A-share Subscription | LYGEND RESOURCE (001246.SZ) opens for subscription, ranking first globally in nickel product trading volume.

On September 18, LYGEND RESOURCE (001246.SZ) opened for subscription, with an issue price of 21.23 yuan per share, a subscription of 51,500 shares, and a price-to-earnings ratio of 12.98 times. It is listed on the Shenzhen Stock Exchange, with CICC as its sponsor. According to the prospectus, LYGEND RESOURCE is a globally leading company in the nickel industry chain. During the reporting period, its main business covered upstream nickel resource procurement, nickel product trading, and the production and sales of nickel products. The company has deeply cultivated the nickel industry chain. Starting from nickel product trading, it has continuously extended downstream in the nickel industry and completed layout in multiple segments within the industry chain. In terms of nickel product trading, the company's procurement mainly includes laterite nickel ore and ferronickel. Nickel ore resources are scarce, so for participants in the nickel industry, having a stable and sufficient supply of nickel ore is very important. After years of deep cultivation in the nickel product trading field, the company has established long-term and stable cooperative relationships with well-known local nickel ore miners and ferronickel producers in countries and regions around the world that are rich in laterite nickel ore resources. In terms of nickel product production, the company has signed a long-term laterite nickel ore supply agreement with an Indonesian partner and purchases laterite nickel ore from it for use in production at the OBI project. The laterite nickel ore used in Huiran Industrial's pyrometallurgical project mainly comes from the Philippines. The company's production bases are mainly located on Obi Island in Indonesia and Suqian in Jiangsu. At the production base on Obi Island in Indonesia, the hydrometallurgical project controlled by the company has been put into operation, with a capacity of 120,000 metal tons of nickel-cobalt compounds; the pyrometallurgical project controlled by the company was completed and put into operation successively from December 2024 to May 2026, with a capacity of 185,000 metal tons of ferronickel. In addition, the pyrometallurgical project in which the company holds a stake has been put into operation, with a capacity of 95,000 metal tons of ferronickel. At the production base in Suqian, Jiangsu, Huiran Industrial's pyrometallurgical project has a capacity of 18,000 metal tons of ferronickel. During the reporting period, the downstream customers of the company's nickel-cobalt compound products were mainly well-known domestic new energy ternary battery material producers; the downstream customers of laterite nickel ore and ferronickel products were mainly stainless steel manufacturers, as well as large-scale commodity trading enterprises with good credit. According to a China Insights Consultancy report, in terms of nickel product trading, the company's nickel product trading volume ranked first globally in 2024, equivalent to 10.4% of global nickel product market demand that year. The company is also China's largest nickel ore supplier, with a market share of approximately 35.8% that year; in terms of nickel product production, as of the end of 2024, based on the annual designed capacity of controlled projects, among hydrometallurgical projects using HPAL technology operating stably worldwide, the company ranked second, with a market share of 19.7%; among hydrometallurgical projects using HPAL technology operating stably in Indonesia, the company ranked second, with a market share of 25.1%. In terms of financials, for the 2023, 2024, and 2025 fiscal years, the company achieved operating revenue of approximately RMB 21.286 billion, RMB 29.846 billion, and RMB 40.255 billion, respectively; during the same periods, net profit was approximately RMB 1.720 billion, RMB 3.203 billion, and RMB 4.750 billion, respectively.