证券代码：002460 证券简称：赣锋锂业 编号：临2025-132 江西赣锋锂业集团股份有限公司 因当前H股股价与赎回价格差异较大，投资者如未及时转股，可 能面临损失，敬请投资者注意投资风险。 特此公告。 截至本公告披露日，本次可转债剩余金额为1,238,000,000港元 （以下简称"余下可转债"），占本次可转债债券本金总金额的90.36%。 根据本次可转债发行条款及条件，由于H股证券交易所营业日连续30 天内任意20个H股证券交易所营业日（该等20个H股证券交易所营业 日的最后一日须在发出赎回通知日期前10天内）H股收市价，不低于 当时生效的转换价的130%，发行人可通过发出不少于30日但不超过 60日的通知，以100%的本金金额赎回所有余下可转债，并支付截至 2025年12月18日（即赎回日期）应计但未支付的利息。 余下债券的结算将于2025年12月18日进行，并在结算后注销余下 可转债。在完成余下可转债的赎回后，发行人将已赎回可转债的全部 本金总额，可转债亦将相应地被完全注销。可转债持有人如欲行使其 转换权，应于2025年12月8日香港时间下午3时前提交转换通知，转换 价格为每股33.67港元。截至 ...

Core Viewpoint - Ganfeng Lithium (01772.HK) announced the issuance of HKD 1.37 billion 1.50% convertible bonds maturing in 2026 under a general authorization [1] Group 1: Convertible Bonds - As of the announcement date, the total principal amount of unredeemed convertible bonds has decreased to HKD 1.238 billion, representing 90.36% of the original issued amount [1] - According to the terms and conditions of the convertible bonds, the issuer can redeem all remaining convertible bonds at 100% of the principal amount if the closing price of H-shares is not less than 130% of the effective conversion price for any 20 out of 30 consecutive trading days [1] - The company has issued a redemption notice for the convertible bonds on November 6, 2025, with the redemption date set for December 18, 2025, including any accrued but unpaid interest [1]

Core Viewpoint - Ganfeng Lithium (01772.HK) announced the issuance of HKD 1.37 billion 1.50% convertible bonds maturing in 2026 under a general authorization [1] Group 1: Convertible Bonds - As of the announcement date, the total principal amount of unredeemed convertible bonds has decreased to HKD 1.238 billion, representing 90.36% of the original issued amount [1] - According to the terms and conditions of the convertible bonds, the issuer can redeem all remaining convertible bonds at 100% of the principal amount if the closing price of H-shares is not less than 130% of the effective conversion price for any 20 trading days within a consecutive 30-day period [1] - The company has issued a redemption notice for the convertible bonds on November 6, 2025, with the redemption date set for December 18, 2025, including any accrued but unpaid interest [1]

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 就因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 承董事會命 江西贛鋒鋰業集團股份有限公司 董事長 自願公告 根據贖回權利提前贖回二零二六年到期之 固定息率可換股債券之贖回通知 茲 提 述 江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司（「本公司」）日 期 為2025年8月26日 的公告及日期為2025年9月2日 的 公 告（「該等公告」），內 容 有 關 根 據 一 般 性授權同步建議發行於2026年到期的1,370,000,000港元1.50%可換股債券（「可 換股債券」）。除 非 另 有 定 義，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 截 止 本 公 告 日 期，餘 下 未 被 贖 回 的 可 換 股 債 券 之 本 金 總 額 已 減 少 至 1,238,000,000港 元（「餘下可換股債券」），佔 原 本 發 行 之 ...

Core Points - Ganfeng Lithium announced the redemption of HKD 1.37 billion convertible bonds issued on September 2, 2025, with HKD 1.238 billion remaining, accounting for 90.36% of the total principal amount [1] - The company will redeem the bonds at 100% of the principal amount due to the closing price of H-shares meeting the conditions, and will pay accrued unpaid interest until December 18 [1] - Holders wishing to exercise their conversion rights must submit a notice by 3 PM on December 8, with a conversion price set at HKD 33.67 [1] - If all bonds are converted, it would result in the issuance of approximately 36.7686 million H-shares, representing about 8.22% of the total issued H-shares and approximately 1.78% of the total issued shares [1]

Core Insights - MSCI announced the results of its index review for November 2025, with adjustments effective after the market close on November 24 [1] - A total of 69 stocks were added to the MSCI Global Standard Index, while 64 stocks were removed [1] - The largest new additions to the MSCI Global Index by market capitalization include CoreWeave, Nebius Group, and Insmed [1] - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, Zijin Mining International, and GF Securities H shares [1] China Market Updates - The MSCI China Index added 26 Chinese stocks and removed 20 [3] - New additions to the MSCI China Index include resource stocks and technology companies such as China Gold International, Zijin Mining International, and Ganfeng Lithium [3][5] - Stocks removed from the MSCI China Index include Haige Communications, Dong-E E-Jiao, and Hailan Home [3][5] A-Shares Adjustments - The MSCI China A-Shares Index added 17 stocks and removed 16 [7] - New additions to the MSCI China A-Shares Index include Qianli Technology, Dongyangguang, and Changchuan Technology [7] - The MSCI China A-Shares Onshore Index added 18 stocks and removed 24 [7][8] Fund Flow Implications - The adjustments in MSCI indices will lead to rebalancing in related index funds, resulting in increased capital allocation to newly added companies and forced selling of removed companies [9] - Historical trends indicate that passive funds tend to adjust their holdings on the last trading day to minimize tracking error, often leading to significant trading volume in affected stocks [9] - Active funds are not bound by this constraint and can choose their timing for allocation [9] Market Sentiment - Several foreign investment institutions have expressed positive views on the Chinese market, with Fidelity Fund favoring emerging markets over developed ones [9][10] - Despite mixed opinions on the Chinese stock market due to geopolitical risks and economic slowdown, there is recognition of the growth potential within the second-largest economy [10]

