华友钴业（603799.SH）2025 年半年报点评 业绩持续快速增长，周期成长属性凸显 2025 年 08 月 26 日 ➢ 事件：公司发布 2025 年半年报，业绩继续快速增长。2025H1，公司实现 营收约 372 亿元，同比增长 23.78%，归母净利润 27.11 亿元，同比增加 62.26%；扣非归母净利润 25.87 亿元，同比增加 47.68%。2025Q2，公司实现 营收约 194 亿元，同比增长 28.28%，环比增长 8.48%，实现归母净利润 14.59 亿元，同比增长 27.04%，环比增长 16.51%；扣非归母净利 13.60 亿元，同比 增长 14.89%，环比增长 10.89%。 ➢ 量：镍项目持续稳产超产。1）镍：华飞和华越项目持续超产（超产幅度约 30%），25H1 预计 MHP 产量达 12 万吨，同比增长超 40%，25H1 镍产品出 货量 13.94 万吨，同比增长 83.91%；2）铜：25H1 铜产品同比小幅下降，主 要系自产铜量逐步下滑；3）钴：25H1 钴产品出货量 2.08 万吨，同比下降 9.89%，主要系公司看好钴价后续涨势调整销售策略；4）锂：25H ...

半年报显示，华友钴业经营活动产生的现金流量净额同比减少41.45%至16.18亿元，主要系根据市场情 况锁定原料价格，预付原料款所致。华友钴业管理费用、财务费用、研发费用同比分别下降2.62%、 14.8%和24.23%，研发费用大幅减少的原因主要是职工薪酬、材料耗用下降。 华友钴业在公告中表示，上游红土镍矿湿法冶炼产能全面释放，持续稳产超产，为下游镍产品、钴产品 提供了极具竞争力的原料保障；下游锂电材料端，聚焦战略核心客户，紧跟主流技术路径，坚持高端 化、全球化、差异化路线。华友钴业积极推进新应用场景下的深度合作，大圆柱电池材料实现规模化量 产。 华友钴业主要从事新能源锂电材料和钴新材料产品的研发、制造和销售业务，已形成了资源、新材料、 新能源三大业务一体化协同发展的产业格局。 半年报显示，2025年上半年，华友钴业三元正极材料出货量为3.96万吨，同比增长17.68%，其中超高镍 9系产品占比提升至六成以上，三元正极材料出口量占中国三元正极总出口量的57%；三元前驱体出货 量为4.21万吨，因主动减少部分低盈利产品出货，优化产品结构，较去年同期有所下滑；钴产品出货量 为2.08万吨，同比下降9.89%；镍 ...

Macro and Strategy Research - The economic data for July 2025 shows that the industrial added value increased by 5.7% year-on-year, lower than the expected 6.0% and previous value of 6.8% [3] - Retail sales of consumer goods grew by 3.7% year-on-year, below the expected 4.6% and previous value of 4.8% [4] - Fixed asset investment cumulative year-on-year growth is at 1.6%, also below expectations [4] Company Research: Huayou Cobalt Co., Ltd. (603799) - In the first half of 2025, the company achieved operating revenue of 37.197 billion yuan, a year-on-year increase of 23.78%, and a net profit attributable to shareholders of 2.711 billion yuan, up 62.26% [15] - Nickel product shipments increased significantly, with nickel product output reaching 139,400 tons, a year-on-year growth of 83.91% [16] - The company has made significant progress in cost reduction and efficiency improvement, with a sales net profit margin of 9.33%, an increase of 1.44 percentage points year-on-year [16] Industry Research: Metal Industry - Frequent bidding by major magnetic material manufacturers is expected to boost the price of praseodymium and neodymium oxide [10] - The steel industry is facing supply constraints due to tightened production policies, but demand may be impacted by construction site shutdowns [11] - Copper prices are expected to fluctuate due to insufficient fundamental support, with potential demand driven by seasonal inventory accumulation [11] - The rare earth market is seeing improved inquiry conditions, with light rare earth prices expected to be supported in the short term [12]

