格隆汇1月8日丨格林美(002340.SZ)在投资者互动平台表示，2025年，公司镍资源产能迎来全面释放， 镍资源MHP出货超过11万吨（含参股），较2024年出货量同比增长110%以上；2025年7月以来公司15万 吨/年的镍资源产能维持满产运行，预计2026年15万吨/年镍资源产能持续满产。公司镍资源项目盈利能 力处于行业领先水平：1、公司采用高压酸浸（HPAL）湿法工艺生产氢氧化镍钴（MHP）相较于火法 工艺拥有成本低、碳排少的优势，且能够有效消化低品位红土镍矿，原料来源广，成本低；2、2025 年，公司镍资源项目实现自产钴金属近10000吨（含参股），满足了全球钴产品的核心供应，显著增强 MHP产品盈利能力；3、公司生产成本持续优化，使用活性氧化镁代替原有沉淀剂，显著提升MHP产品 中的镍钴含量，降低滤饼含水率，成功实现降本增效的双重突破。 ...

格林美（002340.SZ）1月8日在投资者互动平台表示，2025年，公司镍资源产能迎来全面释放，镍资源 MHP出货超过11万吨（含参股），较2024年出货量同比增长110%以上；2025年7月以来公司15万吨/年 的镍资源产能维持满产运行，预计2026年15万吨/年镍资源产能持续满产。公司镍资源项目盈利能力处 于行业领先水平：1、公司采用高压酸浸（HPAL）湿法工艺生产氢氧化镍钴（MHP）相较于火法工艺 拥有成本低、碳排少的优势，且能够有效消化低品位红土镍矿，原料来源广，成本低；2、2025年，公 司镍资源项目实现自产钴金属近10000吨（含参股），满足了全球钴产品的核心供应，显著增强MHP产 品盈利能力；3、公司生产成本持续优化，使用活性氧化镁代替原有沉淀剂，显著提升MHP产品中的镍 钴含量，降低滤饼含水率，成功实现降本增效的双重突破。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问2025年公司镍资源出货情况及2026年镍资源出货 量预期？公司镍资源冶炼的成本目前是什么水平，据行业分析，湿法镍资源每吨有3000-5000美金的盈 利水平，请问实际情况是否如此？ ...

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" for the industry [4] Core Insights - The report highlights that sulfur prices have been on the rise since the second half of 2024, reaching a significant high of 3950 CNY/ton as of November 25, 2025, indicating a structural change in both supply and demand dynamics [1][26] - The report emphasizes that sulfur is primarily a byproduct of the petroleum and natural gas industries, and its pricing is heavily influenced by global supply and demand rather than domestic factors [1][27] - The ongoing geopolitical tensions, particularly the impact of the Russia-Ukraine conflict, have severely affected sulfur supply, with Russian exports plummeting from 3.9 million tons in 2019 to just 1.04 million tons in 2024 [2][37] - The demand for sulfur is expected to surge due to the rapid expansion of lithium iron phosphate production in China, which is projected to exceed 360,000 tons in 2025, significantly increasing sulfur consumption [3][39] Summary by Sections 1. Sulfur as an Industrial Byproduct - Sulfur is a crucial industrial raw material, primarily used in the production of sulfuric acid, which is a key indicator of industrial development [13][18] - The majority of sulfur is produced as a byproduct of oil refining, with 70.62% from petroleum and 25.53% from natural gas [14] 2. Sulfur Price Review - Historical price trends show three major price surges in 2008, 2022, and 2025, driven by global supply disruptions and increased demand [24][25] - As of November 22, 2025, sulfur prices reached 3985 CNY/ton, reflecting a year-on-year increase of 152.22% [26] 3. Supply Dynamics - Global refining capacity is expected to decline, limiting sulfur supply growth, with significant impacts from the ongoing conflict in Ukraine affecting Russian production [32][37] - The report forecasts a supply gap of -30/-513/-405 million tons for sulfur from 2025 to 2027, indicating a tightening market [49] 4. Demand Drivers - The demand for sulfur is projected to increase significantly due to the growth of the lithium iron phosphate sector, which is expected to account for 8% of sulfur demand by 2025 [39][42] - Indonesia's MHP production is anticipated to add 658,000 tons of sulfur demand, further straining global supply [42] 5. Related Companies - The report suggests focusing on companies involved in sulfur production and recovery, such as Sinopec and PetroChina, which are expected to benefit from rising sulfur prices [9]

