Financial Performance - In 2024, the company achieved a revenue of CNY 33.2 billion, a year-on-year increase of 8.75%, marking a historical high [3] - The net profit attributable to shareholders reached CNY 1.02 billion, up 9.19% year-on-year [3] - In Q1 2025, the company reported a revenue of CNY 9.496 billion, a 13.67% increase compared to the same period last year [3] - The net profit for Q1 2025 was CNY 511 million, reflecting a 12.10% year-on-year growth [3] Market Trends and Challenges - The global ternary battery market share is declining, with domestic share dropping to 18% in 2024, posing strategic challenges [2] - By 2030, the global market for ternary batteries and lithium iron phosphate (LFP) batteries is expected to balance out [2] - The company anticipates a significant increase in the recycling of retired power batteries, with an estimated utilization of over 300,000 tons in 2024 [6] Innovation and Technology - The company has invested CNY 8 billion in technology, achieving significant breakthroughs in nickel resources, ternary precursors, and battery recycling [2][3] - The company has developed a complete CTP battery pack disassembly process with a disassembly yield exceeding 92%, significantly higher than the industry average of 80% [5] - The company is focusing on digital upgrades and AI integration to enhance operational efficiency and innovation [3] Strategic Initiatives - The company aims to achieve a revenue target of CNY 60 billion by 2027, emphasizing resource recycling and new energy material manufacturing [6] - Plans for 2025 include expanding production capacity and forming strategic alliances to enhance competitiveness [3][4] - The company is actively pursuing global partnerships to mitigate trade challenges and enhance market stability [6] Environmental and Regulatory Factors - The company is adapting to changes in electronic waste subsidy policies, which have led to a reduction in electronic waste dismantling scale [4] - The company is committed to sustainable practices, focusing on low-carbon nickel resource products to align with global environmental standards [17] Talent and Management - The company has implemented a talent reserve strategy, focusing on recruiting innovative and globally-minded individuals to strengthen its management team [4] - A new management team has been appointed to navigate future challenges and drive international expansion [4] Financial Strategy - The company plans to optimize its capital structure and enhance shareholder value through share buybacks and dividend policies [22] - The company is exploring overseas financing options, including issuing H-shares and green bonds, to support its global expansion [20]