Core Viewpoint - Ganfeng Lithium's stock has increased by nearly 6%, reaching HKD 36.06, with a trading volume of HKD 340 million, driven by the company's announcement of large-scale production of energy storage cells and stable supply partnerships with leading industry players [1] Group 1: Company Developments - The company has achieved large-scale production of energy storage cells and has established long-term stable supply collaborations with multiple leading enterprises in the industry [1] - Ganfeng Lithium's energy storage cell production capacity is currently fully utilized, ensuring stable delivery to customers amid a surge in energy storage demand [1] - The company is actively developing in the power battery sector, with solid-state batteries already being trialed in certain vehicle models and applied in well-known drone and eVTOL companies [1] Group 2: Industry Position and Product Range - Ganfeng Lithium's business encompasses five major categories and over twenty types of products, including solid-state lithium batteries, power batteries, consumer batteries, polymer lithium batteries, energy storage batteries, and energy storage systems [1] - The company possesses a complete integrated layout for solid-state batteries and has commercial capabilities, with research and production capabilities in key areas such as sulfide electrolytes, oxide electrolytes, metallic lithium anodes, cells, and battery systems [1] - With signs of an industry profit turning point, Ganfeng Lithium's leading position in the industry remains solid, with multiple business developments progressing simultaneously [1]

Core Viewpoint - Ganfeng Lithium's stock has increased nearly 6%, reaching HKD 36.06, with a trading volume of HKD 340 million, driven by the company's advancements in energy storage cell production and partnerships with leading industry players [1] Group 1: Company Developments - The company has achieved large-scale production of energy storage cells and has established long-term stable supply partnerships with several leading enterprises [1] - Ganfeng Lithium's energy storage cell production capacity is currently fully utilized, ensuring stable delivery to customers amid surging demand for energy storage solutions [1] - The company is actively developing in the power battery sector, with solid-state batteries already being trialed in certain vehicle models and applied in well-known drone and eVTOL companies [1] Group 2: Industry Position and Product Range - Ganfeng Lithium's business encompasses five major categories and over twenty types of products, including solid-state batteries, power batteries, consumer batteries, polymer lithium batteries, and energy storage batteries and systems [1] - The company possesses a complete integrated layout for solid-state batteries and has commercial capabilities, with research and production capabilities in key areas such as sulfide electrolytes, oxide electrolytes, metallic lithium anodes, cells, and battery systems [1] - With signs of an industry profit turning point, Ganfeng Lithium's leading position in the industry remains solid, with multiple business developments progressing simultaneously [1]

9月19日，赣锋锂业涨5.04%，截至发稿，报50.44元/股，成交14.10亿元，换手率2.35%，总市值1037.65 亿元。 从基金十大重仓股角度 资料显示，江西赣锋锂业集团股份有限公司位于江西省新余市经济开发区龙腾路,香港湾仔皇后大道东 248号大新金融中心40楼，成立日期2000年3月2日，上市日期2010年8月10日，公司主营业务涉及从事各 种深加工锂产品的研究、开发、生产与销售。主营业务收入构成为：锂系列产品56.78%，锂电池系列 产品35.52%，其他7.70%。 数据显示，长城基金旗下1只基金重仓赣锋锂业。长城核心优选混合A（000030）二季度增持1.19万股， 持有股数2.68万股，占基金净值比例为1.35%，位居第七大重仓股。根据测算，今日浮盈赚取约6.49万 元。 长城核心优选混合A（000030）成立日期2013年4月18日，最新规模6720.97万。今年以来收益17.88%， 同类排名4602/8172；近一年收益37.83%，同类排名4368/7980；成立以来收益130.21%。 长城核心优选混合A（000030）基金经理为向晨。 截至发稿，向晨累计任职时间2年328天，现 ...

Core Viewpoint - Ganfeng Lithium has confirmed that its energy storage cell production has reached full capacity and has established long-term stable supply partnerships with several leading companies in the industry [1] Company Summary - Ganfeng Lithium's energy storage cells have achieved large-scale production [1] - The company has reported that its energy storage cell production capacity is fully utilized [1] - On September 18, Ganfeng Lithium's stock closed down 3.86% at 48.02 yuan per share, with a total market capitalization of 98.79 billion yuan [1] Industry Summary - Major battery manufacturers have indicated a surge in orders for energy storage, with demand extending into 2026 [1]

Core Insights - Company Ganfeng Lithium (002460.SZ) has developed lithium sulfide products with a purity of ≥99.9% and a D50 particle size of ≤5μm, which meet the technical requirements for high-conductivity solid electrolyte materials [1] - The company utilizes a lithium-sulfur pyrometallurgical process, leveraging its technical advantages in metallic lithium and developing cost-effective preparation methods [1] - Lithium sulfide is a key material for sulfide solid-state batteries, playing a crucial role in enhancing energy density, safety, and performance, with applications in electric vehicles and low-altitude aircraft [1] - Ganfeng Lithium has established a comprehensive supply chain to promote the commercialization of its products [1] Industry Position - The company's lithium sulfide products have passed customer quality certification and are being supplied to multiple downstream clients, indicating a strong market position [1] - The development of lithium sulfide is seen as significant for the future of the lithium battery industry, highlighting its potential impact on technological advancements [3]

