Core Viewpoint - The lithium battery recycling industry is transitioning from extensive development to a new phase characterized by refinement, standardization, and globalization, driven by rising prices of lithium and cobalt, along with supportive policies [1][8]. Industry Overview - The lithium battery recycling sector is being recognized as a "urban mine," converting waste batteries into valuable, recyclable resources [1]. - A green circular market exceeding 100 billion yuan has emerged, reshaping the resource supply landscape in the new energy industry [1]. Profitability and Market Dynamics - The profitability of lithium battery recycling businesses has improved significantly due to increased retirement volumes and rising prices of lithium and cobalt [2]. - The price surge of energy metals has shifted the profit model from relying on subsidies to focusing on the intrinsic value of recycled materials, expanding profit margins for companies [2][3]. Policy Developments - New regulations have eased the import of recycled materials, allowing certain types of black powder to be imported without being classified as solid waste, thus facilitating the global resource allocation for China's battery recycling industry [2][3]. Capacity Expansion and Capital Operations - Leading companies are adopting a dual strategy of capacity expansion and capital operations to seize market opportunities, including new base construction and technology partnerships [4][6]. - Companies like Greeenme and Tianqi are actively pursuing acquisitions and financing to enhance their operational capabilities and market presence [4][5][6]. Technological Advancements and Industry Collaboration - The industry is evolving from merely end-of-life disposal to playing a crucial role in the entire battery lifecycle, with companies establishing comprehensive value chains [7]. - Greenme has achieved a lithium recovery rate exceeding 96.5% and has formed partnerships with over 1,000 automotive and battery manufacturers to create a closed-loop supply chain [7]. Market Outlook - The lithium battery recycling market is expected to grow at an annual rate exceeding 50% over the next 3 to 5 years, with the domestic market projected to surpass 100 billion yuan by 2030 [8].

Core Insights - The lithium battery recycling industry is evolving from a rough development phase to a more refined, standardized, and globalized stage, driven by rising prices of lithium and cobalt, along with supportive policies [1][7] - Major companies like Tianqi Co., Ltd. and Greeenme are expanding their capacities and capital operations to build competitive barriers through technological upgrades and industry chain extensions [1][2] Industry Trends - The prices of key metals such as lithium, cobalt, and nickel are expected to remain high due to global mining cycles and increased downstream energy storage demand, positively impacting cash flow and profitability for recycling companies [2][3] - The recycling business of Greeenme saw a significant increase in dismantling volume, reaching 36,000 tons in the first three quarters of 2025, a year-on-year surge of 59% [2] Policy Developments - In June 2025, the Ministry of Ecology and Environment, the Ministry of Industry and Information Technology, and the State Administration for Market Regulation announced that recycled black powder for lithium-ion batteries meeting national standards would not be classified as solid waste, facilitating imports [2][3] - The gradual relaxation of import policies for recycled resources reflects the government's emphasis on recycling and lithium battery recovery [3] Company Strategies - Greeenme is actively pursuing a dual strategy of capacity expansion and capital operation, including a planned acquisition of Henan Recycling Group to enhance its circular economy strategy [4][5] - Tianqi Co., Ltd. has established a processing capacity of 100,000 tons for waste lithium batteries, with plans for further expansion [5][6] Technological Advancements - Greeenme has developed a complete lifecycle value chain for battery recycling, achieving a lithium recovery rate exceeding 96.5% through innovative technologies [6] - The company collaborates with over 1,000 automotive and battery manufacturers to create a closed-loop supply chain, reducing risks associated with supply chain and metal price fluctuations [6] Market Outlook - The lithium battery recycling industry is expected to grow at an annual rate exceeding 50% over the next 3 to 5 years, with the market size projected to surpass 100 billion yuan by 2030 [7] - The industry is undergoing a transformation driven by price, demand, and policy changes, moving towards a more refined and standardized development phase [7]

