Company Overview - Greeenme is located in Shenzhen, Guangdong Province, and was established on December 28, 2001, with its listing date on January 22, 2010 [1] - The company specializes in the recycling of waste cobalt and nickel resources, electronic waste, and the production and sales of cobalt and nickel powder materials and plastic-wood profiles [1] Business Revenue Composition - The main business revenue composition includes: - 38.70% from ternary precursors - 15.73% from nickel resources (MHP, nickel plates) - 12.28% from cobalt oxide - 8.35% from trading and others - 7.26% from cathode materials - 6.74% from cobalt recovery (cobalt powder, cobalt sheets, etc.) - 6.01% from tungsten resource recycling (APT, tungsten carbide powder, etc.) - 3.06% from comprehensive utilization of power lithium batteries - 1.87% from comprehensive utilization of scrapped automobiles [1] Fund Holdings - According to data, one fund under Jiao Yin Schroder holds a significant position in Greenme, specifically the Jiao Yin CSI Environmental Governance Index (LOF) A (164908), which reduced its holdings by 132,900 shares in the third quarter, now holding 339,200 shares, accounting for 2.25% of the fund's net value [2] - The fund has reported a floating loss of approximately 50,900 yuan today [2] Fund Performance - The Jiao Yin CSI Environmental Governance Index (LOF) A (164908) was established on July 19, 2016, with a current scale of 116 million [2] - Year-to-date return is 18.28%, ranking 2903 out of 4195 in its category; the one-year return is 15.07%, ranking 3083 out of 4179; since inception, it has incurred a loss of 51.14% [2] Fund Manager Information - The fund manager of Jiao Yin CSI Environmental Governance Index (LOF) A (164908) is Shao Wenting, who has been in the position for 4 years and 246 days [3] - The total asset scale under management is 13.561 billion, with the best fund return during the tenure being 51.87% and the worst being -34.99% [3]

Summary of Conference Call on Cobalt Market Dynamics Industry Overview - The cobalt market is experiencing significant changes due to delays in the export of cobalt raw materials from the Democratic Republic of Congo (DRC), leading to a reduction in China's cobalt inventory and a subsequent rise in cobalt prices since December [1][2][3]. Key Points and Arguments - **Cobalt Price Surge**: The price of electrolytic cobalt in Wuxi has reached 436,000 yuan, marking a new high for the year. This increase aligns with previous expectations discussed in early December [2]. - **Supply Chain Disruptions**: The DRC's cobalt export process is still under approval, causing delays that are expected to extend into January. This has resulted in a significant reduction in China's cobalt inventory, which is projected to drop to approximately 8,000 tons by the end of April 2024, enough for only half a month's usage [3][4]. - **Future Price Predictions**: It is anticipated that cobalt prices could reach an average of 500,000 to 600,000 yuan per ton in 2026, driven by potential supply shortages and increased demand as companies prepare for possible disruptions [1][6]. - **Beneficiary Companies**: Companies with Indonesian MHP production capacity, such as Huayou Cobalt, Greeenmei, and Tengyuan Cobalt, are expected to benefit significantly from rising cobalt prices. Huayou Cobalt's MHP capacity of 230,000 to 240,000 tons will notably enhance its profit elasticity [1][5]. - **Nickel Market Dynamics**: Nickel prices have rebounded due to news from the Indonesian nickel mining sector, but the long-term trend remains uncertain. Strict enforcement of nickel mining quotas by the Indonesian government could shift the market from surplus to a balanced state, benefiting companies like Huayou Cobalt and Greenmei [1][7]. - **Lithium Market Outlook**: The lithium market remains stable, although some lithium iron phosphate companies plan to reduce production temporarily. Overall demand for lithium is expected to depend on battery production schedules. Huayou Cobalt's lithium business is projected to be profitable, especially with the expansion of the Arcadia project [3][7]. Additional Important Insights - **Market Sentiment**: The current market sentiment indicates a potential "short squeeze" scenario for cobalt prices in 2026, as companies may prefer to engage in arbitrage rather than production due to cost imbalances [6]. - **Investment Recommendations**: Investors are advised to focus on companies with robust production reserves, such as Huayou Cobalt, Luxshare Precision, and Greenmei, as they are well-positioned to capitalize on the upcoming market trends [7][8].

