Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 8.376 billion, with a net profit attributable to shareholders of CNY -0.531 billion, and an operating cash flow of CNY 0.3 billion [1] - The business structure consists of 56.78% from lithium chemical segment, 35.52% from lithium battery segment, and 7.70% from other businesses [1] Business Development - The Mariana lithium salt lake project in Argentina has produced its first batch of lithium chloride [2] - The Cauchari-Olaroz lithium salt lake project is operating smoothly and is expected to meet its annual production target in the second half of the year [2] - The Goulamina lithium spodumene project in Mali has shipped its first batch of spodumene to China [2] - The Sichuan Ganfeng's annual production capacity of 50,000 tons of lithium salt project has completed production line debugging and is steadily releasing capacity [2] - The first phase of the Qinghai Ganfeng's annual production of 1,000 tons of metallic lithium project is in trial production [2] Solid-State Battery Business - The company has completed an integrated layout for solid-state battery business and has commercial capabilities [2] - The soft-pack solid-state battery can be applied in passenger vehicles and low-altitude aircraft, with an energy density covering 320Wh/kg to 550Wh/kg and a maximum cycle count of 1,000 [2] - The cylindrical solid-state battery has a capacity of 6Ah to 7.5Ah and an energy density of 330Wh/kg to 420Wh/kg, with production lines under construction [2] Energy Storage Business - The company has successfully completed the delivery and grid connection of energy storage shared power stations through Shenzhen Yichu [2] - The integrated layout of lithium batteries has shown significant results, positively contributing to the group's performance [2] Market Outlook and Strategy - The company remains optimistic about the future demand for lithium and expects further improvement in operational performance as the lithium industry recovers [2] - The company is focusing on cost-effective resource development and prioritizing projects with optimal economic benefits [5] - The overall lithium product inventory is currently at a low level, approximately one week, indicating a positive market trend [5] Debt Management - The company is planning multiple measures to optimize its capital structure, including controlling debt increases and enhancing project equity financing [6] - The debt level is currently manageable, despite an increase due to the higher leverage in the battery segment, which accounts for 35%-40% of sales revenue [6]

江西贛鋒鋰業集團股份有限公司 董事會審計委員會工作細則 第一章 總 則 公 司 現 任 外 部 審 計 機 構 的 前 任 合 夥 人 自 以 下 日 期（以 日 期 較 後 者 為 準）起 兩 年 內，不 得 擔 任 審 計 委 員 會 委 員： 第三章 職責權限 – 2 – （一）該前任合夥人終止成為該會計事務所的合夥人的 日 期；或 （二）該前任合夥人不再享有該會計事務所財務利益的 日 期。 第五條 審 計 委 員 會 設 主 任 委 員（即 召 集 人）一 名，由 獨 立 非 執 行 董 事 委 員 擔 任，應 當 為 會 計 專 業 人 士，負 責 主 持 委 員 會 工 作；主 任 委 員 由 全 體 委 員 的 二 分 之 一 以 上 選 舉 產 生。 第六條 審 計 委 員 會 任 期 與 董 事 會 一 致，委 員 任 期 屆 滿，連 選 可 以 連 任。期 間 如 有 委 員 不 再 擔 任 公 司 董 事 職 務，自 動 失 去 委 員 資 格，並 由 委 員 會 根 據 本 工 作 細 則 第 三 至 第 五 條 的 規 定 補 足 委 員 人 數。 第七條 審 計 委 員 會 下 設 ...

– 1 – 第一條 為 優 化 董 事 會 組 成，規 範 公 司 領 導 人 員 的 產 生，建 立 健 全 公 司 董 事（包 括 獨 立 非 執 行 董 事）及 高 級 管 理 人 員 的 考 核 和 薪 酬 管 理 制 度，完 善 公 司 治 理 結 構，根 據《中 華 人 民 共 和 國 公 司 法》、《上 市 公 司 治 理 準 則》、《深 圳 證 券 交 易 所 股 票 上 市 規 則》、《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》（以 下 簡 稱「《香 港 上 市 規 則》」）、《江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司 章 程》（以 下 簡 稱「《公 司 章 程》」） 及其他有關規定，公司特設立董事會薪酬與考核委員會， 並 制 定 本 工 作 細 則。 第二條 薪 酬 與 考 核 委 員 會 是 董 事 會 下 設 的 專 門 工 作 機 構，主 要負責制定公司董事及高級管理人員的考核標準並進 行考核制定、審查董事、高級管理人員的薪酬決定機制、 決 策 流 程、支 付 與 止 付 追 索 安 排 等 薪 酬 政 策 與 方 案，對 董 事 會 負 責。 ...