（编辑 任世碧） 证券日报网讯 格林美11月17日在互动平台回答投资者提问时表示，格林美在印尼采用成本更低的湿法 工艺生产氢氧化镍钴（MHP），公司通过采用活性氧化镁替代原有沉淀剂，显著提升MHP产品中的镍 钴含量，降低滤饼的含水率，凭借氧化镁的成本优势，有望进一步实现降本增效。公司上半年研发投入 为7.52亿元人民币。 ...

Group 1 - The Democratic Republic of Congo (DRC) has extended its cobalt export ban until October 15, leading to a significant increase in cobalt prices, which have risen nearly 40% this year [1][2] - Cobalt prices have increased from $14 per pound at the beginning of the year to $19.5 per pound by September 24, indicating strong demand and supply constraints [2] - The DRC accounts for 76% of global cobalt production, and the extended export ban is expected to reduce cobalt supply by approximately 141,600 tons, nearly half of the global cobalt production in 2024 [1][2] Group 2 - Companies in the cobalt supply chain, such as Luoyang Molybdenum and Huayou Cobalt, have seen significant stock price increases, with Luoyang Molybdenum up 10.87% and Huayou Cobalt up 7.85% as of September 25 [1][2] - Huayou Cobalt reported a revenue of 650 million yuan from cobalt products in the first half of 2025, benefiting from rising cobalt prices [3] - Greenme's cobalt recycling capacity exceeds China's cobalt mining output by 350%, and its nickel-cobalt production in Indonesia has increased by 125% year-on-year, mitigating the impact of the DRC's export ban [3] Group 3 - Analysts predict that the tightening supply of cobalt will lead to a global supply gap exceeding 300,000 tons over the next three years, supporting further price increases [2] - The demand for cobalt is expected to rise due to the growing electric vehicle market and technological advancements in sectors like 5G and AI, which will further support cobalt prices [3][4] - Companies with strong resource reserves and production capabilities, particularly in Indonesia, are expected to gain a competitive advantage as the DRC's export quota system is implemented [4]

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry. The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. - The company has established itself as a pioneer in the recovery of critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum. According to Frost & Sullivan, Greenmei ranks first in China for the recovery of nickel, cobalt, and tungsten resources based on projected recovery volumes for 2024 [4]. Group 2: Business Segments - In the lithium-ion battery and end-of-life vehicle recycling sector, Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from scrapped electric vehicles (EVs). The company has established partnerships with over 1,000 automotive and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all of which are included in the Ministry of Industry and Information Technology's whitelist. Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling based on projected recovery volumes for 2024 [5]. - In the new energy materials sector, Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries. The company has established long-term stable partnerships with nine of the top ten lithium-ion battery manufacturers globally. Based on projected shipment volumes for 2024, Greenmei ranks second in the global supply of ternary precursors and cobalt oxide [6]. Group 3: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively. The corresponding profits were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].