格林美股份有限公司，成立于2001年，位于深圳市，是一家以从事计算机、通信和其他电子设备制造业 为主的企业。企业注册资本512429.9057万人民币。通过天眼查大数据分析，格林美股份有限公司共对 外投资了27家企业，参与招投标项目29次，财产线索方面有商标信息237条，专利信息1434条，此外企 业还拥有行政许可22个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，荆门市格林美新材料有限公司、格林美股份有限公司取得一项名为"一种包 覆掺杂双改性的正极材料及其制备方法和应用"的专利，授权公告号CN119943915B，申请日期为2025年 1月。 天眼查资料显示，荆门市格林美新材料有限公司，成立于2003年，位于荆门市，是一家以从事有色金属 冶炼和压延加工业为主的企业。企业注册资本843963.754883万人民币。通过天眼查大数据分析，荆门 市格林美新材料有限公司共对外投资了26家企业，参与招投标项目202次，专利信息1534条，此外企业 还拥有行政许可460个。 ...

Core Viewpoint - The company Greenme (002340) is set to significantly increase its nickel resource production capacity by 2025, with a projected shipment of over 110,000 tons of nickel resource MHP, marking a year-on-year growth of over 110% compared to 2024 [1] Group 1 - In 2025, the company's nickel resource production capacity will fully release, with shipments exceeding 110,000 tons (including equity interests) [1] - From July 2025, the company will maintain full production at a capacity of 150,000 tons per year for nickel resources [1] - The company anticipates that the 150,000 tons per year nickel resource capacity will continue to operate at full capacity into 2026 [1]

Group 1 - The metal cobalt sector experienced a decline of 1.62%, ranking among the top losers in the concept sector, with companies like Greeenmei, Zhongwei Co., and Rongbai Technology showing significant drops [1][2] - Among the concept stocks, Zhejiang Fu Holdings, China Power Construction, and China Baowu Steel Group were the top gainers, with increases of 2.51%, 0.94%, and 0.59% respectively [1][2] - The metal cobalt sector saw a net outflow of 5.286 billion yuan, with 29 stocks experiencing net outflows, and 12 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - Zijin Mining led the outflow with a net withdrawal of 950.13 million yuan, followed by Greeenmei and Huayou Cobalt with outflows of 750.28 million yuan and 676.95 million yuan respectively [2][3] - The stocks with the highest net inflows included Zhejiang Fu Holdings, Zhongwei Co., and China Baowu Steel Group, with inflows of 52.42 million yuan, 22.11 million yuan, and 17.38 million yuan respectively [2][3] - The trading volume for the metal cobalt sector showed significant turnover rates, with Greeenmei at 12.20% and Zhongwei Co. at 3.68% [3]

Market Overview - The battery sector experienced a decline of 0.75% on the previous trading day, with Greeenme leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Anfu Technology (603031) saw a significant increase of 9.99%, closing at 52.50 with a trading volume of 193,000 shares and a turnover of 981 million [1] - Shanshan Co., Ltd. (600884) rose by 4.56%, closing at 14.00 with a trading volume of 1,293,500 shares and a turnover of 1.777 billion [1] - In contrast, Greeenme (002340) fell by 5.89%, closing at 8.78 with a trading volume of 6,204,100 shares and a turnover of 553.6 million [2] - Zhongwei Co., Ltd. (300919) decreased by 5.69%, closing at 53.90 with a trading volume of 336,100 shares and a turnover of 1.826 billion [2] Capital Flow - The battery sector saw a net outflow of 4.369 billion from institutional investors, while retail investors contributed a net inflow of 3.603 billion [2] - The main capital inflow and outflow for specific stocks included: - Xian Dao Intelligent (300450) had a net inflow of 5.90 billion from main capital [3] - Fulin Precision (300432) experienced a net outflow of 96.438 million from main capital [3] - Shanshan Co., Ltd. (600884) had a net inflow of 16.3 million from main capital [3]

Group 1 - The metal nickel sector experienced a decline of 0.99%, ranking among the top losers in the concept sector, with notable declines from companies like Greeenmei, Zhongwei Co., and Boqian New Materials [1] - Among the companies in the metal nickel sector, 8 stocks saw price increases, with China First Heavy Industries, Shanshan Co., and Zhejiang Fu Holding leading the gains at 10.07%, 4.56%, and 2.51% respectively [1] - The metal nickel sector faced a net outflow of 3.746 billion yuan in main funds, with 26 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - The top net outflow in the metal nickel sector was from Greeenmei, which saw a net outflow of 750.28 million yuan, followed by Huayou Cobalt and Luoyang Molybdenum with outflows of 677.95 million yuan and 525.70 million yuan respectively [2][3] - The stocks with the highest net inflows included China First Heavy Industries, Shanshan Co., and Youyan Powder Materials, with inflows of 183 million yuan, 167 million yuan, and 5.509 million yuan respectively [2][3] - The trading volume for Greeenmei was 12.20%, while other companies like Huayou Cobalt and Luoyang Molybdenum had trading volumes of 3.88% and 1.24% respectively [3]

