Huayou Cobalt maintains steady growth in nickel, cobalt, and lithium shipments

Zhejiang Huayou Cobalt Co., Ltd. delivered record financial and operating performance in its latest annual report, with 2025 revenue reaching RMB81.02 billion (USD11.86 billion), up 32.94% year-on-year, driven by steady growth in major product outptut and sales.

In 2025, shipments of ternary cathode materials exceeded 100,000 tonnes, surging 108% YoY. Among these, high-nickel N9-series products captured over 33% market share, while high-end cylindrical battery cathode materials exceeded 60% market share, maintaining an industry-leading position. Ternary precursor shipments rose modestly by 5.15% YoY.

Annual nickel product shipments reached approximately 292,500 metal tonnes, up 58.72% YoY. Cobalt shipments totaled about 46,500 metal tonnes, remaining stable on the whole, while lithium carbonate shipments increased 38.58% YoY to 54,400 tonnes. Copper shipments declined 27.67% YoY to 65,300 metal tonnes.

The company's upstream HPAL projects in Indonesia maintained stable and high output, with MHP shipments reaching 236,500 tonnes, up 30% YoY. To date, the company has secured over 1.4 billion wet metric tonnes of nickel resources in Indonesia and has established a total production capacity of 245,000 metal tonnes of nickel intermediate products.