From January 5 to 6, at the beginning of the new year 2025, GEM themed event, “Crossing Mountains and Seas, Riding the Wave Forward, Opening Up Channels for Growth”, took place grandly at the main venue in the GEM Jingmen Industrial Park and was broadcast simultaneously at GEM’s Shenzhen headquarters, Indonesia QMB Industrial Park, and other global locations. Professor Xu Kaihua, Chairman of GEM; Ms. Wang Min, joint ultimate controller and Director of GEM; along with Directors, Supervisors, and Senior Management; and representatives of the Indonesia QMB team, attended the event at the main venue in GEM Jingmen Industrial Park. 16 GEM industrial parks, as well as offices, and the “GEM-ITB-CSU” Joint Laboratory, participated remotely.

△ GEM 2024 Annual Summary and 2025 Outlook Conference

( GEM Jingmen Industrial Park Main Venue)

△ GEM 2024 Annual Summary and 2025 Outlook Conference

( Indonesia QMB Venue )

As waves roar over the seas, another year of challenges and opportunities has passed! The summary and outlook conference began with GEM employees singing the national anthem. Chairman Xu Kaihua summarized 2024 with the slogan, “Crossing Mountains and Seas, Riding the Wave Forward, Charting New Paths and Embrace the New, Opening Up Channels for Growth.” In 2024, facing the global industry involution, the company took advantage of the “Upgrades and Trade-in” strategy, crossing mountains and seas, overcoming all the difficulties along the way, and making historic achievements in production and operation, overseas nickel resource construction, ESG value, and super innovation. Professor Xu Kaihua, Chairman of the Board of Directors, thanked all the staff of GEM for their struggle and dedication, all investors and all sectors of society for their strong support, especially Tsingshan Holding Group and Chairman Xiang Guangda for their strong support! Chairman Xu Kaihua pointed out that the main achievements of GEM in 2024 are as follows:

Firstly, the production capacity is released and it is moving towards an incremental new channel. The company’s “urban mining & new energy material manufacturing” business is in full swing, the capacity utilization rate of core products exceeds 95%, and the shipments of core products have increased substantially.

The second is the global alliance, building circles and chains to stabilize the market. Firmly implementing the global industrial chain alliance strategy, the company joined hands with the industrial chains of South Korea, Indonesia, and China to build circles and chains. The company signed a large order of 265,000 tons per year to add ternary precursors to European and American markets and signed a global leading competitiveness alliance of “Nickel Resources-Precursors-Ternary Materials” with ECOPRO. The global circle of friends expanded in depth and the global market was impregnable.

The third is to take nickel as the sword and move towards an incremental new channel. The company’s overseas team overcame difficulties and fought bloody battles to achieve world-class brilliant achievements in nickel resource construction. The first phase of Indonesia’s resource production capacity was successfully exceeded, and the second phase and the third phase of nickel resource production capacity were completed and put into production ahead of schedule. The holding and shareholding nickel resource production capacity reached 150,000 tons per year, successfully opening the world’s first 1,168 cubic meters high-pressure hydro-metallurgical reactor for laterite nickel ore, and its product quality and economic operation level ranked first in the world. This is a significant achievement in the field of hydrometallurgy of laterite nickel ore in the world. It once again proves the leading position of GEM in the field of hydrometallurgy of nickel resources to the world with independent technology, realizes the definition of competitiveness by nickel, stabilizes the global market share, and pushes the company towards profitability.

Fourthly, the company successfully built a refining capacity of 30,000 tons per year for nickel cobalt manganese raw materials and an ultra-high nickel ternary precursor capacity of 50,000 tons per year in Indonesia, realizing the going out from metallurgical technology, raw material technology to precursor technology, opening up the industrial chain of laterite nickel ore-new energy raw materials-ternary precursor materials in Sulawesi, Indonesia, seizing the opportunity, serving the needs of the Korean market, the European market and the new energy industrial chain of Chinese enterprises to go out to sea, and successfully practiced the industrial chain concept of “putting laterite nickel ore in and refining battery materials” and the construction concept of “technology + wisdom + green”.

The fifth is to embrace innovation and seize new opportunities in history. In 2024, the state implemented the strategy of large-scale equipment renewal and trade-in of consumer goods, which stimulated trillion-dollar market opportunities. Taking advantage of the situation, the company implemented the asset strategy adjustment and transferred the company’s three electronic waste parks in the north, Xiantao and Mutong parks to the new force of the recycling industry, recovering more than 1.3 billion yuan, optimizing the company’s asset structure and strengthening the company’s cash flow. In the next step, the company will focus on investment in the field of rare and precious metals recycling, and strive to solve the key problems that have not been well solved in the resource recycling industry, quickly transforming the company’s technological advantages in the recycling of rare and rare metals and energy metals into industrial advantages, solve the strategic sustainable supply problem of the country in key mineral fields, and form a new advantage for the company in the new round of recycling industry development.

