GEM

Business

GEM (格林美股份有限公司) recycles metals and retired batteries and makes battery materials from the recovered nickel, cobalt and lithium. It has three lines: key-metal recycling and extraction, power battery recycling, and core new-energy materials such as ternary precursor and cathode. It also runs Indonesian nickel projects with partners (2026 interim report, pp. 9, 10, 11).

Results

In the first half of 2026 revenue rose 2.43% to ¥17.99bn and net profit attributable to shareholders rose 34.68% to ¥1.08bn (pp. 7, 11). By line (pp. 11, 33):

• Key-metal recycling and extraction: ¥7.16bn, up 33.78%, 39.81% of revenue, at a 13.77% gross margin.
• Power battery recycling: ¥942.4m, up 8.70%, 5.24% of revenue, at a 9.69% margin, up 2.22 points. Battery utilisation was ¥842.9m, up 56.63%, while scrapped-vehicle utilisation fell 69.74% to ¥99.5m.
• New-energy materials manufacturing: ¥8.82bn, down 13.77%, 49.03% of revenue.

Recycling claims

It says it has six power battery recycling plants in China and joint-venture plants in South Korea and Indonesia, that it handles 10% of China's retired lithium batteries, and that its processes recover over 96.5% of lithium and over 99.5% of nickel and cobalt. It names BYD, CATL, EVE, Toyota and GAC among partners in directed recycling of nickel, cobalt and lithium (p. 10). These are the company's own claims.

Indonesia

A February 2026 landslide at the temporary slag storage of its Indonesian nickel project and a sharp rise in sulfur prices cut output: nickel output was 27,790 tonnes, 40% of plan and down 37%, and cobalt 2,601 tonnes, down 29% (p. 12).

Where it stands

Battery recycling is small at GEM, and its margin is thin; the bigger recycling profits come from metals. See battery recycling.