For 2025, revenue rose 17.20% YoY to RMB55,675mn, attributable net profit grew 10.54% YoY to RMB641mn, and recurring net profit increased 14.00% YoY to RMB607mn. Net profit missed our estimate of RMB696mn. Top-line growth was driven by higher sales volumes in precious metals recycling and other materials, but a YoY decline in gross margin reflects rising raw material cost pressure that weighed on profitability. We expect this earnings uptrend to persist as the company extends its precious metals value chain and optimizes the product mix. Maintain OVERWEIGHT.
Recycling volumes ramped but margins under pressure
We attribute revenue growth mainly to a 50.03% YoY jump in precious metals recycling material sales volumes, alongside volume increases in precious metals specialty functional materials (+25.43% YoY) and precursor materials (+3.78% YoY). Overall gross margin came in at 2.63% in 2025, down 0.29pp YoY, with precious metals recycling materials at 2.50% (-0.65pp YoY) and precious metals precursor materials at 2.89% (-1.13pp YoY), largely reflecting higher precious metals feedstock costs and margin compression in the recycling business. The expense ratio improved to 1.55%, down 0.32pp YoY under disciplined cost control. 2025 saw a net operating cash outflow of RMB1,923mn, worsening by 337.33% YoY, driven by inventory build-up and higher procurement spending.
Precious metals leadership intact; value chain extension advances
The company continues to push forward with the development of new precious metals materials, reinforcing its leadership in the sector. It focuses on precious metals specialty functional materials, precursor materials and recycling materials. We believe its product mix upgrade should lift the share of high-end new precious metals materials. Currently, the company has built an integrated chain spanning precious metals resource recovery to new materials manufacturing, with surging recycling material volumes driving revenue expansion. As demand from new energy and environmental protection sectors rises, and as capacity expansion and value chain synergies deepen, we see a steady earnings growth trajectory.
Precious metals demand on a steady rise
China’s precious metals market size reached RMB850bn in 2025, up 8% YoY, supported by strong investment demand, expanding industrial applications and policy backing. The industry now benefits from growing demand in new energy, environmental protection and high-end manufacturing, with the markets for platinum group metals and new precious metals materials continuing to expand. As the global green transition accelerates and the hydrogen economy develops, we believe demand for precious metals catalysts and new materials should continue to grow.
Maintain OVERWEIGHT
Given the ramp-up in recycling materials but margin pressure in the precursor segment, we raise our volume and gross margin assumptions for precious metals recycling materials while trimming precursor gross margin. We forecast 2026/2027/2028 attributable net profit of RMB723/813/900mn, with 2026/2027 estimates cut by 12.48/14.86% vs prior, implying EPS of RMB0.88/0.99/1.09. In our SOTP valuation, we estimate precious metals product trading and precious metals materials will each contribute 50% of gross profit in 2026E, translating to EPS of RMB0.44/0.44. Applying the 2026E average PE of 15.23x and 38.11x for comparable companies on iFind consensus, we derive a target price of RMB23.47 (previous: RMB25.69, on 2026E 16.3x and 29.5x PE for the above two segments).
Risks: Commodity price swings, policy implementation falling short of our expectations, weaker downstream demand than we expect.

　　2025年，公司实现营业收入556.75亿元（yoy+17.20%），归母净利润6.41亿元（yoy+10.54%），扣非归母净利润6.07亿元（yoy+14.00%），不及我们预期（6.96亿元）。公司收入增长主要受益于贵金属再生资源等材料销量增长，但毛利率同比下滑反映原料成本上升压力致使盈利能力不及预期。展望后市，随着贵金属产业链延伸及产品结构优化，业绩有望保持稳健增长。维持"增持"评级。
　　25年营收增长17.20%，再生资源放量但毛利率承压
　　我们认为公司营收增长主因贵金属再生资源材料销量同比增长50.03%，以及贵金属特种功能材料（yoy+25.43%）和前驱体材料（yoy+3.78%）销量增长。2025年整体毛利率为2.63%（yoy-0.29pct），其中贵金属再生资源材料毛利率2.50%（yoy-0.65pct），贵金属前驱体材料毛利率2.89%（yoy-1.13pct），主因贵金属原料成本上升及再生资源业务毛利率下行。期间费用率1.55%（yoy-0.32pct），各项费用控制良好。现金流方面，2025年经营活动现金流净额-19.23亿元，同比-337.33%，主要系存货增加及采购支出增加所致。
　　贵金属龙头地位稳固，产业链延伸持续推进
　　公司持续推进贵金属新材料产业发展，致力于巩固贵金属行业龙头地位。业务层面，公司聚焦贵金属特种功能材料、前驱体材料及再生资源材料，产品结构持续优化，高端贵金属新材料产品占比有望提升。产业链层面，公司已形成从贵金属资源回收到新材料制造的完整产业链，再生资源材料销量高增带动营收扩张。随着新能源及环保领域需求释放，叠加公司产能扩张及产业链协同效应增强，业绩有望保持稳健增长。
　　贵金属行业需求稳步增长，新能源与环保领域驱动长期发展
　　2025年中国贵金属全市场规模8500亿元，同比增长8%，主因投资需求增加，工业应用扩展以及政策支持。贵金属行业受益于新能源、环保及高端制造领域需求增长，铂族金属及贵金属新料市场需求持续扩张。随着全球绿色转型加速及氢能产业发展，贵金属催化剂及新材料需求有望持续增长。
　　维持“增持”评级
　　考虑到公司再生资源材料板块放量，但前驱体板块盈利能力承压，我们调高公司贵金属再生资源材料销量预期及毛利率，调低前驱体板块毛利率，测算2026-2028年公司归母净利润分别为7.23/8.13/9.00亿元，26/27年调低12.48%/14.86%，对应EPS为0.88/0.99/1.09元。我们采用分部估值方法，预测公司2026年贵金属产品贸易与贵金属材料毛利占比分别为50%、50%，对应2026年EPS为0.44/0.44元。可比公司2026年iFind一致预期PE均值分别为15.23、38.11X，给予公司2026年15.23、38.11XPE，目标价23.47元（前值25.69元，基于2026年16.3、29.5XPE），维持“增持”评级。
　　风险提示：大宗商品价格波动、政策执行不如预期、下游需求不及预期。