tons [1][14] - The operating rate of waste anode plate enterprises is expected to drop by 28.52% to 38.36% next week due to the upcoming Spring Festival [1][14] Group 2: Aluminum - LME aluminum price decreased by 3.49% to $3,026.00 per ton, and Shanghai aluminum fell by 5.07% to ¥23,300 per ton [2][15] - Domestic aluminum rod inventory increased by 15,000 tons week-on-week, reaching 258,500 tons [2][15] - The overall aluminum processing operating rate recorded 57.9%, a decrease of 1.5% week-on-week, indicating a significant divergence within the sector [2][15] Group 3: Gold - COMEX gold price increased by 6.57% to $4,988.6 per ounce, while the 10-year TIPS yield decreased by 0.06 percentage points to 1.88% [3][16] - SPDR gold holdings decreased by 10.87 tons to 1,076.23 tons, reflecting market dynamics influenced by geopolitical risks [3][16] - The U.S. Treasury yield curve reached its steepest level in nearly four years, indicating rising concerns over inflation and fiscal deficits [3][16] Group 4: Rare Earths - The price of praseodymium and neodymium oxide increased by 1.20% this week, with December exports of rare earth permanent magnets showing a year-on-year increase of 7% [4][35] - The expectation of more relaxed export policies is anticipated to boost future demand for rare earths [4][35] - Key companies to watch include China Rare Earth, Guangxi Rare Earth, and Northern Rare Earth [4][36] Group 5: Tungsten - Tungsten price increased by 11.98% this week, driven by tight supply conditions and increased strategic reserves in the U.S. [4][38] - The establishment of a $2.5 billion "strategic resilience reserve" by U.S. lawmakers is expected to elevate tungsten's priority [4][38] - Recommended companies include China Tungsten High-Tech and Xiamen Tungsten [4][38] Group 6: Lithium - The average price of lithium carbonate decreased by 13.3% to ¥148,000 per ton, while lithium hydroxide fell by 11.6% to ¥150,000 per ton [4][53] - Total lithium carbonate production this week was 20,700 tons, reflecting a slight decrease [4][53] - Market sentiment remains cautious as downstream purchasing activity is expected to slow down as inventory levels stabilize [4][53] Group 7: Cobalt - Cobalt price decreased by 5.6% to ¥420,000 per ton, while cobalt intermediate prices remained stable [5][54] - The market for cobalt intermediates is characterized by limited transactions, with prices holding steady amid geopolitical supply concerns [5][54] - Long-term structural shortages in raw materials may support future price increases [5][54]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry in China [5] Core Views - The report emphasizes a long-term perspective on the market, suggesting that despite short-term volatility in precious metals, the long-term bull market remains intact due to unresolved U.S. debt issues [7][12] - The zinc sector is highlighted as an overlooked material benefiting from the re-industrialization in Asia, Africa, and Latin America, with expectations for price increases due to supply tightness [7][13] - The copper sector is viewed positively, with the gold-to-copper ratio reaching historical highs, indicating potential for copper price increases amid supply constraints [7][14] - For precious metals, investors are advised to wait for price stabilization before increasing positions, as significant price fluctuations have been observed recently [7][15] Summary by Sections 1. Non-Ferrous Metals - The report discusses the dynamics of precious metals, noting significant price drops in gold and silver, with gold prices reaching $4,880 per ounce and silver prices at $85 per ounce during a recent week [7][12] - The zinc market is expected to benefit from increased demand driven by infrastructure projects in developing regions, with a noted decrease in zinc smelting fees indicating supply constraints [7][13] - The copper market is projected to maintain upward momentum due to a high gold-to-copper ratio and ongoing supply challenges from major mining companies [7][14] - The report suggests a cautious approach to precious metals, recommending that investors wait for market stabilization before making new investments [7][15] 2. Steel Industry - The steel industry is experiencing a weak fundamental outlook as it approaches the seasonal low around the Spring Festival, with a slight decrease in iron output and weakening demand for rebar [16][21] - Inventory levels show a divergence between social and steel mill stocks, with total steel inventory at 891 thousand tons, reflecting a 2.56% weekly increase [23] - Steel prices have generally declined, with the overall steel price index down by 0.20%, and specific products like cold-rolled steel experiencing a 0.44% decrease [35][36] 3. New Energy Metals - Lithium carbonate production in December 2025 saw a significant year-on-year increase of 69.09%, indicating strong supply growth in the new energy sector [39] - The demand for new energy vehicles remains robust, with December 2025 production reaching 1.5858 million units, a 9.02% increase year-on-year [43] - Lithium prices have shown a notable decline, with the average price for battery-grade lithium carbonate at 159,500 yuan per ton, reflecting a 5.62% decrease [48][49]

