Core Viewpoint - Ganfeng Lithium (01772.HK) has entered into a placement agreement to issue and allocate 40.0256 million H-shares at a specified placement price, with the placement agent acting on a best-efforts basis to facilitate subscriptions by investors [1] Group 1 - The company has agreed to issue and allocate 40.0256 million H-shares under the placement agreement [1] - The placement agent will act individually (not jointly) to promote subscriptions for the placement shares [1] - The shares will be issued under a general mandate [1]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-099 江西赣锋锂业集团股份有限公司 第六届董事会第六次会议决议公告 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。 江西赣锋锂业集团股份有限公司（以下简称"公司"）第六届董 事会第六次会议于2025年8月22日以电话或电子邮件的形式发出会议 通知，于2025年8月25日以现场和通讯表决相结合的方式举行。会议 应出席董事10人，实际出席董事10人，会议由董事长李良彬先生主持， 会议符合《公司法》及《公司章程》的规定。会议审议了所有议案， 一致通过以下决议： 一、会议以 10 票赞成，0 票反对，0 票弃权，审议通过《关于公 司实施 H 股再融资的议案》。 公司于 2025 年 6 月 25 日召开的 2024 年年度股东大会审议通过 了《关于增发公司 H 股股份一般性授权的议案》及《关于申请发行 境内外债务融资工具一般性授权的议案》。为满足本公司业务发展 的需要，巩固公司行业地位，进一步提升本公司的资本实力和综合 实力，公司拟实施 H 股再融资事项：1、拟发行不超过 40,357,400 股（含本数）H ...

证券代码：002460 证券简称：赣锋锂业 编号：临2025-100 江西赣锋锂业集团股份有限公司 关于根据一般性授权发行可转换公司债券及配售新增H股的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，无虚假 记载、误导性陈述或者重大遗漏。 2025年8月25日（H股交易时段后），江西赣锋锂业集团股份有 限公司（以下简称"公司"或"赣锋锂业"）根据一般性授权与承销商和 配售代理分别签订可转换公司债券《认购协议》与新增H股《配售协 议》，公司拟发行本金总金额为1,370百万港元的可转换公司债券并 按每股配售价格29.28港元（"配售价"）向符合条件的独立投资者（"承 配人"）配售本公司新增发行的40,025,600股H股（以下统称"本次发 行"）。 一、发行可转换债券 （一）发行概述 2025年8月25日（H股交易时间后），公司与承销商签署了认购 协议。根据该协议的条款及条件，承销商分别而非连带地同意认购和 支付或促使认购人认购和支付公司将予发行的本金总金额为1,370百 万港元的债券。 上述债券可在认购协议约定的条款及条件下转换为公司H股普 通股股票，初始转换价格为每股H股33.67港元，较2025 ...

Group 1 - Company Ganfeng Lithium (01772.HK) announced a placement agreement to issue 40.0256 million H-shares, representing approximately 9.92% of existing issued H-shares and about 1.98% of total issued shares as of the announcement date [1] - The placement price is set at HKD 29.28 per share, which is a discount of approximately 5.49% compared to the closing price of HKD 30.98 on August 25 [1] - The total estimated proceeds from the placement are approximately HKD 1.172 billion, with net proceeds expected to be around HKD 1.169 billion, intended for loan repayment, capacity expansion, working capital, and general corporate purposes [1] Group 2 - The company also entered into a subscription agreement for a bond issuance totaling HKD 1.37 billion, consisting of 1.50% convertible bonds due in 2026 [2] - The initial conversion price for the bonds is set at HKD 33.67 per share, representing a premium of approximately 8.68% over the last closing price of HKD 30.98 on August 25 [2] - If fully converted at the initial conversion price, the bonds could convert into approximately 40.68904 million H-shares, equating to about 10.08% of existing issued H-shares and 2.02% of total issued shares, with net proceeds from the bond subscription expected to be around HKD 1.346 billion [2]

Core Viewpoint - Ganfeng Lithium has announced a placement agreement to issue approximately 40.03 million H-shares at a price of HKD 29.28 per share, representing a discount of about 5.49% from the market price on the signing date [1] Group 1: Placement Details - The placement shares will account for approximately 9.02% of the enlarged issued H-shares and about 1.95% of the total enlarged issued shares after the placement [1] - The total expected proceeds from the placement are approximately HKD 1.172 billion, with net proceeds estimated at HKD 1.169 billion after deducting commissions and estimated expenses [1] - The proceeds will be used for loan repayment, capacity expansion, working capital supplementation, and general corporate purposes [1] Group 2: Bond Issuance - The company has entered into a subscription agreement for bonds totaling HKD 1.37 billion, which can be converted into H-shares at an initial conversion price of HKD 33.67 per share, representing a premium of about 8.68% over the market price on the signing date [2] - The net proceeds from the bond issuance are expected to be approximately HKD 1.346 billion after deducting commissions and other estimated expenses [2] - The proceeds from the bond issuance will also be allocated for loan repayment, capacity expansion, working capital supplementation, and general corporate purposes [2] Group 3: Strategic Implications - The board believes that both the placement and bond issuance will strategically leverage domestic and international capital market resources, facilitating cost-effective financing and promoting sustainable growth [3] - The placement is expected to diversify the shareholder base and increase the liquidity of H-shares, enhancing market trading volume [3] - The bond issuance will further supplement existing funding sources, optimizing the capital structure and improving the company's financial condition and overall competitiveness [3]

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B 條 刊 發。 根據中華人民共和國的有關法例規定，江西贛鋒鋰業集團股份有限公司（「本 公 司」）在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn/）刊 發 了 以 下 公 告。茲 載 列 如 下，僅 供 參 閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 海外監管公告 於本公告日 期，董事會成員包括本公司執行董事李良彬先 生、王曉申先 生、沈海博先 生、黃婷女士及李承霖先 生；本公司非執行董事羅榮女 士； 以及本公司獨立非執行董事王金本先 生、黃浩鈞先 生、徐一新女士及徐 光華先 生。 证券代码：002460 证券简称：赣锋锂业 编号：临2025-099 江西贛鋒鋰業集團股份有限公司 董事長 李良彬 中 國‧江 ...

