On May 6, 2025, GEM hosted its 2024 Annual and Q1 2025 Earnings Conference under the theme “Riding the Wave Forward, Opening Up Channels for Growth,” in a hybrid format connecting Sulawesi, Indonesia and Shenzhen, China, with a global live broadcast. Professor Xu Kaihua, Chairman of GEM, delivered the annual keynote address titled “Riding the Wave Forward, Opening Up Channels for Growth” Presented in both Chinese and English, the report offered a panoramic view of GEM’s global industrial competitive strengths, its leading position in technological innovation, and its exemplary achievements in ESG value creation to nearly a hundred institutional investors, media professionals on-site, and over 100,000 global investors and other viewers online.

▲GEM Dual-Venue Global Live-streaming of the 2024 Annual and Q1 2025 Earnings Conference

▲GEM 2024 Annual and Q1 2025 Earnings Conference — Overseas Venue at QMB Sulawesi, Indonesia

▲GEM 2024 Annual and Q1 2025 Earnings Conference — Headquarters Venue in Shenzhen, China

During the event, Chairman Xu Kaihua expressed his sincere gratitude to global investors and capital markets for their strong support of GEM’s green circular industry!

Dual-Track Strategy Drives Record-Breaking Performance, Green Deployment Leads Global Growth.

Reviewing the business performance of 2024 and the first quarter of 2025, Chairman Xu Kaihua stated that GEM, guided by its dual-track strategy of “urban mining + new energy materials manufacturing,” has successfully navigated a challenging period of industry overcompetition and entered a new path of incremental growth. Both the revenue, net profit, and operating cash flow for 2024 and Q1 2025 saw substantial growth, reaching historic highs and demonstrating that the company is firmly on a new growth channel. The gross profit margin of core businesses significantly improved, ushering the company into a stable profit phase.

On one hand, the company’s new energy business experienced explosive capacity release, with strong production and sales performance and a solidified market position. Utilization rates of core new energy capacities exceeded 95%, well above the industry average, and the average shipment growth rate of core businesses reached 65%. Since 2019, GEM has proactively moved away from capacity competition and instead treated technology and quality as two new "mines" to be deeply explored. By implementing a technology-driven and quality-first strategy, the company ensured that new energy capacity was not excessive, demonstrating foresight in capacity planning and aligning product structures with market demand.

On the other hand, the urban mining segment benefited from China’s major policy initiatives for equipment upgrades and consumer goods replacement, leading to significant growth. Power battery and tungsten recycling have emerged as new growth drivers. In 2024, the average recycling growth rate for power batteries, rare metals, and end-of-life vehicles reached 70%, setting new records and showcasing the vast potential of urban mining operations.

Even more notably, GEM strategically completed its core overseas capacity deployment. By forming industry alliances and other methods, GEM seized early advantages amid shifting global trade dynamics. This includes the construction of a 150,000-ton nickel capacity project in Indonesia and the completion of production capacities for key businesses such as nickel sulfate crystals, cobalt oxide, nickel hydroxide, and ternary precursors. 2024 marked the beginning of GEM’s global alliance era, with the company joining forces with Indonesia’s national nickel mining alliance to build a world-class green nickel industrial park. Additionally, GEM established a globally competitive supply chain alliance with Korea for the nickel-precursor-cathode materials chain, enabling market access in Europe and the U.S., opened a direct sea-river route from Indonesia to Wuhan, co-founded a battery recycling company with GAC, and partnered with over 100 suppliers to form an outbound supply chain alliance. These steps effectively mitigate global tariff risks and bolster GEM’s global competitiveness.

▲Chairman Xu Kaihua presents the report “Riding the Wave Forward, Opening Up Channels for Growth.”

Super Innovation Accelerates “Three Core Technologies” to Reinforce Global Competitive Edge

Looking ahead, Chairman Xu Kaihua emphasized that GEM is prepared to invest heavily and join forces with global innovation elites to undertake groundbreaking innovations. These innovations will form the backbone of green advancement for Chinese enterprises and serve as “nuclear weapons” in both tariff and industry competition, aiming to establish GEM as a global leader in green development. He introduced the “Three-Core Super Innovation Assault Team” initiative, which will focus on three directions:

1. Rare Resource Super Materials Innovation — forging rare “core” technologies to once again lead global resource recycling and address the competition for critical minerals；

2. Deep Development of New Energy Super Materials — forging ultra-performance “core” technologies to ascend new heights in the field of new energy materials；

