Core Viewpoint - Company Greeenme is acquiring a 16.38% stake in Henan Recycling Technology Industry Group for 400 million yuan, despite the target company reporting a net loss in the first three quarters of 2025, indicating a strategic move to enhance its circular economy strategy and leverage synergies with state-owned enterprises [1][5]. Group 1: Acquisition Details - The acquisition involves a 16.38% stake in Henan Recycling Group, which will become an associate company and not be included in Greenme's consolidated financial statements [1][3]. - The target company reported a net loss of 162.62 million yuan in the first three quarters of 2025, with a net asset value of 1.454 billion yuan as of September 30, 2025 [1][4]. - The valuation for the acquisition was based on an assessment report that valued the total equity of Henan Recycling Group at 2.442 billion yuan as of May 31, 2025, indicating a high premium for the transaction [4][5]. Group 2: Financial Performance - In the first three quarters of 2025, Greenme achieved a record revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit of 1.109 billion yuan, up 22.66% [7]. - The company reported significant growth in its nickel resource project, with shipments reaching 79,916 tons, a 151% increase year-on-year, supporting the goal of 120,000 tons for the year [2][7]. - The company also reported a 22% increase in tungsten resource shipments and a 59% increase in the recycling of power batteries, indicating strong operational performance across its key segments [8]. Group 3: Global Strategy - Greenme is actively pursuing a globalization strategy, having submitted an application for an H-share listing on the Hong Kong Stock Exchange to enhance its international brand image and competitiveness [2][9]. - The funds raised from the Hong Kong listing are intended for capacity construction in key metal resources, overseas R&D, and global marketing center development, aligning with the company's sustainable growth objectives [9].

Key Points - The Chinese battery recycling industry has experienced fluctuations in financing events and amounts from 2018 to 2024, with 2022 recording the highest number of financing events at 7 and 2020 having the highest financing amount at 2.729 billion yuan [1] - As of November 3, 2025, there have been 5 financing events totaling 525 million yuan [1] - The majority of financing events from 2018 to 2025 are concentrated in strategic, angel, and A rounds, with strategic rounds accounting for 20%, and both angel and A rounds at 17% each, indicating an early-stage investment landscape [2][5] - The geographical distribution of financing events shows that Guangdong, Jiangxi, and Hubei are the primary regions, with Guangdong having the highest number of events at 7, representing 23% of the total [6] - Investment entities dominate the financing landscape, making up 77% of the total investment events from 2018 to 2025 [10] - Successful IPOs in the battery recycling sector include companies like Zhongwei Co., Greenme, Huayou Cobalt, Guanghua Technology, Fangyuan Co., Ganfeng Lithium, and Tianqi Lithium [12] - Key industrial parks for battery recycling are located in Hubei, Hunan, Zhejiang, and Guangdong, with significant projects such as the comprehensive recycling park in Hubei and the high-end material industrial park in Hunan [13][15] - Mergers and acquisitions in the battery recycling industry are primarily vertical and horizontal, with notable transactions including Huayou Cobalt's acquisition of a majority stake in a Zimbabwean lithium mining company for 378 million USD [17]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

12月12日，河南循环科技产业集团有限公司（以下简称"循环集团"）与格林美股份有限公司（以下简 称"格林美"）在郑州正式签署产权交易合同，格林美以4亿元受让河南投资集团持有的循环集团16.38% 股权，成为循环集团战略投资者。 循环集团是河南投资集团全资控股的循环产业平台，业务覆盖电子废弃物拆解、报废汽车回收、再生资 源交易等多个领域。截至2025年11月，集团旗下电子废弃物拆解企业达15家，再生塑料年产能突破30万 吨。格林美在电子废弃物高值化利用、再生塑料改性等环节拥有37项核心专利，并拥有全球化市场网 络。双方在业务布局与能力结构上互补。 未来，双方将强化再生塑料在电子级材料等高端场景的应用，合力构建覆盖河南、辐射全国的循环经济 产业互联网平台，并通过国有资本与民营资本的双向赋能，共同探索与"一带一路"共建国家在城市矿山 开发、绿色技术输出等领域的合作机遇。（张思雨） 编辑：幸骊莎 据了解，今年10月31日，循环集团已收购格林美旗下部分电子废弃物与再生塑料业务资产，包括江西格 林循环材料有限公司100%股权及相关地方循环经济业务。此次格林美通过股权投资，进一步强化与循 环集团的资本、业务纽带，形成"资产 ...

Transaction Overview - The company, Greenme, has decided to acquire a 16.38% stake in Henan Circular Technology Industry Group Co., Ltd. for a total amount of RMB 400 million to enhance its circular industry strategy [2][16] - The acquisition agreement was signed on December 12, 2025, with Henan Investment Group Co., Ltd. as the seller [2] - The transaction does not require board or shareholder approval and is not classified as a related party transaction or a major asset restructuring [2][5] Counterparty Information - The counterparty, Henan Investment Group, is a state-owned enterprise with a registered capital of RMB 12 billion and total assets of RMB 156.08 billion as of December 31, 2024 [3][4] - The company reported a revenue of RMB 553 million and a net profit of RMB 1.895 billion for the year 2024 [4] Target Company Information - The target company, Henan Circular Technology Industry Group, was established on October 27, 2014, with a registered capital of RMB 2 billion [7] - The company specializes in recycling and resource utilization, including the recovery of waste materials and the development of recycling technologies [7] Transaction Details - The transaction price is based on an asset valuation report that determined the total equity value of the target company to be RMB 2.4418517 billion as of May 31, 2025 [9] - The payment for the stake will be made within five working days after the contract becomes effective [10] Purpose and Impact of the Transaction - The acquisition aims to implement the company's circular industry strategy and leverage the strengths of state-owned and private enterprises [16] - Post-transaction, Henan Circular Technology will become an associate company of Greenme, not included in the consolidated financial statements, and will not adversely affect the company's financial status or independence [16]

