Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

ZUG, Switzerland, April 11, 2025 (GLOBE NEWSWIRE) -- Lithium Argentina AG. (“Lithium Argentina” or the “Company”) (TSX: LAR) (NYSE: LAR) is pleased to announce that it has executed a Letter of Intent (“LOI”) with Ganfeng Lithium Co. Ltd. (“Ganfeng”) to advance a plan to jointly develop the Pozuelos-Pastos Grandes basins, which includes Ganfeng’s wholly-owned Pozuelos-Pastos Grandes project, the jointly-owned Pastos Grandes project (85% owned by Lithium Argentina and 15% owned by Ganfeng) and Sal de la Puna ...

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].

摘要 碳酸锂成交价格重心不断下移、持续磨底。 2025 年复工后，在资源端明确供给过剩的情况下，锂价持续弱运行。 价格方面， 4 月 2 日电池级碳酸锂均价 7.41 万元 / 吨。回顾春节复工后价格走势，电池级碳酸锂在波动中持续下行，在 2 月初至 3 月底的这段时 间内，电池级碳酸锂的均价从 7.765 万元 / 吨开始，经历了一段小幅震荡后，逐渐下滑至 7.4 万元 / 吨左右，但相比 2024 年波动幅度显著收窄。 数据来源： smm 碳酸锂期货方面，三月底，碳酸锂主力合约周跌幅扩大至 3% ，击穿前低支撑，创碳酸锂期货上市以来新低，价格探底至 72420 元 / 吨。 供需方面，碳酸锂现货交易供需均走强，但在供大于需的格局下，市场交易清淡，材料企业以刚需补库为主。 尤其供给端的增势愈发增强，进口量与国内产量齐增。值得注意的是，锂矿价格开始松动，而高成本 锂矿 出清被作为锂价触底的明确信号。 进口方面， 2025 年至今国内碳酸锂进口量同比大增， 1-2 月，中国碳酸锂进口总量为 3.25 万吨，同比大幅增长 47.5% ，其 主要来源于智利与 阿根廷。 不过， 澳洲 锂辉石精矿在 3 月底价格下跌， ...

