Core Viewpoint - The lithium industry in China is facing cyclical challenges, prompting leading companies Ganfeng Lithium and Tianqi Lithium to focus on next-generation battery technologies, particularly solid-state batteries with an emphasis on lithium sulfide and lithium metal anodes [2][8]. Group 1: Ganfeng Lithium's Strategy - Ganfeng Lithium emphasizes its vertical integration capabilities in the solid-state battery sector, covering the entire supply chain from lithium sulfide raw materials to battery systems [2]. - The company has achieved mass production capabilities for battery-grade lithium sulfide in 2022, with plans to scale production to hundreds of tons by 2024, offering a product purity of 99.9% and a particle size of less than 5 microns [2][3]. - Ganfeng Lithium's solid electrolyte technologies include sulfide, oxide, and polymer systems, with sulfide electrolytes achieving a conductivity of 3 mS/cm and oxide electrolytes reaching 1.7 mS/cm at room temperature [3]. - The company has a 4 GWh hybrid solid-liquid battery production line in Jiangxi and is expanding its lithium metal production capacity to 2,150 tons [3]. Group 2: Tianqi Lithium's Developments - Tianqi Lithium is also focusing on lithium sulfide and lithium metal for solid-state battery materials, having developed new battery-grade lithium sulfide products and completed the necessary industrialization processes [5]. - The company has a production capacity of 600 tons per year for lithium metal at its Chongqing facility and is working on a project to increase capacity to 1,000 tons [5]. Group 3: Market Demand and Growth Projections - The demand for lithium sulfide is projected to reach 13,000 tons by 2030, with a compound annual growth rate (CAGR) exceeding 250% from 2025 to 2030, driven by the anticipated growth in solid-state battery shipments [6]. - The demand for lithium metal anodes in solid-state batteries is expected to reach approximately 26,300 tons by 2030, with a market size of around 18.4 billion RMB and a CAGR exceeding 300% from 2024 to 2030 [6]. - Solid-state batteries using lithium metal anodes are estimated to require about 1,455 tons of lithium equivalent (LCE) per GWh, significantly higher than traditional lithium batteries [6]. Group 4: Industry Challenges and Strategic Shifts - Both Ganfeng and Tianqi Lithium faced severe operational challenges in 2024, with Tianqi reporting a 68% decline in revenue and a net loss of nearly 8 billion RMB, while Ganfeng experienced a 42% revenue drop and a net loss of approximately 2.1 billion RMB [7]. - The companies are shifting their strategies to explore new business areas and demonstrate growth potential, particularly in high-value solid-state battery materials, as traditional lithium resource management becomes less profitable [8].

Core Viewpoint - The article discusses the competition between lithium metal batteries and sulfide solid-state batteries, highlighting the rapid advancements in lithium metal technology, particularly in electric aviation, while addressing the challenges faced by solid-state routes [1]. Summary by Sections Challenges and Solutions - Lithium metal batteries must overcome two main challenges: safety issues due to dendrite formation during charging, and cycle life challenges caused by irreversible side reactions between lithium metal and electrolyte [2]. - Dendrite growth can lead to internal short circuits and thermal runaway, while side reactions consume active lithium and electrolyte, resulting in rapid capacity decay [2]. Technical Strategies - The industry has explored three main strategies to address dendrite issues: 1. **Electrolyte Design**: This includes developing high-concentration or locally concentrated liquid electrolytes and solid electrolyte solutions [3]. 2. **Structured Lithium Metal Anodes**: Creating a three-dimensional conductive framework for lithium to guide uniform deposition, though this requires advanced material preparation and welding techniques [6]. 3. **Protective Layers**: Adding stable interfaces on lithium metal surfaces to enhance stability, although these layers may degrade over time [6]. Manufacturing Challenges - The soft and sticky nature of lithium metal poses significant challenges for traditional battery manufacturing processes, particularly in producing ultra-thin lithium foils [8]. - Current industrial rolling techniques can only process lithium foils thicker than 50 μm, making it difficult to achieve the desired thinness without breakage [9]. Industry Innovations - Companies like Ganfeng Lithium have achieved breakthroughs in mass production of ultra-thin lithium foils, capable of widths up to 300 mm and thicknesses down to 3 microns, indicating a move towards scalable and customized solutions [10]. - Various innovative manufacturing methods are being explored, including vapor deposition techniques that can produce high-quality lithium films [11]. Emerging Concepts - The concept of "anodeless" batteries is gaining traction, with companies like QuantumScape leading the way. This design aims to reduce lithium usage and costs while maximizing energy density [12]. - QuantumScape claims its anodeless solid-state battery can achieve over 1000 charge-discharge cycles while maintaining 95% capacity [13]. Market Dynamics - The demand for high energy density solutions, particularly in emerging fields like eVTOL, is driving the rapid development of lithium metal batteries, which may not align with the traditional solid-state roadmap [16]. - The industry's focus on sulfide solid electrolytes may create a path dependency that underestimates the potential of advanced liquid electrolytes and innovative designs like "anodeless" batteries [16]. Historical Context - Lithium metal batteries are experiencing a renaissance, building on advancements in materials science and manufacturing processes that address historical challenges of safety and cycle life [18]. - The evolution of lithium metal battery technology reflects a non-linear progression, with current developments rooted in historical research dating back to the 1970s [17].