Summary of the Conference Call for Greenme (格林美) Company Overview - **Company**: Greenme (格林美) - **Industry**: Nickel and Cobalt Recycling, Tungsten Recovery, Battery Recycling Key Points and Arguments Nickel Project Performance - The Indonesian MHP project shipped over 110,000 tons in 2025, with the company's equity share around 50%-55% and costs controlled between $8,500 and $9,000 per ton. Nickel price increases have ensured project profitability, with total shipments expected to reach 140,000-150,000 tons by 2026, and the company's equity share projected at 75,000-80,000 tons [2][4][8] Tungsten Recovery Business - The tungsten recovery business is expected to grow significantly, with recovery volume projected to increase to around 10,000 tons by 2025, driven by rising tungsten prices. This segment's revenue is anticipated to improve substantially due to price increases and capacity expansion [2][4][8] Strategic Adjustments - The company is adjusting its precursor strategy by reducing low-margin products and shifting focus to high-nickel and ultra-high-nickel products. The cobalt tetroxide business is expected to grow steadily, with annual shipments of over 20,000 tons and a normal growth rate of 5%-10% anticipated for 2026 [2][4][8] Appliance Recycling and Scrap Vehicle Business - The appliance recycling business is expected to be divested in 2026, with an estimated loss of over 100 million yuan impacting 2025 profits. The scrap vehicle business is reducing losses, projected to decrease from over 150 million yuan in 2023 to below 100 million yuan in 2024, and is expected to synergize with the battery recycling business [5][6] Battery Recycling Business - The battery recycling segment has maintained profitability and is expanding, with a nearly 50% year-on-year increase in recovery volume expected in 2025. The business is projected to continue its strong profitability in 2026 due to rising lithium prices [7][8] Nickel Price Forecast - The company expects nickel prices to stabilize in the range of $18,000-$19,000 per ton in 2026, with a projected increase of about 20% compared to 2025. The Indonesian government is implementing quota controls to stabilize the nickel resource market [3][10][15][16] Financial Costs and Impact - Financial costs are calculated based on investment intensity, working capital needs, and turnover rates. The company faces higher costs in foreign operations due to dollar-denominated expenses [9] Market Dynamics and Government Regulations - The Indonesian government controls approximately 60% of global nickel resources and aims to prevent significant price drops through regulatory measures. This aligns with the government's goal of promoting the development of new energy applications through industrial upgrades [16][17] New Capacity and Project Progress - New projects in collaboration with Vale began construction in 2025, with an expected completion date by the end of 2026. However, potential policy adjustments may delay the timeline [18][19] Recovery Business Details - The company recycles various products, including scrap tools and hard alloys, primarily containing tungsten and cobalt. The annual shipment volume is expected to reach 10,000 tons by 2026, with a gross margin maintained between 15%-20% [20][21] Market Share and Competitive Position - The market share for the company's APP terminal products is estimated to be between 10%-20%, although specific data requires confirmation from business departments [23] Pricing Strategies - The company has established long-term pricing agreements with suppliers, with coverage ratios between 60%-70%. The pricing for long-term contracts has increased compared to the previous year [26] Impact of Competitors - The new projects by Qingshan Company are not expected to significantly impact Greenme, as Qingshan's supply to Greenme is minimal [28] Production Capacity - The company’s maximum production capacity is 150,000 tons, with quarterly production expected to range between 36,000 to 39,000 tons, limiting the potential for significant overproduction [29] Inventory Management - Inventory absorption is expected in the third and fourth quarters, primarily through nickel-cobalt hydroxide rather than raw material sales due to tight raw material supplies [30]

