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 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6月3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 | 截至月份: 2025年5月31日 狀態: 新提交 | 2. 股份分 ...

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [5] Core Viewpoints - Copper prices are fluctuating within a narrow range, awaiting further macroeconomic catalysts. The weekly changes in copper prices are -0.05% for London copper, -0.24% for Shanghai copper, and -3.35% for New York copper. Domestic copper inventory has increased by 7.2% to 106,000 tons [5][22] - Aluminum prices are stable with ongoing inventory depletion. The price of alumina has risen by 2.95% to 3,320 CNY/ton, while electrolytic aluminum prices have decreased by 0.40% to 20,100 CNY/ton [5][31] - Lithium prices continue to decline, with carbonate lithium down 3.73% to 60,700 CNY/ton. The supply side has not shown significant production cuts yet, which is a major factor suppressing lithium prices [5][72] - Cobalt prices remain under pressure due to weak demand, with potential policy changes in the Democratic Republic of Congo that could create rebound opportunities [5][84] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has underperformed, with the Shenwan non-ferrous index down 2.40%, lagging behind the Shanghai Composite Index by 2.38 percentage points [11] - The sector's PE_TTM is 17.86, down 0.50 from the previous week, while the PB_LF is 2.05, down 0.06 [17][20] 2. Industrial Metals 2.1 Copper - London copper prices decreased by 0.05%, while Shanghai copper prices fell by 0.24%. London copper inventory dropped by 9.02%, while Shanghai inventory increased by 7.22% [22] 2.2 Aluminum - London aluminum prices increased by 0.02%, while Shanghai aluminum prices decreased by 0.40%. The inventory of both London and Shanghai aluminum has decreased [31] 2.3 Lead and Zinc - London lead prices fell by 1.29%, and Shanghai lead prices decreased by 0.92%. London zinc prices dropped by 0.67%, while Shanghai zinc prices fell by 0.07% [42] 2.4 Tin and Nickel - London tin prices decreased by 6.80%, and Shanghai tin prices fell by 4.45%. Nickel prices also saw a decline [57] 3. Energy Metals 3.1 Lithium - Lithium carbonate prices fell by 3.73% to 60,700 CNY/ton, with lithium demand currently in a seasonal downturn [72] 3.2 Cobalt - Domestic cobalt prices decreased by 1.68% to 234,000 CNY/ton, with potential for policy changes in the DRC to impact future prices [84]

Core Viewpoint - The lithium price decline has slowed down in Q1 2025, leading to a slight recovery in overseas lithium mine prices and improved operations for salt lake companies, but the industry is facing significant losses as prices drop to 60,000 yuan/ton [1] Group 1: Lithium Market Dynamics - In Q1 2025, overseas lithium mine production decreased, with a total output of 1.01 million tons, a decline of over 10% quarter-on-quarter [2] - Major lithium mines saw a slight price recovery in Q1 2025, with average prices rising above $800/ton, driven by strong demand in the Chinese market [2] - The price of lithium concentrate has entered a new downward trend since Q2 2025, dropping below $650/ton by the end of May, leading to increased operational pressure and losses for overseas lithium miners [3] Group 2: South American Salt Lake Operations - In Q1 2025, lithium sales for ALB, SQM, and LAAC/Ganfeng Lithium were 44,000 tons, 55,000 tons, and 7,200 tons respectively, with year-on-year growth of 6%, 26%, and 60% [4] - ALB and SQM showed improved operational performance in Q1 2025 due to reduced price declines and increased contributions from other business segments [4] - South American salt lake lithium companies are continuing their expansion plans, with LAR and Ganfeng Lithium aiming to increase their lithium production capacity in Argentina to over 200,000 tons [4] Group 3: Supply and Price Outlook - As of the end of May 2025, domestic lithium carbonate prices fell to 60,000 yuan/ton, further expanding industry losses and strengthening expectations for mine production cuts and price rebounds [5] - The company expects lithium prices to stabilize and rebound at current levels, but long-term prices are anticipated to remain at the bottom due to oversupply and cost-cutting efforts by lithium resource companies [5] - The adjusted forecast for lithium prices in the second half of 2025 is set at 60,000 to 70,000 yuan/ton [5]

