江西赣锋锂业集团股份有限公司（以下简称"公司"）第六届监 事会第二次会议于 2025 年 5 月 12 日以电话及电子邮件的形式发出会 议通知，于 2025 年 5 月 15 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《关于为 境外 SPV 公司发行境外债券提供担保的议案》，该议案尚需提交股 东大会审议； 同意公司为 SPV 公司拟发行不超过 30,000 万美元或等额其他货 币的境外债券提供担保。授权公司经营层在担保额度内代表公司办理 相关手续，并签署相关法律文件。 证券代码：002460 证券简称：赣锋锂业 编号：临 2025-064 江西赣锋锂业集团股份有限公司 第六届监事会第二次会议决议公告 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。 监事会 2025 年 5 月 16 日 赣锋锂业《关于为境外 SPV 公司发行境外债券提供担保的公告》 刊登于同日《证券日报》和巨潮资讯网 http://w ...

证券代码：002460 证券简称：赣锋锂业 编号：临2025-063 江西赣锋锂业集团股份有限公司 第六届董事会第二次会议决议公告 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。 江西赣锋锂业集团股份有限公司（以下简称"公司"）第六届董 事会第二次会议于2025年5月12日以电话或电子邮件的形式发出会议 通知，于2025年5月15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《关于为 参股子公司提供财务资助的议案》； 同意公司为参股子公司内蒙古维拉斯托矿业有限公司（以下简称 "维拉斯托矿业"）提供总额不超过人民币 20,000 万元的财务资助， 指定用于维拉斯托矿业经营周转，借款期限为 2 年。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。 赣锋锂业《关于为参股子公司提供财务资助的公告》刊登于同日 《证券日报》和巨潮资讯网 http:/ ...

赣锋锂业（002460）公告，公司部分董事及高级管理人员拟以货币方式对深圳易储增资合计人民币3080 万元。具体增资金额为：李承霖3000万元，向伟东50万元，任宇尘30万元。本次增资完成后，深圳易储 的注册资本由人民币6.01亿元增加至人民币6.32亿元。 ...

Summary of Ganfeng Lithium's Conference Call Industry and Company Overview - Ganfeng Lithium is a leading player in the global lithium industry, covering the entire supply chain from upstream resource development to downstream battery manufacturing and recycling [4][3] - The company has a clear structure with its controlling subsidiaries encompassing upstream, midstream, and downstream sectors [4][3] Core Financial Insights - Ganfeng Lithium's profitability is significantly influenced by lithium price cycles, with a net profit of 20.5 billion yuan in 2022 due to the explosive growth of the new energy sector, but projected to incur a loss of 2.11 billion yuan in 2024 due to oversupply [2][5] - Revenue sources are primarily from upstream resource reserves (over 60%) and downstream battery segments (over 30%), with a current gross margin impacted by falling lithium prices, reducing to around 10% [2][5] Production Capacity and Resource Management - The company controls and participates in 16 projects, with 6 already in production, including the Cauchari-Olaroz salt lake in Argentina (40,000 tons of lithium carbonate) and a 500,000-ton concentrate project in Mali [2][6] - Current self-sufficiency in resource rights stands at 45%, with expectations to increase to over 50% in the future [2][6] - Midstream capacity includes 277,000 tons of lithium carbonate equivalent, with plans to reach a total capacity of 600,000 tons by 2030 [2][6] - Downstream capabilities include 23GWh battery capacity, 490 million polymer battery capacity, and a recycling facility with a