Mergers and Acquisitions - *ST Bosen has terminated the plan to sell 35% equity of Shaanxi Bosen due to failure to reach agreement on key terms [1] - Chongqing Water intends to acquire wastewater treatment project assets for 382 million yuan [2] - Rongbai Technology plans to use 342 million yuan to acquire 54.9688% of Guizhou Xinren and will increase its capital by 140 million yuan [3] - Greeenmei intends to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [4] Shareholding Changes - Xilong Science's major shareholder plans to reduce holdings by up to 1% [5] - Dream Lily's major shareholder intends to reduce holdings by up to 1% [6] - Jincheng Co., Ltd. plans to reduce holdings by up to 0.97% [7] Risk Matters - Bestme's actual controller has been released on bail [8] - Chaoxun Communication received a warning letter from Guangdong Securities Regulatory Commission for various issues [9] - *ST Huke has been filed for suspected violations of information disclosure [10]

（编辑 任世碧） 证券日报网讯 12月12日晚间，格林美发布公告称，2025年12月12日，公司与河南投资集团有限公司 （简称"河南投资集团"）共同签署《产权交易合同》，公司将收购河南投资集团全资子公司河南循环科 技产业集团有限公司（简称"河南循环集团"）16.38%的股权，交易金额为人民币40，000万元。本次交 易完成后，河南循环集团将成为公司的参股公司，不纳入公司合并报表范围。 ...

Group 1 - Moer Thread plans to use up to 7.5 billion yuan of idle raised funds for cash management, with a usage period of 12 months [1] - O-film plans to purchase 8.46% equity of its subsidiary Anhui Che Lian for a total of 3.64 billion yuan, increasing its ownership from 78.54% to 87% [2] - ST Lian Shi applies to revoke the delisting risk warning as its restructuring plan has been completed [3] Group 2 - Weirli signs a strategic cooperation framework agreement with Primech Holdings to build an industrial robot cooperation platform [4] - Race Intelligent plans to raise no more than 1.144 billion yuan through a private placement for core components of intelligent equipment [5] - Renfu Pharmaceutical's stock will be subject to other risk warnings and will be suspended for one day starting December 15 [6] Group 3 - Yongding Co. clarifies that its subsidiary Dongbu Superconductor does not directly manufacture controllable nuclear fusion devices [7] - Rongbai Technology plans to acquire part of Guizhou Xinren's equity and increase its capital to achieve control [9] - ST Hu Ke is under investigation by the Securities Regulatory Commission for suspected information disclosure violations [10] Group 4 - Yunnan Ge Industry plans to establish a subsidiary focused on organic germanium-related products [11] - Greenme intends to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [12] - Jiangzhong Pharmaceutical plans to change its name to China Resources Jiangzhong Pharmaceutical [13] Group 5 - Jiangsu Guoxin's subsidiary Ma Zhou Power has completed the trial operation of a 1,000 MW coal-fired power generation unit [16] - Longsheng Technology plans to invest in a center for embodied intelligent robots [18] - Guangzhou Development has received approval for the registration of 8 billion yuan medium-term notes and 6 billion yuan short-term financing notes [19] Group 6 - China Merchants Port reported a container throughput of 17.248 million TEUs in November, a year-on-year increase of 6.4% [20] - Tianma Technology reported a total eel output of approximately 11,415.87 tons from January to November [21] Group 7 - Xilong Science plans to reduce its stake by up to 1% [22] - Xicet Testing's actual controller plans to transfer 5% of the company's shares [23] - Oppein Home's actual controller plans to increase its stake by 50 million to 100 million yuan [24] Group 8 - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan [25] - Baicheng Pharmaceutical's major shareholder increased its stake by 0.85% [26] - Mengbaihe's major shareholder plans to reduce its stake by up to 1% [27] Group 9 - Xian Dao Ji Dian's shareholder has reduced its stake by 1.70% [28] - Yaxiang Integration's shareholder reduced its stake by 41,400 shares [29] - Zhiwei Intelligent's actual controller has reduced its stake, bringing the total holding to 69% [30] Group 10 - Jincheng Co.'s actual controller plans to reduce its stake by up to 0.97% [31] - Jianghua Micro's chairman has reduced his stake by 1.09% [32] - COSCO Shipping Energy signed a shipbuilding contract worth 7.882 billion yuan [33] Group 11 - Dayu Water Saving's subsidiary is expected to win two high-standard farmland construction projects [34] - Guorui Technology's subsidiary is a candidate for the GXLF project [36] - ST Zhisheng has won a smart city governance project worth 104 million yuan [37]

智通财经APP讯，格林美(002340.SZ)公告，公司与河南投资集团有限公司(简称"河南投资集团")共同签 署《产权交易合同》，公司将收购河南投资集团全资子公司河南循环科技产业集团有限公司(简称"河南 循环集团")16.38%的股权，交易金额为4亿元。 公告称，公司本次收购河南循环集团部分股权，是更好地实施公司循环产业战略布局的举措。 ...

每经AI快讯，12月12日，格林美(002340.SZ)公告称，公司与河南投资集团签署《产权交易合同》，拟 收购其全资子公司河南循环科技产业集团16.38%的股权，交易金额为4亿元。交易完成后，河南循环科 技产业集团将成为公司的参股公司，不纳入合并报表范围。公司本次收购河南循环集团部分股权，是更 好地实施公司循环产业战略布局的举措，也是实施国有企业和民营企业良好的优势互补。 ...