Core Insights - Greenme (002340.SZ) reported its Q3 2025 results, revealing that 29 institutional investors hold a total of 918 million shares, accounting for 17.92% of the total share capital [1] - The top ten institutional investors collectively hold 16.60% of the shares, with a 0.72 percentage point increase from the previous quarter [1] Institutional Holdings - The number of institutional investors holding Greenme shares has reached 29, with a total holding of 918 million shares [1] - The top ten institutional investors include notable entities such as Shenzhen Huifengyuan Investment Co., Ltd. and Agricultural Bank of China, among others [1] - The increase in holdings by the top ten institutional investors indicates growing confidence in Greenme, as their collective holding percentage rose by 0.72 percentage points compared to the last quarter [1] Public Fund Activity - In the public fund sector, 14 funds increased their holdings in Greenme, with a total increase percentage of 2.27% [2] - Conversely, 10 public funds reduced their holdings, with a decrease percentage of 0.28% [2] - A new public fund, the Caitong CSI ESG 100 Index Enhanced A, was disclosed this period, while 362 funds were not disclosed compared to the previous quarter [2] Foreign Investment Trends - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings in Greenme, with a decrease percentage of 0.28% [2]

Core Viewpoint - The company, Greenme, reported significant growth in its financial performance for the third quarter of 2025, driven by its key metal resource recycling and new energy battery materials businesses, achieving record-high revenues and profits [7][8]. Financial Performance - The company achieved a revenue of 9.937 billion yuan in Q3 2025, representing a year-on-year increase of 31.89% [7]. - The net profit attributable to shareholders for Q3 2025 was 310 million yuan, up 52.99% year-on-year [7]. - For the first three quarters of 2025, total revenue reached 27.498 billion yuan, a 10.55% increase compared to the same period last year, with a net profit of 1.109 billion yuan, growing by 22.66% [7]. Key Business Developments - The company’s nickel metal shipments from its Indonesian project reached 35,939 tons in Q3 2025, with a total of 79,916 tons for the first three quarters, marking a 151% increase year-on-year [8][9]. - The company successfully recovered over 6,000 tons of cobalt, mitigating supply disruptions caused by the cobalt ban in the Democratic Republic of Congo [9]. - The company launched a new 30,000-ton nickel electrolysis production line in Indonesia, enhancing its overseas nickel resource supply chain [11]. Strategic Initiatives - Greenme established a strategic partnership with Indonesia's sovereign wealth fund to enhance its nickel resource projects [14]. - The company is advancing its global strategy by applying for a listing on the Hong Kong Stock Exchange to diversify its financing channels [16]. - A collaboration was formed with leading scientists to accelerate the industrialization of solid-state batteries, aiming to address challenges in high safety and energy density [14]. Innovations and Collaborations - The company introduced the world's first ultra-high nickel 9-series four-component core-shell precursor, filling a significant gap in the high-end new energy materials market [12]. - Greenme is collaborating with various institutions to establish a low-carbon circular economy innovation laboratory for battery recycling [13]. Shareholder Information - The company has a total of 25,373,300 shares held by its repurchase account, accounting for 0.50% of the total share capital [6]. Upcoming Events - The company will hold its sixth extraordinary general meeting on November 21, 2025, to discuss various proposals, including the change of the accounting firm [46][47].

Group 1: GreeenMei - GreenMei reported a net profit of 310 million yuan in Q3 2025, representing a year-on-year increase of 52.99% [1] - The company's Q3 operating revenue reached 9.937 billion yuan, up 31.89% year-on-year [1] - For the first three quarters of 2025, GreenMei's operating revenue was 27.498 billion yuan, a 10.55% increase year-on-year, with a net profit of 1.109 billion yuan, up 22.66% [1] - Key metal resource recycling, lithium battery recycling, and new energy battery materials have significantly contributed to the company's performance growth [1] - The company benefits from the global energy transition, indicating strong future growth momentum [1] Group 2: Tianci Materials - Tianci Materials achieved a net profit of 153 million yuan in Q3 2025, a year-on-year increase of 51.53% [2] - The company's Q3 operating revenue was 3.814 billion yuan, up 11.75% year-on-year [2] - For the first three quarters of 2025, Tianci Materials reported an operating revenue of 10.843 billion yuan, a 22.34% increase year-on-year, with a net profit of 421 million yuan, up 24.33% [2] - The company, as a leader in electrolyte production, effectively mitigates industry cycle fluctuations through integrated supply chain and cost reduction strategies [2] - With recovering downstream demand, the company's leading advantages are expected to further enhance performance growth [2] Group 3: JA Solar Technology - JA Solar Technology reported a net loss of 3.553 billion yuan for the first three quarters of 2025 [3] - The company's Q3 operating revenue was 12.904 billion yuan, down 24.05% year-on-year [3] - For the first three quarters, the total operating revenue was 36.809 billion yuan, a decrease of 32.27% year-on-year [3] - The significant losses and revenue decline are primarily attributed to the continuous drop in photovoltaic product prices, indicating a clear bottoming out of the industry cycle [3] - As a leading integrated component manufacturer, the company faces severe challenges in profitability, highlighting the widespread difficulties in the photovoltaic manufacturing sector [3]