3. New Track Innovation — forging high-entropy “core” technologies to create new high-margin business frontiers.

Crossing Mountains and Seas: Practicing a “Technology + Culture” Flexible Globalization Model through the “Black Soil” Initiative

Chairman Xu Kaihua highlighted GEM’s commitment to a balanced development approach of “gaining and giving” through its flexible globalization model of “Technology + Culture.” In 2024, inspired by the Bandung Spirit, GEM established the first Belt and Road Initiative Joint Research Laboratory in Bandung, creating a bridge for Chinese technology to benefit Indonesia. The company invested USD 30 million in collaboration with Bandung Institute of Technology and Central South University to build the “China-Indonesia Joint Research Laboratory for New Energy Materials and Metallurgical Engineering Technology.” Equipped with over 300 of the latest research instruments, 12 laboratories, and 2 engineering research centers, the facility elevated Indonesia’s research capabilities in new energy and metallurgical technologies to a world-class level. It has become a national innovation hub and a key training base for high-level Indonesian talent, exemplifying how Chinese innovation can empower its international partners.

During the globalization process, GEM also spearheaded the joint training of international master’s and doctoral students in collaboration with the Indonesian government and Central South University. This initiative has grown from a single metallurgy class into a full-fledged program covering metallurgy, rail transit, and international trade. Enrollment has expanded from 30 students in 2019 to 100 in 2024, enabling Chinese education to consistently provide Indonesia with top-tier engineers, and setting a new benchmark for China-Indonesia cooperation in culture and education.

Regarding the future development prospects and performance growth of GEM, Chairman Xu Kaihua expressed full confidence. He proposed sales annual revenue targets of over RMB 40 billion, RMB 50 billion, and RMB 60 billion for the years 2025 to 2027, respectively, maintaining a high annual growth rate of 20%. During the same period, core product shipments are expected to sustain an annual growth rate of 36%. By 2033, GEM aims to achieve USD 30 billion in revenue and be involved in the Fortune Global 500.

Chairman Xu Kaihua sincerely assured global investors that the outlook for ternary batteries and nickel resources are beyond doubt, broad, and the trend of key mineral recycling is gaining strong momentum. GEM’s green industry is resonating with the spirit of the times, and its future is bright!

Subsequently, Dr. Zhang Kun, Senior Vice President of GEM and Director of the Central Research Institute, delivered a report titled “Super Innovation: Unleashing the Imagination of Business Evolution.” In the report, he introduced GEM’s ongoing innovation achievements in 2024 through the continued practice of the formula “Super Talent + Super Equipment + Super Innovation = Super Technology,” as well as the construction of a global innovation system centered around the “7+2” innovation platforms.

In the report, Dr. Zhang Kun announced GEM’s “Three-Core” Super Innovation Strategy for 2025–2027. This includes ten major innovation goals in the fields of scarce resources and new energy materials, such as R&D of rare functional materials and iterative upgrades of precursor technologies. In addition, GEM will propose three industrialized R&D projects annually to break free from fixed mindsets, explore new fields and products, break through internal competition, identify new tracks, and build sustainable competitiveness!

▲Dr. Zhang Kun presents the innovation report “Super Innovation: Unleashing the Imagination of Business Evolution.”

During the interactive session, GEM’s senior executives responded to questions from investors, analysts, and the media on topics including business strategy, international market dynamics, financial performance, nickel resource operations and cost considerations, battery material development for humanoid robots, and R&D and production of solid-state batteries. The management team engaged sincerely with the global investor community, creating a lively and open atmosphere. Through the Panorama Network Roadshow platform, the company also answered questions from online investors in real-time.

In the face of global uncertainties caused by tariff trade wars, Chairman Xu Kaihua concluded with a powerful message:“Let us unite in alliance and walk with goodwill. Let us generate forward momentum for the world and spread a message of hope and strength! Ride the wave forward, open up channels for growth, and unlock new possibilities for performance!”

▲GEM’s Executive Team Engaging with Investors and Media

Over ten senior executives from GEM attended the conference, including: Independent Director Prof. Tang Sheng; Director and Executive Deputy General Manager Mr. Zhou Bo; Director, Senior Deputy General Manager & Board Secretary Mr. Pan Hua; Senior Deputy General Manager and Chief Financial Officer Mr. Mu Menggang; Senior Deputy General Manager and Director of Overseas Markets Mr. Jiang Miao; Senior Deputy General Manager and General Manager of the QMB Industrial Park Mr. Peng Yaguang, among others.