processing capacity of 200,000 tons [2][6] Market Dynamics and Price Trends - Manganese prices surged from 2021 to 2022 but have since dropped significantly due to a shift to oversupply, currently around 65,000 yuan/ton, leading to losses for many external mining and smelting plants [2][7] - The expected demand for potassium carbonate in 2025 is 1.51 million tons, with supply reaching 1.6 million tons, indicating a surplus of about 10%, which may be higher considering the oversupply in 2024 [2][8] - The market is currently in a bottoming phase, requiring low prices to encourage production cuts to deplete inventory [2][8] Future Outlook - The company anticipates that the main incremental supply in 2025 will come from projects in Mali and Australia, despite a weak demand outlook and cost reductions potentially leading to price fluctuations [2][7] - Historical trends suggest that Ganfeng's stock may lead the market in bottoming out, but a catalyst for production cuts is needed to drive prices back up [2][9]

Core Insights - The top three companies with the highest short positions are WuXi AppTec (02359), Vanke Enterprises (02202), and Ganfeng Lithium (01772) with short ratios of 16.40%, 14.71%, and 13.17% respectively [1][2] - The company with the largest increase in short positions is Vanke Enterprises (02202), which saw an increase of 1.37% from the previous report [1][2] - Ganfeng Lithium (01772) experienced the largest decrease in short positions, with a reduction of 0.88% [1][3] Short Position Summary - **Top 3 Companies by Short Ratio** - WuXi AppTec (02359): 6,349.45 million shares, 16.40% [2] - Vanke Enterprises (02202): 325 million shares, 14.71% [2] - Ganfeng Lithium (01772): 5,313.62 million shares, 13.17% [2] - **Companies with Largest Increase in Short Positions** - Vanke Enterprises (02202): Increased from 13.34% to 14.71% [2] - COSCO Shipping Holdings (01919): Increased from 12.27% to 13.14% [2] - Yao Cai Securities (01428): Increased from 1.28% to 2.09% [2] - **Companies with Largest Decrease in Short Positions** - Ganfeng Lithium (01772): Decreased from 14.05% to 13.17% [3] - Horizon Robotics-W (09660): Decreased from 1.87% to 1.02% [3] - Hisense Home Appliances (00921): Decreased from 10.94% to 10.14% [3]

资料来源：赣锋锂业 2024年度可持续发展报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"赣锋锂业"篇。 出品 | 搜狐财经 研究员 | 张子豪 近期，"锂矿双雄"双双公布2025年一季报。赣锋锂业营收37.72亿元，同比下滑25.43%，亏损3.56亿元； 天齐锂业营收25.84亿元，与上年同期持平，净利润1.04亿元，已实现扭亏为盈。 2024年，赣锋锂业面临全球锂行业的深度调整，也迎来了上市15年来首次年度亏损。全年营收189亿 元，同比下滑42.66%，归母净亏损20.74亿元，资产负债率攀升至52.8%的历史高位。 2024年至今，赣锋锂业面临内幕交易行为的行政处罚，以及金融衍生品操作的损失等挑战。本文结合赣 锋锂业2024年度可持续发展报告，从ESG视角分析赣锋锂业的相关情况。 赣锋锂业涉内幕交易被罚，高管合 ...

