GEM's power battery recycling business surges against the trend

Against the backdrop of the global transformation of automobile electrification, GEM's power battery recycling business has performed well. In 2023, the company's urban mining business achieved operating income of 7.56 billion yuan, accounting for 24.77% of the total sales scale. Among them, the comprehensive utilization of power batteries generated revenue of more than 1.1 billion yuan, a year-on-year increase of 81.98%. In addition, the company also recycled and dismantled 27,454 tons of power batteries, a year-on-year increase of 57.49%, accounting for more than 10% of the total retired power batteries in China.