Core Viewpoint - Ganfeng Lithium (1772.HK) plans to issue new H-shares, expecting total proceeds of approximately HKD 1.171 billion, with the placement price set at HKD 29.28 per share, representing a discount of 5.49% from the latest closing price [1] Summary by Categories - **Fundraising Details** - The total amount expected from the share placement is approximately HKD 1.171 billion [1] - The placement price is set at HKD 29.28 per share, which is a 5.49% discount compared to the latest closing price [1] - **Use of Proceeds** - The proceeds from the share placement will be used for loan repayment, capacity expansion and construction, working capital replenishment, and general corporate purposes [1]

本 公 告 僅 供 參 考，並 非 收 購、購 買 或 認 購 任 何 證 券 的 邀 請 或 要 約，或 訂 立 協 議 以 進 行 任 何 該 等 事 宜 的 邀 請，亦 非 旨 在 邀 請 任 何 要 約 以 收 購、購 買 或 認 購 任 何 證 券。 本 公 告 並 非 亦 不 構 成 於 美 國（包 括 其 領 土 和 屬 地、美 國 任 何 州 份 和 哥 倫 比 亞 地 區）出 售 證 券 的 要 約 或 邀 請。本 公 告 或 其 任 何 內 容 或 其 副 本 亦 不 得 攜 進 美 國 境 內 或 於 美 國 境 內 直 接 或 間 接 派 發。除 非 有 關 證 券 根 據 證 券法或美國的任何其他適用證券法律辦理登記或獲得豁免遵守證券法 或 美 國 任 何 其 他 適 用 證 券 法 律 的 登 記 規 定，否 則 有 關 證 券 未 曾 亦 不 會 根據經修訂的1933年《美 國 證 券 法》（「證 券 法」）或 美 國 任 何 其 他 適 用 證 券 法 律 登 記，且 不 得 於 美 國 提 呈 發 售、出 售 或 以 其 他 方 式 轉 讓。任 何 在 美 國 提 呈 的 證 ...

Core Viewpoint - The lithium mining industry is experiencing a challenging period due to falling lithium prices, but recent supply constraints and a potential recovery in prices may lead to improved financial performance for mining companies in the near future [2][6][10]. Group 1: Industry Performance - Lithium carbonate prices dropped below 60,000 yuan/ton in the first half of 2025, leading to disappointing financial results for many lithium mining companies, with some still facing losses [2][3]. - Major lithium mining companies like Zhongmin Resources reported a revenue of 3.267 billion yuan, a year-on-year increase of 34.89%, but a net profit decline of 81.16% [3]. - Rongjie Co. and Yongxing Materials also faced significant profit declines, with net profits down 48.54% and 47.84% respectively, despite some revenue growth [4]. Group 2: Supply and Demand Dynamics - The supply-demand imbalance characterized by strong supply and weak demand has led to a prolonged decline in lithium carbonate prices, with some companies expressing concerns about operating at a loss [6][10]. - Recent production halts, including those by CATL and other companies, have raised expectations for supply constraints, contributing to a rebound in lithium carbonate prices, which recently surpassed 80,000 yuan/ton [7][10]. - The suspension of CATL's Yichun mine, which has an annual capacity of 100,000 tons of lithium carbonate equivalent, is expected to impact domestic supply and support price recovery [7]. Group 3: Future Outlook - The anticipated supply contraction and industry initiatives to curb excessive competition are expected to support lithium prices and improve the financial health of mining companies [8][10]. - Companies like Ganfeng Lithium are focusing on increasing their resource self-sufficiency, with projections indicating a self-sufficiency rate exceeding 50% [11]. - The cost advantages of salt lake lithium resources are expected to be enhanced as prices recover, benefiting companies with low-cost operations [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6][4]. Core Insights - The company reported a revenue of 8.376 billion yuan in the first half of 2025, representing a year-on-year decline of 12.65%. However, it achieved a net profit attributable to shareholders of -531 million yuan, showing an improvement in losses compared to the previous year [1]. - The improvement in performance is attributed to a significant reduction in fair value losses, with a net fair value change of -278 million yuan, which is a substantial decrease in losses year-on-year. The company utilized options hedging, generating a profit of 375 million yuan [1]. - The company is actively advancing its solid-state battery integration strategy and has established partnerships with well-known drone and eVTOL companies, enhancing its capabilities in key areas of solid-state battery production [3]. Financial Performance Summary - The company’s revenue is projected to decline from 32.972 billion yuan in 2023 to 18.906 billion yuan in 2024, before recovering to 22.804 billion yuan in 2025, with a growth rate of 20.62% [5]. - The net profit is expected to improve from -2.074 billion yuan in 2024 to 163 million yuan in 2025, with a significant increase in profitability forecasted for 2026 and 2027 [5][4]. - The report indicates a projected PE ratio of 474 for 2025, decreasing to 75 by 2027, reflecting a potential recovery in earnings [4][5]. Industry Position and Strategy - The company is focusing on increasing its lithium supply capacity, with plans to achieve an annual production capacity of no less than 600,000 tons of lithium products by 2030 [2]. - The integration of lithium salt lake assets in Argentina aims to develop one of the largest lithium extraction projects globally, enhancing the company's competitive position in the lithium market [2]. - The report suggests that the lithium sector may be entering a phase where lower prices could present buying opportunities, indicating a strategic shift in investment focus [3].