GEM Jiangsu Cobalt caught fire, involving more than 20% of revenue

At noon on January 7, GEM Jiangsu Cobalt Industry caught fire. Respondents from GEM (002340.SZ) responded to a reporter from the Financial Associated Press that the location of the fire was the auxiliary workshop of GEM Jiangsu Cobalt Industry (GEM Taixing Factory). Survey. Relevant sources from GEM said that the core manufacturing process of cobalt products, the main product of the Taixing factory, has not been affected. The factory will rectify in the near future and resume production as soon as possible. Based on the data of the 2022 semi-annual report, GEM Jiangsu Cobalt accounts for more than 20% of GEM’s total revenue. The main products of GEM Jiangsu Cobalt Industry include cobalt tetroxide materials for 3C digital batteries, metal cobalt flakes for magnetic materials and alloy materials, high-purity basic chemical raw materials cobalt chloride and cobalt sulfate, etc. | Related reading (Financial Association)

Quan Yajian

The fire caught fire at 12:00 noon yesterday, but GEM’s stock price did not fall that day. I don’t know if investors are not sensitive enough, or the impact of the fire is not significant. What is the specific situation, GEM will issue an announcement today. The share price has been withdrawn. General enterprises will take out fire insurance, and the insurance company will give certain compensation for the losses caused by the fire.

The product produced by this company is the cobalt compound tricobalt tetroxide, which is listed as a carcinogen in category 2B by the World Health Organization. Whether it really does not pollute the atmosphere after burning, as reported, may still need to be demonstrated.

The power battery industry has ushered in good news in the past two years, and many companies are laying out this track, and they should keep in mind that safe production is the best way to ensure sustainable development.

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