Recently, China’s manganese sulfate market has shown an operating pattern of rigid cost bottoming and differentiated demand structure. Divergent performance is seen between battery-grade and industrial-grade manganese sulfate, while the overall market remains steady with a firm undertone.

Recently, CNGR Advanced Material Co., Ltd. engaged in a conference call with 26 institutional investors, including Shangzheng Fund, Harvest Fund, and Bosera Fund. According to the exchange, the company maintains a leading position in its core business segments. In 2025, the company's shipments of ternary precursors continued to rank first in the global market. In the phosphorus-based materials segment, it has built a production capacity of nearly 200,000 tons for lithium iron phosphate and 50,000 tons for lithium iron phosphate cathode materials. Additionally, the company continues to deepen its expansion into upstream key resources. Its nickel resource project in Indonesia is progressing as planned with relevant approvals underway, and it has secured nickel ore resource supplies amounting to 500–600 million wet tons through various arrangements.

Currently, the export of ternary precursors and ternary cathode materials enjoys a 13% VAT export rebate. A noticeable surge in concentrated "pre-rebate" exports is anticipated in the first quarter.

Against the backdrop of overcapacity, nickel sulphate producers generally maintained a strategy of producing based on sales this year. However, affected by tight raw material supply, SMM's nickel sulphate production deviated from the demand for nickel sulphate from ternary cathode precursors, resulting in a tight supply-demand pattern throughout the year. Reflected in prices, SMM battery-grade nickel sulphate prices showed strong performance during the seasonal recovery in demand.

【SMM Flash Update】 Shenzhen-listed GEM Co., Ltd. (002340.SH) announced that its board has approved the issuance of H-shares and a main board listing on the Hong Kong Stock Exchange, appointing Grant Thornton Hong Kong as auditor. Founded in 2001, GEM is a leading player in waste recycling and new energy materials, with operations spanning spent battery and e-waste recycling, re-manufacturing of nickel, cobalt, lithium, tungsten and precious metals, as well as production of ternary precursors and cathode materials for EV batteries. Already listed in Shenzhen and Zurich, GEM’s market capitalization stood at about RMB 35.46 billion as of Aug 25, 2025.