Investment Ratings - The report indicates a positive outlook for copper and aluminum sectors, with expectations of stable production and demand recovery [2][3][13] Core Insights - Copper prices increased by 3.98% to $13,650.5 per ton on LME, while domestic prices rose by 2.31% to 103,700 CNY per ton. Supply constraints and stable production rates are noted, with a slight decrease in operating rates expected due to seasonal demand fluctuations [2][14] - Aluminum prices rose by 1.75% to $3,229.0 per ton on LME, with domestic prices at 24,600 CNY per ton. The report highlights a seasonal decline in production rates and a high operating rate in alumina plants, despite a slight increase in inventory levels [3][15] - Gold prices surged by 8.58% to $5,410.8 per ounce, driven by geopolitical risks and market volatility. The report emphasizes the impact of U.S. monetary policy on gold prices [4][16] - The rare earth sector shows a positive trend, with prices for praseodymium and neodymium oxide increasing by 11.30%. The report anticipates a favorable demand outlook due to easing export restrictions [5][34] - Tungsten prices rose by 12.99%, supported by strategic stockpiling initiatives in the U.S. and increasing demand in military applications [5][36] Summary by Sections Copper - LME copper price increased by 3.98% to $13,650.5 per ton, with domestic prices at 103,700 CNY per ton. Supply constraints are evident, with a decrease in copper processing fees [2][14] - Operating rates for copper cable enterprises increased to 59.46%, indicating stable production driven by prior orders [2][14] Aluminum - LME aluminum price rose by 1.75% to $3,229.0 per ton, with domestic prices at 24,600 CNY per ton. The report notes a decrease in operating rates due to seasonal factors [3][15] - The overall aluminum processing rate recorded at 59.4%, reflecting a seasonal decline in demand [3][15] Precious Metals - Gold prices increased significantly due to geopolitical tensions, with COMEX gold price reaching $5,410.8 per ounce. The report discusses the implications of U.S. monetary policy on gold market dynamics [4][16] Rare Earths - The price of praseodymium and neodymium oxide rose by 11.30%, with expectations of increased demand due to favorable export conditions [5][34] - The report highlights the potential for price increases in the rare earth sector driven by supply constraints and demand recovery [5][34] Tungsten - Tungsten prices increased by 12.99%, supported by strategic stockpiling initiatives and military demand [5][36] - The report suggests that the tungsten sector may benefit from ongoing geopolitical tensions and increased defense spending [5][36]

Group 1: Nickel-based Materials - The company maintains the leading market position in ternary precursor shipments, with high production capacity utilization and optimistic growth outlook for nickel-based materials [1] - New generation ternary materials are expected to enhance cost performance and maintain high energy density, particularly in high-end vehicle markets [1] - Ternary batteries are favored in emerging power markets, including low-altitude economies and humanoid robots, due to their unique competitive advantages [1] Group 2: Phosphate Materials - The company has established a production capacity of 200,000 tons for phosphate iron and 50,000 tons for phosphate iron lithium, ensuring a stable supply chain and cost advantages [2] - The company ranks first in the external sales market for phosphate iron, with a focus on technological development and product innovation to enhance competitiveness [2] Group 3: Cobalt-based Materials - The company’s cobalt oxide shipments have consistently ranked first globally, with strong collaboration with the 3C industry driving demand for high-performance cobalt materials [3] - The integration of AI technology with consumer electronics is expected to boost market demand for battery performance and longevity [3] Group 4: Sodium-based Materials - The company is pursuing a dual-technology strategy for sodium battery materials, achieving significant orders and shipments in 2025 [4] - The economic benefits of sodium batteries are becoming apparent as lithium carbonate prices rise, with expectations for increased shipments in 2026 [4] Group 5: Recycling and Sustainability - The company is committed to sustainable development through battery recycling initiatives, aiming to