Core Viewpoint - The company, Greeenmei, is strategically positioned to benefit from the tightening cobalt supply in the Democratic Republic of Congo (DRC) by leveraging its Indonesian nickel smelting project, which has a significant by-product cobalt capacity. Group 1: Company Operations - The Indonesian nickel smelting project has a total capacity of 150,000 metal tons per year, with approximately 12,000 metal tons per year of by-product cobalt [1] - In the first half of 2025, the company expects to produce 3,667 tons of cobalt metal from its Indonesian resources, representing a 125% year-on-year increase [1] - Cobalt recovery is projected to reach 10,128 tons in 2024 and 5,187 tons in the first half of 2025, enhancing the company's self-sufficiency in nickel and cobalt raw materials [1] Group 2: Market Position and Strategy - The tightening of cobalt supply due to DRC export quota policies may increase supply chain tensions and price volatility, but this presents a strategic opportunity for the company to showcase its integrated advantages [1] - The company’s reliance on Indonesian resources for cobalt raw materials effectively mitigates external dependency risks and stabilizes procurement costs [1] - The strong cost competitiveness of MHP products, with nickel costs being highly elastic after cobalt revenue deductions, is expected to significantly expand profit margins [1] - The stable self-supply capability of the company will become a key resource for downstream customers amid industry challenges of cobalt availability, accelerating market share growth and strengthening pricing power [1]