Huayou Cobalt

What Huayou Cobalt does

Zhejiang Huayou Cobalt Co., Ltd. is a vertically integrated Chinese new energy lithium battery materials company founded in 2002 and listed on the Shanghai Stock Exchange (SSE: 603799). The company controls the full battery materials value chain through five business segments: Africa Resources (cobalt, copper, and lithium mining in the DRC via CDM and in Zimbabwe via the Arcadia mine and ATZ lithium sulfate plant), Indonesia Nickel (HPAL hydrometallurgical projects at WedaBay and Pomalaa industrial parks), New Materials (ternary precursors, cobalt, nickel, and lithium chemical products including sodium-ion precursors), New Energy (NCM and LCO cathode materials, including the Youshan Technology LFP subsidiary and Huachuang copper foil subsidiary), and Recycling (the 芯安锂得 closed-loop retired power battery recycling and cascade utilization business). With 35,000+ employees, RMB 1,740+ billion in total assets, and a patent portfolio exceeding 700 valid authorizations, Huayou operates HPAL technology for low-grade laterite ore processing and integrates mining, smelting, and chemical processing within single industrial parks.

The company's go-to-market is B2B enterprise sales targeting tier-1 battery manufacturers and EV OEMs. Named customers include CATL, BYD, LG Energy Solution, Samsung SDI, Panasonic, Tesla, Ford, BMW, and Volkswagen, served through direct long-term supply agreements with negotiated, volume-committed pricing under multi-year contracts. Revenue is generated primarily through hardware sales of cathode precursors, cathode materials, cobalt/nickel/lithium chemical products, and resource products (crude cobalt hydroxide, electrowon copper, lithium concentrate), supplemented by battery recycling services under a 'waste-to-material' model. The company maintains a global production footprint in China (Tongxiang HQ, Chengdu, Tianjin, Quzhou, Guangxi), DRC, Zimbabwe, Indonesia (Sulawesi/Halmahera), and Hungary (Ajka), enabling localized supply into European, Asian, and emerging-market customer geographies.

In 2025, net profit attributable to shareholders reached a record RMB 6.11 billion (up 47.07% YoY) with Q1 2025 net profit up 139.68% YoY. The strategic trajectory is defined by overseas resource acquisitions (Atlantic Lithium Ghana for ~$210M and Elevra's Ewoyaa stake for ~$71M in May 2026), construction of the first self-operated overseas industrial park (IPIP, Indonesia), operationalization of the Hungary high-nickel cathode plant, first localized Zimbabwe lithium sulfate shipments, and MOUs with Hyundai and BMW for closed-loop battery recycling — collectively extending the 'mine-to-recycling' vertical integration model globally.

Name

Huayou Cobalt

Legal name

浙江华友钴业股份有限公司

Website

https://huayou.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Huayou Cobalt is a vertically integrated Chinese new energy lithium battery materials producer operating across Africa (cobalt, lithium), Indonesia (nickel via HPAL), and China/Hungary (precursors, cathode materials, recycling), supplying CATL, BYD, LG, Samsung, Tesla, Ford, BMW, and VW through long-term B2B supply agreements.

Ownership category

akta.pro rank

Product category

Lithium Battery Materials

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Battery Manufacturing (33591)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330), Industrial Inorganic Chemicals (2810)

akta.pro primary industry

Cobalt Mining & Refining (IMAKAFAC)

akta.pro secondary industries

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Lithium-ion Battery Recycling (Mechanical, Hydro, Direct Recycling) (EUAIAIAF), Battery Materials Refining & Re-Manufacturing Feedstocks (Li, Ni, Co, Mn, Graphite Salts) (EUAIAIAJ), Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

Keywords

• Lithium battery materials
• Cathode precursor materials
• Cobalt nickel mining
• HPAL nickel processing
• Battery materials recycling