Core Viewpoint - The lithium battery industry is experiencing a recovery in orders, particularly in the energy storage sector, with a global trend towards large-scale energy storage following the European household storage boom [1] Group 1: Industry Trends - The rapid development of AI is increasing the energy consumption burden on the global power industry due to the high energy requirements of hardware, model building, data centers, and temperature control systems [2] - The scale of energy storage is expected to grow significantly, driven by the high growth rates in the sales of new energy vehicles in China, with Q1 2023 showing approximately 50% and 47% growth in production and sales respectively [3] - Two new sectors are emerging as opportunities in the battery industry: data center energy storage, with over 150 new computing center projects this year, and the robotics sector, where 15 companies are already involved [4] Group 2: Company Performance - In Q1 2023, major battery manufacturers showed varied performance, with CATL, EVE Energy, and others reporting positive growth, while Ganfeng Lithium faced losses but saw a significant narrowing of those losses [6][7] - CATL continues to lead the industry with record battery sales and successful bids for large energy storage projects, such as a 19GWh project in the UAE [7] - EVE Energy is maintaining a steady growth strategy, focusing on both power and energy storage batteries without major disruptions [7] - Guoxuan High-Tech is expanding aggressively overseas, with significant revenue growth from international markets [8] - Despite challenges, companies like Dofluorid and others are adapting by diversifying their product offerings and improving profitability [8] Group 3: Competitive Landscape - The overall battery market in Q1 2023 showed positive trends, with increasing sales in both power and energy storage batteries, and a shift in supply-demand dynamics leading to inventory clearance [11] - The market is expected to undergo significant adjustments in 2024, with intensified competition and rapid product innovation across various battery types [11] - The demand for lithium resources is stable domestically, but cobalt prices may rise due to export restrictions from the Democratic Republic of Congo, while nickel resources remain a concern due to high external dependency [12] - The competition in the energy storage sector is likely to be global, with companies leveraging emerging markets such as AI, XR, robotics, and drones [12]

Core Viewpoint - The price of battery-grade lithium carbonate has been continuously declining in 2023, with significant drops observed compared to previous months and the same period last year [1][2][3]. Price Trends - As of May 29, 2023, the price of battery-grade lithium carbonate was 60,200 yuan/ton, down 1.63% from the previous day and 44.97% lower than the same time last year [1][2]. - The price has decreased from approximately 78,800 yuan/ton at the beginning of the year [1]. Supply and Demand Dynamics - The current market is experiencing a reduction in production capacity for battery-grade lithium carbonate, with expectations of supply-side cutbacks as prices continue to fall [2]. - The industry is facing a long-term oversupply situation, which is expected to suppress any potential price rebounds [2][3]. - The breakeven price for lithium carbonate processing companies is generally considered to be around 70,000 yuan/ton, but current prices have fallen below this threshold, leading many companies to reduce or halt production [2]. Industry Impact - The decline in lithium carbonate prices has negatively affected the performance of lithium-related listed companies, with most reporting revenue declines in 2024 [4]. - Companies are adjusting their cost structures and accelerating the development of domestic and international salt lake capacities to maintain profitability [4]. - For example, Qinghai Salt Lake Industry Co., Ltd. plans to apply for a project loan of up to 1.8 billion yuan to support the construction of a 40,000-ton/year lithium salt integrated project [4]. Future Outlook - The supply of lithium carbonate is expected to continue growing from June to August 2023, while demand may enter a seasonal downturn [3]. - The industry anticipates that the overall market will remain in an oversupply situation until significant production cuts occur at mining operations [3].

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1] Core Insights - Technological breakthroughs are driving the upgrade of solid-state battery industry, with energy density reaching up to 500Wh/kg, making it a mainstream technology to replace traditional lithium batteries [2][3] - The industrialization process of solid-state batteries is accelerating due to policy guidance and capital support, with major players like CATL and EVE Energy planning significant production capacities [2][3] - AI-enabled applications are opening up a new market worth hundreds of billions, particularly in eVTOL and humanoid robots, which require high energy density [2][3] Summary by Sections Section 1: Solid-State Battery Advantages - Solid-state batteries use solid electrolytes instead of liquid, offering higher energy density and safety, with a theoretical limit of over 500Wh/kg [11][12] - Compared to liquid batteries, solid-state batteries exhibit superior thermal stability and can operate safely even when punctured [26][31] - Solid-state batteries maintain better performance in low temperatures, with discharge capacity retention of 90% at -30°C [36][31] Section 2: Industry Trends and Developments - The report highlights that by 2024, the shipment of solid-state batteries is expected to reach 7GWh, with a significant growth phase anticipated by 2027 [2] - Major companies are ramping up their solid-state battery production, with hundreds of GWh of capacity planned or under construction in China [99] - The report emphasizes the importance of policy support, with various government initiatives aimed at accelerating the development and commercialization of solid-state batteries [92][94] Section 3: Investment Recommendations - The report suggests focusing on key players in the battery sector such as CATL, EVE Energy, and Guoxuan High-Tech, as well as equipment manufacturers like Naconor and Manstein [2] - It also highlights opportunities in solid-state electrolytes and upstream materials, recommending companies like Sanxiang New Materials and Xiamen Tungsten [2]

