Zhejiang Huayou Cobalt (603799) Q3 2025 earnings summary

Executive summary

• Operating income for Q1–Q3 2025 reached RMB 58.94 billion, up 29.57% year-over-year, driven by increased product sales volume and recovery in cobalt prices.

• Net profit attributable to shareholders for Q1–Q3 2025 was RMB 4.22 billion, a 39.59% increase year-over-year.

• Profitability improved due to the integrated business model and favorable market conditions.

Financial highlights

• Total profit for Q1–Q3 2025 was RMB 5.79 billion, up 46.28% year-over-year.

• Net profit after deducting non-recurring items was RMB 4.01 billion, up 31.92% year-over-year.

• Basic and diluted EPS for Q1–Q3 2025 were both RMB 2.49, up 38.33% year-over-year.

• Net cash flows from operating activities for Q1–Q3 2025 were RMB 4.18 billion, up 8.84% year-over-year.

• Total assets as of September 30, 2025, were RMB 148.85 billion, up 8.98% from year-end 2024.

Outlook and guidance

• Continued improvement in profitability is expected, supported by the integrated business model and ongoing recovery in cobalt prices.