2025年4月30日，赣锋锂业(002460.SZ)发布2025年第一季报。截至2025年4月30日，共有64个机构投资 者披露持有赣锋锂业A股股份，合计持股量达1.74亿股，占赣锋锂业总股本的8.64%。其中，前十大机 构投资者包括香港中央结算有限公司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数 证券投资基金、中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、中 国工商银行股份有限公司-华夏沪深300交易型开放式指数证券投资基金、中国银行股份有限公司-嘉实 沪深300交易型开放式指数证券投资基金、江西赣锋锂业集团股份有限公司-2023年员工持股计划、汇添 富中证新能源汽车产业指数(LOF)A、富国中证新能源汽车指数A、南方中证申万有色金属ETF、广发国 证新能源车电池ETF，前十大机构投资者合计持股比例达7.34%。相较于上一季度，前十大机构持股比 例合计下跌了0.52个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.41%。 公募基金方面，本期较上一期持股增加的公募基金共计17个，主要包括南方中证申 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.77 billion yuan, a decrease of 25.4% year-on-year and 24.3% quarter-on-quarter. The net profit attributable to shareholders was a loss of 360 million yuan, but showed a year-on-year increase of 75.2% [7] - The lithium battery shipments are expected to grow significantly in 2025, contributing an estimated profit of around 500 million yuan [7] - The company is expected to achieve a net profit of 813.22 million yuan in 2025, a year-on-year increase of 139.21% [1][7] Financial Summary - Total revenue forecast for 2025 is 20.8 billion yuan, with a year-on-year growth of 10.03% [1] - The company's net profit for 2025 is projected to be 813.22 million yuan, with a corresponding EPS of 0.40 yuan per share [1][8] - The company's gross margin is expected to improve to 16.93% by 2025, up from 10.82% in 2024 [8]

Lithium Production and Supply Chain - The company is a leading lithium ecological enterprise with over 40 lithium compounds and lithium metal products, providing a comprehensive product offering to meet diverse customer needs[6]. - The company has established a stable and high-quality raw materials supply system through long-term procurement agreements for lithium resources, primarily sourced from the Mount Marion Project in Australia[10][12]. - The lithium compounds business segment includes battery-grade lithium hydroxide and lithium carbonate, widely used in electric vehicles and portable electronics, serving global leaders in battery manufacturing[13]. - The company's lithium metals production capacity ranks first globally, producing various forms of lithium metals for battery anode materials and pharmaceutical applications[14]. - The company has a vertically integrated business model covering upstream lithium resource development, midstream processing, and downstream battery production and recycling[6]. - The company has direct or indirect interests in lithium resources globally, enhancing its upstream supply chain[163]. - The Mount Marion spodumene project has a nominal designed production capacity of 900,000 tons/year of mixed-grade spodumene concentrate, with the company holding a 50% equity interest[165]. - The Cauchari-Olaroz project has a total lithium resource of approximately 24.58 million tons of LCE and a nominal designed production capacity of 40,000 tons of LCE per year, with the company holding 46.67% equity interest[167][168]. Research and Development - The company is actively advancing the research and development of solid-state lithium batteries, which demonstrate higher energy density and improved safety performance[16]. - The Company has developed self-produced oxide electrolyte materials and sulfide powder materials for solid-state batteries, demonstrating higher ionic conductivity and enhanced engineering capabilities[17]. - The company is focusing on developing high-energy density and high-power battery cells and power systems to meet diverse market demands[16]. - The company is focusing on the development of solid-state batteries and has established a collaborative innovation platform for this purpose[150]. - The Solid-state Battery Industry Innovation Consortium was established on December 18, 2023, comprising 27 entities including major automotive manufacturers[150]. - The company is developing a dual-wheel drive energy storage business model, focusing on user-side distributed energy storage and grid-side centralized energy storage[195]. Financial Performance - Revenue for the year ended December 31, 2024, decreased by 42.9% to RMB 18,726,175 thousand[30]. - Gross profit for the same period fell by 53.2% to RMB 2,127,125 thousand[30]. - Loss attributable to owners of the parent increased by 141.5% to RMB 2,068,512 thousand, resulting in a loss per share of RMB 1.03[30]. - Total assets increased from RMB 91,697,901 thousand in 2023 to RMB 100,832,297 thousand in 2024, representing a growth rate of 10.0%[151]. - Net assets decreased from RMB 52,315,862 thousand in 2023 to RMB 47,587,897 thousand in 2024, representing a decrease of 9.0%[151]. Market Trends and Demand - The market for lithium battery recycling is expanding, driven by the increasing demand for retired battery processing, providing sustainable solutions for battery manufacturers and electric vehicle producers[16]. - The global demand for lithium resources is anticipated to reach 1,190,000 tons of LCE in 2024, with new energy vehicles accounting for 61% and energy storage for 17%[82]. - The cumulative output of motive power batteries and other batteries in China is expected to be 1,096.8 GWh in 2024, representing a year-on-year increase of 41.0%[90]. - The