GEM announced on April 21 that the company achieved operating revenue of Yuan 37.124 billion in 2025, up 11.82% year-on-year. Net profit attributable to shareholders of the listed company reached Yuan 1.580 billion, up 54.87%, while core net profit (excluding non-recurring items) stood at Yuan 1.366 billion, up 5.87%. Net cash flow from operating activities was Yuan 3.783 billion, up 23.82%.
The company's key metal extraction and recycling business generated revenue of Yuan 12.934 billion, up 28.10%, accounting for 34.85% of total sales. Power lithium battery recycling generated Yuan 1.817 billion, up 2.15%, accounting for 4.89%. New energy battery materials generated Yuan 19.962 billion, up 0.24%, accounting for 53.77%.
Total extraction and recycling of key metals--nickel, cobalt, tungsten, and lithium--reached approximately 200,000 tonnes. Notably, nickel metal shipments from GEM's Indonesian nickel resource project exceeded 110,839 tonnes (including equity-linked capacity), up 114% year-on-year. Cobalt recovery surpassed 15,000 tonnes, up about 48%, more than five times China's primary cobalt mining output. Tungsten resource shipments reached 7,266 tonnes, up 12%, with sales revenue up 47%, exceeding 10% of China's primary tungsten mining output. Power lithium battery recycling volume reached 52,576 tonnes, up 46%, surpassing 10% of China's end-of-life battery volume, and the recycling business turned profitable, demonstrating strong growth potential.
In new energy battery materials, GEM adjusted its product mix and customer structure, boosting high-end product sales while reducing general product sales to enhance quality and efficiency. Ternary precursor shipments totaled 149,790 tonnes, with high-nickel and high-voltage products accounting for over 90% of total shipments. Cobalt tetroxide production and sales recovered strongly, with shipments of 29,040 tonnes, up 41%, representing over 25% of global supply and ranking second in the industry. High-end ternary cathode material capacity was released, with shipments of 26,578 tonnes, up 32%.
Written by Cora Ji, jiruyan@mysteel.com
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