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GEM Co., Ltd.

GEM Co., Ltd.

002340.SZ
GEM Co., Ltd.CN flagShenzhen Stock Exchange
6.66
CNY
-0.23
- -
33.81BMarket Cap
GEM Co., Ltd.
002340.SZ
(Shenzhen Stock Exchange)

Recent

price

6.66

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.27
0.42
0.56
1.36
1.35
1.53
2.08
2.82
3.61
3.51
2.72
3.97
5.9
5.88
6.51
7.28
6.54
Revenue per Share
0.04
0.05
0.05
0.06
0.07
0.05
0.07
0.16
0.19
0.18
0.09
0.19
0.26
0.18
0.2
0.31
0.22
Basic EPS, GAAP
-0.44
-0.4
-0.44
-0.36
-0.56
-0.54
-0.35
-0.38
-0.18
-0.15
-0.12
-0.5
-0.83
-0.62
-1.74
-1.06
-2.46
Free Cash Flow per Basic Share
0.03
0.03
0.07
0.1
0.1
0.13
0.12
0.14
0.19
0.2
0.17
0.13
0.17
0.19
0.24
0.25
0.24
Dividend per Share
0.14
0.26
0.37
0.48
0.55
0.66
1.04
1.41
1.65
1.7
1.71
1.78
2.04
2.03
2.17
2.48
2.26
Book Value per Share
0.47
0.94
0.86
0.85
1.19
1.53
1.46
1.59
2.21
2.21
2.64
2.84
3.73
3.71
4.12
4.4
4.28
Tangible Book Value per Share
2,092
2,207
2,528
2,564
2,888
3,341
3,768
3,815
3,844
4,085
4,583
4,859
4,984
5,192
5,102
5,098
5,113
Basic Weighted Avg Shares
570
919
1,418
3,486
3,909
5,117
7,836
10,752
13,878
14,354
12,466
19,301
29,392
30,529
33,200
37,124
33,422
Sales/Revenue/Turnover
19.19
15.86
12.1
8.9
10.43
9.27
8.43
12.75
12.68
11.17
8.57
9.36
7.93
5.41
9.68
8.41
8.59
Operating Margin (%)
36
79
127
217
238
301
393
513
664
672
812
949
1,094
1,388
1,844
2,692
- -
Depreciation Expense
86
121
135
144
211
154
264
610
730
735
413
923
1,296
934
1,020
1,580
1,118
Net Income, GAAP
11.78
9.79
9.89
7.01
9.84
12.1
15.82
17.97
14.13
13.53
20.13
16.67
13.88
14.61
17.92
14.5
14.03
Effective Tax Rate (%)
15.03
13.12
9.49
4.13
5.4
3.01
3.37
5.68
5.26
5.12
3.31
4.78
4.41
3.06
3.07
4.26
3.35
Profit Margin (%)
254
698
690
313
609
1,597
1,602
1,482
2,311
1,584
1,547
3,108
6,954
2,372
-4,534
287
46
Working Capital
243
567
1,430
1,941
2,163
2,725
3,636
3,831
3,197
2,474
1,512
3,882
7,516
8,167
12,004
14,872
14,573
LT Debt
1,055
2,197
2,490
2,652
4,737
6,783
7,202
7,897
10,224
11,069
14,086
15,809
20,871
21,703
23,500
25,351
25,056
Total Equity
7.73
4.76
3.17
4.45
4.3
3.53
3.76
6.53
7.61
6.54
3.81
5.97
6.41
3.66
5.88
5.13
5.03
Return on Invested Capital (%)
13.11
10.27
6
5.83
5.52
4.01
4.95
6.5
7.28
7.04
4.71
7.29
7.7
4.24
3.52
5.03
3.65
Return on Capital (%)
34.38
27.46
17.85
13.4
15
8.08
8.6
13.12
12.45
11.07
5.58
11.19
13.77
9.04
9.45
13.33
9.82
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
13,200
13,448
14,295
LT Borrowings
12,003
14,970
14,514
LT Finance Leases
1
- -
59
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
5,126
5,126
5,124
Market Capitalization
33,092
33,336
32,466

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
25,819
27,631
27,836
Cash, Cash Equivalents & STI
4,738
5,226
5,672
Accounts Receivable, Net
6,972
7,304
6,776
Inventories
8,773
8,899
9,431
Total Current Liabilities
30,353
31,295
27,790
Payables & Accruals
- -
- -
- -
ST Debt
13,200
13,448
14,295
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
14.52%
12.88%
7.88%
Free Cash Flow
42.38%
101.84%
-39.3%
Net Income, GAAP
37.92%
40.07%
54.87%
Sales/Revenue/Turnover
24.12%
26.31%
11.82%
Total Cash Common Dividend
12.68%
12.21%
6.17%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
8,354
8,984
7,534
8,327
33,200
2025
9,496
8,065
9,626
- -
37,124
2026
9,982
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
- -
- -
- -
0.2
2025
0.1
- -
- -
- -
0.31
2026
0.1
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.04
- -
- -
- -
0.24
2025
0.04
- -
- -
- -
0.25
2026
0.05
- -
- -
- -
- -
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Business
GEM Co., Ltd. is a Shenzhen-based company founded in 2001 specializing in the recycling and processing of key metal resources and new energy battery materials. The company's core products include ternary precursor and cathode materials for lithium power batteries such as nickel-cobalt-manganese (NCM) and nickel-cobalt-aluminum (NCA) battery materials; ultrafine cobalt-nickel powders and chemicals; cobalt oxide, lithium cobaltate, nickel chemical products; recycled tungsten carbide, tungsten powder, and cemented carbide products; precious metals including gold, silver, palladium, and rhodium; wood plastic composites and other recycled plastic products; and energy storage solutions such as energy storage power stations, UPS, and lithium-ion battery systems for applications including aerial work platforms and electric vehicles. GEM operates across China and internationally, with a strategic focus on battery recycling, including recycling of used batteries, electronic waste, and scrapped automobiles. Recent major developments include the completion of a 20,000-ton capacity lithium iron phosphate (manganese) production line in 2025 at the Fu'an Industrial Park and the establishment of an annual 50,000-ton production capacity facility for high-nickel ternary precursor materials in Indonesia. The company has also signed a Memorandum of Understanding with US-based Ascend Elements, Inc. to expand into the European power lithium battery recycling and nickel-cobalt-lithium resource recovery markets. Additionally, GEM submitted an application for listing on the Hong Kong Stock Exchange in 2025, supported by joint sponsors JPMorgan, CITIC Securities, and CICC International. The firm's business model integrates key metal recycling, lithium battery recycling, and new energy material manufacturing, contributing to its global green industry strategy. GEM maintains a network of 16 recycling industrial parks across China with over three million tons of annual waste treatment capacity and has been expanding its operations and partnerships internationally to secure critical metal supplies and enhance production capacity for battery materials amid changing trade policies and supply chain dynamics.