Core Viewpoint - Greeenme is a leading player in the recycling of waste batteries and cobalt-nickel resources, showcasing strong financial performance and growth potential in the industry [1][2][6]. Group 1: Company Overview - Founded on December 28, 2001, and listed on the Shenzhen Stock Exchange on January 22, 2010, Greeenme is the largest global enterprise in waste battery and cobalt-nickel resource recycling [1]. - The company focuses on the recycling of waste cobalt-nickel resources and electronic waste, as well as the production and sales of cobalt-nickel powder materials and plastic-wood profiles [1]. Group 2: Financial Performance - In Q3 2025, Greeenme achieved a revenue of 27.498 billion yuan, ranking second in the industry, only behind Zhongwei Co., which had a revenue of 33.297 billion yuan [2]. - The company's net profit for the same period was 1.313 billion yuan, ranking third in the industry, with the first and second places being Putailai and China Baoneng, respectively [2]. Group 3: Financial Ratios - As of Q3 2025, Greeenme's debt-to-asset ratio was 64.96%, higher than the industry average of 51.96% [3]. - The gross profit margin for Q3 2025 was 12.67%, which, although lower than the previous year's 13.56%, remained above the industry average of 10.89% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.76% to 418,000, while the average number of circulating A-shares held per shareholder decreased by 2.68% to 12,200 [5]. Group 5: Business Growth and Innovations - Greeenme's nickel-cobalt self-supply reached a record high, effectively mitigating the impact of cobalt raw material bans from the Democratic Republic of Congo [6]. - The company reported a revenue of 10.226 billion yuan from its new energy battery materials business in H1 2025, showing a year-on-year growth of 0.56% [6]. - Greeenme is expected to achieve net profits of 1.630 billion yuan, 2.317 billion yuan, and 3.444 billion yuan for the years 2025, 2026, and 2027, respectively, indicating significant growth potential [6]. Group 6: Market Position and Future Outlook - Greeenme's integrated layout and continuous growth in the Indonesian nickel project are expected to strengthen its competitive advantage [7]. - The company maintains its profit forecast for 2025 and has introduced a new profit forecast for 2026, reflecting confidence in its growth trajectory [7].

Core Insights - The company reported a revenue of 27.498 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.55% [1] - The net profit attributable to shareholders of the listed company reached 1.109 billion yuan, showing a year-on-year increase of 22.66% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 0.821 billion yuan, reflecting a year-on-year growth of 2.65% [1]

Core Viewpoint - The company, Greeenmei, reported strong financial performance for the first three quarters of 2025, driven by growth in key metal resource recycling and battery materials, achieving record high revenues and profits [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to shareholders of 1.109 billion yuan, up 22.66% [1]. - In Q3 2025, the company recorded operating revenue of 9.937 billion yuan, a 31.89% increase year-on-year, and a net profit of 310 million yuan, reflecting a 52.99% growth [1]. Key Business Developments - The company has established itself as a leader in global key metal resource recycling, creating a comprehensive industrial chain from waste metal recovery to high-purity raw materials and end products, covering over 20 key metals [1]. - In the first three quarters of 2025, the company recycled over 6,000 tons of cobalt, significantly enhancing the stability of its global cobalt supply chain during the Democratic Republic of Congo's cobalt export ban [2]. - Nickel metal shipments from the company's Indonesian nickel resource project reached 79,916 tons, a 151% increase year-on-year, laying a solid foundation for achieving an annual output of 120,000 tons [2]. Product and Technology Advancements - The company reported a tungsten resource recovery shipment of 5,590 tons, a 22% increase year-on-year, and a 59% increase in the recovery of dismantled power batteries, totaling 36,643 tons [3]. - The company is actively promoting the recycling of power batteries and the development of solid-state battery materials, collaborating with a research team to tackle core technology challenges in solid-state battery production [3]. Global Expansion and Capital Strategy - To support its global development strategy, the company submitted an application for an H-share listing on the Hong Kong Stock Exchange in September 2025, aiming to raise funds for capacity construction and international marketing [3]. - The funds raised will be used for key metal resource capacity construction, overseas R&D innovation, digitalization, and working capital to enhance the company's global competitiveness [3].