Core Viewpoint - Huayou Cobalt reported strong financial performance for the first half of 2025, with significant revenue and profit growth, driven by increased nickel production and strategic optimization of product offerings [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 37.197 billion yuan, a year-on-year increase of 23.8%, and a net profit attributable to shareholders of 2.71 billion yuan, up 62.3% [4]. - Q2 2025 revenue reached 19.35 billion yuan, reflecting a year-on-year growth of 28.3% and a quarter-on-quarter increase of 8.5% [4]. Group 2: Metal Production - Nickel product shipments increased by 84% year-on-year, totaling 139,000 tons, primarily due to the release of wet processing capacity from laterite nickel ore [5]. - Cobalt shipments decreased by 9.9% year-on-year to 21,000 tons, impacted by the export ban on cobalt from the Democratic Republic of Congo [5]. Group 3: Lithium Battery Materials - In H1 2025, shipments of ternary cathode materials reached 39,600 tons, a year-on-year increase of 17.7%, with high-nickel 9-series products accounting for over 60% of the total [6]. - The company actively reduced shipments of lower-margin products to optimize its product structure, resulting in a decline in shipments of ternary precursors to 42,100 tons compared to the same period last year [6]. Group 4: Project Developments - The company has added two new equity interests in laterite nickel mines in Indonesia, enhancing its nickel and cobalt resource reserves [8]. - The Pomalaa wet nickel project, with an annual production capacity of 120,000 tons, has commenced construction, while the Sorowako project is progressing well in its preparatory phase [8]. Group 5: Lithium and Lithium Battery Materials - The Arcadia lithium mine in Zimbabwe increased its resource reserves from 1.5 million tons to 2.45 million tons of lithium carbonate equivalent, with an improved grade of 1.34% [9]. - A lithium sulfate project with an annual production capacity of 50,000 tons is in the equipment installation phase, expected to be completed by the end of the year, which will further reduce lithium salt production costs [9]. - The first phase of the 50,000-ton ternary precursor project in Indonesia has achieved bulk supply, laying the foundation for entry into the North American market [9].

华友钴业 20250819 摘要 华友钴业 2025 年上半年营收同比增长 78%，归母净利润增长 62.26%，总资产达 1,462.73 亿元。三元正极材料出货量 3.96 万吨， 同比增长 17.68%，超高镍 9 系占比超 60%，出口量占中国三元正极出 口量的 57%。 公司持续加大研发投入，上半年新增 115 项专利申请，获 42 项专利授 权，累计专利申请达 1,488 项，授权 604 项。同时，公司主导或参与制 定多项行业标准，提升行业影响力。 华友钴业积极拓展海外布局，在印尼新增参股红土镍矿项目，推进湿法 冶炼项目建设。津巴布韦阿卡迪亚锂矿储量增至 245 万吨碳酸锂当量。 印尼华南 5 万吨三元前驱体一期项目实现批量供货。 公司通过强化标准成本核算、月度成本动态分析等措施，实现生产成本 下降。优化融资结构，平均融资成本同比下降 30 个基点，财务费用同 比下降 14.8%。 公司积极践行 ESG 理念，报告期内实现减碳约 69 万吨，获评国家级绿 色供应链管理企业，并入选标普全球可持续发展年鉴 2025 名单。 Q&A 2025 年上半年华友钴业的经营情况如何？ 2025 年上半年，华友 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved record performance in the first half of 2025, with revenue of 37.2 billion yuan, a year-on-year increase of 23.8%, and a net profit attributable to shareholders of 2.71 billion yuan, up 62.3% year-on-year [1] - Nickel product shipments increased by 84% year-on-year, supported by the addition of two new nickel mines and a strong performance in the wet process projects [2] - The resource volume of the Arcadia lithium mine increased from 1.5 million tons to 2.45 million tons, with production costs continuously declining [3] - Cobalt prices surged due to supply constraints from the Democratic Republic of Congo, although cobalt product shipments saw a slight decline of 9.89% year-on-year [4] - The company’s positive material shipments grew against the trend, with a 17.68% increase in ternary cathode materials [5] - Future profit forecasts indicate a net profit of 5.73 billion yuan in 2025, with significant growth expected in the following years [6] Financial Summary - The company reported a revenue of 60.946 billion yuan for 2024, with projections of 67.584 billion yuan for 2025, reflecting a growth of 10.89% [8] - The net profit attributable to shareholders is expected to reach 5.729 billion yuan in 2025, representing a year-on-year increase of 37.89% [8] - Earnings per share (EPS) is projected to grow from 2.44 yuan in 2024 to 3.37 yuan in 2025 [8]