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 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 31,726,175 thousand, a decrease of 3.3% compared to RMB 32,812,017 thousand in 2023[3] - Gross profit for the same period was RMB 2,127,125 thousand, down 53.1% from RMB 4,543,082 thousand in 2023[3] - The net loss attributable to the parent company was RMB 2,068,512 thousand, compared to a profit of RMB 4,982,547 thousand in the previous year[3] - The basic loss per share for the year was RMB (1.03), compared to earnings per share of RMB 2.47 in 2023[3] - The group reported a pre-tax loss of RMB 2,295,700 thousand for 2024, compared to a profit of RMB 5,294,455 thousand in 2023[56] - The total income tax expense for 2024 was RMB 329,061 thousand, significantly lower than RMB 683,470 thousand in 2023, marking a decrease of about 51.8%[54] - The sales net profit margin fell to -14.0% from 14.1% in 2023, a decrease of 28.1 percentage points[168] - The weighted average return on equity decreased to -2.0% from 5.9% in 2023, a decline of 7.9 percentage points[168] Assets and Liabilities - Total non-current assets increased to RMB 78,829,421 thousand in 2024 from RMB 63,513,503 thousand in 2023, representing a growth of 24.1%[5] - Cash and cash equivalents decreased to RMB 5,641,238 thousand in 2024 from RMB 9,293,732 thousand in 2023, a decline of 39.3%[5] - The company's total liabilities increased to RMB 45,000,000 thousand in 2024, reflecting a strategic expansion in operations[5] - Total current liabilities increased to RMB 31,669,917 thousand in 2024 from RMB 20,271,297 thousand in 2023, representing a growth of 56.5%[6] - Total liabilities rose to RMB 53,244,400 thousand in 2024, up from RMB 39,382,039 thousand in 2023, marking an increase of 35.2%[6] - Net assets decreased to RMB 47,587,897 thousand in 2024 from RMB 52,315,862 thousand in 2023, reflecting a decline of 9.0%[7] - Non-current liabilities totaled RMB 21,574,483 thousand in 2024, compared to RMB 19,110,742 thousand in 2023, indicating an increase of 12.9%[6] Revenue Breakdown - The lithium metal and lithium compound segment generated sales of RMB 12,350,839,000, while the lithium battery segment contributed RMB 5,946,203,000 for the year ending December 31, 2024[32] - Revenue from a major customer in the lithium metal and its compounds segment was approximately RMB 2,263,497,000 in 2024, down from RMB 5,943,005,000 in 2023[38] - Customer contract revenue for the year ending December 31, 2024, is RMB 18,725,583, a decrease of 43% from RMB 32,811,805 in 2023[39] - Revenue from lithium compounds is RMB 12,350,247, while lithium battery sales contribute RMB 5,946,203, totaling RMB 18,725,583 in customer contract revenue[40] Expenses and Costs - The company reported a total pre-tax loss of RMB 2,295,700,000 for the year ending December 31, 2024, compared to a pre-tax profit of RMB 5,294,455,000 in 2023[34] - Research and development expenses for the year amounted to RMB 910,700 thousand, down from RMB 1,250,990 thousand in 2023, indicating a reduction of about 27.2%[49] - The total other expenses for 2024 amounted to RMB 2,296,891 thousand, an increase from RMB 2,006,111 thousand in 2023, reflecting a rise of approximately 14.5%[50] - Administrative expenses decreased by 18.7% to RMB 1,897,622 thousand, mainly due to reductions in employee benefits and R&D expenses[178] Strategic Initiatives - The company plans to focus on new product development and market expansion strategies to recover from the current financial downturn[2] - The company is expanding production capacity through technological upgrades and new production lines to meet the growing market demand for lithium products[135] - The company aims to deepen customer relationships by becoming a comprehensive solution provider, enhancing collaboration and service offerings[166] - The company is committed to improving its R&D capabilities by collaborating with domestic and international universities and research institutions to develop new products and technologies[165] Market and Industry Trends - The global lithium resource supply is projected to reach 1.2306 million tons LCE in 2024, an increase of 33.3% year-on-year, with contributions from spodumene, salt lakes, and lepidolite at 632,000 tons, 475,000 tons, and 124,000 tons LCE respectively[74] - The demand for lithium compounds in the fourth quarter exceeded expectations, driven by stable orders from the new energy vehicle and energy storage sectors[81] - Global lithium demand is primarily influenced by the rapid development of new energy vehicles and energy storage systems, with significant growth expected in these sectors[84] Regulatory and Compliance Issues - The company believes that the decision by the Mexican mining authority to revoke lithium mining concessions is arbitrary and lacks legal basis, and it has hired lawyers to appeal this decision[70] - As of January 2024, the company filed an administrative lawsuit to annul the revocation of nine lithium mining concessions in Mexico[71] - The company has not recognized any contingent liabilities related to the ongoing administrative litigation and international arbitration due to uncertainties in the outcomes[72] Environmental and Sustainability Efforts - The company has established a comprehensive recycling capacity of 200,000 tons for retired lithium-ion batteries, achieving a lithium recovery rate of over 90% and nickel-cobalt recovery rate of over 95%[157] - The company is enhancing its lithium battery recycling business to provide sustainable solutions for battery manufacturers and electric vehicle producers, aiming to become a leader in the global lithium battery recycling sector[164]

宁德时代40GWh锂电池项目落地山东东营 3月15日，宁德时代零碳城市战略合作暨东营宁德时代零碳产业园项目正式签约。根据协议，签约各方将围绕共建零碳城市、开拓零碳应用场 景、建设锂电池绿色智造基地以及产业新能源化等方面开展深入合作，共同建设全国首个高比例绿色能源供给的引领式、示范性零碳产业园， 一期在垦利区建设规模40GWh的锂电池绿色智造项目，并适时开展二期项目建设，打造锂电池全链条绿色产业集聚区。 早在2024年1月，东营就与宁德时代签署了战略合作协议，双方在储能锂电池PACK组装及系统集成制造、交通工具电动化、零碳产业园建设 等方面达成合作意向。其中，储能电池PACK项目落户仅3个月就完成各项手续审批，顺利开工建设，预计今年6月就可投产运行。 宁德时代洛阳基地三期、四期项目开工 亿纬锂能表示，此次收到定点开发通知书，是公司在低空经济领域市场开拓的又一重要成果，有助于与小鹏汇天共筑低空经济新生态，提升公 司在新能源行业的综合实力。不过，前述项目的进展尚存在不确定性，实际供货量需以正式销售订单为准，对本年度经营业绩的影响暂不确 定。 亿纬锂能拟募资50亿元 3月20日，亿纬锂能股份有限公司创业板向不特定对象 ...

