Group 1 - Jinchuan Nickel Cobalt has completed its IPO counseling with CITIC Securities and CICC as advisors, but has not disclosed financial data or the total fundraising amount yet [2] - The company, established in 2013, is the largest producer in China's nickel-cobalt industry, with a post-investment valuation close to 70 billion yuan after a recent capital increase [5] - In 2024, Jinchuan Nickel Cobalt reported revenues of 37.479 billion yuan and a net profit of 5.849 billion yuan, with a significant year-on-year decline in both revenue and profit [5][6] Group 2 - The revenue from nickel products for Jinchuan Group showed a decline from 32.673 billion yuan in 2022 to 6.456 billion yuan in Q1 2025, while cobalt product revenues also decreased significantly [6] - The overall nickel market is facing oversupply and slowing demand growth, leading to fluctuating nickel prices, although there is potential for recovery due to emerging industries [7] - The cobalt market is experiencing severe supply-demand imbalances, with significant price drops, and non-listed companies face greater performance pressures without capital market support [8]