Core Viewpoint - Greeenme's strategy to address global trade changes involves equity restructuring and forming alliances to mitigate geopolitical risks [2][5][6]. Group 1: Company Strategy - Greeenme's wholly-owned subsidiary in Indonesia, Qingmei Energy, will initiate a capital increase to attract strategic investors, which may lead to the company losing control over Qingmei Energy [2][5]. - The company aims to bind interests together in an alliance to respond to geopolitical influences, ensuring that all investments in Indonesia undergo strict political scrutiny [2][6]. Group 2: Market Position and Financials - Greeenme's battery materials are its largest revenue source, with projected sales of 189,000 tons of ternary precursor materials in 2024, generating revenue of 16.075 billion yuan, capturing 15% of the global market share [4]. - The nickel resource price has doubled since 2020, significantly impacting Greeenme's core business profitability [3]. Group 3: Investment and Resource Integration - The capital increase will involve local Indonesian nickel miners, downstream battery customers, and international investors, with Greeenme's stake in Qingmei Energy dropping from 100% to 29.59% [5][7]. - Qingmei Energy will gain 12,630 tons per year of nickel resource MHP product rights, valued at approximately $109.26 million, which will enhance its operational capacity [7]. Group 4: Operational Challenges - Greeenme's gross margin was 12.48% in the first half of 2025, indicating historical lows, with revenue and profit under pressure due to temporary production halts from adverse weather conditions [9].

目标公司PT INDONESIA QINGMEI ENERGY MATERIALS成立于2023年11月，注册资本9939.94万美元，主营业务为有色基本金属制造业、电池制造业，截 至2025年6月30日（未经审计），总资产37.89亿元、净资产7.23亿元，2025年1-6月实现营收1.24亿元、净利润1707.88万元。 增资前，GEM江苏持有目标公司99.10%股权（认缴出资9850万美元），NEW HORIZON持有0.90%股权（认缴出资89.94万美元）。增资完成后，目标公司 注册资本增至33595.94万美元，股权结构多元化：永恒绿洲持股32.52%（10926万美元）、GEM江苏持股29.32%（9850万美元）、MDK持股11.16%（3750 万美元）、BDH持股8.93%（3000万美元），蔚蓝锂芯以2000万美元出资持股5.95%，其余投资方持股比例在0.30%-2.98%之间。 目标公司已建成年产2万金属吨硫酸镍晶体、3600金属吨硫酸钴晶体和5万吨高镍三元前驱体产线。本次增资将整合永恒绿洲、MDK、格林特所持有的12630 金属吨/年镍资源MHP产品权益（其中永恒绿洲9105金属吨 ...

Core Viewpoint - Greeenme intends to leverage its scarce resource business to acquire 1-2 small but high-quality listed companies, actively promote its tungsten business into the capital market, and push for its main entity to be listed in Hong Kong [1][14]. Financial Performance - In 2024, Greeenme achieved revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit of about 1.02 billion yuan, up 9.19% year-on-year. The first quarter of 2025 saw revenue of around 9.5 billion yuan, a 13.67% increase year-on-year, with a net profit of 511 million yuan, up 12.1% year-on-year [2]. - Greeenme forecasts revenues exceeding 40 billion yuan, 50 billion yuan, and 60 billion yuan for 2025, 2026, and 2027 respectively, indicating a potential doubling over three years [2]. Business Growth Areas - The fastest-growing segments from 2025 to 2027 are expected to be battery materials, tungsten resource recovery, and precious and rare metal recovery, with significant investments made in tungsten and precious metal recovery since last year [2][12]. - Nickel mining is a key growth driver, with Greeenme producing 51,600 tons of nickel metal in 2024, a 91% increase year-on-year, and generating revenue of 5.85 billion yuan from nickel, accounting for 17.61% of total revenue [5][6]. Nickel Market Insights - Greeenme's nickel production is projected to exceed 216,000 tons by 2027. The company ranks among the top three in the world for MHP nickel production capacity [5][9]. - Nickel prices have seen fluctuations, with a peak of $25,638 per ton in 2022, but have since declined to around $21,506 per ton in 2023 and are projected to be approximately $16,818 per ton in 2024 [7][9]. Strategic Initiatives - Greeenme is actively seeking to establish battery material production bases in Indonesia, collaborating with companies like EcoPro and Vale to create an integrated industrial park capable of producing approximately 30 GW of power batteries annually [10]. - The company aims to become a leading global supplier of scarce resource recycling, targeting the recovery of 25 types of scarce resources, with a goal of achieving over 10% of China's supply for each type [12][13]. Future Plans - Greeenme plans to sell 1-2 small listed companies to enhance its scarce resource business and is also looking to list its main entity in Hong Kong [1][14].

Core Viewpoint - Greeenme's revenue and profit growth in 2024 and Q1 2025 indicates a positive trend, with expectations for significant revenue increases in the coming years, driven by battery materials and metal recycling businesses [2][11]. Financial Performance - In 2024, Greeenme achieved revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit of about 1.02 billion yuan, up 9.19% [2]. - For Q1 2025, the company reported revenue of around 9.5 billion yuan, a 13.67% increase year-on-year, with a net profit of 511 million yuan, reflecting a 12.1% growth [2]. - Greeenme anticipates revenues exceeding 40 billion yuan, 50 billion yuan, and 60 billion yuan in 2025, 2026, and 2027, respectively, aiming for a doubling of revenue over three years [2]. Business Growth Areas - The fastest-growing segments for Greeenme from 2025 to 2027 are expected to be battery materials, tungsten resource recycling, and precious and rare metal recycling [2][11]. - The company has made significant investments in tungsten resource recovery and precious metal recycling since last year [11]. Nickel Mining Operations - Greeenme's nickel metal output reached 51,600 tons in 2024, a 91% increase, with a total nickel resource capacity of 150,000 tons per year [4]. - Nickel business generated revenue of 5.85 billion yuan in 2024, accounting for 17.61% of total revenue [4]. - The company aims to produce over 216,000 tons of nickel metal by 2027 [4]. Market Dynamics - Nickel prices have fluctuated, reaching a peak of $25,638 per ton in 2022 and dropping to around $21,506 per ton in 2023, with projections for 2024 at approximately $16,818 per ton [7][8]. - Greeenme's chairman highlighted the critical cost thresholds for nickel production, indicating that current prices are near the "survival line" for profitability [8]. Strategic Initiatives - Greeenme is expanding its operations in Indonesia, collaborating with other companies to establish a comprehensive industrial park for nickel refining and battery material production [10]. - The company plans to recover 25 types of scarce resources, aiming for over 10% of China's supply for each type [12]. Future Outlook - Greeenme's chairman predicts that by 2035, the market share of ternary batteries will equal that of lithium iron phosphate batteries, driven by global market expansion [8]. - The company is also pursuing acquisitions of smaller listed companies to enhance its tungsten business and plans to list its main entity in Hong Kong [13].