Industry Overview - The lithium battery industry is transitioning from simple scale and price competition to a multi-dimensional competition focusing on technological innovation, globalization, integration, and capital strength [2] - Young leaders are emerging as key drivers of industry development and social progress, leveraging their insights and strategic execution capabilities [2] Company Achievements - **Dingsheng New Material**: Achieved a revenue of 19.604 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.29%, and a net profit of 307 million yuan, up 36.61% [6][10] - **GEM Co., Ltd.**: Reported a revenue of 27.498 billion yuan in the first three quarters of 2025, a 10.55% increase, and a net profit of 1.109 billion yuan, up 22.66% [10] - **Tianqi Materials**: Generated a revenue of 10.843 billion yuan in the first three quarters of 2025, a 10.55% increase, with a net profit of 421 million yuan, up 24.33% [13] - **Xian Dao Intelligent**: Recorded a revenue of 10.439 billion yuan in the first three quarters of 2025, a 14.56% increase, and a net profit of 1.186 billion yuan, up 94.97% [16] - **Zhuhai Guanyu**: Achieved a revenue of 10.321 billion yuan in the first three quarters of 2025, a 21.18% increase, and a net profit of 387 million yuan, up 44.37% [20] - **Zhenyu Technology**: Reported a revenue of 6.593 billion yuan in the first three quarters of 2025, a 31.47% increase, and a net profit of 412 million yuan, up 138.93% [24] - **Zhongke Electric**: Generated a revenue of 5.904 billion yuan in the first three quarters of 2025, a 52.03% increase, with a net profit of 402 million yuan, up 118.85% [28] - **Tengyuan Cobalt**: Achieved a revenue of 5.752 billion yuan in the first three quarters of 2025, a 17.65% increase, and a net profit of 751 million yuan, up 21.65% [30] - **Shangtai Technology**: Reported a revenue of 5.506 billion yuan in the first three quarters of 2025, a 52.09% increase, with a net profit of 711 million yuan, up 23.08% [33] - **Zhengli New Energy**: Achieved a revenue of 3.172 billion yuan in the first half of 2025, a 71.94% increase, and a net profit of 220 million yuan, up 269.51% [36]

Core Viewpoint - The company, Greenme, reported significant growth in its financial performance for the third quarter of 2025, driven by its key metal resource recycling and new energy battery materials businesses, achieving record-high revenues and profits [7][8]. Financial Performance - The company achieved a revenue of 9.937 billion yuan in Q3 2025, representing a year-on-year increase of 31.89% [7]. - The net profit attributable to shareholders for Q3 2025 was 310 million yuan, up 52.99% year-on-year [7]. - For the first three quarters of 2025, total revenue reached 27.498 billion yuan, a 10.55% increase compared to the same period last year, with a net profit of 1.109 billion yuan, growing by 22.66% [7]. Key Business Developments - The company’s nickel metal shipments from its Indonesian project reached 35,939 tons in Q3 2025, with a total of 79,916 tons for the first three quarters, marking a 151% increase year-on-year [8][9]. - The company successfully recovered over 6,000 tons of cobalt, mitigating supply disruptions caused by the cobalt ban in the Democratic Republic of Congo [9]. - The company launched a new 30,000-ton nickel electrolysis production line in Indonesia, enhancing its overseas nickel resource supply chain [11]. Strategic Initiatives - Greenme established a strategic partnership with Indonesia's sovereign wealth fund to enhance its nickel resource projects [14]. - The company is advancing its global strategy by applying for a listing on the Hong Kong Stock Exchange to diversify its financing channels [16]. - A collaboration was formed with leading scientists to accelerate the industrialization of solid-state batteries, aiming to address challenges in high safety and energy density [14]. Innovations and Collaborations - The company introduced the world's first ultra-high nickel 9-series four-component core-shell precursor, filling a significant gap in the high-end new energy materials market [12]. - Greenme is collaborating with various institutions to establish a low-carbon circular economy innovation laboratory for battery recycling [13]. Shareholder Information - The company has a total of 25,373,300 shares held by its repurchase account, accounting for 0.50% of the total share capital [6]. Upcoming Events - The company will hold its sixth extraordinary general meeting on November 21, 2025, to discuss various proposals, including the change of the accounting firm [46][47].

Core Viewpoint - The company, Greeenmei, reported strong financial performance for the first three quarters of 2025, driven by growth in key metal resource recycling and battery materials, achieving record high revenues and profits [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to shareholders of 1.109 billion yuan, up 22.66% [1]. - In Q3 2025, the company recorded operating revenue of 9.937 billion yuan, a 31.89% increase year-on-year, and a net profit of 310 million yuan, reflecting a 52.99% growth [1]. Key Business Developments - The company has established itself as a leader in global key metal resource recycling, creating a comprehensive industrial chain from waste metal recovery to high-purity raw materials and end products, covering over 20 key metals [1]. - In the first three quarters of 2025, the company recycled over 6,000 tons of cobalt, significantly enhancing the stability of its global cobalt supply chain during the Democratic Republic of Congo's cobalt export ban [2]. - Nickel metal shipments from the company's Indonesian nickel resource project reached 79,916 tons, a 151% increase year-on-year, laying a solid foundation for achieving an annual output of 120,000 tons [2]. Product and Technology Advancements - The company reported a tungsten resource recovery shipment of 5,590 tons, a 22% increase year-on-year, and a 59% increase in the recovery of dismantled power batteries, totaling 36,643 tons [3]. - The company is actively promoting the recycling of power batteries and the development of solid-state battery materials, collaborating with a research team to tackle core technology challenges in solid-state battery production [3]. Global Expansion and Capital Strategy - To support its global development strategy, the company submitted an application for an H-share listing on the Hong Kong Stock Exchange in September 2025, aiming to raise funds for capacity construction and international marketing [3]. - The funds raised will be used for key metal resource capacity construction, overseas R&D innovation, digitalization, and working capital to enhance the company's global competitiveness [3].

