Industry Overview - Indonesia's nickel industry is facing increasing pressure due to a mismatch between nickel ore supply and rapidly expanding smelting capacity, leading to potential production cuts at smelting plants [1] - The Indonesian Nickel Smelting Association's chairman highlighted that the demand for mining quotas is sharply rising, while the government has reduced the validity period of mining quotas from three years to one year, tightening domestic supply [1] - There is a growing gap between mining output and smelting demand, which could lead to structural raw material shortages if upstream planning is not strengthened [1] Company Insights - Liqin Resources (02245) has successfully transformed into a global nickel smelting leader, securing a 20-year agreement with partners for nickel ore supply at government-regulated minimum prices, benefiting from significant cost advantages due to short transportation distances [2] - Xinjiang Xinxin Mining (03833) owns four nickel-copper mines and two vanadium mines, indicating a diversified resource base [2] - Minmetals Resources (01208) is in the process of acquiring Anglo American's nickel business, with the EU extending the review period until June 30, 2026, for the acquisition of nickel operations in Brazil [2] - Zhongwei New Materials (02579) is a global leader in nickel and cobalt pCAM for lithium-ion batteries, holding significant stakes in three nickel laterite mines in Indonesia and various lithium and phosphate mines [3]

Group 1 - The core business of Zhongwei New Materials Co., Ltd. focuses on the research, production, and sales of new energy battery materials, primarily involving precursor materials for positive electrode active materials (pCAM) [2] - The company's main products include nickel-based and cobalt-based pCAM for lithium-ion batteries, applicable in electric vehicles, energy storage systems, and consumer electronics [2] - As of September 30, 2025, Zhongwei's revenue reached 33.297 billion yuan, representing a year-on-year growth of 10.39%, while the net profit attributable to shareholders decreased by 15.94% to 1.113 billion yuan [2] Group 2 - Zhongwei's stock price increased by 18.20% year-to-date, but it has seen a decline of 16.45% over the last five trading days [1] - The company has a market capitalization of 43.733 billion yuan, with a trading volume of 4.35 billion yuan and a turnover rate of 1.15% as of November 24 [1] - The main revenue composition of Zhongwei includes battery materials (45.17%), new energy metals (43.49%), and other sources (11.34%) [2] Group 3 - Since its A-share listing, Zhongwei has distributed a total of 1.936 billion yuan in dividends, with 1.789 billion yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 30.27% to 46,800, while the average circulating shares per person decreased by 23.00% to 19,509 shares [2]