global sales volume of new energy vehicles is expected to reach 23.50 million units in 2025, indicating a significant growth opportunity in the market[125][127]. - The overall market sentiment regarding supply and demand remains cautious, with lithium prices fluctuating within a fixed range after failing to sustain upward momentum[75]. Production Capacity and Expansion - The company achieved a production target of 25,000 tons of lithium carbonate annually at the Exar Salt Lake Project in Argentina[44]. - The lithium hydroxide project in Fengcheng Ganfeng has reached an annual production capacity of 25,000 tons, marking the successful construction of the company's first smart chemical plant[159]. - The company has a total designed production capacity of 81,000 tons/year for lithium hydroxide and 15,000 tons/year for lithium carbonate at its Xinyu production base[161]. - The company plans to enhance its ESG governance capabilities and increase support for local communities in resource sectors[50]. - The company is expanding production capacity through technical transformation and new production lines to meet the fast-growing demand for lithium products[153]. Recycling and Sustainability - The lithium battery recycling business is expected to meet the escalating demand for retired lithium battery treatment, providing sustainable value-added solutions to battery manufacturers and electric vehicle producers[18]. - The comprehensive recycling of metals such as lithium, nickel, cobalt, and manganese will enrich the diversified supplies of lithium raw materials[18]. - The recycling sector is focusing on building a battery recycling network and enhancing automatic dismantling efficiency to create a low-carbon production line[60]. - By 2025, the total lithium recovery from retired power batteries is estimated to reach approximately 50,000 tons LCE, highlighting the importance of battery recycling[137]. Government Policies and Support - The Ministry of Finance and other departments launched a pilot program offering rewards of up to RMB 45 million for PV-Storage-Charging Integration projects to promote the development of new energy and energy storage[104]. - The Chinese government is promoting the cascade utilization and standardized recycling of waste motive power batteries to support the sustainable development of the energy storage industry[102]. - New policies are expected to boost the export of new energy vehicles and promote the upgrading of the automotive industry in China[102]. - The government aims to increase the new energy storage installation target from 30GW to over 40GW as part of the "14th Five-Year Plan"[108]. Product Development and Innovation - Ganfeng LiEnergy has mass-produced lithium motive power batteries with capacities from 10 to 130 kWh, supporting ultra-fast charging at up to 1000 kW, allowing 100 kWh to be charged in just 6 minutes[180]. - The energy density of the company's high-energy-density battery cells ranges from 320Wh/kg to 500Wh/kg, with a continuous discharge rate exceeding 5C[191]. - Ganfeng has mass production capabilities for ultra-thin lithium strips, with a width of 300mm and lithium foil thickness reaching 3μm, enabling energy densities exceeding 500Wh/kg for its solid-state batteries[192]. - The newly launched 5MWh container energy storage system achieves over 95% system efficiency and has participated in energy projects exceeding 500 MWh individually, with a total application scale of over 11,000 MWh[184].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company has a global layout that enhances its self-sufficiency, with ongoing capacity construction. It has a diversified raw material supply system through controlling and participating in multiple lithium mining projects [6]. - The company reported a significant decline in revenue and net profit for 2024, with revenue of 18.906 billion yuan, down 42.66% year-on-year, and a net loss of 2.074 billion yuan, a decrease of 141.93% year-on-year [4][5]. - The company is expected to gradually recover, with projected net profits of 0.413 billion yuan, 1.118 billion yuan, and 2.633 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong recovery trajectory [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 18.906 billion yuan, with a year-on-year decline of 42.66%. The net profit attributable to the parent company was -2.074 billion yuan, down 141.93% year-on-year [4]. - The projected revenues for 2025, 2026, and 2027 are 19.463 billion yuan, 23.636 billion yuan, and 29.735 billion yuan respectively, with expected year-on-year growth rates of 2.9%, 21.4%, and 25.8% [9]. - The gross margin is expected to improve from 10.8% in 2024 to 20.7% by 2027, reflecting operational efficiency improvements [9]. Capacity Expansion and Resource Layout - The company has extensive lithium resource layouts globally, including projects in Australia and Argentina, which contribute to a diversified supply chain [6]. - The company’s production capacity is ramping up, with the first phase of the lithium hydroxide project in Fengcheng achieving an annual production capacity of 25,000 tons, and the Sichuan project expected to be operational by the end of 2024 [6].

