Core Viewpoint - The article discusses the strategic cooperation agreement signed between Xiamen Tungsten New Energy and Greeenme, aimed at enhancing their partnership in the supply chain of battery materials to meet the growing global demand for high-energy-density battery materials [1][4]. Group 1: Strategic Cooperation Agreement - On October 25, Xiamen Tungsten New Energy announced the signing of a strategic cooperation framework agreement with Greeenme [1]. - The agreement focuses on leveraging both companies' strengths in key metal resource recycling, raw material supply, technology research and development, and market expansion [1]. - The goal is to address global market challenges and enhance corporate efficiency through long-term stable cooperation [1]. Group 2: Product Supply Collaboration - Both companies agreed to establish a long-term partnership for the supply chain of battery materials used in various sectors, including consumer electronics, power, low-altitude aircraft, eVTOL, AI, and robotics [1]. - The materials involved include ternary materials for lithium batteries, lithium cobalt oxide, solid-state lithium battery materials, semi-solid lithium battery materials, and lithium-rich manganese-based products [1]. Group 3: Supply Volume and Forecast - From 2026 to 2028, Greeenme is expected to supply Xiamen Tungsten New Energy with 150,000 tons of various battery raw materials and products annually [4]. - This includes approximately 36,000 tons/year of cobalt chloride, 36,000 tons/year of nickel sulfate, 18,000 tons/year of cobalt oxide, 36,000 tons/year of ternary precursors, and 24,000 tons/year of lithium carbonate/lithium phosphate, all including recycled materials [4]. - The total supply over three years is projected to be 450,000 tons [4].

Core Viewpoint - Greeenme's stock price has shown a year-to-date increase of 25.77%, but it has recently experienced a decline of 2.63% over the past five trading days, indicating volatility in its market performance [2]. Financial Performance - As of January to June 2025, Greenme achieved a revenue of 17.561 billion yuan, reflecting a year-on-year growth of 1.28%, while the net profit attributable to shareholders was 799 million yuan, up 13.91% year-on-year [3]. Stock Market Activity - On October 28, Greenme's stock price fell by 2.05%, trading at 8.13 yuan per share with a total transaction volume of 906 million yuan and a turnover rate of 2.17%, resulting in a total market capitalization of 41.661 billion yuan [1]. - The net outflow of main funds was 75.1764 million yuan, with large orders showing a buy of 218 million yuan and a sell of 221 million yuan, indicating mixed investor sentiment [1]. Shareholder Information - As of October 20, the number of shareholders for Greenme reached 425,600, an increase of 0.68% from the previous period, with an average of 11,946 circulating shares per shareholder, a decrease of 0.68% [3]. - The company has distributed a total of 1.825 billion yuan in dividends since its A-share listing, with 1.002 billion yuan distributed over the past three years [4]. Major Shareholders - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 125 million shares, an increase of 2.018 million shares from the previous period [4]. - The third-largest circulating shareholder is Southern CSI 500 ETF, holding 76.0896 million shares, which increased by 1.03395 million shares [4].

Core Viewpoint - Greeenmei has signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy Materials Co., Ltd. to jointly address the global demand for ultra-high energy density battery materials and to create a collaborative industry consortium for these materials [1] Group 1: Strategic Partnership - The agreement outlines that from 2026 to 2028, Greenmei expects to supply 150,000 tons of various battery raw materials and products annually to Xiamen Tungsten, totaling 450,000 tons over three years [1] - Both parties have agreed to establish a long-term partnership for the supply chain of raw materials for lithium batteries, focusing on areas such as consumer electronics, power, low-altitude aircraft, eVTOL, AI, and robotics [1] Group 2: Product Focus - The collaboration will involve the supply of ternary materials, lithium cobalt oxide, solid-state lithium battery materials, semi-solid lithium battery materials, and lithium-rich manganese-based products [1]