Core Viewpoint - Company Greenme has signed a strategic cooperation agreement with Weilan Lithium Chip to jointly develop ultra-high energy density battery materials, aiming for breakthroughs in solid-state battery technology within one year and industrialization of batteries exceeding 400Wh/kg within three years [2][3] Group 1: Strategic Partnerships - The collaboration with Weilan Lithium Chip dates back to 2017, with Greenme being a major supplier of nickel-cobalt-manganese lithium battery materials [3] - Greenme has also partnered with a team led by renowned scientist Sun Xueliang to focus on the core technology of solid-state battery cathode materials [5][6] Group 2: Technological Advancements - Greenme has anticipated the core development direction of solid-state battery cathode materials, focusing on high nickel and composite materials since 2019, and has achieved ton-level shipments of ultra-high nickel solid-state battery cathode materials and lithium-rich manganese-based precursors [3][6] - The company has developed advanced technologies to reduce interface impedance by 20% and control voltage decay rates within 5%, enhancing battery efficiency and stability [4][6] Group 3: Market Position and Future Outlook - Greenme aims to become a core supplier of solid-state battery precursors, leveraging its technological advancements and strategic partnerships to capture a significant market share [2][4] - The company has established a complete industrial chain from resource extraction to cathode material supply, positioning itself as a leader in the global market for high-nickel ternary precursors [6][7]

Core Viewpoint - GreeNMEI has signed a strategic cooperation agreement with Weilan Lithium Chip to jointly develop ultra-high energy density battery materials, aiming for breakthroughs in solid-state battery technology within one year and industrialization of batteries exceeding 400Wh/kg within three years [2][3]. Group 1: Strategic Collaborations - The partnership with Weilan Lithium Chip dates back to 2017, where GreeNMEI has been a major supplier of nickel-cobalt-manganese lithium ternary cathode materials [2]. - GreeNMEI has also formed a strategic collaboration with a team led by renowned scientist Sun Xueliang to focus on the development of cathode materials for solid-state batteries [5][6]. Group 2: Technological Advancements - GreeNMEI has anticipated the core development direction of solid-state battery cathode materials, focusing on high nickel and composite materials since 2019, and has achieved ton-level shipments of ultra-high nickel solid-state battery cathode materials and lithium-rich manganese-based precursors [3][4]. - The company has developed advanced technologies such as nano-level protective films to reduce interfacial impedance by 20%, enhancing battery charge and discharge efficiency [4]. Group 3: Market Position and Product Development - GreeNMEI is positioned as the largest supplier of high-nickel ternary precursors globally, with a complete industrial chain from resource extraction to cathode material supply [6]. - The company has recently launched new ultra-high nickel 9-series ternary core-shell precursors, achieving a monthly shipment volume of 5,000 tons for both new products [6].

Core Viewpoint - The company has achieved a significant technological milestone in the lithium battery precursor manufacturing field with its ultra-high nickel 9-series quaternary core-shell precursor, which is now in mass production and primarily targets the high-end electric vehicle market [2]. Group 1: Product and Market - The ultra-high nickel 9-series quaternary core-shell precursor is designed for global high-end electric vehicle markets that demand higher endurance and stable power performance [2]. - The company has established a 100% supply chain for international leading enterprises, ensuring stable production and supply capabilities [2]. - The monthly shipment volume of the product exceeds 2,000 tons, with an expected annual sales volume of over 10,000 tons, which will significantly stabilize the company's global market presence [2]. Group 2: Financial Impact - The ultra-high nickel 9-series quaternary core-shell precursor is expected to be a crucial growth engine for the company's new energy materials segment, contributing positively to revenue and profit [2]. - The product is characterized by excellent cycling performance and safety, which enhances its profitability [2].

Group 1 - The company has developed the world's first ultra-high nickel 9-series quaternary core-shell precursor, which features a three-stage microstructure design that enhances performance compared to traditional products [2] - The new precursor material transitions from a single-stage structure to a three-stage core-shell structure without altering the total metal composition, allowing for a gradual decrease in nickel content and an increase in manganese content from the core to the shell [2] - This design reduces the reactivity at the interface between the material and the electrolyte, minimizing side reactions while ensuring high energy density and improving cycle and safety performance [2]

Group 1 - The company is currently supplying 100% of its ultra-high nickel 9-series quaternary core-shell precursors to leading international enterprises' supply chains [2] - The advanced technology is significantly opening up new market opportunities for the company's precursors, greatly stabilizing its global market presence [2] - The company is effectively responding to global challenges through its strategic positioning in the precursor market [2]