Core Insights - The large-scale production of solid-state batteries is expected to accelerate despite existing technical and cost challenges, driven by rapid advancements in low-altitude aircraft and humanoid robots, which demand high safety and energy density [1][2] Industry Development - The solid-state battery industry is anticipated to progress significantly, with experts predicting mass production by 2027, as discussed at the second China Solid-State Battery Innovation Development Summit [2] - The Chinese government has outlined a key task in its 2024-2030 plan to promote the mass production of 400Wh/kg aviation lithium battery products and validate the application of 500Wh/kg aviation lithium battery products [2] Technology Overview - Solid-state batteries utilize solid electrolytes instead of liquid electrolytes found in traditional lithium-ion batteries, offering significant advantages in safety and energy density [3] - Mainstream solid-state battery technologies can be categorized into three types based on the solid electrolyte: polymer, oxide, and sulfide, with oxide electrolytes showing the fastest progress [4] - The core challenges for solid-state batteries include the multi-dimensional conflicts of material performance, interface stability, and process costs [4] Key Parameters - Semi-solid batteries typically achieve an energy density of around 360 Wh/kg, with limited applications in vehicles [6]

Core Viewpoint - Ganfeng Lithium is focusing on strategic stability and is navigating through challenges in the solid-state battery and battery recycling sectors, which are becoming increasingly competitive and uncertain [1][4][10]. Financial Performance - In Q1 2025, Ganfeng Lithium reported a revenue of 3.772 billion yuan, a year-on-year decrease of 25.43%. The net loss was 356 million yuan, an improvement from a net loss of 439 million yuan in the same period last year, narrowing the loss margin by 18.93 percentage points [2]. - The company's cash flow from investment and financing activities increased significantly by 85.91% and 76.39%, respectively. However, the net cash flow from operating activities plummeted to -1.571 billion yuan, a year-on-year decline of 1422.07% [5]. Leadership and Strategic Direction - In March 2024, Li Chenglin, the son of the founder, was promoted to Vice President, indicating a family leadership dynamic within the company. The focus areas include investments in solid-state batteries and battery recycling [3][6]. - Ganfeng Lithium is actively investing in projects such as the Goulamina lithium spodumene project in Mali, which has a planned annual capacity of 506,000 tons of lithium concentrate, and the Mariana salt lake project with an initial capacity of 20,000 tons of lithium chloride [6]. Industry Trends and Challenges - The solid-state battery sector is facing intense competition, with major players like BYD and CATL also investing heavily in this technology. The commercialization of solid-state batteries is expected to take several years, with estimates suggesting that large-scale applications may not occur until 2030 [10][11]. - The lithium price is projected to remain under pressure, with expectations of low price fluctuations through 2025 and 2026. The demand for lithium may slow down due to technological advancements in alternative battery technologies [14][15]. Investment Initiatives - Ganfeng Lithium is expanding its investment footprint by establishing a 368 million yuan investment fund in Nanchang and increasing capital in its subsidiary focused on energy storage technology [7][8]. - The company is also pursuing partnerships for battery recycling initiatives, aiming to enhance its circular economy strategy [8].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 20.53 and RMB 34.35, maintaining the "Buy" rating [7][8]. Core Views - The company reported Q1 2025 revenue of RMB 3.772 billion, a year-over-year decrease of 25.43% and a quarter-over-quarter decrease of 24.28%. The net profit attributable to the parent company was -RMB 356 million, showing an improvement from -RMB 1.434 billion in Q4 2024, with a year-over-year increase of 18.93% and a quarter-over-quarter increase of 75.18%. The company is expected to gain significant earnings elasticity when the industry recovers due to its ongoing expansion in upstream quality resources and midstream smelting capacity [1][4]. Summary by Sections Financial Performance - The company's Q1 2025 gross margin was 12.95%, an increase of 0.81 percentage points quarter-over-quarter. The average spot price of lithium carbonate was RMB 75,800 per ton, unchanged quarter-over-quarter, while the average price of spodumene (CIF) increased by 5.8% to USD 834.4 per ton. The cost of the Mt Marion mine, in which the company holds a 50% stake, decreased significantly by 34.2% quarter-over-quarter, supporting the recovery of the company's gross margin [2][3]. Cost and Pricing Outlook - The cost of lithium mining continues to decline, with the FOB costs for Mt Marion and Wodgina mines dropping by 34.2% and 23.5% respectively in Q1 2025. This trend indicates potential further decreases in lithium prices, which may remain under pressure due to a long-term oversupply in the market. The cost reductions at Mt Marion are beneficial for the company's mining profitability and may provide some support for its performance [3][4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downward due to the declining cost curve in the lithium industry. The projected net profits for 2025-2027 are RMB 514 million, RMB 1.539 billion, and RMB 3.339 billion, respectively, with corresponding EPS of RMB 0.25, RMB 0.76, and RMB 1.66. The expected BPS for the same period is RMB 20.82, RMB 21.43, and RMB 22.94. The company is assigned a 2025 PB of 1.65 times, with a target price based on the April 29, 2025 exchange rate [4][6].