Core Viewpoint - The Shenzhen Upstream Industry Index has shown a recent increase, indicating potential investment opportunities in the upstream sector of the market [1] Group 1: Index Performance - The Shenzhen Upstream Industry Index rose by 1.32%, closing at 3951.01 points, with a trading volume of 16.078 billion yuan [1] - Over the past month, the index has increased by 5.14%, while it has decreased by 4.57% over the last three months and is down 0.09% year-to-date [1] Group 2: Index Composition - The Shenzhen Upstream Industry Index is composed of companies from the upstream, midstream, and downstream sectors, providing diverse investment options for investors [1] - The index is based on a reference date of December 31, 2002, with a base point of 1000.0 [1] Group 3: Top Holdings - The top ten weighted stocks in the Shenzhen Upstream Industry Index include: - Ganfeng Lithium (5.27%) - Shanjin International (4.81%) - Yun Aluminum (4.64%) - Tianqi Lithium (4.54%) - Shenhuo Co. (4.0%) - Feilihua (3.7%) - Tongling Nonferrous Metals (3.66%) - China Rare Earth (3.62%) - Zhongmin Resources (3.17%) - Tianshan Aluminum (3.13%) [1] Group 4: Sector Allocation - The sector allocation of the index holdings is as follows: - Industrial metals: 34.91% - Rare metals: 32.53% - Precious metals: 10.22% - Coal: 6.42% - Other non-metal materials: 5.57% - Oil and natural gas: 3.86% - Other nonferrous metals and alloys: 3.39% - Oil and gas extraction and field services: 3.10% [2] Group 5: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - The sample adjustment typically does not exceed 20%, with special circumstances allowing for temporary adjustments [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In Q1 2025, the overseas lithium resource supply was generally stable, with a slow clearance of high - cost mines and persistent supply pressure. Australian shipments decreased slightly quarter - on - quarter, South American salt lakes continued to increase production, Brazilian hard - rock expansion and production were postponed, and African supply faced cost challenges at low lithium prices [1]. - It is recommended to pay attention to the production conditions of NAL, Marion, Wodgina, and large African lithium mines [1]. Summary by Related Catalogs Australia - In Q1 2025, Australian mine shipments were about 950,000 tons, a 2.7% quarter - on - quarter decline. The quarterly average in 2025 is expected to be 900,000 - 950,000 tons. Production at Greenbushes and Pilbara decreased quarter - on - quarter, while Marion, Wodgina, and Kathleen Valley increased [3]. - Only small mines like Bald Hill and Cattin have exited or plan to exit the supply, while mainstream enterprises maintain high - capacity utilization or take other cost - reduction measures [3]. Greenbushes - In Q1 2025, it produced 342,000 tons of lithium concentrate, a 13% quarter - on - quarter decrease and a 22% year - on - year increase. Sales volume was 366,000 tons, a 17% quarter - on - quarter increase and a 100% year - on - year increase. The average selling price was $791/ton (FOB). Cash production cost increased 5% quarter - on - quarter to A$341/ton and decreased 12% year - on - year [4]. - The CGP3 is expected to produce the first batch of lithium concentrate in Q4 2025. The Kwinana lithium hydroxide plant produced 1,562 tons in Q1 2025, a 2% quarter - on - quarter decrease and a 64% year - on - year increase, with a capacity utilization rate of only 26% [5]. Pilbara - In Q1 2025, lithium concentrate production was 125,000 tons (SC5.1), a 33.6% decrease from the previous quarter and a 30.2% year - on - year decrease. Sales volume was 125,500 tons (SC5.2), a 38.5% quarter - on - quarter decrease and a 23.9% year - on - year decrease. The average selling price was $851/ton (China CIF, SC6). Unit operating cost was $499/ton, a 4% quarter - on - quarter increase [6]. - The P1000 project started producing ore in late January, and production is expected to increase and unit cost to decrease in Q2 [6]. Mt Marion - In Q1 2025, total lithium concentrate production was 140,000 tons, a 21% quarter - on - quarter increase and a 23% year - on - year decrease. Shipment volume was 138,000 tons (SC4.4). The selling price was $845/dry ton (SC4.4). The cost in Q1 was A$708/ton (SC6, FOB) [7]. - The 2025 fiscal - year production guidance increased by 70,000 tons to 370,000 - 400,000 tons (SC4.1). The cost guidance for 2025 fiscal year (converted to SC6) is maintained at A$870 - 970/ton [7]. Wodgina - In Q1 2025, it produced 126,000 tons of lithium concentrate, a 17% quarter - on - quarter increase and a 29% year - on - year increase. Sales volume was 118,000 tons, a 3% quarter - on - quarter decrease and an 8% year - on - year decrease. The average realized price (SC6) was $846/ton, a 1.4% quarter - on - quarter increase [8]. - The cost in Q1 was A$775/ton (SC6, FOB). The 2025 fiscal - year cost guidance (converted to SC6) is maintained at A$800 - 900/ton, with the upper limit increased by A$10. The production guidance remains unchanged at 420,000 - 460,000 tons [8][9]. Kathleen Valley - In Q1 