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]

Core Viewpoint - The report from Haitong International indicates that Ganfeng Lithium (01772) maintains its industry-leading position, with multiple business developments progressing simultaneously, and 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 1: 2025 First Half Performance - 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 [2] - The comprehensive gross margin was 10.78%, down by 0.38 percentage points year-on-year; net profits for Q1 and Q2 were -CNY 356 million and -CNY 180 million respectively, with Q2 losses decreasing by CNY 175 million quarter-on-quarter [2] - The global lithium salt industry experienced a deep adjustment, with sales prices of lithium salt and lithium battery products declining, significantly impacting the company's performance [2] Group 2: Lithium Carbonate Price Recovery - The price of battery-grade lithium carbonate hit a low of CNY 60,000 per ton by the end of June 2025, contributing to the company's weak profitability in the first half [3] - In August, the price rebounded to a peak of CNY 86,000 per ton, with the latest price in September at CNY 72,500 per ton; the report suggests that the price has passed its low point [3] - The demand for lithium carbonate is expected to expand due to steady growth in the electric vehicle market and ongoing energy storage developments, leading to an improvement in the supply-demand balance [3] Group 3: Project Development and Competitive Edge - The company's Goulamina lithium spodumene project in Mali has officially commenced production, with efforts underway to accelerate capacity ramp-up [4] - The Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up phase, with a designed capacity of 40,000 tons/year for lithium carbonate; the Mariana project also commenced production in early 2025, with a designed capacity of 20,000 tons/year for lithium hydroxide [4] Group 4: Lithium Battery and Energy Storage Development - The company has expanded its business to cover solid-state lithium batteries, power batteries, consumer batteries, polymer lithium batteries, energy storage batteries, and energy storage systems, with over twenty product types [5] - In solid-state battery development, the company has established a complete integrated layout and commercial capabilities, with research and production capabilities in key areas such as sulfide electrolytes, oxide electrolytes, metallic lithium anodes, battery cells, and battery systems [5]

Core Viewpoint - The report from Haitong International indicates that Ganfeng Lithium (01772) maintains a strong industry position, with multiple business developments progressing simultaneously, and assigns a target price of HKD 40.36 based on a 1.8x PB for 2025, rating it as outperforming the market [1] Group 1: Financial Performance - 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 [2] - The comprehensive gross margin was 10.78%, down by 0.38 percentage points year-on-year; net profits for Q1 and Q2 were -CNY 356 million and -CNY 180 million respectively, with Q2 losses decreasing by CNY 175 million quarter-on-quarter [2] Group 2: Market Dynamics - The price of battery-grade lithium carbonate hit a low of CNY 60,000 per ton by the end of June 2025, contributing to the company's weak profitability; however, prices rebounded to CNY 86,000 per ton in August and were CNY 72,500 per ton in September [3] - The report suggests that the current lithium carbonate prices have passed the low point, with demand expected to expand due to steady growth in the electric vehicle sector and ongoing energy storage developments [3] Group 3: Project Development - The Goulamina lithium spodumene project in Mali has officially commenced production, and the company is accelerating the ramp-up of this project's capacity [4] - The Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up phase, with a designed capacity of 40,000 tons/year for lithium carbonate; the Mariana project also commenced production in early 2025, with a designed capacity of 20,000 tons/year for lithium hydroxide [4] Group 4: Product Development - The company has developed a comprehensive range of products across five categories, including solid-state batteries, power batteries, consumer batteries, polymer lithium batteries, and energy storage batteries [5] - 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, battery cells, and battery systems [5]

Investment Rating - The report maintains an "OUTPERFORM" rating for Ganfeng Lithium Group [2]. Core Views - The report highlights a rebound in industrial chain prices from the bottom, with new projects and business developments accelerating [1]. - The company is expected to recover profitability in the second half of 2025 due to the rebound in lithium carbonate prices and improving supply-demand dynamics [4][16]. - Ganfeng Lithium is positioned as a leading player in the lithium industry, with a diversified product range and strong project pipeline [6][19]. Financial Summary - For the first half of 2025, Ganfeng Lithium reported revenue of RMB 8.258 billion, a decrease of 13.82% year-on-year, and a net loss of RMB 536 million, which is an improvement of RMB 223 million compared to the previous year [3][15]. - The company anticipates revenue growth to RMB 21.173 billion in 2024, RMB 27.185 billion in 2025, and RMB 33.988 billion in 2026, with net profits projected to turn positive by 2025 [11][12]. - The gross profit margin is expected to improve from 11.4% in 2023 to 15.0% by 2026 [11]. Project Development - The Goulamina spodumene project in Mali has commenced production, and the Cauchari-Olaroz brine project in Argentina is ramping up towards its designed capacity of 40,000 tons per year [5][17]. - The Mariana project in Argentina has also started production, with a designed capacity of 20,000 tons per year for lithium hydroxide [17]. Market Position and Product Range - Ganfeng Lithium has a comprehensive product portfolio that includes over 40 types of lithium compounds and metals, catering to diverse customer needs across various industries [9]. - The company is advancing in solid-state battery technology, with a fully integrated supply chain and commercialization capabilities [18].

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301219 | 腾远钻业 | 69.96 | -4.86% | 11.88万 | 8.49 Z | | 300618 | 塞锐钻√ | 50.45 | -3.90% | 33.61万 | 17.41亿 | | 600711 | 蓝电矿业 | 8.77 | -3.09% | 112.45万 | 2666.6 | | 6633209 | 永杉锂业 | 10.02 | -0.89% | 12.72万 | 1.29亿 | | 000762 | 西藏矿业 | 23.09 | -0.26% | 20.37万 | 4.73 Z | | 603799 | 华友钻业 | 52.25 | -0.10% | 115.57万 | 61.80亿 | | 002756 | 永兴材料 | 35.54 | 0.17% | 13.04万 | 4.68亿 | | 002192 | 融捷股份 | 36.83 | 0.71% | 10.50万 | 3.90亿 | | 002240 | ...