Group 1 - The rare earth permanent magnet sector experienced a decline of 0.94%, ranking among the top losers in the concept sector, with companies like Zhongmin Resources, Gree, and Huicheng Environmental Protection showing significant declines [1] - Among the 50 stocks in the rare earth permanent magnet sector, 19 stocks saw price increases, with Yujing Co., Zhangguang Co., and Ruichen Environmental Protection leading the gains at 9.73%, 2.35%, and 1.86% respectively [1] - The sector faced a net outflow of 4.875 billion yuan from major funds, with North Rare Earth seeing the highest outflow of 1.391 billion yuan, followed by Gree, China Aluminum, and Zhongmin Resources [2][3] Group 2 - The top gainers in the market today included the domestic aircraft carrier sector, which rose by 4.70%, and military information technology, which increased by 4.20%, while the rare earth permanent magnet sector was among the top decliners [2] - The main stocks experiencing significant fund outflows included North Rare Earth (-3.54%), Gree (-5.89%), and China Aluminum (-2.85%), indicating a trend of selling pressure in the rare earth sector [3][4] - Conversely, stocks with notable fund inflows included Lingyi Technology, Youyan New Materials, and Hebang Bio, with inflows of 261.62 million yuan, 18.6866 million yuan, and 18.3170 million yuan respectively [5]

Core Viewpoint - The company is set to fully release its nickel resource capacity by 2025, with significant increases in output and profitability driven by advanced production techniques and cost optimization [1] Group 1: Nickel Resource Capacity and Production - By 2025, the company's nickel resource MHP shipments are expected to exceed 110,000 tons, representing a year-on-year increase of over 110% compared to 2024 [1] - From July 2025, the company will maintain full production at a capacity of 150,000 tons per year, with expectations to sustain this level into 2026 [1] Group 2: Competitive Advantages and Profitability - The company utilizes high-pressure acid leaching (HPAL) technology for producing nickel-cobalt hydroxide (MHP), which offers lower costs and reduced carbon emissions compared to traditional pyrometallurgical methods, while effectively processing low-grade nickel laterite ores [1] - In 2025, the company anticipates producing nearly 10,000 tons of cobalt metal from its nickel resource projects, significantly contributing to the global supply of cobalt products and enhancing the profitability of MHP products [1] - Continuous optimization of production costs has been achieved by replacing traditional precipitating agents with active magnesium oxide, which increases the nickel and cobalt content in MHP products and reduces the moisture content of filter cakes, leading to dual breakthroughs in cost reduction and efficiency [1]

Core Viewpoint - The company anticipates significant growth in nickel resource shipments, with a projected increase of over 110% in 2025 compared to 2024, driven by the full release of production capacity and operational efficiency improvements [2]. Group 1: Nickel Resource Production and Capacity - In 2025, the company expects to ship over 110,000 tons of nickel resources (including equity interests), marking a year-on-year increase of over 110% from 2024 [2]. - The company will maintain full production at its 150,000 tons per year nickel resource capacity starting from July 2025, with expectations to sustain this level into 2026 [2]. Group 2: Profitability and Cost Structure - The company's nickel resource projects are positioned at an industry-leading profitability level, utilizing high-pressure acid leaching (HPAL) technology, which offers lower costs and reduced carbon emissions compared to traditional pyrometallurgical methods [2]. - The company plans to produce nearly 10,000 tons of cobalt metal in 2025 (including equity interests), enhancing the profitability of its MHP products and meeting core global cobalt supply needs [2]. - Continuous optimization of production costs has been achieved by replacing traditional precipitating agents with active magnesium oxide, which increases nickel and cobalt content in MHP products and reduces moisture content in filter cakes, leading to dual breakthroughs in cost reduction and efficiency [2].