Group 1 - MSCI announced the results of its index review for November 2025, with 69 stocks added and 64 stocks removed from the global standard index, effective after market close on November 24 [1] - The three largest securities added to the MSCI global index by market capitalization are CoreWeave, Nebius Group, and Insmed [1] - The three largest securities added to the MSCI emerging markets index are Barito Renewables Energy, Zijin Mining International, and GF Securities H-shares [1] Group 2 - In the MSCI China index, 26 Chinese stocks were added while 20 were removed, including resource stocks and technology companies such as China Gold International and Ganfeng Lithium [3][5] - The stocks removed from the MSCI China index include Haige Communication, Dong'e Ejiao, and Hailan Home [3][6] - The MSCI China A-share index added 17 stocks and removed 16, with notable additions including Qianli Technology and Huahong Semiconductor [8] Group 3 - The MSCI China A-share onshore index added 18 stocks and removed 24, with new additions like Baiwei Storage and Shengtun Mining [8][9] - The MSCI China index serves as an important benchmark for global investors for asset allocation and investment analysis, impacting passive fund flows [9][12] - Following the index adjustments, newly added companies are expected to receive increased capital allocation, while removed companies may face passive selling [13] Group 4 - Several foreign institutions have expressed positive views on the Chinese market, with Fidelity Fund favoring emerging markets over developed ones, anticipating more consumer stimulus measures [13] - In contrast, some investors remain cautious due to geopolitical risks and economic slowdown, while others see significant growth potential in the Chinese equity market [13]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported Q3 2025 results with revenue of 14.62 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 30 million yuan, up 104% year-on-year. The gross margin was 13.5%, an increase of 3.1 percentage points year-on-year. In Q3 2025, revenue reached 6.25 billion yuan, with a quarter-on-quarter increase of 44.1% and a year-on-year increase of 35.7%. The net profit attributable to shareholders was 560 million yuan, with a quarter-on-quarter increase of 364% and a year-on-year increase of 417%. The significant contribution came from non-recurring gains, including a fair value change gain of financial assets of 589 million yuan and gains from the disposal of LAC and other joint ventures [4][6]. Summary by Sections Performance - The company plans to achieve an annual lithium product supply capacity of no less than 600,000 tons of LCE by 2030, covering various paths including brine, ore, clay, and lithium recovery. The lithium salt project in Sichuan has completed debugging and is gradually releasing capacity. The Argentina Mali project has transitioned to solid state, and new lithium battery and energy storage projects in Chongqing and Dongguan are under construction. The company is also advancing solid-state battery technology development, achieving initial mass production of the first generation of solid-liquid hybrid batteries and significant results in the second generation [5][6]. Financial Forecast - Considering the significant improvement in the lithium supply-demand landscape from 2026 to 2027, the company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 413 million yuan, 1.353 billion yuan, and 2.997 billion yuan respectively, with corresponding P/E ratios of 337, 103, and 46 times [6][8].

Core Viewpoint - Ganfeng Lithium (01772.HK) has seen a significant increase in its stock price, rising over 6% to reach 50.95 HKD with a trading volume of 727 million HKD [1] Group 1 - Ganfeng Lithium's stock price increased by 6.41% [1] - The current stock price is reported at 50.95 HKD [1] - The trading volume for the stock reached 727 million HKD [1]

Core Viewpoint - Ganfeng Lithium (002460)(01772) saw a stock price increase of over 6%, reaching HKD 50.95, with a trading volume of HKD 727 million, following MSCI's announcement of index changes that will include Ganfeng Lithium in the MSCI China Index effective November 24, 2025 [1] Financial Performance - In the first three quarters of the year, Ganfeng Lithium reported revenue of approximately CNY 14.6 billion, representing a year-on-year growth of about 5% [1] - The company achieved a net profit attributable to shareholders of CNY 25.52 million, a significant turnaround from a loss of CNY 640 million in the same period last year [1] Market Outlook - Huatai Securities noted that the increase in lithium prices has driven a substantial quarter-on-quarter performance improvement for the company [1] - Looking ahead, as Ganfeng Lithium gradually increases its lithium resource output, contributions from downstream energy storage and solid-state battery developments are expected to enhance performance, indicating a positive outlook for the company's diversified growth [1]