2025, lithium concentrate production was 95,709 tons, a 12% quarter - on - quarter increase. Sales volume was 93,940 tons, a 15% quarter - on - quarter increase. The average selling price was $815/ton (SC6), a 1% quarter - on - quarter increase. Unit operating cost was $512/ton (FOB), a 21% quarter - on - quarter decrease [10]. - The all - in sustaining cost (AISC) was $678/ton (SC6.0, FOB), an 11% quarter - on - quarter decrease [10]. Other Mines - SQM's Mt Holland business sales volume in 2025 fiscal year is about 10,000 tons LCE (50% equity) [11]. - Rio Tinto completed the acquisition of Arcadium Lithium in March 2025. Mt Cattlin will enter maintenance after completing the remaining mining and beneficiation in the first half of this year [12]. South America - Most South American salt - lake projects put into production in 2023 - 2024 are approaching full production. Argentina is the largest growth point in South American lithium carbonate supply, with an expected 75% year - on - year increase in production to 130,000 tons in 2025. SQM in Chile will have an incremental output of over 20,000 tons. The expansion of the Grota do Cirilo hard - rock project in Brazil is postponed to 2026 [14]. SQM - In Q4 2024, SQM's lithium salt sales volume was 58,000 tons, a 13% year - on - year and quarter - on - quarter increase. The average selling price was $9,172/ton, a 41% year - on - year and 6% quarter - on - quarter decrease. The unit sales cost was $6,819/ton, a 37% year - on - year and 14% quarter - on - quarter decrease [14]. - In 2025, SQM's sales volume will increase by about 15% year - on - year, including 10,000 tons LCE from Holland [14]. Other Projects - Rio Tinto's total lithium project output in Q1 was about 20,000 tons LCE, with an estimated slight increase in salt - lake project output [15][16]. - Posco's 25,000 - ton/year lithium hydroxide plant in Hombre Muerto was completed in October 2024, and the second - phase project is planned to be completed in the second half of 2025 [17]. - Lithium Americas' Caucharí - Olaroz project slightly exceeded the 2024 annual production target. The 2025 production target is 30,000 - 35,000 tons, and the second - phase expansion is in preparation [18]. - The Rincon lithium project's 3,000 - ton plant produced its first lithium product in December 2024. The project is expected to be completed in Q2 2025. The board approved a $2.5 - billion investment to expand the annual capacity to 60,000 tons of battery - grade lithium carbonate, with construction starting in mid - year and first production expected in 2028 [19]. - The Centenario - Ratones salt lake produced about 440 tons of lithium carbonate in Q1, with a purity higher than 99.5%. Eramet expects the 2025 production target to be at the lower end of the guidance range and reach the nameplate capacity by the end of the year [20]. - Zijin Mining's 3Q lithium salt lake in Argentina is expected to start producing crude lithium carbonate products in Q3 2025, with an annual production of about 20,000 tons [21]. Africa - In Q1 2025, African lithium supply faced cost challenges due to low lithium prices. Chinese imports of African lithium concentrate in the first three months were about 330,000 tons, a 23.3% year - on - year decrease. African local lithium ore rough processing will determine the supply continuity of African resources [22]. Specific Mines - Zhongkuang Resources' Bikita lithium mine consists of two projects. In 2024, it achieved a lithium salt production of 43,700 tons and sales of 42,600 tons. In Q1 2025, the estimated lithium salt production from its own mines was about 8,300 tons [23]. - Huayou Cobalt's Arcadia lithium mine had a lithium concentrate shipment of about 400,000 tons in 2024. A 50,000 - ton lithium sulfate project started construction in January 2025 [24]. - Shengxin Lithium's Sabi Star project has reached full production. It entered a maintenance period in December 2024 and is expected to gradually resume production in April 2025 [26]. - Yahua Group's KMC lithium mine project phase II was fully put into production in November 2024. The company expects the lithium concentrate self - sufficiency rate to increase in Q2, and the market speculates that the annual production may exceed 200,000 tons [27]. - Ganfeng Lithium's Goulamina lithium pyroxene project phase I in Mali was officially put into production in December 2024, with a planned annual capacity of 506,000 tons of lithium concentrate, and the phase II will expand the capacity to 1 million tons [28]. North America - North American Lithium (NAL) produced 43,261 tons of lithium concentrate in Q1 2025, a 15% quarter - on - quarter decrease. The recovery rate reached 69%, a 1 - percentage - point increase. Sales volume was 27,030 tons, a 59% quarter - on - quarter decrease. It is expected that Q2 shipments will account for 70% of the first - half shipments [29]. - The average actual selling price (FOB) increased 8% to A$1,142/dry metric ton. Unit operating cost decreased 1% quarter - on - quarter to A$830/ton (FOB). The 2025 production target is 190,000 - 210,000 tons [29].