Core Insights - Greenme released its third-quarter report, showing a revenue of 27,497,696,278.27 yuan for the first three quarters, representing a year-on-year increase of 10.55% [1] - The net profit attributable to shareholders of the listed company reached 1,108,747,393.08 yuan, marking a year-on-year increase of 22.66% [1] Shareholder Changes - Among the top ten circulating shareholders, new entrants include Industrial and Commercial Bank of China - GF Guozhen New Energy Vehicle Battery ETF and Bank of China - Huatai-PineBridge CSI Battery Theme ETF [1]

证券代码：002340 证券简称：格林美 公告编号：2025-115 格林美股份有限公司 关于更换会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙）（以 下简称"致同会计师事务所"） 2、原聘任的会计师事务所名称：中审亚太会计师事务所（特殊普通合伙） （以下简称"中审亚太会计师事务所"） 3、变更会计师事务所的原因：鉴于格林美股份有限公司（以下简称"公司"） 已向香港联交所递交境外上市股份（H 股）发行上市申请并刊发申请资料，且已 聘请致同（香港）会计师事务所有限公司为公司本次发行上市的审计机构，因此， 为保持公司审计机构的一致性，公司按照《国有企业、上市公司选聘会计师事务 所管理办法》《公司章程》等有关规定，经综合评估及审慎研究，拟聘任致同会 计师事务所为公司 2025 年度审计机构，聘期为一年。公司已就变更会计师事务 所的相关事宜与前后任会计师事务所进行了沟通，前后任会计师事务所已明确知 悉本次变更事项并确认无异议。 4、公司董事会审计委员会对本次变更会计师事务所事 ...

Group 1 - The core point of the article is that Greeenmei (SZ 002340) announced the convening of its 9th meeting of the 7th Board of Directors on October 30, 2025, via communication voting, which included the proposal for the 6th temporary shareholders' meeting in 2025 [1] - For the first half of 2025, Greeenmei's revenue composition was as follows: 58.23% from new energy battery materials, 36.83% from key metal resource recycling, and 4.94% from power lithium battery recycling [1] - As of the time of reporting, Greeenmei's market capitalization was 44 billion yuan [1]

Core Insights - The rare earth permanent magnet sector saw a slight increase of 0.43% as of the market close on October 30, ranking 8th among concept sectors [1] - Within this sector, 30 stocks experienced gains, with notable increases from Jiuling Technology (up 9.85%), Keheng Co., Ltd. (up 6.89%), and Zhongke Magnetic (up 5.71%) [1] - Conversely, stocks such as Fangbang Co., Ltd. (down 5.68%), Wanlang Magnetic Plastic (down 5.32%), and Gangyan Nake (down 3.49%) faced significant declines [1] Market Performance - The rare earth permanent magnet sector had a net outflow of 160 million yuan in principal funds today, with 26 stocks receiving net inflows [2] - China Aluminum led the net inflow with 168 million yuan, followed by Zhongkuang Resources (130 million yuan), Jinli Permanent Magnet (127 million yuan), and Antai Technology (90.3 million yuan) [2] Fund Flow Ratios - New Fengguang, Keheng Co., Ltd., and Wolong New Energy had the highest net inflow ratios at 15.33%, 11.29%, and 10.51% respectively [3] - The top stocks in the rare earth permanent magnet sector based on net inflow include: - China Aluminum: 4.04% increase, 4.18% turnover rate, 168.41 million yuan net inflow [3] - Zhongkuang Resources: 5.68% increase, 6.37% turnover rate, 129.55 million yuan net inflow [3] - Jinli Permanent Magnet: 4.81% increase, 11.01% turnover rate, 126.72 million yuan net inflow [3] Declining Stocks - Stocks such as Fangbang Co., Ltd. and Wanlang Magnetic experienced the largest declines, with Fangbang down 5.68% and Wanlang down 5.32% [5] - Other notable declines included Zhongke Magnetic (down 1.35%) and Baogang Co., Ltd. (down 1.79%) [5][6]