Core Viewpoint - The lithium carbonate transaction price continues to decline, indicating a persistent bottoming out phase in the market, with a clear oversupply expected post-2025 [1][7]. Price Trends - As of April 2, the average price of battery-grade lithium carbonate is 74,100 yuan per ton, down from 77,650 yuan per ton at the beginning of February, reflecting a significant narrowing of price fluctuations compared to 2024 [1]. - By the end of March, the main contract for lithium carbonate futures saw a weekly decline of 3%, hitting a new low of 72,420 yuan per ton since its listing [3]. Supply and Demand Dynamics - The supply side is increasingly robust, with both import volumes and domestic production rising. In the first two months of 2025, China's lithium carbonate imports surged by 47.5% year-on-year to 32,500 tons, primarily sourced from Chile and Argentina [4]. - Despite strong supply and demand in the spot market, the overall market remains quiet due to an oversupply situation, with material companies primarily replenishing inventory based on immediate needs [3][4]. Cost Pressures - The price of Australian spodumene concentrate fell to 835 USD per ton by the end of March, entering the cost range, leading to significant cash losses for 30% to 40% of global production capacity, particularly for high-cost projects [5]. - Domestic lithium salt manufacturers are also facing losses amid the declining lithium prices, prompting a shift towards accelerating the release of low-cost lithium carbonate production capacity [8]. Strategic Adjustments - Ganfeng Lithium believes that lithium prices are likely at a relative bottom. The company plans to focus on developing low-cost projects, aiming to keep the cost of quality projects below 50,000 yuan per ton [9]. - Ganfeng Lithium's Mariana lithium salt lake project in Argentina has commenced production, with expectations of stabilizing supply and reducing production costs in the second half of 2025 [9].

证券代码：002460 证券简称：赣锋锂业 编号：临2025-048 江西赣锋锂业集团股份有限公司 关于担保调剂及为控股子公司提供担保的进展公告 本公司及其董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。 一、担保情况概述 1、江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第五届董事会第七十五次会议、于 2024 年 6 月 25 日召开 2023 年年度股东大会审议通过了《关于公司及子公司对外担 保额度预计的议案》。同意公司向子公司提供连带责任保证担保额度 合计人民币 1,355,000 万元，同意子公司向子公司提供连带责任保证 担保额度 705,000 万元，两项合计担保总额 2,060,000 万元（已抵消 原有的担保）。本次担保额度在公司股东大会审议通过此议案之日起 12 个月内有效。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。（详见公告：2024-018、2024-051） 公司于 2024 年 10 月 30 日召开第五届董事会第八十五次会议、 于 2024 年 11 月 25 日召开 2024 ...

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。 江西赣锋锂业集团股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露了《江 西赣锋锂业集团股份有限公司 2024 年年度报告》。 证券代码：002460 证券简称：赣锋锂业 编号：临2025-049 江西赣锋锂业集团股份有限公司 关于召开2024年度网上业绩说明会的公告 敬请广大投资者积极参与。 特此公告。 为便于广大投资者进一步了解公司 2024 年年度经营情况，公司 定于 2025 年 04 月 15 日（星期二）下午 15:00 至 17:00 时在"投关易" 小程序举行 2024 年度网上业绩说明会。本次网上业绩说明会将采用 网络远程的方式举行，投资者可登陆"投关易"小程序参与互动交流。 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问通道 自发出公告之日起开放。 江西赣锋锂业集团股份有限公司 参与方式一：在微信小程序中搜索"投关易"，输入"赣锋锂业" 参与交流； 董事会 参与方式二：微信扫一扫以下二维码： 投资者 ...

证券代码：002460 证券简称：赣锋锂业 编号：临 2025-047 江西赣锋锂业集团股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召集、召开程序 符合有关法律、行政法规、部门规章、规范性文件和公司章程等的规 定。 4、现场会议召开时间：2025年4月28日(星期一) 14:00 网络投票时间：公司A股股东通过深圳证券交易所交易系统进行 网络投票的具体时间为2025年4月28日(星期一)上午9:15—9:25，9:30 —11:30，下午13:00—15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为2025年4月28日(星期一)上午9:15至2025年4月28日 (星期一)下午15:00。 5、会议的召开方式：现场表决与网络投票相结合的方式 公司A股股东可以参与现场投票，也可以通过网络进行投票。公 司A股股东投票表决时，同一股东账户只能选择现 ...

