Summary of Ganfeng Lithium Earnings Review Company Overview - **Company**: Ganfeng Lithium (1772.HK) - **Market Cap**: HK$62.5 billion / $8.0 billion - **Enterprise Value**: HK$107.1 billion / $13.7 billion - **Industry**: Basic Materials, specifically lithium production Key Financial Results - **1H25 Performance**: - Net loss of Rmb536 million, or loss per share of Rmb0.266, compared to a net loss of Rmb759 million in 1H24 [1] - Recurring net loss of Rmb442 million, down from a positive recurring profit in 1H24 [1] - Total revenue decreased by 13% year-over-year to Rmb8.3 billion, 19% below estimates [25] - Gross profit of Rmb890 million, down 16% year-over-year and 30% lower than estimates [26] Pricing and Sales - **Lithium Pricing**: - Realized ASP for lithium hydroxide was US$7,942/t in 1H25, 13% below expectations [25] - Realized ASP for lithium carbonate was US$8,606/t in 1H25, down 32% year-over-year [37] - **Sales Volume**: - Lithium compound sales volume was 8% below estimates, with a significant drop in realized ASP contributing to lower revenue [25] Earnings Revisions - **2025E Earnings**: Recurring earnings cut by 28% due to lower realized ASP for lithium hydroxide and lower sales volume [2] - **2026-27E Earnings**: Revised up by 12-44% due to: 1. Lower production costs for integrated projects [2][23] 2. Higher self-sufficiency in spodumene supply [2][23] 3. Increased battery profit from new ESS plant operations [2][23] Industry Insights - **Market Dynamics**: - Recent supply disruptions from China are expected to support spot lithium carbonate prices [2] - Global excess capacity poses risks to current spot prices, which are 39% above the bottom in June [2] Valuation Analysis - **Target Prices**: - Revised 12-month price targets to HK$28.00 and Rmb30.50, down from HK$19.00 and Rmb21.40 [18][32] - **Valuation Metrics**: - Bottom-of-the-cycle valuation suggests a theoretical valuation of Rmb18.4/share at a spot lithium carbonate price of US$10.5k/t-LCE [2] - Current share price is HK$30.8/share for H and Rmb38.3/share for A [2] Risks - **Key Risks Identified**: 1. Fluctuations in lithium product prices [33][34] 2. Project execution risks [33][34] 3. Raw material purchase risks [33][34] 4. Policy risks affecting EV adoption [33][34] 5. Currency and country risks related to overseas assets [33][34] Operational Metrics - **Cash Flow**: - Operating cash flow declined by 92% year-over-year to Rmb300 million in 1H25 [29] - Free cash flow remained negative at Rmb1.9 billion [29] - **Balance Sheet**: - Net gearing increased to 73% by the end of 1H25, up from 64% at the end of 2024 [29] Conclusion - Ganfeng Lithium's performance in 1H25 was below expectations, primarily due to lower lithium prices and sales volumes. The company is adjusting its earnings forecasts for the coming years while navigating significant market risks and operational challenges. The revised target prices reflect a cautious outlook amid ongoing industry volatility.

Core Viewpoint - Ganfeng Lithium plans to implement H-share refinancing by issuing 40.0256 million H-shares at a price of HKD 29.28 per share, aiming to raise approximately HKD 1.169 billion in net proceeds [1] Group 1 - The company intends to issue H-shares to raise funds for loan repayment, capacity expansion, working capital supplementation, and general corporate purposes [1] - The total amount of H-share convertible bonds to be issued will not exceed HKD 1.37 billion [1]

Group 1 - Company Ganfeng Lithium (01772.HK) announced a placement agreement to issue 40.0256 million H-shares, representing approximately 9.92% of existing issued H-shares and about 1.98% of total issued shares as of the announcement date [1] - The placement price is set at HKD 29.28 per share, which is a discount of approximately 5.49% compared to the closing price of HKD 30.98 on August 25 [1] - The total estimated proceeds from the placement are approximately HKD 1.172 billion, with net proceeds expected to be around HKD 1.169 billion, intended for loan repayment, capacity expansion, working capital, and general corporate purposes [1] Group 2 - The company also entered into a subscription agreement for a bond issuance totaling HKD 1.37 billion, consisting of 1.50% convertible bonds due in 2026 [2] - The initial conversion price for the bonds is set at HKD 33.67 per share, representing a premium of approximately 8.68% over the last closing price of HKD 30.98 on August 25 [2] - If fully converted at the initial conversion price, the bonds could convert into approximately 40.68904 million H-shares, equating to about 10.08% of existing issued H-shares and 2.02% of total issued shares, with net proceeds from the bond subscription expected to be around HKD 1.346 billion [2]

Core Viewpoint - Ganfeng Lithium (01772.HK) has entered into a placement agreement to issue and allocate 40.0256 million H-shares at a specified placement price, with the placement agent acting on a best-efforts basis to facilitate subscriptions by investors [1] Group 1 - The company has agreed to issue and allocate 40.0256 million H-shares under the placement agreement [1] - The placement agent will act individually (not jointly) to promote subscriptions for the placement shares [1] - The shares will be issued under a general mandate [1]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-099 江西赣锋锂业集团股份有限公司 第六届董事会第六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 江西赣锋锂业集团股份有限公司（以下简称"公司"）第六届董 事会第六次会议于2025年8月22日以电话或电子邮件的形式发出会议 通知，于2025年8月25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《关于公 司实施 H 股再融资的议案》。 公司于 2025 年 6 月 25 日召开的 2024 年年度股东大会审议通过 了《关于增发公司 H 股股份一般性授权的议案》及《关于申请发行 境内外债务融资工具一般性授权的议案》。为满足本公司业务发展 的需要，巩固公司行业地位，进一步提升本公司的资本实力和综合 实力，公司拟实施 H 股再融资事项：1、拟发行不超过 40,357,400 股（含本数）H ...

