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GEM Co., Ltd. (格林美, Shenzhen S
Group exposure score is 55 including 1 tracked subsidiary — standalone is 51.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 9 suppliers, 11 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
MHP (mixed hydroxide precipitate, Indonesian nickel intermediate) purchases, RMB 883,969,473.58 against an RMB 800,000,000 board-approved quota (exceeded). Largest single named related-party line in the filing. GEM-associate JV (联营企业), Indonesia nickel-laterite feedstock into GEM's China precursor plants. No share-of-total-purchases % given in this table (unlike Yunnan Tin's disclosure format) — filing's own top-5-supplier total (RMB 8.534bn = 25.98% of annual procurement) implies this alone is roughly 2.4% of full-year purchases if that ratio holds, but that is this dossier's derived estimate, not a filing-stated figure.
MHP purchases, RMB 200,289,842.21 against an RMB 200,000,000 quota (exceeded). GEM-associate JV, Indonesia nickel MHP — same feedstock class as PT.ESG NEW ENERGY MATERIAL above, second Indonesian nickel-associate supply line.
Related via a shared director (潘峰, Pan Feng, sits on Zhangyuan Tungsten's board), NOT common equity control — both are independently listed A-share companies. As GEM customer: cobalt powder + ammonium paratungstate (APT), RMB 180,988,657.09 (prior year RMB 131,189,734.50, +38% YoY). As GEM supplier: tungsten scrap (钨废料) feedstock, RMB 22,676,560.89. A rare instance of a named, non-JV, independently-listed bilateral trading relationship in this corpus.
GEM-associate JV. As supplier to GEM: ternary precursor, RMB 10,388,458.54. As customer: ternary precursor, RMB 6,759,289.52 — bidirectional trade in the same product class, consistent with intermediate-processing sharing within the JV.
GEM-associate JV. As supplier to GEM: tungsten scrap, RMB 11,979,464.59 (quota RMB 15,000,000, not exceeded). As customer: cobalt powder + tungsten carbide, RMB 11,885,840.71 (prior year RMB 1,669,469.02, a ~7x jump) — hardmetal/cemented-carbide recycling loop between the two.
GEM-associate JV. Cobalt powder + tungsten carbide, RMB 29,324,424.75 (prior year RMB 49,060,658.42, down ~40% YoY).
GEM-associate JV. As supplier to GEM: nickel sulfate, RMB 7,073,998.16 (quota RMB 20,000,000). As customer: steam fee/rent, RMB 6,612,231.13 (prior year RMB 7,284,549.49).
Ternary precursor + electronic waste, RMB 19,979,646.03. Also a named receivable counterparty (RMB 16.1m end-of-period accounts receivable) in the same filing.
Auxiliary materials/low-value consumables, RMB 39,407,025.33 — the single largest customer line among the smaller non-JV-nickel related-party sales.
GEM-associate JV. As supplier to GEM: environmental-protection equipment, RMB 4,290,291.15. As customer: scrapped-vehicle dismantled materials, RMB 5,171,074.89.
GEM-associate JV. As supplier to GEM: PV electricity fee, RMB 1,670,373.74 (quota RMB 1,500,000, exceeded; prior year RMB 1,560,490.98). As customer: rent, RMB 345,027.09.
Cathode material (正极材料), RMB 1,000,275.68 — small but names a specific downstream cathode-materials buyer outside the main JV cluster.
Scrapped/dismantled materials, RMB 131,082.45.
MBR membrane (污水处理膜组件), RMB 4,135,079.65 against a RMB 3,500,000 quota (exceeded; prior year RMB 2,159,735.04). Confidence downgraded to secondary: the supplier name was split across a PDF page-wrap in extraction (only \"）有限公\\n司\" survived on the transaction-table row) and reconstructed by cross-matching the filing's separate full associate-company list, where it is the only associate name unaccounted for elsewhere in the purchase/sale tables and the only one whose name plausibly matches an MBR-membrane (wastewater/environmental-technology) product line. Re-verify against the source PDF directly before treating this identification as certain.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
4 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 997 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Same FY2025 MD&A passage: Obi Island (Indonesia) HPAL nickel-cobalt compounds (MHP) sold under long-term supply agreements to CATL subsidiaries, Rongbay Technology 'and GEM'. Destination = GEM's ternary-precursor plants in China (Jingmen, Hubei etc.); the filing reports ~85% of revenue shipped to Chinese mainland. GEM also appears in Trimegah's 2023 prospectus as an HPL offtaker.
NIC Annual Report 2025, credit-risk note: MHP sales are to IXM S.A., Jingmen Gem Co., Ltd and XTC Recycling Technology (Xiamen) Ltd located in China, plus Hong Kong, Singapore and Sweden buyers; revenue note: Sales of MHP exported to customers based in China were $36.5m. Origin = NIC HPAL MHP (Tsing Creation offtake share of the HNC HPAL plant, IMIP, Morowali, Indonesia); destination = Jingmen GEM (GEM Co. subsidiary, Jingmen, Hubei, China). Per-customer value not split out.
Prospectus p.163-165. Listed battery-recycler/materials group (SZSE 002340); supplies cobalt tetraoxide (四氧化三钴), nickel sulfate and cobalt sulfate for ternary-precursor production — direct material link: cobalt, nickel.
TBP's IPO prospectus (p.252, customer section for the HPAL Project's nickel-cobalt compound): customers are China NEV-industry smelting/refining and ternary battery-material producers including GEM China, CNGR Advanced Material and Huayou Cobalt; separately (p.879, Indonesian original) 'HPL juga telah mengadakan perjanjian offtake jangka panjang dengan dua pelanggannya, termasuk GEM Co., Ltd.' (HPL, TBP's HPAL JV, has also entered into long-term offtake agreements with two of its customers, including GEM Co., Ltd.) No tonnage or share-of-sales percentage disclosed in the passages reviewed.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 11 of its 12 materials — a restriction on those is a tailwind, not a headwind.
As a buyer, policy pressure across its consumed materials is flat.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
As a producer, policy pressure across its produced materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.