Core Viewpoint - The A-share market is experiencing a strong upward trend, with the Battery 50 ETF (159796) showing significant gains and a notable increase in trading volume, indicating positive investor sentiment in the battery sector [1][3]. Market Performance - As of December 25, the Battery 50 ETF (159796) surged by 0.83%, with a trading volume exceeding 200 million yuan, marking a potential five-day winning streak [1]. - The index's constituent stocks exhibited mixed performance, with Sanhua Intelligent Control rising over 5% and leading other stocks, while companies like CATL and Yiwei Lithium Energy experienced slight declines [3][4]. Lithium Carbonate Market - Lithium carbonate futures saw a significant increase, rising nearly 6% on December 24, approaching 130,000 yuan, and reaching a new high for the year [6]. - The main contract for lithium carbonate experienced a short-term surge, with a daily decline narrowing to 0.6% after initially dropping nearly 6% [6]. Industry Trends - The lithium battery materials sector is witnessing multiple positive changes, driven by unexpected demand in energy storage, leading to a recovery in the industry’s overall health [6][7]. - The electrolyte supply chain is expected to see a significant upward shift, with lithium hexafluorophosphate prices rising rapidly, indicating a tight balance in the industry by 2026 [6][7]. Supply and Demand Forecast - Projections for lithium battery demand show an increase from 1,502 GWh in 2024 to 2,603 GWh by 2026, while supply is expected to grow from 2,271 GWh to 3,558 GWh in the same period, resulting in a decreasing surplus rate [8]. - The supply-demand balance for various components, including electrolytes and separators, is expected to improve significantly, with supply growth lagging behind demand [8]. Investment Strategy - The Battery 50 ETF (159796) is highlighted as a strategic investment option, focusing on sectors with high growth potential, such as energy storage and solid-state batteries, which are expected to benefit from technological advancements [9][11]. - The ETF's index has a high concentration of energy storage components (27%) and solid-state battery components (42%), positioning it favorably for future growth opportunities [9][11]. Conclusion - The Battery 50 ETF (159796) is positioned as a leading investment vehicle in the battery sector, with a low management fee and significant market presence, making it an attractive option for investors looking to capitalize on the sector's growth [14].

Core Viewpoint - Company aims to strengthen its market position in the global new energy battery materials sector through strategic alliances and equity cooperation with industry partners [1] Group 1 - Company is promoting equity cooperation with upstream and downstream partners to enhance its strategic alliance in the industry chain [1] - This initiative is designed to meet global market demand and defend the company's market position [1] - By reducing the proportion of project financing, the company aims to lower external investment pressure and improve cash capabilities [1]

证券日报网讯 12月22日，格林美在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东 总户数423216户。 （文章来源：证券日报） ...

Core Viewpoint - Greeenmei has established the world's largest recycling base for key metals such as nickel, cobalt, and tungsten, significantly enhancing its position in the global competition for these resources [1] Group 1: Company Achievements - The company has achieved an annual recycling capacity of cobalt resources that exceeds 350% of China's original cobalt mining output [1] - The annual recycled nickel resources account for 20% of China's original nickel mining output [1] - The annual recycled tungsten resources represent 10% of China's original tungsten mining output [1] Group 2: Production and Sales Data - By the third quarter of 2025, the company's nickel resource projects produced 6,534 tons of cobalt metal (including equity production capacity) [1] - Cobalt recovery exceeded 6,000 tons, while nickel-cobalt precursor shipments reached over 120,000 tons [1] - The shipment of cathode materials amounted to 17,000 tons, and the recycled tungsten resource shipment reached 5,590 tons (measured in WC) [1]