证券代码：002460 证券简称：赣锋锂业 编号：临2025-100 江西赣锋锂业集团股份有限公司 关于根据一般性授权发行可转换公司债券及配售新增H股的公告 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。 2025年8月25日（H股交易时段后），江西赣锋锂业集团股份有 限公司（以下简称"公司"或"赣锋锂业"）根据一般性授权与承销商和 配售代理分别签订可转换公司债券《认购协议》与新增H股《配售协 议》，公司拟发行本金总金额为1,370百万港元的可转换公司债券并 按每股配售价格29.28港元（"配售价"）向符合条件的独立投资者（"承 配人"）配售本公司新增发行的40,025,600股H股（以下统称"本次发 行"）。 一、发行可转换债券 （一）发行概述 2025年8月25日（H股交易时间后），公司与承销商签署了认购 协议。根据该协议的条款及条件，承销商分别而非连带地同意认购和 支付或促使认购人认购和支付公司将予发行的本金总金额为1,370百 万港元的债券。 上述债券可在认购协议约定的条款及条件下转换为公司H股普 通股股票，初始转换价格为每股H股33.67港元，较2025 ...

Group 1 - Company Ganfeng Lithium (01772.HK) announced a placement agreement to issue 40.0256 million H-shares, representing approximately 9.92% of existing issued H-shares and about 1.98% of total issued shares as of the announcement date [1] - The placement price is set at HKD 29.28 per share, which is a discount of approximately 5.49% compared to the closing price of HKD 30.98 on August 25 [1] - The total estimated proceeds from the placement are approximately HKD 1.172 billion, with net proceeds expected to be around HKD 1.169 billion, intended for loan repayment, capacity expansion, working capital, and general corporate purposes [1] Group 2 - The company also entered into a subscription agreement for a bond issuance totaling HKD 1.37 billion, consisting of 1.50% convertible bonds due in 2026 [2] - The initial conversion price for the bonds is set at HKD 33.67 per share, representing a premium of approximately 8.68% over the last closing price of HKD 30.98 on August 25 [2] - If fully converted at the initial conversion price, the bonds could convert into approximately 40.68904 million H-shares, equating to about 10.08% of existing issued H-shares and 2.02% of total issued shares, with net proceeds from the bond subscription expected to be around HKD 1.346 billion [2]

Core Viewpoint - Ganfeng Lithium has announced a placement agreement to issue approximately 40.03 million H-shares at a price of HKD 29.28 per share, representing a discount of about 5.49% from the market price on the signing date [1] Group 1: Placement Details - The placement shares will account for approximately 9.02% of the enlarged issued H-shares and about 1.95% of the total enlarged issued shares after the placement [1] - The total expected proceeds from the placement are approximately HKD 1.172 billion, with net proceeds estimated at HKD 1.169 billion after deducting commissions and estimated expenses [1] - The proceeds will be used for loan repayment, capacity expansion, working capital supplementation, and general corporate purposes [1] Group 2: Bond Issuance - The company has entered into a subscription agreement for bonds totaling HKD 1.37 billion, which can be converted into H-shares at an initial conversion price of HKD 33.67 per share, representing a premium of about 8.68% over the market price on the signing date [2] - The net proceeds from the bond issuance are expected to be approximately HKD 1.346 billion after deducting commissions and other estimated expenses [2] - The proceeds from the bond issuance will also be allocated for loan repayment, capacity expansion, working capital supplementation, and general corporate purposes [2] Group 3: Strategic Implications - The board believes that both the placement and bond issuance will strategically leverage domestic and international capital market resources, facilitating cost-effective financing and promoting sustainable growth [3] - The placement is expected to diversify the shareholder base and increase the liquidity of H-shares, enhancing market trading volume [3] - The bond issuance will further supplement existing funding sources, optimizing the capital structure and improving the company's financial condition and overall competitiveness [3]

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B 條 刊 發。 根據中華人民共和國的有關法例規定，江西贛鋒鋰業集團股份有限公司（「本 公 司」）在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn/）刊 發 了 以 下 公 告。茲 載 列 如 下，僅 供 參 閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 海外監管公告 於本公告日 期，董事會成員包括本公司執行董事李良彬先 生、王曉申先 生、沈海博先 生、黃婷女士及李承霖先 生；本公司非執行董事羅榮女 士； 以及本公司獨立非執行董事王金本先 生、黃浩鈞先 生、徐一新女士及徐 光華先 生。 证券代码：002460 证券简称：赣锋锂业 编号：临2025-099 江西贛鋒鋰業集團股份有限公司 董事長 李良彬 中 國‧江 ...

Core Viewpoint - Ganfeng Lithium (1772.HK) plans to issue new H-shares, expecting total proceeds of approximately HKD 1.171 billion, with the placement price set at HKD 29.28 per share, representing a discount of 5.49% from the latest closing price [1] Summary by Categories - **Fundraising Details** - The total amount expected from the share placement is approximately HKD 1.171 billion [1] - The placement price is set at HKD 29.28 per share, which is a 5.49% discount compared to the latest closing price [1] - **Use of Proceeds** - The proceeds from the share placement will be used for loan repayment, capacity expansion and construction, working capital replenishment, and general corporate purposes [1]