江西贛鋒鋰業集團股份有限公司 提 名 委 員 會 主 任 委 員 負 責 召 集 和 主 持 提 名 委 員 會 會 議， 當 提 名 委 員 會 主 任 委 員 不 能 或 無 法 履 行 職 責 時，由 其 指 定 一 名 其 他 獨 立 非 執 行 董 事 委 員 代 行 其 職 責。 第七條 提 名 委 員 會 的 任 期 與 同 屆 董 事 會 的 任 期 相 同。提 名 委 員會因委員辭職或免職或其他原因而導致人數低於規 定 人 數 的 三 分 之 二 時，公 司 董 事 會 應 盡 快 選 舉 產 生 新 的 委 員。 董事會提名委員會工作細則 第一章 總 則 第二章 人員組成 – 1 – 第一條 為完善江西贛鋒鋰業集團股份有限公司（以下簡稱「公司」） 的 法 人 治 理 結 構，增 強 董 事 會 選 舉 程 序 的 科 學 性、民 主 性，優 化 董 事 會 的 組 成 人 員 結 構，公 司 特 設 立 董 事 會 提 名 委 員 會。 第二條 為 使 提 名 委 員 會 規 範、高 效 地 開 展 工 作，公 司 董 事 會 根 據《中 華 人 民 共 和 國 公 司 法》、《上 市 公 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][108]. Core Views - The report highlights that the expectation of a rate cut by the Federal Reserve in September is likely to support copper prices, with a potential upward trend anticipated due to increased demand during the peak season [3][5]. - The report emphasizes the importance of monitoring the Federal Reserve's actions in September and the demand support during the "golden September and silver October" period [5]. Summary by Sections 1. Industry Overview - The report notes that the U.S. initial jobless claims for the week ending August 16 were higher than expected, indicating economic uncertainty [9]. - Fed Chairman Powell's dovish remarks suggest a stronger likelihood of a rate cut in September, which could positively impact the non-ferrous metals market [9]. 2. Industrial Metals Copper - Copper prices showed slight declines this week, with LME copper down 0.05%, SHFE copper down 0.47%, and COMEX copper down 0.62% [25]. - Domestic copper inventories increased, with LME copper stocks at 155,975 tons (+0.11%) and SHFE copper stocks at 81,698 tons (-5.40%) [22][25]. - The report suggests that copper prices may rise due to improved downstream demand and the upcoming peak season [5]. Aluminum - Aluminum prices are expected to remain stable, with SHFE aluminum down 0.34% to 20,670 yuan/ton and LME aluminum down 0.58% [36]. - The report indicates that aluminum inventories are rising, with domestic spot inventories at 595,000 tons (+0.85%) [36]. Lithium - Lithium carbonate prices increased by 1.45% to 83,900 yuan/ton, while lithium spodumene prices decreased by 0.64% to 934 USD/ton [78]. - The report anticipates a reduction in lithium inventories due to seasonal demand, which may drive prices higher [78]. Cobalt - Domestic cobalt prices fell by 0.38% to 261,000 yuan/ton, with a significant drop in imports from the Democratic Republic of Congo [89]. - The report suggests that the extended export ban from Congo may lead to a tightening of cobalt supplies in Q4, potentially increasing prices [89]. 3. Market Performance - The non-ferrous metals sector underperformed compared to the Shanghai Composite Index, with a weekly increase of 1.33% versus the index's 3.49% [11][12]. - The report identifies the top-performing stocks in the sector and notes the overall market sentiment [11]. 4. Valuation Changes - The PE_TTM for the non-ferrous metals sector is reported at 22.80, with a slight increase of 0.27 [20]. - The PB_LF for the sector stands at 2.63, reflecting a change of 0.03 [20].