become a benchmark in the industry [5] - A nationwide battery recycling system is being established, focusing on closed-loop cooperation with industry partners [5] Group 6: International Expansion - The company is collaborating with local firms in Morocco to establish a battery materials production base, targeting the European and American markets [6] Group 7: Resource Management - The company has secured 600 million wet tons of nickel ore resources through strategic investments and partnerships, positively impacting profitability amid rising nickel prices [7] - The company controls high-quality phosphate resources in Guizhou, with a planned annual extraction of 2.8 million tons, and has acquired lithium resources in Argentina with over 10 million tons of lithium carbonate [8]

Core Viewpoint - Xiamen Tungsten Co., Ltd. (688778.SH) has reported impressive financial results for 2025, showcasing strong growth in revenue and net profit, indicating robust operational resilience in the lithium battery materials sector [2][4]. Financial Performance - In 2025, the company achieved revenue of 20.034 billion yuan, a year-on-year increase of 47.84%, and a net profit attributable to shareholders of 755 million yuan, up 41.83% [2][4]. - The company experienced a significant revenue growth of 80.55% in 2022, reaching 28.75 billion yuan, and a net profit surge of 93.66% to 1.121 billion yuan [3]. - However, in 2023 and 2024, the company faced a temporary decline in performance due to industry-wide adjustments, with revenues of 17.31 billion yuan and 13.3 billion yuan, respectively [3][4]. Product Performance - The sales volume of lithium cobalt oxide reached 65,300 tons in 2025, reflecting a year-on-year growth of 41.31%, significantly outpacing the industry average [4]. - The sales volume of power battery cathode materials, including ternary materials and lithium iron phosphate, reached 77,400 tons, marking a 47.83% increase [4]. Research and Development - From 2021 to the first three quarters of 2025, the company invested a total of 2.502 billion yuan in R&D, maintaining a high level of investment intensity in the industry [6]. - As of mid-2025, the company held 288 registered patents, including 137 invention patents, and employed 544 R&D personnel, accounting for nearly 15% of its total workforce [6]. Market Strategy and Expansion - The company has established five major production bases for cathode materials and has a significant international presence, including a wholly-owned subsidiary in Germany and a joint venture with France's Orano Group [5]. - Strategic partnerships have been formed, including agreements with Zhongwei Co. and Greeenmei, to secure raw material supplies, with expected annual cooperation volumes of 115,000 tons and 150,000 tons, respectively [7]. Asset Growth - The total assets of the company increased from 6.222 billion yuan in 2020 to 21.931 billion yuan by the end of 2025, representing a growth of 140.76% [7].

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 435,000 CNY/ton, a decrease of 3.5% compared to the previous week. The price ratio of electrolytic cobalt to cobalt powder is 0.76, down 4.5% [3] - The price of carbon fiber this week is 83.8 CNY/kg, remaining unchanged, with a gross profit of -9.19 CNY/kg [3] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,100 CNY/ton and 161,100 CNY/ton, respectively, with increases of 8.4% and 8.2% [4] - The price of cobalt sulfate this week is 95,300 CNY/ton, up by 0.21% [4] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 200,200 CNY/ton, with changes of 0% and +4.6%, respectively [4] - The price of praseodymium-neodymium oxide is 672.66 CNY/kg, down by 0.3% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 7.88 USD/kg, unchanged from the previous week [5] - The price of EVA is 9,650 CNY/ton, an increase of 3.8%, remaining at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [6] - The uranium price for December 2025 is projected to be 63.51 USD/lb, reflecting a 2.0% increase [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 363,000 CNY/ton, unchanged, while lithium cobalt oxide is priced at 402.0 CNY/kg, up by 0.5% [7] - The price of silicon carbide is 5,600.00 CNY/ton, with a significant increase of 9.8% [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,840.00 CNY/kg, 3,450.00 CNY/kg, and 3,550.00 CNY/kg, with changes of +1.4%, -4.2%, and -4.1%, respectively [7] - The price of germanium dioxide is 8,950 CNY/kg, unchanged [7] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 672.50 CNY/g, 2,715.00 CNY/g, and 1,675.00 CNY/g, with increases of 11.5%, 5.0%, and 1.8%, respectively [8]