On March 10, 2026, GEM Co., Ltd. hosted a Global Investor Day event, engaging in in-depth discussions with investors on topics of market interest, including 2025 performance expectations, core business progress, the Indonesia nickel resource project, and plans for a H-share listing.
Significant Expected Profit Increase in 2025 with Breakthroughs in Multiple Business Areas
According to the company's performance forecast, net profit attributable to shareholders of the listed company for the 2025 fiscal year is expected to be between Yuan 1.429 billion and Yuan 1.735 billion, representing a year-on-year increase of 40% to 70%. The projected profit growth is primarily attributed to increased volume in key metal recycling, full production capacity utilization at the Indonesia nickel resource project, and continued breakthroughs in the high-end new energy materials market. In 2025, the company's Indonesia nickel resource project (including equity interests) shipped over 110,000 metric tonnes, a year-on-year increase exceeding 110%; power battery recycling and dismantling exceeded 52,000 tonnes, up over 45% year-on-year; and cathode material shipments surpassed 23,000 tonnes, a year-on-year increase of over 15%. Furthermore, the company recycled and re-manufactured over 10,000 tonnes of tungsten resources, establishing a new growth driver.
Leading Profitability at Indonesia Project with Sufficient Nickel Supply
The company explained that its Indonesia nickel resource project, utilizing the High-Pressure Acid Leach (HPAL) hydrometallurgical process, maintains industry-leading profitability due to its advantages of low cost and low carbon emissions. The project produced nearly 10,000 tonnes of cobalt metal in 2025 and successfully achieved further cost reduction and efficiency improvement through technological optimization. Currently, the company's nickel resource production capacity stands at 150,000 tonnes per year, having operated at full capacity since July 2025, with expectations to continue throughout 2026. Nickel ore supply is primarily sourced from two major mines, SCM and Hengjaya, ensuring ample supply. The company also recently conducted its annual routine maintenance on the Indonesian production lines to ensure subsequent efficient production.
Deepening Strategic Cooperation and Positioning for Future Technologies
On March 6, GEM signed a strategic cooperation agreement with China ENFI Engineering Corporation. The two parties will deepen technological collaboration and global strategic positioning in key mineral resource development. Looking ahead, the company has been strategically positioned in the solid-state battery sector for some time, having developed precursor materials such as high-nickel ternary and lithium-rich manganese-based materials, with product shipments reaching the ton-level.
Multiple Measures for Effective Market Value Management
The company consistently emphasizes market value performance, rewarding investors through earnings growth, share repurchases, and cash dividends. In January 2026, the company completed its latest share repurchase plan, amounting to Yuan 137 million, with a portion of the shares cancelled. Additionally, the company has distributed cash dividends for eleven consecutive years.
Written by Cora Ji, jiruyan@mysteel.com