Headquarters

HQ city

Jiaxing

HQ country

China

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel

Revenue model

1. Battery Materials Sales: Primary revenue from selling cathode precursor materials (NCM precursors), cathode materials (NCM, LCO), cobalt products (cobalt sulfate, cobalt tetroxide, cobalt hydroxide), nickel products, and lithium products to battery manufacturers and EV companies worldwide.
2. Resource Products: Sales of mined and processed cobalt, nickel, and copper products from African operations (DRC, Zimbabwe) and Indonesian nickel operations. Includes粗制氢氧化钴 (crude cobalt hydroxide), 电积铜 (electrolytic copper), and lithium concentrate.
3. Battery Recycling Services: Recycling services for end-of-life power batteries, recovering lithium, cobalt, nickel, and manganese. Revenue generated through '废料换材料' (waste material for new materials) business model with downstream customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Huayou Cobalt is a vertically integrated supplier of new energy lithium battery materials, mining and processing cobalt, nickel, and lithium and converting them into ternary precursors, cathode materials (NCM, LCO, LFP), and battery-grade chemicals. The company also produces copper foil and operates a battery recycling and cascade utilization business, serving lithium-ion battery manufacturers and electric vehicle OEMs worldwide.

Product overview

Huayou Cobalt operates as a vertically integrated new energy lithium battery materials company with five main business sectors: Africa Resource Industry (cobalt, lithium, copper development in DRC and Zimbabwe), Indonesia Nickel Industry (nickel resource development), New Material Industry (ternary precursors, cobalt products, lithium products, nickel products, sodium battery precursors), New Energy Industry (cathode materials for 3C electronics, EVs, and energy storage), and Recycling Industry (退役动力电池循环利用 - retired power battery recycling and cascade utilization). The company controls resources from Africa and Indonesia, processes materials in China, and serves global battery manufacturers, with operations spanning from mining in DRC and Zimbabwe to nickel processing in Indonesia to materials manufacturing in multiple Chinese bases and recycling operations.

Differentiator

Problem solved

Functional benefit

Brands

• 友山科技 (Youshan Technology): Subsidiary specializing in lithium iron phosphate (LFP) cathode material R&D, production and sales
• 华创新材 (Huachuang New Materials)
• 芯安锂得 (Xin'an Lithium)

Products and services

• Ternary Precursor (三元前驱体) Ternary precursor materials (NCM/NCA) used as cathode active materials for lithium-ion batteries in electric vehicles and energy storage systems, with grades including 523A, 65F, 60FS3, 80E, 8DS3, 9AL5, 9AM2, and 93DS.
• Cobalt Products (钴产品) Cobalt-based products including electric cobalt, cobalt sulfate, cobalt hydroxide, cobalt tetroxide, cobalt carbonate, and cobalt chloride for use in battery materials and industrial applications.
• Lithium Products (锂产品) Lithium products including lithium carbonate, lithium sulfate, and lithium concentrate for battery materials and processing.
• Nickel Products (镍产品) Nickel products including nickel sulfate, electrolytic nickel, nickel hydroxide cobalt, and high-ice nickel for stainless steel and battery industries.
• Cathode Materials (正极材料) Cathode materials including lithium cobalt oxide (LCO) for consumer electronics, high-nickel single crystal, high-nickel high energy density, medium-nickel high voltage products, and 4.45V/4.48V/4.5V products for EVs and energy storage.
• Sodium Battery Precursor (钠电前驱体产品) Sodium-ion battery precursor materials including NFM111 large/small particles, NFM111 (spray pyrolysis), NCFM, NM, and NFS for emerging sodium-ion battery applications.
• Lithium Iron Phosphate (LFP) (磷酸铁锂) LFP cathode materials produced by subsidiary Youshan Technology (友山科技), focused on R&D, production and sales with production bases in China and overseas.
• Copper Foil (铜箔) High-performance copper foil products including 3-20μm lithium battery copper foil and 9-140μm electronic circuit copper foil, produced by subsidiary Huachuang Materials (华创新材), one of the earliest enterprises to mass-produce 4.5μm copper foil in China.
• Crude Cobalt Hydroxide (粗制氢氧化钴) Raw cobalt hydroxide produced from African operations, serving as feed material for further refining into battery-grade cobalt products.
• Electrowon Copper (电积铜) Electrowon copper produced as a by-product of cobalt extraction from DRC operations.
• Power Battery Remanufacturing (动力电池再制造) Reconditioning and remanufacturing of retired power batteries for second-life applications including forklifts, AGV, electric two/three-wheelers, and industrial/commercial energy storage.
• Waste Power Battery and Material Recycling (废旧动力蓄电池及材料回收) Global, safe, harmless, and sustainable waste battery solutions through the 'waste to material' business model operated under the Xin'an Lithium (芯安锂得) brand, recovering lithium, cobalt, nickel, and manganese for downstream customers.

