GEM (002340) Q3 2025 earnings summary

Executive summary

• Achieved record-high financial results in Q3 2025, driven by growth in metal resource recycling, power battery recycling, and new energy battery materials businesses.

• Indonesian nickel resource project and high-end new energy materials contributed significantly to performance.

• Strategic partnerships, technological innovation, and international expansion supported growth.

Financial highlights

• Q3 2025 revenue: RMB 9.94 billion, up 31.89% year-over-year; net profit: RMB 310 million, up 52.99%.

• First three quarters revenue: RMB 27.50 billion, up 10.55% year-over-year; net profit attributable to shareholders: RMB 1.11 billion, up 22.66%.

• Net cash flow from operating activities: RMB 2.25 billion, up 9.70% year-over-year.

• Basic and diluted EPS: RMB 0.22, up 22.22% year-over-year.

• Total assets: RMB 72.26 billion; owners' equity: RMB 20.64 billion.

Outlook and guidance

• Indonesian nickel project on track to achieve annual target of 120,000 tons of nickel production.

• Strategic focus on global expansion, R&D, and supply chain resilience.