Core Viewpoint - Greeenme's strategic expansion in Indonesia has led to significant growth in nickel resource production and sales, showcasing the company's successful implementation of innovative technologies in the green energy sector [2][5][8]. Group 1: Company Performance - In the first half of 2025, Greenme achieved a revenue of 17.561 billion yuan and a net profit of 799 million yuan, representing year-on-year growth of 1.28% and 13.91% respectively [5]. - The company's nickel metal output from its Indonesian projects reached 43,977 tons, a year-on-year increase of 112%, while cobalt production was 3,666.6 tons, up 125% [8]. Group 2: Technological Advancements - Greenme successfully overcame the technical challenges associated with extracting nickel from low-grade laterite ores using high-pressure acid leaching (HPAL) technology, establishing a unique technical and talent system [4][7]. - The company has developed a new nickel-cobalt precipitation agent that has reduced production costs by over 10% and improved the nickel-cobalt composite grade to 46% [7]. Group 3: Strategic Partnerships and Projects - Greenme has formed strategic alliances with local Indonesian companies, including the establishment of a joint venture with Indonesian miner Merdeka to produce new energy materials [6]. - The company is actively involved in the construction of the International Green Industrial Park (IGIP) in Indonesia, which aims to be a benchmark for green nickel manufacturing and support the global demand for green nickel [10][11]. Group 4: Industry Impact - Greenme's initiatives in Indonesia are seen as a model for sustainable development, contributing to the global transition towards green energy and enhancing the competitiveness of Indonesia's downstream nickel industry [10][11].

Financial Data and Key Metrics Changes - For the first half of 2025, adjusted EBITDA was US$159.3 million, slightly above the US$155.7 million recorded in 2024, with profit after tax increasing by 80% to US$25.5 million from US$14 million in 2024 [3][11][42] - Gross profit reached US$114.8 million, up 19%, and operating profit was US$98.7 million, up 12% [7] Business Line Data and Key Metrics Changes - The Hangzhou mine produced over 11.5 million wet metric tons, with adjusted EBITDA of US$70.3 million, a significant improvement compared to 2024 [4][16] - RKF operations saw lower EBITDA due to higher costs and ore shortages, despite an improving NPI price [8][12] - HPAL operations performed well, with production above 2024 levels and stable cash costs, resulting in EBITDA margins around US$5,900 per ton [14][15] Market Data and Key Metrics Changes - NPI prices increased from US$11,290 to US$11,350, while cash costs rose from US$9,716 to US$10,117 due to higher oil prices [13][12] - The combined EBITDA for HNC and Syncreation increased by 20% to 27.7% in 2025 [15] Company Strategy and Development Direction - The company is focused on responsible and sustainable mining, with initiatives like the Nickel Industries Foundation for social and economic development in Indonesia [2] - Development of the Sampala project is progressing well, with expectations to host over 1 billion wet metric tons [6] - The company aims to achieve gold status in responsible mining ratings and is working on increasing production capacity at the Hengjai mine [5][19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite challenges in nickel prices, highlighting strong growth in the mining sector [42] - The company anticipates further growth with the imminent release of an RKB that requires no CapEx for increased mine sales [42] Other Important Information - The company has deferred payments for E and C totaling US$126.5 million to January and April, allowing for further production and EBITDA [11] - The cathode plant is expected to be commissioned in October or November, with all key equipment fabricated and erected [17][34] Q&A Session Summary Question: Update on debt refinancing and other levers - Management confirmed entering a commitment letter for a US$100 million loan facility to support working capital and is evaluating alternative debt funding options [22][23] Question: Dividend withdrawal reasoning - Management stated that the withdrawal of the dividend is a case of prudent balance sheet management [25] Question: Update on VAT refunds - Management expects the US$110 million VAT refunds within the next six to twelve months and is in dialogue with the Indonesian government [27][28] Question: Timing for environmental study approval - Management expects the RKB approval for the Penguja mine by September and for Sampala by the end of the year [29] Question: Factors for commissioning the cathode plant - Management decided to delay commissioning due to high working capital draw and costs associated with MHP, aiming for October or November [34][36]