Group 1 - The core viewpoint of the article highlights that major battery manufacturers are experiencing a surge in orders for energy storage, with some orders extending to 2026 [2] - Ganfeng Lithium (002460.SZ) confirmed on September 18 that its energy storage cells have achieved large-scale production and have established long-term stable supply partnerships with several leading industry players [2] - The company’s energy storage cell production capacity is fully utilized, ensuring stable delivery to customers amid the current explosive demand for energy storage [2]

Core Viewpoint - The company is making significant progress in the development of solid-state batteries, which are expected to become a primary energy source for low-altitude flying vehicles and robots, and is actively working towards commercialization [1]. Group 1: Company Developments - The company has successfully achieved small-scale production of solid-state battery products with a capacity of 500Wh/kg and 10Ah [1]. - The company is collaborating with well-known drone and eVTOL manufacturers in the low-altitude flying vehicle sector, with samples currently undergoing airworthiness certification [1]. - In the robotics sector, the company is actively exploring applications for its solid-state batteries [1]. Group 2: Commercialization Efforts - The company has established a comprehensive layout across the entire supply chain to accelerate the commercialization process of solid-state batteries [1].

Group 1 - Ganfeng Lithium's stock price dropped by 5.09% to 47.41 CNY per share, with a trading volume of 4.582 billion CNY and a turnover rate of 7.77%, resulting in a total market capitalization of 97.532 billion CNY [1] - Ganfeng Lithium, established on March 2, 2000, and listed on August 10, 2010, is primarily engaged in the research, development, production, and sales of various lithium products. The revenue composition includes lithium series products (56.78%), lithium battery series products (35.52%), and others (7.70%) [1] Group 2 - According to data from the top ten holdings of funds, Hongde Fund has a significant position in Ganfeng Lithium, with its Hongde Automotive Industry Upgrade Mixed Fund A (017663) increasing its holdings by 300 shares to a total of 5,700 shares, representing 1.98% of the fund's net value, ranking as the ninth largest holding [2] - The Hongde Automotive Industry Upgrade Mixed Fund A was established on January 17, 2023, with a latest scale of 9.1148 million CNY. Year-to-date returns are 41.29%, ranking 1620 out of 8172 in its category, while the one-year return is 75.15%, ranking 1441 out of 7980 [2]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a net profit attributable to shareholders of -175 million yuan in Q2 2025, which is a 51% increase quarter-on-quarter; however, the non-recurring net profit attributable to shareholders was -671 million yuan, reflecting a 177% decrease quarter-on-quarter [2][4]. - The company is expected to see an increase in self-supply rates and improvements in production costs as it enters a phase of accelerated resource release [9]. - The lithium price has been declining, which has pressured the company's profitability, with a gross margin of 9.65% in Q2 2025, down 3.3 percentage points quarter-on-quarter [9]. Summary by Sections Financial Performance - In H1 2025, the company's lithium salt business gross margin was 8.36%, down 3.39 percentage points year-on-year, while the lithium battery business gross margin was 14.17%, up 4.29 percentage points year-on-year [9]. - The company recorded a non-recurring income of 382 million yuan in H1 2025, primarily from the disposal of non-current assets and government subsidies [9]. - In Q2 2025, the average price of battery-grade lithium carbonate was 65,300 yuan/ton, down 14% quarter-on-quarter, and the average price of battery-grade lithium hydroxide was 64,800 yuan/ton, down 8% quarter-on-quarter [9]. Production and Cost Outlook - The company plans to produce 30,000-35,000 tons of lithium carbonate equivalent (LCE) in 2025, with a long-term operating cost expected to reach 65,430 USD/ton LCE (approximately 47,000 yuan/ton LCE) [9]. - The Goulamina lithium concentrate project is expected to commence production in December 2024, with promising profitability due to its resource scale and quality advantages [9]. - The Mariana salt lake project has already commenced production, with expectations for stable supply of lithium chloride products in H2 2025 [9]. Market Position and Future Prospects - The company is positioned as a leading resource player with a faster increase in self-supply rates and continuous cost optimization, which is expected to gradually improve profitability [9]. - The company is also increasing its focus on battery business, with the largest global capacity for lithium metal, indicating significant growth potential in the future [9].

Group 1 - The core viewpoint of Haitong International's report is that Ganfeng Lithium (01772) maintains a solid industry-leading position, with multiple business developments progressing simultaneously, and it assigns a target price of HKD 40.36 based on a 1.8x PB for 2025, rating the company as outperforming the market [1] Group 2 - In the first half of 2025, the company achieved operating revenue of CNY 8.258 billion, a year-on-year decrease of 13.82%, and a net profit of -CNY 536 million, which is a reduction in losses by CNY 223 million year-on-year, with a comprehensive gross margin of 10.78%, down 0.38 percentage points year-on-year [1] - The price of battery-grade lithium carbonate reached a low of approximately CNY 60,000 per ton by the end of June 2025, which was a significant factor contributing to the company's weak profitability in the first half of the year [1] Group 3 - The company is advancing its new projects smoothly, enhancing its overall competitiveness, with the first phase of the Goulamina lithium spodumene project in Mali officially commencing production, and the Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up process [1] Group 4 - The company has accelerated development in lithium batteries and energy storage, covering five major categories and over twenty types of products, including solid-state batteries, power batteries, consumer batteries, polymer lithium batteries, and energy storage systems [1] - In the solid-state battery sector, the company possesses a complete integrated layout across the upstream and downstream of solid-state battery production [1]