Group 1: Company Performance Highlights - Ecovacs Robotics reported a significant increase in Q3 2025 revenue of 4.201 billion yuan, up 29.26% year-on-year, and a net profit of 438 million yuan, up 7160.87% [1] - Deep South Housing A achieved a revenue of approximately 898.85 million yuan in the first three quarters of 2025, a year-on-year increase of 331.66%, with a net profit of about 145.12 million yuan, up 2791.57% [1] - Antong Holdings reported Q3 2025 revenue of 2.152 billion yuan, an 18.85% increase year-on-year, and a net profit of 152 million yuan, up 2155.18% [2] - Sichuan Changhong's Q3 2025 revenue was 25.184 billion yuan, down 2.69% year-on-year, but net profit increased to 507 million yuan, up 690.83% [2] - Zhenghai Magnetic Materials reported a revenue of approximately 4.973 billion yuan for the first three quarters of 2025, a 30.54% increase, with a net profit of about 228 million yuan, up 20.46% [3] - Gold Mountain reported Q3 2025 revenue of 3.372 billion yuan, up 66.39% year-on-year, and a net profit of 951 million yuan, up 140.98% [4] Group 2: Corporate Actions and Strategic Moves - Yiyi Co. plans to acquire 100% equity of Gao Ye Jia, with the stock resuming trading on October 27 [6][8] - Ying Tang Zhi Kong is planning to issue shares to acquire assets, leading to a stock suspension starting October 27 [18][35] - Dream Jie Co. faced dissent from board member Chen Jie regarding the Q3 2025 report, raising concerns about its accuracy and completeness [9] - Drugmaker WuXi AppTec intends to sell 100% equity of two subsidiaries for 2.8 billion yuan to focus on its CRDMO business model [20][21] - Huayi Technology is planning to invest in a new project with a budget of approximately 266.65 million yuan for advanced manufacturing capabilities [22]

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Key Points - The article highlights significant corporate announcements and developments in various companies, including investment projects, asset restructuring, and financial performance [1][2][3] Company Developments - **Weixinno**: Terminated major asset restructuring and withdrew application documents [1] - **Shandong Steel**: Plans to acquire 100% equity of Yingshan Steel for 714 million yuan [2] - **Zhongkong Technology**: Intends to repurchase shares worth between 500 million to 1 billion yuan [1][2] - **Hua Mai Technology**: Terminated plans for a change in control; stock will resume trading on October 27 [1][3] Investment Projects - **Luoyang Key Industry**: Plans to invest no more than 1.084 billion USD in the KFM Phase II project in the Democratic Republic of Congo [1] - **Shan Gu Power**: Investing 532 million yuan in a 100,000 Nm3/h air separation project [1] - **Huitong Co., Ltd.**: Plans to invest 81 million yuan in a high-temperature nylon and PEEK polymer project [1] Contract Awards - **CNOOC Engineering**: Awarded an overseas project valued at approximately 800 million USD [1] Financial Performance - **CITIC Securities**: Reported a net profit of 9.44 billion yuan for Q3, a year-on-year increase of 51.54% [1][3] - **Dongpeng Beverage**: Achieved a net profit of 1.386 billion yuan in Q3, up 41.91% year-on-year [3] - **Sungrow Power**: Reported a net profit of 3.43 billion yuan for the first three quarters, a 20.47% increase year-on-year [2] - **Oriental Fortune**: Net profit for the first three quarters reached 9.097 billion yuan, a 50.57% increase year-on-year [2] - **Gaoer Co., Ltd.**: Reported a non-recurring net profit of 1.03 billion yuan in Q3, a 19.91% increase year-on-year [2]