Quantifiable outcome

• Revenue of 61.1 billion RMB in 2025, record profit of 61.1 billion RMB net profit
• +2 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

17 partnerships are on record, tiered core, moderate and minor.

• ARECOMS (DRC Strategic Minerals Regulator)coreOthers · 30 June 2026DRC regulatory body overseeing cobalt export quotas and strategic minerals. Huayou's DRC operations are subject to ARECOMS quotas and regulatory oversight. Administrative issues with ARECOMS customs platform caused export declaration problems in July 2026.
• Harare Institute of TechnologymoderateStrategic or Co-development Partner · 25 June 2026Partnership with Zimbabwe's Harare Institute of Technology and Ningbo University of Technology for vocational education and training. The三方合作协议 (tripartite cooperation agreement) was signed in May 2026 to establish China-Zimbabwe College of Engineering and Technology.
• Jiaxing CustomsmoderateOthers · 5 June 2026Jiaxing Customs leadership visited Huayou for guidance on import/export operations, customs clearance optimization, and policy support for international trade.
• Ningbo University of TechnologymoderateStrategic or Co-development Partner · 19 May 2026Partnership with Harare Institute of Technology and Ningbo University of Technology for vocational education in Zimbabwe. Signed May 2026 to establish China-Zimbabwe engineering and technology institute.
• China Chamber of Commerce in IndonesiaminorOthers · 14 May 2026Huayou is a member of the China Chamber of Commerce in Indonesia, which represents Chinese companies including Tsingshan, Brunp in discussions with Indonesian government on nickel policy.
• Elevra LithiumcoreStrategic or Co-development Partner · 11 May 2026Elevra Lithium agreed to sell its interest in Ghana's Ewoyaa Lithium Project to Huayou for approximately US$71 million in cash, with closing expected Q1FY27. The sale includes all of Elevra's rights and interests including offtake rights, independent of Huayou's separate Atlantic Lithium acquisition.
• Atlantic Lithium LimitedcoreStrategic or Co-development Partner · 7 May 2026Huayou Cobalt agreed to acquire 100% equity in Atlantic Lithium for approximately US$210 million through an Australian scheme of arrangement. Atlantic Lithium's core asset is the Ewoyaa lithium project in Ghana, containing 36.8 million tonnes of ore at 1.24% Li2O. The acquisition gives Huayou 87% indirect equity in the project. Additionally, Huayou acquired Elevra Lithium's stake in Ewoyaa for US$71 million.
• Hyundai Motor GroupcoreStrategic or Co-development Partner · 12 March 2026Huayou Recycling signed a MOU with Hyundai Motor Group for cooperation on power battery recycling and utilization. The partnership aims to build international collaboration on battery lifecycle management and cascade utilization.
• BMW GroupcoreStrategic or Co-development Partner · 12 March 2026Battery materials and recycling partnership. Huayou and BMW have collaborated on closed-loop battery recycling and materials supply for BMW's EV programs.
• Vale Indonesia (淡水河谷印尼)coreStrategic or Co-development Partner · 12 November 2025Joint venture partnerships for Indonesian nickel processing. Huayou participates in HPAL projects at Indonesian industrial parks (IMIP, IWIP, IPIP) with Vale Indonesia. Also partnered on Ford- Vale Indonesia - Huayou三方合作 for battery materials supply.
• Ford Motor CompanycoreStrategic or Co-development Partner · 12 November 2025Ford, Vale Indonesia, and Huayou formed三方合作 to build battery materials supply chain for EVs. The partnership leverages Indonesian nickel resources processed by Huayou for battery supply to Ford's EV programs.