3月17日晚，赣锋锂业披露股东大会股东交流记录表。当被问及对于锂价的看法和判断时， 赣锋锂业回应称，公司认为目前的锂价已经处于相 对底部区域的概率较大。 1、 比克电池发布全极耳30D新品 2、 宁德时代40GWh项目落地东营 3、 20GWh锂电池项目落地江苏盐城 4、 云南将新增5万吨磷酸铁锂产能 STARTING POINT 在世景朝电 市 暨钠电行业50强排行榜发布会 技术成套服 市场爆发元年 2025年3月28日 深圳宝安登喜路国际酒店2楼国际厅 赣锋锂业表示，这一判断主要基于 近期锂价感受到较强的成本端支撑、行业库存处于历史相对低位，以及近期需求有显著改善。 未来锂价是 否能上涨，取决于供给侧是否有明显出清，以及是否存在需求持续超预期的可能性等。 谈及固态电池业务情况，赣锋锂业介绍，公司目前专注于氧化物和硫化物体系的固态电池技术路线的研发投入，其中氧化物体系的混合固液电 池已经初步形成商业化产品，硫化物体系的固态电池还在开发阶段。公司将积极推进固态电池在低空经济、机器人、高端乘用车等领域的应 用。 此外，赣锋锂业透露，目前公司拥有锂资源合计权益总资源量已经接近4000万吨-5000万吨LCE，已经 ...

Core Viewpoint - The lithium industry is entering a clearing phase, with potential for price increases due to production cuts and supply-demand improvements [2][3]. Group 1: Market Trends - Historical data shows that during the last lithium cycle, stock prices generally trended upward despite fluctuations, with Ganfeng Lithium's stock rising by 162.3% over a 15-month clearing period [2]. - As of January 2024, six Australian mines have announced production cuts or delays, indicating a potential for further reductions in 2025, which could enhance the supply-demand balance [2]. Group 2: Valuation Methods - The lithium sector lacks a clear valuation anchor, with companies experiencing extreme fluctuations in price-to-earnings (PE) ratios, sometimes exceeding hundreds of times during upswings and dropping below 10 times after peaks [3]. - Alternative valuation methods, such as the replacement cost method, may provide a more accurate reflection of asset values, especially given the volatility of lithium prices [3]. Group 3: Replacement Cost Calculation - The replacement cost method assesses the total cost required to acquire or construct a new asset under current conditions, including intangible assets like mining rights and fixed assets such as lithium refining and mining facilities [4]. - The calculation of replacement costs involves determining the value of lithium resources per ton and applying it to the resource quantities of various lithium mines, as well as estimating the investment costs for refining and mining operations [4]. Group 4: Current Valuation Status - Based on replacement cost calculations, companies like Ganfeng Lithium, Tianqi Lithium, Shengxin Lithium, and Yahua Group are already trading below their replacement costs, indicating potential undervaluation [5]. - Other companies, while having lower replacement costs than their current market values, may still be undervalued due to uncalculated non-lithium business assets [5].

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 设立在达州市宣汉普光经开区的"四川省2025年第一季度重大项目现场推进活动达州分会场"旌旗飘扬， 机器轰鸣，掌声雷动，达州高纯锂盐及锂钾卤水开发利用等360个项目顺利启动，为宣汉拼战一季度，冲 刺"开门红"筑牢了坚实支撑。 当天现场启动的达州高纯锂盐及锂钾卤水开发利用项目计划总投资105亿元，由江西科想联合厦门建发集 团合作投资。该项目分三期建设， 生产电池级碳酸锂、 工业级元明粉(用于制造玻璃、洗涤剂和造纸等)和 以硫磺制取硫酸，计划今年底建成年产4万吨碳酸锂生产线， 在2027年实现项目年产14万吨碳酸锂生产 线全面建成。 项目全部建成后，宣汉县将成为"全球产能领先的基础锂盐生产基地"。 现有项目中，投资170亿元的蜂巢能源达州锂电零碳产业园一期，投资100亿元的 江西赣锋锂业高纯锂盐 及退役电池综合回收利用项目一期、二期，投资40亿的四川赣锋锂业有限公司锂辉石提锂项目已竣工投 产。 其中，赣锋锂业锂辉石提锂项目位于四川省达州市宣汉县普光工业园区，是目前全球单线产能最大的锂辉 石矿石提锂生产线。建成投产达 ...