Core Insights - The company reported a significant decline in revenue and net profit for the year 2024, marking its first annual loss since going public [1][2] - The drop in lithium prices was identified as the primary reason for the poor performance, with a notable decrease in the average price of lithium carbonate [1][2] Financial Performance - The company's total revenue for 2024 was 18.91 billion yuan, a decrease of 42.66% compared to the previous year [1] - The net loss attributable to shareholders was 2.07 billion yuan, a shift from a profit of 4.95 billion yuan in 2023, representing a decline of 141.93% [1] - The net profit after excluding non-recurring items was a loss of 887 million yuan, down 133.16% from a profit of 2.68 billion yuan in 2023 [1] - Basic and diluted earnings per share were both -1.03 yuan, compared to 2.46 yuan in the previous year, reflecting a decrease of 141.87% [1] Business Operations - The lithium series products contributed 12.02 billion yuan in revenue, a year-on-year decrease of 50.88% [1] - Revenue from lithium battery series was 5.90 billion yuan, down 23.49% year-on-year [1] - The overall gross margin fell to 10.82%, a decrease of 2.86% from the previous year, with the lithium salt business gross margin at only 10.47% [1] Strategic Developments - The company is advancing its global resource layout with multiple projects coming online, including the Cauchari-Olaroz salt lake project in Argentina and the Goulamina spodumene project in Mali [2] - Plans are in place to achieve an annual supply capacity of no less than 600,000 tons of lithium carbonate equivalent (LCE) by 2030 through innovative extraction technologies [2] - The company achieved breakthroughs in solid-state battery research, enhancing the conductivity of sulfide solid electrolytes, which supports the commercialization of solid-state batteries [2] - The battery recycling business has reached an annual processing capacity of 200,000 tons, with a lithium recovery rate exceeding 90% [2] - The company reported significant growth in the energy storage sector, with production and sales of power storage batteries reaching 11,439.5 MWh and 8,195.4 MWh, respectively, marking a year-on-year increase of 98.73% [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002460 | 說明 | A股 (深圳證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | 1 RMB | | 1,613,593,699 | | 2. 股份分 ...

机器人赛道或将再度刺激" 锂电池装机量"上涨。 起点锂电获悉， 赣锋锂业旗下公司新余赣锋电子推出智能全地形机器人电池解决方案，该机器人电池高能量密度高，具备 7C 放电能力和 15 公里续航里程，可持续放电 3 小时以上 ，整套解决方案采用轻量化电池结构 + 提拉式设计，可让机器人充分适应各种场景，其直充、换电等 多种充电方式也能满足不同场景下的需求。 该电池还配备了三维安全防护体系，分别是结构防护 - 电化学防护 - 智能监测，保障极端场景稳定性，电池外壳采用高强度塑钢材料同时配 备 IP67 防水密封，电芯还会搭载防浮充保护模块用于延长寿命，还有 5 颗 NTC 传感器用于检测电池包内部，适温范围 -20 ℃至 55 ℃之 间。 赣锋电池在 AGV 机器人、 AMR 机器人 等领域有丰富经验， 此次推出 新品集合过去之大成，可充分适应 长时间巡逻、高强度作业、工业 产线 等场景， 配备自研 BMS 方案， 让 电池 SOC 精度 控制在 3%-5% 之间 ，顺利通过 UL1642 、 IEC62133 等标准认证，已与国内 多家机器人厂商达成合作，目前 产能为 一天 600 套机。 01 多家锂电池企业布 ...

供需矛盾造就了跌势不止的碳酸锂。自2022年末碳酸锂价格达到高峰之后，产量连年攀升，但是需求却 没有跟上相应的速度。供需产生的错配使得碳酸锂价格下滑严重。 智通财经记者 | 冯赛琪 自2024年12月以来，碳酸锂期货一路阴跌，跌入"7万元区间"。近期，碳酸锂期货来到了历史冰点，跌 破7.3万点位，最低价位来到7.24万元/吨，创上市以来的最低价。 3月28日，碳酸锂主力期货2505报收7.4万元，日跌幅0.67%，盘面振幅1.08%。成交量依旧平淡，日成交 量9.42万手。 五矿期货分析师曾宇轲指出，目前碳酸锂空头力量主导市场。碳酸锂合约主力持仓长期为净空，产业客 户与投机资金形成共振。锂盐持货商通过套保锁定产品售价，加剧价格下行压力。 现货方面，碳酸锂现货成交价格重心呈现震荡小幅下行。据上海有色网统计，3月28日，电池级碳酸锂 7.34-7.49万元/吨；工业级碳酸锂7.17-7.27万元/吨，两类产品环比上一工作日下跌均在150元/吨左右。 碳酸锂是一种重要的锂产品，作为锂电产业的核心原材料，现阶段主要用途为制备锂电池，用于新能源 汽车和储能等领域。 而需求端的疲软，使市面上的碳酸锂仍难被消化吸收。海外电 ...