Core Viewpoint - The article discusses the recent financial performance of Ganfeng Lithium and highlights the growth in its lithium battery business, alongside the upcoming sodium battery summit in 2025 [2][3]. Financial Performance - Ganfeng Lithium reported a revenue of 8.376 billion yuan for the first half of 2025, a year-on-year decrease of 12.65% [4]. - The net loss attributable to shareholders was 531 million yuan, which represents a 30.13% reduction compared to the previous year [4]. Lithium Battery Business - The lithium battery segment showed relatively strong performance, generating revenue of 2.975 billion yuan, an increase of 9.89% year-on-year, and accounting for 35.52% of total revenue [4]. - The company has completed the production line debugging for its 50,000-ton lithium salt project in Sichuan, with capacity gradually being released [4]. - The first phase of the 1,000-ton metallic lithium project in Qinghai is in trial production, with plans for safety acceptance application in September and expected full production by the end of the year [4]. Product Development and Innovations - Ganfeng Lithium's battery-grade lithium sulfide production line is gradually releasing capacity, with products meeting high purity and low impurity requirements, having passed customer quality certifications [4]. - The company has achieved mass production of a 587Ah large-capacity energy storage cell and established long-term supply partnerships with several leading industry players [4]. - A new 6.25MWh energy storage system has been launched, featuring advanced thermal management, corrosion resistance, and enhanced lifecycle stability [4]. Solid-State Battery Advancements - The company has developed a solid-state 304Ah square energy storage battery, which significantly outperforms traditional liquid batteries in safety and performance metrics [5]. - Plans are in place to launch solid-state batteries with capacities of 314Ah and 392Ah by the end of the year, showcasing high-temperature safety and excellent low-temperature performance [5].

中报显示，赣锋锂业系锂生态企业，拥有五大类逾40种锂化合物及金属锂产品的生产能力，公司已经形 成垂直整合的业务模式，业务贯穿上游锂资源开发、中游锂盐深加工及金属锂冶炼、下游锂电池制造及 退役锂电池综合回收利用。2025年上半年，公司实现营业收入约83.76亿元，同比下降12.65%；对应实 现归属净利润约-5.31亿元，同比减亏；对应实现扣非后归属净利润约-9.13亿元，同比增亏。 北京商报讯（记者 马换换 实习记者 李佳雪）8月23日，赣锋锂业（002460）发布2025年半年度报告显 示，公司上半年实现归属净利润约-5.31亿元，同比减亏。 交易行情显示，8月22日，赣锋锂业收涨0.34%，收于38.3元/股，总市值772.6亿元。 ...

Core Viewpoint - Ganfeng Lithium's recent financial report indicates a decline in total revenue and a negative net profit, despite improvements in profitability metrics such as gross margin and net margin [1][4]. Financial Performance - Total revenue for the first half of 2025 was 8.376 billion yuan, a decrease of 12.65% year-on-year [1]. - The net profit attributable to shareholders was -531 million yuan, an increase of 30.13% year-on-year [1]. - In Q2 2025, total revenue was 4.604 billion yuan, up 1.62% year-on-year, while the net profit attributable to shareholders was -175 million yuan, up 45.44% year-on-year [1]. - Gross margin improved to 11.14%, an increase of 3.12% year-on-year, while net margin improved to -9.33%, an increase of 16.09% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.381 billion yuan, accounting for 16.49% of revenue, an increase of 28.74% year-on-year [1]. Cash Flow and Debt - Cash flow from operating activities decreased by 92.38%, attributed to reduced cash received from sales [3]. - The company’s interest-bearing debt increased by 43.33% to 43 billion yuan [1]. - The net increase in cash and cash equivalents was up 494.3%, driven by various funding activities [3]. Business Operations - The company achieved record production levels for lithium chemical products and lithium battery products despite challenging market conditions [7]. - Ganfeng Lithium's Mali project has begun stable production, and the Cauchari-Olaroz project in Argentina is progressing well, expected to produce 25,400 tons of LCE in 2024 [7]. - The company is focusing on technological innovations to enhance resource utilization and product value in its lithium chemical segment [8]. Sustainability and ESG - Ganfeng Lithium is committed to sustainable development, improving production and supply chain electrification, and reducing emissions through technological innovations [9]. - The company has received multiple ESG-related awards and maintains a positive MSCI rating, reflecting its commitment to sustainability [9]. Market Position and Future Outlook - Analysts expect Ganfeng Lithium's performance in 2025 to improve, with projected earnings of 845 million yuan and an average earnings per share of 0.42 yuan [5]. - The company aims to leverage its technological innovations and sustainable practices to contribute to global energy transition efforts [10].

