ZHEJIANG HUAYOU COBALT CO -A

Overview

Zhejiang Huayou Cobalt Co., Ltd. is a battery-materials and energy-metals company with an integrated business spanning resource development, metals processing, battery-material research and manufacturing, and recycling. Its main products include ternary cathode materials, lithium cobalt oxide, battery precursors, and nickel-, cobalt- and lithium-based materials.[1]+4

The company describes its operating model as “overseas resources, international manufacturing, and global markets,” with activities in China and overseas, including Indonesia, Africa and Europe. Its stated mission is “create value for customers and lead industrial advancement.” [2]+2 Founded in 2002, Huayou reported 2025 operating income of RMB 81.019 billion and 26,466 in-service employees at year-end.[8]+2 [1]+9

Products & services

Huayou’s battery-materials portfolio includes ternary precursor series 523A, 65F/65F1, 60FS3, 80E, 8DS3, 9AL5, 9AM2 and 93DS, as well as cathode materials. Ternary precursors are produced through synthesis, washing and drying and are used mainly in battery cathode materials; the company’s new-materials products also serve consumer-electronics and alloy applications.[4]+2

Other named products include electrolytic cobalt, cobalt hydroxide, cobalt tetroxide, cobalt carbonate, cobalt chloride, lithium carbonate, nickel sulfate and electrolytic nickel. Resource products include crude nickel hydroxide, high-grade nickel matte, crude cobalt hydroxide, electroplated copper, spodumene and petalite concentrates, lithium sulfate and copper cathodes. The company also reports used-battery recycling, resource recovery, tiered utilization, battery maintenance and remanufacturing services.[5]+3 [4]+7

Geographic presence

Huayou’s disclosed operating footprint spans China, Indonesia, the Democratic Republic of the Congo (DRC), Zimbabwe and Hungary. In Indonesia, completed projects include Huayue and Huafei HPAL and Huake RKEF; Pomalaa and Sorowako HPAL projects were under development, alongside construction at Pomalaa Industrial Park. The company also describes integrated copper-cobalt mining, beneficiation and smelting in the DRC; lithium operations and project development in Zimbabwe; and commissioning of the first phase of a cathode-material project in Hungary.[15][16]

In China, the company’s registered and office addresses are in Tongxiang, Zhejiang, and disclosed manufacturing subsidiaries are located in Quzhou, Zhejiang; Jintang, Sichuan; and Yulin, Guangxi. Its disclosed overseas business entities include operations in Hong Kong, Singapore and Indonesia.[17]+2

For 2025, primary-business operating income was RMB29.283 billion from domestic operations and RMB50.555 billion from overseas operations—approximately 36.7% and 63.3%, respectively, of their combined total. The available figures do not provide a country-level revenue split.[20] [15]+6

Business segments

Huayou states that it manages and evaluates its business as a whole and does not disclose reportable operating segments. Its FY2025 report instead presents an industry-based revenue breakdown: New Energy battery materials and raw materials (RMB 39.66 billion; approximately 49.7% of the three-category total), Nonferrous metal materials (RMB 31.34 billion; 39.3%), and Trade and others (RMB 8.84 billion; 11.1%). The percentages are calculated from reported operating income totaling RMB 79.84 billion.[21][22]

The company describes its resource activities as mining, beneficiation and initial processing of nickel, cobalt, lithium and copper, and its new-materials activities as developing, producing and selling ternary precursors and nickel-, cobalt- and lithium-based materials for applications including EV batteries, consumer electronics and alloys. These strategic descriptions are not explicitly mapped one-to-one to the three industry categories.[5][4] The FY2025 report also lists product revenues including nickel (RMB 25.90 billion), cathode materials (RMB 14.97 billion), cobalt (RMB 5.03 billion), ternary precursors (RMB 4.49 billion), copper (RMB 4.53 billion) and lithium (RMB 3.44 billion); these listed lines do not comprise the full industry revenue total.[22] The 2026 half-year report is the latest report identified, but a detailed comparable segment breakdown was not verified there.[23] [21]+6

Company history

Zhejiang Huayou Cobalt’s roots date to 1994, when Chen Xuehua founded Tongxiang Huaxing Chemical Industrial Co., Ltd., identified by the company as a predecessor. In 2002, Chen and others founded Zhejiang Huayou Cobalt and Nickel Materials Co., Ltd., the predecessor of the listed company; the company marks 29 October 2002 as the date of its foundation-stone ceremony in Tongxiang.[24][25] Huayou began investigating copper-cobalt resources in the Democratic Republic of the Congo in 2003 and started investing in local mining and smelting projects in 2006, developing an overseas resource base.[26]

The company listed on the Shanghai Stock Exchange on 29 January 2015.[27] In 2016, Chen Xuehua stepped down as general manager while remaining chairman, and Chen Hongliang became president.[28] From 2018, Huayou expanded into lithium-ion battery materials through joint ventures with POSCO; it also established a precursor joint venture with LG Chem in 2019.[29][30]

Huayou broadened its battery-materials business beyond cobalt through major projects and acquisitions. Its Huayue nickel high-pressure acid leach project in Indonesia produced its first qualified product in November 2021 and reached design capacity in 2022.[31][29] In 2022 it acquired Prospect Lithium Zimbabwe, owner of the Arcadia lithium project, which began trial production in 2023.[32][33] In 2024, its Huafei nickel project in Indonesia reached full production, extending the company’s expansion into nickel materials for batteries.[34] [28]+10

Sources

• ZHEJIANG HUAYOU COBALT CO -A — Full financial report (2025 Y)
  20 citations

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• www.huayou.com[14]
• static.cninfo.com.cn[23]
• www.huayou.com[24]
• www.huayou.com[25]
• www.huayou.com[26]
• www.huayou.com[27]
• www.huayou.com[29]
• www.huayou.com[30]
• www.huayou.com[31]
• www.huayou.com[32]
• www.huayou.com[33]
• www.huayou.com[34]