Core Insights - The article highlights the upcoming 2025 Solid-State Battery Industry Annual Conference and the Golden Ding Award Ceremony, focusing on new technologies and ecosystem building in the solid-state battery sector [2]. Group 1: Event Details - The event will take place on November 8, 2025, at the Guangzhou Nansha International Convention Center, with an expected attendance of over 1,000 participants [2]. - Concurrent activities include the CINE Solid-State Battery Exhibition and the 2025 Sodium Battery Industry Annual Conference, scheduled from November 6 to November 8, 2025 [2]. Group 2: Strategic Partnerships - On October 24, 2023, Xiamen Tungsten announced a strategic cooperation framework agreement with GEM Co., focusing on long-term partnerships in lithium battery raw material supply, technology development, and industrial chain collaboration [3]. - Over the next three years, GEM is expected to supply Xiamen Tungsten with a total of 450,000 tons of various battery raw materials, including approximately 36,000 tons of cobalt chloride and nickel sulfate annually [3][4]. Group 3: Technological Collaboration - The partnership aims to establish a multi-dimensional cooperation system encompassing technology, industry, and capital, with a focus on resource recycling, green nickel resource development, and battery material manufacturing [4]. - The collaboration seeks to enhance supply stability and cost advantages through resource integration and business synergy across the industrial chain [4].

Core Insights - Xiamen Tungsten New Energy has signed a strategic cooperation framework agreement with GEM Co., Ltd. to enhance collaboration in the supply of battery materials and resources, addressing the global demand for high-energy battery materials from 2026 to 2028 [2] Group 1: Raw Material Supply Chain Cooperation - The partnership will establish a long-term raw material supply chain for various applications, including consumer electronics and emerging fields like eVTOL and AI, ensuring stable supply of lithium battery materials [3] Group 2: Global Capacity and Resource Layout Coordination - Both companies will collaborate on resource recycling, green nickel resource development, and manufacturing of battery materials, aiming to create a globally competitive integrated supply chain while promoting green low-carbon development [4] Group 3: Joint R&D on Advanced Technologies - The focus will be on innovation in core battery materials, including ternary precursors and solid-state lithium battery technologies, to reduce production costs and address market challenges through resource sharing and collaborative R&D [5] Group 4: Efficient Cooperation Mechanism - A dedicated task force will be established to ensure effective communication and risk management, enhancing the strategic partnership and protecting mutual interests [6]

Core Viewpoint - The company has signed a strategic cooperation framework agreement with Greenmei Co., Ltd. to enhance collaboration in key metal resource recycling, raw material supply, technology research and development, and market expansion, aiming to meet the global demand for high-energy battery materials and improve operational efficiency [12][15][28]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 13.059 billion yuan, a year-on-year increase of 29.80% [8]. - The total profit reached 612 million yuan, up 48.93% year-on-year, while the net profit attributable to the parent company was 552 million yuan, reflecting a growth of 41.54% [8]. - The company sold 99,900 tons of lithium battery cathode materials, marking a 40.41% increase year-on-year [8]. Strategic Cooperation Agreement - The agreement includes a commitment from Greenmei to supply various battery raw materials totaling 150,000 tons annually from 2026 to 2028, including cobalt chloride, nickel sulfate, and lithium carbonate [12][13][22]. - The collaboration aims to establish a long-term partnership in the supply chain for lithium battery materials, enhancing supply chain stability and cost advantages [22][23]. - The agreement is expected to have a minimal impact on the company's 2025 performance, as its effects will be realized primarily from 2026 onwards [14][28]. Organizational Changes - The company has restructured its organizational framework to improve governance and operational efficiency, establishing new departments such as the Innovation Management Department and Supply Chain Management Department [42].

Core Viewpoint - The company, Greeenmei (002340.SZ), has established a strategic cooperation framework agreement with Xiamen Xatu New Energy Materials Co., Ltd. to jointly address the global demand for ultra-high energy density battery materials and create an industrial consortium for these materials [1] Group 1: Strategic Cooperation - The agreement was signed on October 24, 2025, and aims to leverage each party's strengths in response to market challenges [1] - The partnership will focus on the supply chain for lithium battery materials, including ternary materials, lithium cobalt oxide, solid-state lithium materials, semi-solid lithium materials, and lithium-rich manganese-based products [1] Group 2: Supply Commitment - From 2026 to 2028, the company expects to supply 150,000 tons of various battery raw materials and products annually to Xiamen Xatu New Energy, totaling 450,000 tons over three years [1]