Core Viewpoint - The global lithium salt industry is undergoing significant adjustments in the first half of 2025, with a decline in lithium product prices due to changes in supply and demand dynamics, yet Ganfeng Lithium has managed to substantially reduce its losses during this period [1] Group 1: Financial Performance - Ganfeng Lithium reported a revenue of 8.376 billion yuan in the first half of 2025, with a net loss attributable to shareholders of 531 million yuan, a significant reduction from a loss of 760 million yuan in the same period last year [1] - The gross margin for lithium compounds remained positive at 8.36%, despite the overall downward trend in lithium compound prices, which fell from $850-$900 per ton at the beginning of the year to $620-$640 per ton by June, representing a decline of 25% to 31% [2][3] Group 2: Market Dynamics - The lithium compound prices have been affected by supply-demand mismatches, with increased production of lithium salts and declining prices of Australian lithium ore contributing to the downward price trend [2] - Ganfeng Lithium's vertical integration across the lithium value chain—from upstream resource development to downstream battery manufacturing—has enhanced operational efficiency and profitability [2] Group 3: Resource Management - The company has established a stable and diversified raw material supply system by securing high-quality lithium resources globally, including spodumene, lithium brine, and lithium mica [3] - Ganfeng Lithium's self-sufficiency in lithium resources is expected to exceed 50% in 2025, which is above the industry average, thereby improving cost control and profitability [3] Group 4: Battery Business Growth - The lithium battery segment of Ganfeng Lithium achieved a revenue of 2.975 billion yuan in the first half of 2025, marking a year-on-year growth of 9.89%, and accounting for 35.52% of total revenue [4] - The company has successfully scaled up the production of its 587Ah large-capacity energy storage cell, which has become a benchmark product in the large-scale energy storage sector due to its long cycle life and high energy density [4] Group 5: Technological Advancements - Ganfeng Lithium has made significant progress in solid-state battery technology, completing the development of a 304Ah square solid-state energy storage battery that outperforms traditional liquid batteries in key safety and performance metrics [5] - The company is also collaborating with well-known drone and eVTOL companies to develop high-energy batteries, with products already passing regulatory compliance checks [6]

Mergers and Acquisitions - Chongqing Water announced the acquisition of 100% equity of Chongqing Yujing Water for 354 million yuan, which does not constitute a major asset restructuring [1] - Wanlong Magnetic Plastic plans to acquire 100% equity of Taizhou Tianen Electronics for 236 million yuan, focusing on glass products for home appliance components [2] - Tailin Micro is planning to purchase all or part of the equity of Shanghai Panqi Microelectronics through a combination of share issuance and cash payment, with the transaction expected not to constitute a major asset restructuring [3] Performance Disclosure - Jiu Gui Jiu reported a 92.6% year-on-year decline in net profit attributable to shareholders, with revenue of 561 million yuan, down 43.54% [4] - Ping An Bank's net profit attributable to shareholders decreased by 3.9% year-on-year, with revenue of 69.385 billion yuan, down 10% [5] - Ganfeng Lithium reported a net loss of 531 million yuan, with revenue of 8.376 billion yuan, down 12.65% [6] - China CNR announced a 72.48% year-on-year increase in net profit attributable to shareholders, with revenue of 119.758 billion yuan, up 32.99% [7] Shareholding Changes - Xin Qiang Lian's controlling shareholders plan to reduce their holdings by up to 2.3385 million shares and 4.677 million shares, respectively [8] - Changjiang Electric's controlling shareholder plans to increase its holdings in the company by no less than 4 billion yuan and no more than 8 billion yuan within the next 12 months [9] Risk Matters - Huayang Lianzhong will be subject to other risk warnings starting August 26, with its stock name changing to ST Huayang [10]