GEM (002340) investor relations material

Executive summary

• 9M 2026 revenue was RMB 27.01bn, down 1.77% YoY; net income attributable to shareholders rose 9.40% to RMB 1.21bn, while adjusted net income fell 29.34% to RMB 579.9m.

• Q3 revenue declined 9.19% YoY to RMB 9.02bn; adjusted net income attributable to shareholders was RMB 101.0m, down 9.22% YoY and sharply higher QoQ.

• Nickel capacity recovered steadily, while battery recycling and high-energy-density cathode materials expanded; Q3 operations faced falling key-metal prices, high sulfur costs and intensifying competition.

Financial highlights

• 9M revenue was RMB 27.01bn versus RMB 27.50bn a year earlier; operating costs were RMB 23.46bn versus RMB 24.01bn.

• 9M net income was RMB 1.38bn, including RMB 1.21bn attributable to shareholders; basic and diluted EPS were RMB 0.24, versus RMB 0.22 YoY.

• Q3 net income attributable to shareholders was RMB 136.7m, down 55.86% YoY; adjusted net income was RMB 101.0m, down 9.22%.

• 9M operating cash flow was RMB 1.23bn, down 45.25% YoY, as strategic nickel-ore inventory purchases increased working-capital use.

Outlook and guidance

• IGIP’s planned 90,000-tonne annual nickel capacity is targeted for completion by end-2026 and startup in H1 2027; projected annual exports exceed $1.5bn.

• Recovery ramp-up at the overseas nickel project, cost reduction and technology innovation are priorities; high-nickel precursor sales are moving toward a profitable growth path.