Core Viewpoint - The company reported a revenue of 17.561 billion yuan for H1 2025, with a year-on-year increase of 1.28%, and a net profit attributable to shareholders of 799 million yuan, reflecting a year-on-year growth of 13.91% [1] Group 1: Business Performance - The company achieved a significant increase in sales across multiple products, with nickel metal shipments from its Indonesian project reaching 43,977 tons, a year-on-year increase of 112% [2] - The core product, ternary precursor materials for power batteries, had a shipment volume of 86,000 tons, maintaining a top two position in the global market [2] - The company recovered 4,032 tons of tungsten resources, marking a year-on-year growth of 17%, and recycled 22,400 tons of power batteries, a 37% increase year-on-year [2] Group 2: Profitability - The gross profit margins for key metal resource recycling showed stability, with nickel resource recovery at 19.1%, cobalt recovery at 13.86%, and tungsten recovery at 7.22% [3] - The gross profit margin for comprehensive utilization of power lithium batteries was 10.13%, reflecting a year-on-year increase of 0.25% [3] - The gross profit margins for new energy battery materials, including ternary precursors, cathode materials, and cobalt oxide, were 14.14%, 9.07%, and 12.40% respectively, with varying year-on-year changes [3] Group 3: Profit Forecast and Valuation - The company raised its net profit forecast for 2025-2027 to 1.599 billion, 2.479 billion, and 3.775 billion yuan, corresponding to EPS of 0.31, 0.48, and 0.74 yuan [4] - The company is assigned a valuation of 2.16 times PB for 2025, with a target price adjustment to 8.72 yuan, up from a previous value of 6.86 yuan [4]