Core Viewpoint - Ganfeng Lithium has achieved large-scale production of battery-grade lithium sulfide and is supplying it steadily to multiple downstream customers [1] Group 1 - The company confirmed the successful scale production of its battery-grade lithium sulfide production line [1] - Ganfeng Lithium is actively engaging with investors through an interactive platform to provide updates on its production capabilities [1]

证券日报网讯12月5日，赣锋锂业（002460）在互动平台回答投资者提问时表示，截至2025年11月28 日，公司A股股东人数为351555户。 ...

Group 1 - The core viewpoint of the article is that Ganfeng Lithium maintains a prudent financial strategy and has accumulated sufficient cash reserves during its operations [1] - The company has supplemented its liquidity through domestic and overseas bond issuance and interbank bond issuance, effectively alleviating cash flow pressure [1]

Core Viewpoint - Ganfeng Lithium (002460) currently has no plans to jointly develop lithium mines with state-owned enterprises in the power sector, and will fulfill information disclosure obligations if any related matters arise in the future [1] Summary by Category - **Company Plans** - The company has stated that there are no current plans to collaborate with state-owned enterprises in the electric power sector for lithium mining [1] - **Information Disclosure** - The company will adhere to relevant regulations and ensure timely information disclosure if any future developments occur regarding partnerships in lithium mining [1]

Core Viewpoint - Ganfeng Lithium (002460) emphasizes its commitment to legal and compliant operations, leveraging its core advantages in resources, cost, technology, and full industry chain layout to benefit from industry recovery and create long-term value for investors [1] Company Summary - Ganfeng Lithium maintains a focus on legal and compliant business practices [1] - The company relies on its own resources, cost efficiency, and technological capabilities as core advantages [1] - Ganfeng Lithium is positioned to benefit from the recovery of the lithium industry [1] - The company aims to create long-term value for its investors [1]

Core Viewpoint - Ganfeng Lithium has confirmed that its current orders are sufficient to ensure the orderly operation of its various business lines, and it continues to receive customer recognition and cooperation orders in the fields of solid-state batteries and energy storage [1] Group 1 - The company has a solid order backlog that supports its business operations [1] - Ganfeng Lithium is actively involved in the solid-state battery and energy storage sectors [1] - The company is experiencing ongoing customer recognition and collaboration in its business areas [1]

Core Viewpoint - Ganfeng Lithium has a comprehensive technical reserve that aligns closely with market demands, covering the entire lithium supply chain from upstream lithium extraction technology to midstream production technologies for key electrolytes and anode materials, and down to downstream cell and system integration [1] Group 1 - The company has developed technologies for lithium extraction from lithium ore [1] - It possesses production technologies for key electrolytes and anode materials [1] - The company is also equipped with technologies for cell and system integration [1]

Group 1 - The core viewpoint of the article is that Ganfeng Lithium has established a systematic market value management mechanism [1] Group 2 - The company responded to investor inquiries on an interactive platform regarding its market value management [1]

Ganfeng Lithium Co. Ltd. Business Update Call Summary Company Overview - **Company**: Ganfeng Lithium Co. Ltd. - **Industry**: Lithium Chemicals - **Market Cap**: Rmb 113,678 million - **Current Stock Price**: HK$47.44 (as of December 3, 2025) - **Price Target**: HK$43.30, indicating a downside of approximately 9% from the current price [6][6] Key Production and Financial Projections - **Lithium Chemicals Production**: Expected to reach 170-180kt LCE in 2025, with a growth of 50kt LCE in 2026, of which 30-50kt will be sourced from Ganfeng's own mines [1][1] - **Revenue Projections**: - 2025: Rmb 18,467 million - 2026: Rmb 21,868 million - 2027: Rmb 29,124 million [6][6] - **EBITDA Projections**: - 2025: Rmb 1,975 million - 2026: Rmb 4,385 million - 2027: Rmb 6,350 million [6][6] Supply-Demand Dynamics - **2026 Supply-Demand Balance**: Anticipated demand for lithium is approximately 2 million tonnes LCE, with supply expected to be between 2-2.1 million tonnes LCE. This balance may tighten further in 2027 due to limited new supply coming online [3][3] - **Price Outlook**: Management is optimistic about lithium prices and is not currently hedging its production [3][3] Battery Shipment Volumes - **Battery Shipments**: Expected to grow from over 30 GWh in 2025 to 45-50 GWh in 2026. The majority will be for Energy Storage Systems (ESS), with a smaller portion for Electric Vehicle (EV) batteries (5 GWh in 2025) [4][4] - **Customer Distribution**: Approximately 30% of ESS battery shipments will go to Yichu (a Ganfeng-related developer), while 70% will be sold to external customers [4][4] Project Updates - **Goulamina, Mali**: Projected output of 300kt spodumene concentrate in 2025, increasing to 500kt in 2026 [8][8] - **Mariana, Argentina**: Expected output of less than 5kt LCE in 2025, with a growth of 10kt in 2026 [8][8] - **Cauchari-Olaroz, Argentina**: Mild growth expected in 2026 from approximately 35kt LCE in 2025 [8][8] - **PPGS, Argentina**: Environmental licenses obtained, with potential construction start in 2026 and production beginning in 2028 [8][8] - **Songshugang, China**: Currently low priority and not progressing [8][8] Risks and Considerations - **Upside Risks**: - Shortages of lithium raw materials could constrain production increases - Higher-than-expected growth in the EV market [12][12] - **Downside Risks**: - EV market demand may fall below expectations - Faster-than-expected global lithium supply growth could impact profitability [12][12] Analyst Ratings - **Stock Rating**: Equal-weight - **Industry View**: Attractive [6][6] This summary encapsulates the key points from Ganfeng Lithium Co. Ltd.'s business update call, highlighting production expectations, market dynamics, project updates, and associated risks.

Group 1 - The company has achieved large-scale production of battery-grade lithium sulfide [1] - The company is supplying stable quantities to multiple downstream customers [1]