【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.

SMM Cobalt and Lithium Morning Meeting Minutes: Refined cobalt spot prices fluctuated upward this week. Supply side, the current market social inventory remained high, but the inventory structure showed slight differences. Supply side, due to raw materials maintaining high levels, the economic viability of refined cobalt production was poor, and smelters' enthusiasm for refined cobalt production was relatively low, with some smelters implementing production cuts. Demand side, downstream producers' inquiry activity slightly increased, but their willingness to stock up at high prices was not strong. It is expected that refined cobalt prices will maintain a fluctuating trend next week.

【20,000-Ton Battery Recycling Facility Approved in Sichuan】A Sichuan-based new energy company has cleared environmental reviews for a comprehensive recycling plant. The facility will extract nickel, cobalt, and lithium to produce sulfates, lithium carbonate, and ternary precursors, with 20,000 tons/year of battery processing capacity.

【20,000-Ton Battery Recycling Project Launched in Sichuan】A Sichuan-based company has secured approvals for a lithium-ion battery recycling facility in Nanchong. The project will extract nickel, cobalt, and lithium from retired batteries to produce high-value materials like ternary precursors, lithium carbonate, and metal sulfates, targeting 20,000 tons/year of battery processing capacity.

[Ronbay Technology: Sodium-Ion Battery Expected to Achieve Large-Scale Implementation Next Year, Advancing Cooperation with Downstream Humanoid Robot Clients] ① The manganese iron lithium product has secured orders for thousands of units of vehicles from leading power battery enterprises; recently, a bulk procurement agreement for sodium-ion battery cathode materials has been signed with a sodium-ion battery enterprise, and large-scale implementation is expected next year. ② The second phase capacity of the South Korea factory is undergoing commissioning and is expected to commence production in early 2025; the first phase of the European factory is likely to be completed by the end of 2025, and the registration of the North American subsidiary has been completed. (Sci-Tech Innovation Board Daily)

In August 2024, China's ternary precursor exports amounted to 13,186 tons, with a month-on-month increase of 4% but a year-on-year decrease of 40%. From January to August 2024, China's cumulative exports of ternary precursors (including NCM, NCA, nickel oxide, and NC) reached 135,316 tons, marking a cumulative year-on-year decrease of 20%.

Price of ternary precursors in 2024. In the first quarter, the prices of various ternary precursors remained relatively stable in January and February, but started to rise from March onwards, stabilizing around March 20th. The main reasons behind this price increase include: Firstly, the prices of raw materials increased. Secondly, ternary precursor production enterprises resumed normal production after the post-holiday period in March, driven by positive downstream demand, which led to active inventory replenishment. This trend was smoothly transmitted upstream, where production of precursors was determined by sales, resulting in increased supply. Additionally, some precursor enterprises experienced an increase in overseas orders. The combined positive trend in supply and demand, coupled with the rising prices of raw materials, simultaneously drove up the prices of ternary precursors...

The price of ternary precursor has decreased this week. The price of SMM ternary precursor series 5 (polycrystalline/consumer) this week is 63,000-65,000 yuan/ton, and the price of ternary precursor series 5 (single crystal/power type) is 64,000-66,000 yuan/ton. The price of SMM ternary precursor series 6 (polycrystalline/consumer) is 65,500-68,000 yuan/ton, and the price of SMM ternary precursor series 6 (single crystal/power type) is 65,000-67,500 yuan/ton. The price of SMM ternary precursor series 8 (polycrystalline/consumer) is 80,000-82,000 yuan/ton, and the price of SMM ternary precursor series 8 (polycrystalline/power type) is 81,000-83,500 yuan/ton.

Dow's 2024 interim report reveals that the company's operating revenue for the first half of 2024 reached 4.135 billion yuan, an increase of 23.90% year-on-year. The export of ternary precursors exceeded 18,000 tons, a year-on-year increase of 137%.

Dowell Technology released its semi-annual report for 2024, revealing that the company's operating revenue reached RMB 4.135 billion in the first half of 2024, an increase of 23.90% year-on-year. The export of ternary precursors exceeded 18,000 tons, a year-on-year increase of 137%.