• LG Energy SolutioncoreStrategic or Co-development Partner · 12 November 2025Long-term supply agreements for cathode materials and battery precursor products. Huayou and LG have established strategic supply relationships for battery materials serving LG's global battery manufacturing operations.
• VolkswagencoreStrategic or Co-development Partner · 12 November 2025Battery materials supply relationship for Volkswagen's EV programs. VW sourcing from Huayou as part of diversified supply chain strategy.
• TeslacoreStrategic or Co-development Partner · 12 November 2025Battery materials supply relationship. Tesla sources critical battery materials including cobalt from Huayou's supply chain for its global EV production.
• CMOC GroupmoderateStrategic or Co-development Partner · 30 September 2025Both Huayou and CMOC are major cobalt producers in DRC, collectively controlling significant portions of cobalt processing capacity. They operate in similar regulatory environment and face similar policy challenges.
• Sinomine Resource GroupmoderateStrategic or Co-development Partner · 30 September 2025Both companies are major lithium operators in Zimbabwe. Sinomine operates Bikita Minerals while Huayou operates Arcadia. Both face similar policy environment from Zimbabwe's lithium export restrictions.
• WELION New EnergyTechnology or Integration · 20 August 2025Supply chain partnership for solid-state battery materials. Huayou Cobalt supplies cathode materials to WELION for their 360Wh/kg semi-solid-state battery cells.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• GEM Co. (格林美): Chinese battery recycling and NCM precursor company; directly comparable on the recycling side and competes with Huayou on precursor supply to CATL and other tier-1 battery makers.
• CMOC Group (洛阳钼业): Major DRC cobalt/copper producer operating the Tenke Fungurume mine alongside Huayou's CDM. Most direct upstream peer in cobalt mining and a key competitor for DRC regulatory positioning.
• Umicore: Belgian-based global leader in cobalt refining and CAM; competes head-to-head with Huayou in high-nickel CAM and cobalt chemicals serving European and Asian battery makers.
• Sumitomo Metal Mining: Japanese integrated nickel/cobalt refiner and cathode materials producer; competes with Huayou in high-purity nickel/cobalt sulfate and NCA precursors for Panasonic and Asian battery makers.
• CNGR Advanced Material: China-listed (300919.SZ) NCM precursor and battery materials producer. Direct rival to Huayou in nickel/cobalt/manganese precursors serving the same tier-1 battery customers.

Broad incumbents

• Glencore: Swiss-listed miner and trader; major Mutanda/Murashiku cobalt producer in the DRC and a benchmark cobalt/nickel supplier that competes with Huayou's upstream resource base.
• POSCO Holdings (incl. POSCO Future M): Korean steel-to-battery-materials conglomerate with nickel sulfate, CAM, and battery-grade lithium operations. Overlaps with Huayou across nickel chemicals and CAM, with broader portfolio scale.
• Alliance Nickel (NiWest/Nickel West) - IGO / BHP (Nickel West): BHP Nickel West and IGO/Tianqi produce nickel sulfate feedstocks for batteries; comparable on the nickel intermediate side that feeds the same CAM supply chain Huayou participates in.

Emerging players

• Eurasian Resources Group (ERG): Private DRC copper and cobalt producer competing for African mineral resources and market share alongside Huayou's CDM; comparable business in cobalt hydroxide feedstock.

Regional players

• Sinomine Resource Group: Chinese lithium and rare-earth operator; runs Zimbabwe Bikita lithium mine alongside Huayou's Arcadia project. Direct lithium-resource competitor in the same geographic and regulatory cluster.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/huayoucobalt
• Facebookfacebook.com/profile.php

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries14 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Huayou Cobalt