Group 1 - The New Yu City Market Supervision Administration has implemented a "six-chain action" strategy to enhance the quality and development of key industrial chains, focusing on quality, standards, branding, intellectual property, government services, and regulatory enforcement [1][2][3] - The establishment of a one-stop service platform for quality infrastructure has led to the creation of seven service stations in various sectors, providing comprehensive technical consulting services to over 100 enterprises [1] - New Yu City is actively participating in the formulation of international and national standards, with key enterprises like Ganfeng Lithium and Jiangxi Sayi LDK leading the development of multiple standards [1][2] Group 2 - The brand promotion initiative aims to cultivate local brands and enhance competitive advantages, with five geographical indication trademarks currently registered and additional trademarks in the application process [2] - Intellectual property financing has been advanced through a triad mechanism of trademarks, patents, and copyrights, enabling Ganfeng Lithium to secure 570 million yuan in financing [2] - The "one license for all" reform has streamlined administrative processes, reducing processing time by over 80% and minimizing the need for paper documentation [2][3] Group 3 - The regulatory enforcement reform has consolidated inspections into a single visit per industry, reducing the frequency of checks and promoting a "no disturbance" approach to market operations [3] - The administration has adopted a more lenient regulatory framework, applying exemptions and reductions in penalties for 190 cases, fostering a more supportive environment for businesses [3]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-071 江西赣锋锂业集团股份有限公司 关于公司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。（详见公告编号：2024-018、2024-051） 2、为满足子公司业务发展需要，公司与中国进出口银行江西省 分行（以下简称"进出口银行"）签署《保证合同》（合同编号： HETO2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's 2024 annual report shows a net loss attributable to shareholders of -2.074 billion yuan, with a non-recurring net loss of -0.887 billion yuan. In Q4 2024, the net loss attributable to shareholders was -1.434 billion yuan, with a non-recurring net loss of -0.530 billion yuan [2][4]. Summary by Sections Financial Performance - The company reported a lithium salt production of 130,300 tons in 2024, an increase of 25% year-on-year, and sales of 129,700 tons, up 27% year-on-year. The average selling price was 92,600 yuan per ton, down 61% year-on-year. The gross margin for lithium salt business was 10.47%, a decrease of 2.06 percentage points year-on-year [10]. - The company recorded an asset impairment loss of 423 million yuan for the year, primarily due to high inventory levels and significant price declines in lithium products. Non-recurring losses amounted to 1.187 billion yuan, with fair value changes contributing approximately 1.482 billion yuan [10]. - In Q4, the gross margin improved to 12.14%, with a net margin of -32.08%. Despite a continued decline in lithium salt prices, the larger drop in mineral prices helped restore some profitability [10]. Production and Resource Development - The company is entering a phase of accelerated resource release, with expectations for self-supply rates to continue improving and production costs to decrease. The C-O salt lake is projected to produce 30,000-35,000 tons of LCE in 2025, with cost optimization efforts underway [10]. - The Goulamina lithium concentrate project is expected to commence production in December 2024, with promising profitability due to resource scale and quality advantages. The Mariana salt lake project is also set to begin production in the second half of 2025 [10]. Market Outlook - As lithium prices stabilize and recover, the company is positioned as a leading resource player with faster self-supply rate improvements and ongoing cost optimization. The company is also expanding its battery business and holds the largest global capacity for lithium metal, indicating significant growth potential in the future [10].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 3.772 billion yuan in Q1 2025, representing a year-on-year decrease of 25.43% and a quarter-on-quarter decrease of 24.28%. The net profit attributable to the parent company was -356 million yuan, showing a year-on-year increase of 18.93% and a quarter-on-quarter increase of 75.18%. The net profit excluding non-recurring items was -242 million yuan, with a year-on-year increase of 4.72% and a quarter-on-quarter increase of 54.28% [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross profit of 489 million yuan, which is a decrease of 115 million yuan quarter-on-quarter. The average price of battery-grade lithium carbonate was 75,800 yuan per ton (including tax), down 0.5% quarter-on-quarter, while the average price of lithium concentrate was 834.4 USD per ton, up 5.8% quarter-on-quarter [10]. Resource Development - The company is entering a phase of accelerated resource release, with expectations for self-sufficiency to continue improving and production costs to decrease. The C-O salt lake is expected to produce 30,000-35,000 tons of LCE in 2025, with cost reductions anticipated through operational optimization. The Mali Goulamina lithium concentrate project is expected to contribute significantly starting from Q2 2025 [10]. Market Outlook - The company is expected to benefit from the recovery of its own resources, with a focus on solid-state batteries and energy storage as new performance support points. As lithium prices stabilize, the long-term value of the company is expected to become more apparent [10].