Core Viewpoint - The company maintains a long-term stable partnership with South Korean clients, adhering to international business standards and market rules, which is expected to positively impact its operations [1] Group 1 - The company believes that enhanced bilateral economic liquidity and currency stability policies will create a more convenient and stable financial environment for trade settlements and capital flows with South Korean clients [1] - The company will continue to monitor relevant policy developments and actively seize market opportunities to promote the steady implementation of its internationalization strategy [1] - Specific project settlement arrangements will be determined through friendly negotiations with partners based on commercial rationality and actual needs [1]

Core Viewpoint - The battery sector is experiencing significant growth driven by surging demand for energy storage solutions, with the Battery 50 ETF showing strong performance and capital inflow [1][3][21]. Group 1: Market Performance - As of December 22, the Battery 50 ETF (159796) rose by 1.63%, with a trading volume exceeding 1.4 billion yuan, indicating strong market interest [1]. - The ETF has seen a net inflow of 1.28 billion yuan on the latest trading day, with a total of 4.15 billion yuan in net inflows over the past five trading days [1]. Group 2: Stock Performance - Key stocks within the Battery 50 ETF saw significant gains, with Enjie Technology rising over 9% and multiple other stocks like Molybdenum and Xiwangda increasing by over 2% [3]. - The top ten constituent stocks of the ETF include major players like Ningde Times and Sunshine Power, with varying performance metrics [3]. Group 3: Lithium Price Trends - Lithium carbonate futures surged over 4%, with recent adjustments to trading limits on lithium contracts by the Guangxi Futures Exchange [3]. - Morgan Stanley has raised the target price for lithium carbonate to $18,000 per ton for Q4 2026, significantly above the current spot price of approximately $13,500 per ton [5]. Group 4: Demand Drivers - The growth in lithium demand is primarily driven by energy storage systems (ESS) and electric commercial vehicles (CV), with demand growth exceeding market expectations [5]. - The domestic energy storage market is experiencing a substantial increase in project bidding, with a year-on-year growth of 118% in capacity [10]. Group 5: Industry Outlook - The battery industry is expected to see a significant increase in demand, with projections indicating a global lithium battery demand of 2,721 GWh by 2026, reflecting a 30% year-on-year growth [15]. - The supply-demand balance is expected to improve, particularly in the electrolyte and separator segments, as industry capacity utilization rates exceed 75% [19][20]. Group 6: Investment Strategy - The Battery 50 ETF is highlighted as a strategic investment vehicle, with a high concentration in energy storage and solid-state battery technologies, making it well-positioned to benefit from market trends [21][23]. - The ETF's management fee is notably low at 0.15% per year, enhancing its attractiveness for investors [26].

Core Viewpoint - Greeenmei plans to acquire a 16.38% stake in Henan Recycling Technology Industry Group for 400 million RMB to enhance its circular industry strategy [1] Group 1: Investment Details - The acquisition is part of a series of "two-way transactions" between Greenmei and Henan Recycling Group, which includes previous asset sales by Greenmei [1] - Henan Recycling Group, fully owned by Henan Investment Group, operates in various sectors including electronic waste dismantling and scrap vehicle recycling [1] - Greenmei's investment comes at a time when it faces financial challenges, with a reported revenue of 9.937 billion RMB for Q3 2025, a year-on-year increase of 31.89% [1] Group 2: Financial Performance - Despite revenue growth, Greenmei's gross margin has been under pressure, with a gross margin of 12.48% in mid-2025, down 7.65 percentage points year-on-year [1] - As of Q3 2025, Greenmei's interest-bearing debt reached 32.18 billion RMB, a 37.76% increase, significantly outpacing the 10.55% revenue growth [2] - The company's liquidity is concerning, with a cash-to-current liabilities ratio of only 20.99% and cash constituting just 7.03% of total assets [2] Group 3: Asset Transactions - The investment is structured as a "asset integration + equity cooperation" model, indicating a collaborative approach rather than a one-sided investment [2] - Prior to the 400 million RMB acquisition, Greenmei had transferred shares of three companies to Henan Recycling Group in December 2024 [2] - In October 2025, Henan Recycling Group acquired certain electronic waste and plastic recycling assets from Greenmei, including 100% equity of Jiangxi Green Recycling Materials Co., Ltd. for 280 million RMB [3] Group 4: Henan Recycling Group's Status - As of January to September 2025, Henan Recycling Group reported revenues of 67.30 million RMB but incurred a net loss of 1.63 million RMB [5] - The investment by Greenmei targets a company that is currently operating at a loss and has a relatively limited scale [6] - Post-transaction, Henan Recycling Group will be classified as an associate company of Greenmei, meaning it will not be included in Greenmei's consolidated financial statements [6]