Core Viewpoint - The company has demonstrated strong operational performance in the first half of 2025, with significant growth in revenue and net profit, driven by improved management efficiency and a recovery in cobalt prices due to supply constraints from the Democratic Republic of Congo [2][3][4]. Group 1: Financial Performance - The company achieved a revenue of 3.532 billion yuan, representing a year-on-year increase of 10.30% [2] - The net profit attributable to shareholders reached 469 million yuan, up 9.94% year-on-year [2] - Operating cash flow net amount was 412 million yuan, showing a substantial increase of 43.54% year-on-year [2] - In Q2, revenue grew by 41.75% quarter-on-quarter, and net profit surged by 281.30% quarter-on-quarter [2] Group 2: Market Dynamics - Cobalt prices are on the rise due to supply tightening caused by extended export restrictions from the Democratic Republic of Congo, which accounts for approximately 76% of global cobalt production [3] - The demand for cobalt is being driven by the electric vehicle industry and emerging sectors such as AI and low-altitude economy [3] - The combination of supply constraints and expanding demand is expected to push cobalt prices higher, benefiting the company's profitability and sales growth [3] Group 3: Resource Acquisition Strategy - The company is actively pursuing a global resource acquisition strategy to mitigate risks associated with regional policy changes, particularly in the Democratic Republic of Congo [4] - Plans are in place to establish a new hydrometallurgical plant in the Democratic Republic of Congo with an annual capacity of 30,000 tons of copper and 2,000 tons of cobalt, expected to be operational by 2026 [4] - The company is also developing a closed-loop industrial chain for cobalt and nickel resources, including recycling of battery waste, enhancing its resource acquisition channels [4] Group 4: Technological Advancements - The company is a leader in the development and application of hydrometallurgical processes for cobalt, which are more efficient for processing complex low-grade ores [5][6] - Proprietary technologies for cobalt resource recovery and battery waste recycling have been developed, significantly reducing production costs and improving environmental performance [6] Group 5: Capacity Expansion and Shareholder Returns - Ongoing investment projects are progressing, with some production capacities already being released, including a new capacity of 5,000 tons of cobalt oxide [7] - As of June 30, 2025, the company has a production capacity of 31,500 tons of cobalt, 10,000 tons of nickel, and 6,000 tons of copper, among others [7] - The company plans to implement a cash dividend policy, distributing 10 yuan per 10 shares to shareholders, reflecting its commitment to long-term value [7]

证券代码：301219 证券简称：腾远钴业 公告编号：2025-028 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 ■ √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登记日登记的总股本扣除公司回购 专用证券账户中的回购股份为基数，向全体股东每10股派发现金红利10元（含税），送红股0股（含 税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 □适用 √不适用 公司报告期实际控制人未发生变更。 5、公司优先股股 ...

证券研究报告 | 2025年08月18日 华友钴业（603799.SH）——半年报点评 优于大市 经营业绩创历史同期新高，持续强化海外布局 公司发布半年报：上半年实现营收 371.97 亿元，同比+23.78%；实现归母净 利润 27.11 亿元，同比+62.26%。公司于 25Q2 实现营收 193.55 亿元，同比 +28.28%，环比+8.48%；实现归母净利润 14.59 亿元，同比+27.04%，环比 +16.51%。公司一体化优势持续释放，经营业绩创历史同期新高。 核心产品产销方面：今年上半年，公司充分发挥产业一体化优势，抓机遇、 拓市场、增订单，运营质量稳步提升：①上游资源端，公司钴产品出货量约 2.08 万吨，同比-9.89%，同比下降或是因为钴原料供应紧张，公司钴产品惜 售；公司镍产品出货量约 13.94 万吨，同比+83.91%，Q2 出货量环比大幅增 加，这是 Q2 业绩环比增长的核心驱动。②下游材料端，公司三元前驱体出 货量约 4.21 万吨，同比有所下滑，因公司主动减少部分低盈利产品出货， 优化产品结构；公司三元正极材料出货量 3.96 万吨，同比+17.68%，超高镍 9 系产品占 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company achieved record-high operating performance in the first half of the year, with revenue of 37.197 billion yuan, up 23.78% year-on-year, and a net profit attributable to shareholders of 2.711 billion yuan, up 62.26% year-on-year [1][8]. - The company continues to strengthen its overseas layout and leverage its integrated advantages, with significant growth in nickel product shipments driving quarterly performance [2][12]. - The company is positioned as a leading player in the domestic new energy lithium battery materials industry, with an integrated supply chain that effectively mitigates industry downturn risks and is expected to benefit from future industry recovery [3][18]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 19.355 billion yuan, a year-on-year increase of 28.28% and a quarter-on-quarter increase of 8.48%. The net profit attributable to shareholders was 1.459 billion yuan, up 27.04% year-on-year and 16.51% quarter-on-quarter [1][8]. - The company’s core products showed mixed performance, with cobalt product shipments of approximately 20,800 tons, down 9.89% year-on-year, while nickel product shipments increased significantly by 83.91% year-on-year to approximately 139,400 tons [12][16]. Business Development - The company is actively expanding its overseas operations, including projects in Indonesia and Africa, which are expected to enhance its resource integration and production capabilities [2][16]. - Key projects include the Pomalaa and Sorowako nickel projects in Indonesia and the Arcadia lithium mine in Zimbabwe, which has seen an increase in lithium resources from 1.5 million tons to 2.45 million tons [2][16][17]. Profit Forecast - The profit forecast for 2025-2027 has been revised upwards, with expected revenues of 74.439 billion yuan, 81.159 billion yuan, and 89.137 billion yuan, representing year-on-year growth rates of 22.1%, 9.0%, and 9.8% respectively [3][18]. - The net profit attributable to shareholders is projected to be 6.067 billion yuan, 7.006 billion yuan, and 8.294 billion yuan for the same period, with growth rates of 46.0%, 15.5%, and 18.4% respectively [3][18].