Sixthly, value upgrading, technology going out to sea, and ESG shining around the world. The “GEM-ITB-CSU” Joint Laboratory invested in and built by GEM in Bandung Institute of Technology, Indonesia, was unveiled and operated, becoming the first Sino-foreign joint research laboratory of the “One belt, one road”, pushing Indonesia’s scientific and technological innovation into a new era, making China’s technology benefit Indonesia and creating a demonstration project to jointly build the “One belt, one road” version 2.0. The fourth phase of “CMMAI-GEM-CSU” jointly trained 101 students with master's degrees and doctor’s degrees in engineering, including 57 students in metallurgy class, 20 students in rail transit, 21 students in international trade, and 3 doctors. There are 98 masters of engineering and 3 doctors, a total of 101 Indonesian elites, who are involved in metallurgy and materials engineering, rail transit, and international trade. This is a historic achievement of Sino-Indonesian cultural and educational cooperation and has created a history of China-Indonesia cooperation in training high-level talents. As a representative of China enterprises, GEM made its debut at the COP29 United Nations Global Climate Change Conference, giving a keynote speech on “Circular Economy Promoting World Emission Reduction” and spreading the story of GEM’s green development. For eleven consecutive years, the company’s information disclosure has been awarded the A-level comprehensive evaluation by the Shenzhen Stock Exchange, and it has been awarded the Best Practice Case of the Board of Directors of Listed Companies in 2024 by the China Association of Listed Companies. The company successfully ranks among the “Top 20 Enterprises in China in 20 Years” of the United Nations Global Compact Organization. As the only local enterprise in China that stands out, the company has been honored as one of the top ten cases of circular economy in China in the past 20 years. It has maintained the sustainable development rating of the Hong Kong Quality Assurance Bureau for three consecutive years, and the ESG has a full dimension of TOP 10%.

“Optimistic and Forward-looking, Seizing Opportunities,” looking ahead to 2025, Chairman Xu urged GEM employees to remain optimistic and seize historic opportunities brought by the global transition to renewable energy. He stressed the importance of enhancing core competitiveness in the global industry and highlighted the 2025 guiding principles of “Innovation-Driven, Quality-First, Extreme Cost Reduction, and Unlocking New Growth Channels.” Chairman Xu laid out six primary operational goals and 12 key focus tasks for the year, emphasizing the importance of “grabbing opportunities, unleashing capacity, and strengthening alliances.”

△ All Employees Sing the National Anthem

△ Professor Xu Kaihua, Chairman of GEM, Delivers the Speech of GEM 2024 Annual Summary and 2025 Outlook

Speeches from key “engine” representatives, including Wang Yi, Executive Deputy General Manager of QMB; Hu Yi, Deputy Director of the Jingmen Industrial Park Raw Material Manufacturing Center; Chen Yujun, Assistant to the General Manager and Director of Wuxi Industrial Park Management Committee; and Dr. Wang Yaning, highlighted their confidence and determination to progress amidst challenges and forge a path through their efforts. On the afternoon of January 5, various departments and subsidiaries held group discussions centered on the 12 key focus tasks for 2025. On January 6, they reported on 2024 performance and conducted one-on-one work discussions for 2025 plans.

As the meeting drew to a close, Ms. Wang Min, joint ultimate controller and director of GEM, delivered the concluding remarks, expressing higher expectations for the business operations and performance of GEM’s various sectors. “Recognizing one’s shortcomings and striving forward, looking towards the distant mountains while moving ahead,” she hoped that through this summary and outlook, all GEM employees would actively work to achieve the goals set at the conference and, in 2025, forge ahead to open up channels for growth.

△ Ms. Wang Min, Joint Ultimate Controller and Director of GEM, Delivers The Concluding Remarks

“Crossing Mountains and Seas, Moving Forward with Determination, Setting Sail and Riding the Tide!” 2025 is set to be a year of harvest and global strategic stabilization for GEM. Chairman Xu encouraged GEM employees to remain true to their green mission and adhere to the guidance of President Xi Jinping. With “Crossing mountains and seas, Riding the wave forward, Opening up channels for growth” as the motto, GEM will prioritize opportunities, drive innovation, enhance quality, reduce costs, and expand its global network. “Crossing mountains and seas, riding the waves forward—onward, onward, onward!”