Group 1 - The Jiangxi Xinyu Market Supervision Administration is actively promoting the construction of a low-carbon, green ecological, and civilized "Beautiful Xinyu" brand by leveraging its measurement and standardization functions [1] - The administration encourages companies like Ganfeng Lithium and Tianqi Lithium to participate in the establishment of greenhouse gas emission accounting standards for the lithium salt industry, promoting low-carbon development [1] - A special campaign against excessive packaging of goods has been launched, focusing on products such as mooncakes, rice dumplings, and tea, to effectively curb excessive packaging practices [1] Group 2 - The city has taken the lead in formulating green ecological standards for tourism services, receiving the first "Jiangxi Green Ecology" certification, and successfully passing the first batch of brand construction pilot project inspections [2] - Over 20 green standards have been developed or participated in by local enterprises since the start of the 14th Five-Year Plan, covering areas such as green manufacturing and lithium-ion battery recycling [2] - Ganfeng Lithium's standard for evaluating green factories in the lithium salt processing industry has been recognized as a typical case for application promotion by the Ministry of Industry and Information Technology in 2024 [2] Group 3 - The administration is enhancing the management of restaurant oil smoke by requiring new restaurants to install oil smoke purification devices, with 864 new establishments complying this year [3] - A total of over 20 small biomass boilers have been eliminated in the city to support air quality improvement efforts [3] - The "Clean Plate Campaign" is being promoted in schools and restaurants to encourage waste reduction, with over 50,000 promotional posters distributed to restaurants [3]

Group 1 - The core viewpoint of the news is that Jiangxi Ganfeng Lithium Co., Ltd. has been rated AAA by Oriental Jincheng International Credit Rating Co., Ltd., indicating a stable credit outlook for the company and its upcoming green medium-term notes [1][2] - Jiangxi Ganfeng Lithium operates a vertically integrated business model covering lithium resource development, lithium salt deep processing, lithium metal smelting, lithium battery manufacturing, and comprehensive recycling of lithium batteries, which enhances its synergy and overall strength [2] - The company is a significant global producer of lithium compounds and lithium metal, with abundant resource reserves and large-scale lithium processing capacity, ensuring a complete product supply [2] Group 2 - The sales volume of the company's lithium chemical products has been steadily increasing, supported by stable cooperation with major customers [2] - The revenue and gross profit from the company's lithium battery business, which includes power batteries, consumer batteries, and energy storage batteries, have shown continuous growth in recent years [2] - The company's equity has grown rapidly, significantly enhancing its capital strength [2] Group 3 - The company faces geopolitical and exchange rate fluctuation risks due to its primary lithium resources being located overseas, particularly concerning the potential cancellation of lithium mining concessions in Mexico [2] - The company reported losses for the period from January to September 2024, and the lithium supply-demand situation is expected to remain loose in the short term, putting pressure on profitability [2] - Significant capital expenditure is anticipated for future projects like the Mariana lithium salt lake construction, which may lead to short-term liquidity fluctuations [2]