Investment Rating - The report recommends the industry [4] Core Insights - The RKEF project produced 30,463 tons of nickel pig iron (NPI) in Q2 2025, a decrease of 5% year-on-year and 4% quarter-on-quarter, primarily due to adjustments made to the ONI furnace [1][2] - The unit cash cost for NPI increased by 4% year-on-year to $10,348 per ton, driven by maintenance costs and rising electricity expenses [2] - The sales revenue for NPI in Q2 2025 was $346 million, reflecting a 6% decrease year-on-year [2] RKEF Project Summary - NPI production in Q2 2025 was 30,463 tons, with a contract price of $11,449 per ton, showing a 1% increase from the previous quarter [1][2] - The adjusted EBITDA for NPI was $33.7 million, down 24% from the previous quarter, with an adjusted EBITDA per ton of $1,107, a decrease of 20% [2][12] HPAL Project Summary - The Huayue nickel-cobalt project produced 20,750 tons of nickel and 1,877 tons of cobalt in Q2 2025, exceeding the rated capacity by 38% [3] - The unit EBITDA for HNC was $4,819 per ton, up 12% quarter-on-quarter, supported by rising MHP prices [5] Mining Operations Summary - The Hengjaya mine produced 5.92 million wet tons of nickel ore in Q2 2025, a 99% increase year-on-year [7] - The adjusted EBITDA for the Hengjaya mine was $41.4 million, a 33% increase from the previous quarter, driven by rising nickel ore prices [7] Financial Overview - Nickel Industries received $34.4 million in shareholder loan repayments in Q2 2025 [10] - The company also received $8.1 million in dividends from the Oracle Nickel project and $8 million from the Hengjaya mine [10][11]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $86 million for the June quarter, bringing the first half unaudited adjusted EBITDA to $183.6 million, which is a material outperformance compared to the previous year [4][16] - The twelve-month rolling Total Recordable Injury Frequency Rate (TRIFR) was 1.29, with a Lost Time Injury Frequency Rate (LTIFR) of 0.05 for June, indicating strong safety performance [2][3] Business Line Data and Key Metrics Changes - RKF nickel metal production was 30,463 tonnes, slightly lower than the previous quarter, impacted by kiln realignment and maintenance [4][7] - HPAL production from HNC was 2,075 tonnes of nickel, continuing to operate above nameplate capacity [4] - The Hangjai mine achieved record ore sales of over 3 million wet metric tonnes, with an EBITDA of $41.4 million, a 33% increase from the previous quarter [6][12] Market Data and Key Metrics Changes - MHP pricing remained stable at $11,449, slightly higher than the previous quarter, with payabilities for MHP close to 90% [8][9] - The Hengjia mine's EBITDA increased by CAD10.4 million, highlighting the benefits of integrated operations [8] Company Strategy and Development Direction - The company is focusing on the completion of the E and C project, with commissioning deferred to align working capital requirements [10][11] - The feasibility study to increase the Anglia mine RKB from 9 million tonnes to 19 million tonnes has been approved, indicating growth plans [13] - The Sampala project is progressing well, with a feasibility study lodged for an initial operation of 6 million wet metric tonnes per annum [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving RKAB approval in August and expects to ramp up production from the Hangjai mine significantly [37] - The company remains confident in the exploration target of over 1 billion wet metric tonnes of ore at the Sao Paulo project, with strong margins expected [16][40] Other Important Information - The company is actively managing working capital due to a significant build-up, particularly in RKF operations [20][30] - There are discussions regarding various financing sources, excluding equity raises, to manage cash flow and debt obligations [32][33] Q&A Session Summary Question: Cash flow neutrality despite good EBITDA - Management explained that the neutral cash flow was due to a large working capital build, particularly in RKF operations, which is expected to unwind [20][21] Question: MHP realizations increase - Management noted market tightness leading to improved MHP payabilities, offsetting a decrease in LME prices [22][23] Question: Delaying commissioning of E and C - The decision to delay was significant enough to avoid building up working capital ahead of the sales license [28][30] Question: Debt service requirements - Management confirmed $33 million in interest amortization was paid in July, with another $100 million due in the remainder of the year [31][34] Question: Production ramp-up from Hangjai mine - Management remains optimistic about receiving the RCAB permit in August and targets significantly above 12 million tonnes for the year [37] Question: Development timing for Sao Paulo - The company is targeting completion of the haul road by early Q4, with first ore delivery expected in early H2 next year [40]