证券代码：002460 证券简称：赣锋锂业 编号：临2025-060 江西赣锋锂业集团股份有限公司 关于为控股子公司赣锋锂电提供财务资助的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、对外提供财务资助事项概述 江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开的第六届董事会第一次会议审议通过了《关于为控 股子公司赣锋锂电提供财务资助的议案》，为满足江西赣锋锂电科技 股份有限公司（以下简称"赣锋锂电"）经营发展的资金需求，同意 公司为赣锋锂电提供总额不超过人民币 70,000 万元的财务资助，在 额度内可以循环使用。授权公司经营层在本议案额度内代表公司办理 相关手续，并签署相关法律文件。 本次财务资助不会影响公司的正常经营和资金使用。本次财务资 助不属于《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》规定的不得提供 财务资助的情形。 注册资本：300,342.3 万元人民币 法定代表人：戈志敏 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管 理办法》规定 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2025-059 江西赣锋锂业集团股份有限公司 关于董事会、监事会完成换届选举及聘任高级管理人员、 审计监察部负责人、证券事务代表的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 鉴于江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 2025 年第二次临时股东大会，选举产生了公 司第六届董事会非独立董事 6 名、独立董事 4 名及第六届监事会非职 工代表监事 2 名。上述人员与公司职工代表大会选举产生的职工代表 监事 1 名，共同组成了公司第六届董事会、监事会。 2025 年 4 月 29 日召开第六届董事会第一次会议及第六届监事会 第一次会议，选举产生了公司董事长、副董事长、监事会主席，并聘 任了公司第六届高级管理人员、审计监察部负责人和证券事务代表。 现将相关事项公告如下： 一、第六届董事会组成及任期情况 （一）董事会组成情况 公司于 2025 年 4 月 28 日召开 2025 年第二次临时股东大会，采 用累积投票方式选举李良彬先生、王晓申先生、沈海博先生、黄婷女 ...

证券代码：002460 证券简称：赣锋锂业 编号：临 2025-057 江西赣锋锂业集团股份有限公司 第六届监事会第一次会议决议公告 本公司及其董事会、监事会全体成员保证公告内容的真实、准确 和完整，无虚假记载、误导性陈述或者重大遗漏。 江西赣锋锂业集团股份有限公司（以下简称"公司"）第六届监 事会第一次会议于 2025 年 4 月 14 日以电话及电子邮件的形式发出会 议通知，于 2025 年 4 月 29 日以现场和通讯表决相结合的方式举行。 会议应出席监事 3 人，实际出席监事 3 人。会议由监事会主席黄华安 先生主持。会议一致通过以下决议： 一、会议以 3 票赞成，0 票反对，0 票弃权，审议通过《2025 年 第一季度报告》； 经审核，公司《2025 年第一季度报告》的程序符合法律、行政 法规和中国证监会的规定。《2025 年第一季度报告》真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或 者重大遗漏。 赣锋锂业《2025 年第一季度报告》刊登于同日《证券日报》和 巨潮资讯网 http://www.cninfo.com.cn（公告编号：2025-058）。 二、会议以 3 票 ...