603799.SH Huayou: Ni-Co-Li integration, earnings surge

Market snapshot

A-share (~7/31)

CNY 39.9

Market cap (approx)

CNY 75.6B

2025 parent NI

CNY 6.1B

Q1'26 parent NI

CNY 2.5B

Thesis

Huayou Cobalt (603799.SH) is an integrated battery-materials platform spanning Ni/Co resources, precursors, cathode materials, and lithium salts. 2025 revenue ¥81.019B (+32.94%), parent NI ¥6.110B (+47.07%); Q1'26 revenue ~¥25.8B (+44.62%), parent NI ~¥2.497B (+99.45%). A-share ~¥39.9 / mkt ~¥75.6B.

Volume (Ni shipments, ternary cathode) and metal prices jointly set earnings beta. Sector: nonferrous metals deep-dive.

Business

Model: Integrated battery materials — Ni/Co intermediates → precursors → ternary cathode → lithium salts. Earnings = processing spread ± metal price swings.

Flagships: (1) nickel products/intermediates (volume core); (2) ternary cathode at >100kt scale; (3) Co/Li salts completing the chain.

Competitiveness: Indonesia Ni + China materials vertical integration; cathode customer mix and scale among leading private materials names.

Strategy (12–24m): Indonesia ramp and cathode share; Q1'26 NI nearly doubled on volume — further torque hinges on metal prices and utilization.

Value chain

Position: midstream materials with upstream resource reach.

Supply-chain risks: (1) Indonesia policy/ESG/energy; (2) feedstock prices and shipping/geopolitics — echoed in Risks.

Price & valuation

~7/31 A-share ~¥39.9, mkt ~¥75.6B. Despite strong 2025–Q1 earnings, the market prices Ni/Co/Li and overseas ramp conservatively.

Financial trend (~24 months)

Mild calendar seasonality; metal prices and inventory cycles drive QoQ margin swings.

Revenue · last 8 quarters

Interactive chart available in the reader.

Gross margin · last 8 quarters

Interactive chart available in the reader.

Operations

Key financials

Key financials

Item	Value	YoY	Note
Revenue 2025	¥81.019B	+32.94%	Ni/Co/Li materials volume
Parent NI 2025	¥6.110B	+47.07%	Strong earnings growth
Q1'26 parent NI	¥2.497B	+99.45%	Rev ~¥25.8B
Ni shipments (approx)	~292.5kt metal	—	Volume core
Ternary cathode	>100kt scale	—	Materials ramp

Competition

Peers: CMOC (Co mine), Zijin (Li/Cu resources), JXCC (Cu processing contrast).

Strengths: downstream materials and customer lock-in; Indonesia Ni integration. Weaknesses: GM below pure miners; overbuild can crush utilization and spreads.

Peer comparison

Peer comparison

Company	Position / share	GM / margin	Strength	Weakness
华友钴业 603799 (self)	镍钴锂材料一体化	~13–15%	印尼镍+正极材料链条	金属价与产能利用率双敏感
洛阳钼业 603993	钴矿端全球龙头之一	矿端更高	资源自给、成本曲线	材料深加工弱于华友
紫金矿业 601899	锂/铜资源侧对照	矿端更高	资源规模与全球化	非锂电材料专业玩家
江西铜业 600362	铜加工/贸易对照	冶炼偏低	铜冶炼规模	新能源材料布局弱

Management

Key management (24m)

Key management (24m)

Role	Name	Since	24m change
董事长 / Chair	陈雪华	创始以来	期间无重大披露变动
总裁 / President	方启学	公开披露任职	期间无重大披露变动
财务负责人 / CFO	王军	公开披露任职	期间无重大披露变动（以最新年报为准）

24m changes: No material disclosed turnover in Chair Chen Xuehua and core officers.

Stability: Founder-led with a stable ops bench — stable. Overseas project cadence is the ops risk, not succession.

Outlook

Indonesia intermediate nickel and cathode capacity are the volume drivers; metal prices set margins. 2026 earnings hinge on price stability plus utilization.

Scenarios

Risks