Huayou Cobalt

Business

Huayou (浙江华友钴业股份有限公司, Zhejiang Huayou Cobalt) runs an integrated chain from nickel, cobalt and lithium resources through smelting and ternary precursor and cathode manufacturing to battery recycling (2026 interim report, p. 8).

Results

In the first half of 2026 revenue rose 49.39% to ¥55.57bn and net profit attributable to shareholders rose 29.38% to ¥3.51bn (p. 6). It reports these shipments (p. 10):

• Ternary cathode: 76,300 tonnes, up about 93%, with ultra-high-nickel 9-series products over 70% of the mix.
• Ternary precursor: 80,800 tonnes, up about 94%.
• Lithium carbonate: 30,500 tonnes, up about 17%.
• Nickel products: 132,800 tonnes, about flat.
• Cobalt products: 15,800 tonnes, down about 24% because of weaker consumer electronics demand.
• Nickel intermediate (MHP): 96,800 tonnes, down about 19%. Sulfur prices rose from about US to US,250 a tonne, and one line at its Indonesian Huafei project has been shut for maintenance since 1 May.

Recycling

Three of its subsidiaries are on the government's approved lists of firms meeting the standard for waste power battery recycling, and it says it works with BMW, Volkswagen, Toyota, LG Energy Solution, FAW, Changan, GAC, SAIC, NIO and Li Auto on collection, recycling and refurbishment (p. 9). Quoting SMM data, it says recycled material rose from about 13% of cobalt raw material supply in the first quarter of 2025 to about 34% in the second quarter of 2026 (p. 10). It gives no recycling revenue.

Where it stands

Huayou is much bigger than the other cathode makers covered here, and is also a nickel and cobalt miner and refiner, so it feels metal prices as well as battery demand. See cathode materials and battery recycling.