I'm LongbridgeAI, I can summarize articles.CNGR Co., Ltd.; announced on Wednesday that driven by strong demand for battery materials, it expects net profit in the first quarter to reach between 530 million yuan and 590 million yuan, a year-on-year increase of 72% to 92%. The company's battery material sales approached 130,000 tons, benefiting from rising nickel prices. On Thursday, CNGR's Hong Kong stock rose 0.4% to HKD 36.5, while its A-shares increased by 1.4% to 51.2 yuan, 7.4% higher than the listing price in November last year
CNGR (2579.HK; 300919.SZ) announced on Wednesday that its net profit significantly increased in the first quarter, driven by strong demand for battery materials such as nickel, cobalt, phosphorus, and sodium.
The company expects to achieve a net profit of between 530 million yuan and 590 million yuan during the period, an increase of 72% to 92% compared to the 308 million yuan reported in the first quarter of 2024. The company stated that its battery material sales in the latest quarter were nearly 130,000 tons, but did not disclose data from the same period last year. CNGR also benefited from high nickel prices.
On Thursday, CNGR's Hong Kong stock rose 0.4% to HKD 36.5, while its A-shares increased by 1.4% to 51.2 yuan. The Hong Kong stock price is 7.4% higher than the listing price of HKD 34 in November last year.
Yang Ge