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - No information provided Group 3: Summary by Related Catalogs Indonesia's Nickel - Related Projects - In 2025, several MHP projects are planned or in operation, such as the 2 - capacity Green Eco (IMIP) by GEM, which was put into production in March 2025, and the 6.7 - capacity Blue Flame (WedaBay - IWIP) by Tsingshan + Merdeka, to be put into production in 2025Q4. There are also high - matte nickel projects like the 6 - capacity Zhongqing New Energy Phase II Expansion by Zhongwei from 2025Q1 - Q2 [40]. - For NPI projects in 2025 - 2026, PT Ceria Nugraha Indotama (Ceria) Kolaka has a planned capacity of 5.56 in 2025Q2, and the Dong Kalimantan Steel Phase II was postponed to 2025Q1 with a capacity of 1.9 [43]. - Regarding refined nickel projects in China and Indonesia from 2025 - 2026, China's total capacity is expected to increase from 46.18 in 2024 to 58.58 in 2025 and 67.78 in 2026, while Indonesia's will rise from 10 in 2024 to 13 in 2025 and 19 in 2026 [44]. Nickel Industry Import and Export Data - From January - October 2025, nickel ore imports were 4,682,830.3 tons with a year - on - year increase of 11.8192%, and the annual cumulative imports were 36,885,298.93 tons with a 11.1072% increase. Nickel pig iron imports were 905,144.28 tons with a 31.7213% increase, and the annual cumulative was 9,210,532.888 tons with a 30.6491% increase [64]. - Refined nickel imports were 9,741.246 tons with a 0.594038% increase, and the annual cumulative was 195,124.014 tons with a 178.853% increase. Nickel's wet - process intermediate imports were 151,253.93 tons with a 26.2993% increase, and the annual cumulative was 1,530,353.727 tons with a 29.3579% increase [64]. Market Data and Trends - The LME nickel inventory decreased by 1,818 tons from October to November 2025, with China's inventory decreasing by 1,476 tons, and Australia's by 666 tons [81]. - In terms of the growth rate of the nickel industry's upstream and downstream from 2023 - 2025, MHP had a 70.28% growth in 2023, reaching 310,000 nickel tons in 2024 with a 94% growth, and is expected to reach 440,000 nickel tons in 2025 [97]. - The global nickel supply - demand balance shows a surplus, with the surplus increasing from 17.9 in 2024 to 21 in 2025 and 26 in 2026. The global stainless - steel market also shows a certain supply - demand pattern, with China's apparent consumption of stainless steel increasing from 3,249 in 2024 to 3,370 in 2025 and 3,500 in 2026 [106][107]. Stock Performance - As of December 11, 2025, among downstream stainless - steel related stocks, Taiyuan Iron & Steel Stainless Steel (000825.SZ) had a 30.42% annual increase, while Hals (002615.SZ) had a - 0.26% decrease [129]. - Among upstream and mid - stream nickel - related stocks, Huayou Cobalt (603799.SH) had a 120.69% annual increase, and Hengli Industry (000622.SZ) had a - 92.54% decrease [129].