Group 1 - Lithium stocks are experiencing weak performance, with Ganfeng Lithium down 3.91% at HKD 30.46 and Tianqi Lithium down 3.65% at HKD 38.52 [1] - Lithium carbonate futures have been fluctuating downwards, with the main contract dropping over 3% on September 2, currently priced at CNY 73,180 per ton [1] - Everbright Futures suggests that recent news factors have led to a rapid price decline, which has absorbed some of the gains from production disruptions, indicating a potential revaluation of mining permit expectations [1] Group 2 - Despite the price decline, lithium ore prices remain relatively firm due to potential supply-side disruptions and strong demand, suggesting limited downside potential and a wide range of price fluctuations [1] - Attention is drawn to September 30, when a report on a lithium mining project in Jiangxi must be completed and submitted, which may provide clarity on mining permit issues for other projects [1]

Core Viewpoint - Tianqi Lithium Industries, Inc. reported a net profit of 84.41 million yuan for the first half of 2025, marking a turnaround from losses in the previous year, despite a decline in lithium product prices due to market fluctuations [1] Financial Performance - The company achieved an operating revenue of 4.833 billion yuan in the first half of 2025 [1] - The net profit attributable to shareholders was 84.41 million yuan, indicating a significant improvement compared to the previous year [1] Influencing Factors - The decline in lithium product prices was primarily due to price volatility in the lithium market [1] - The company benefited from a shortened pricing cycle for its lithium mines, which reduced the previous mismatch in pricing mechanisms between chemical-grade lithium concentrate and lithium chemical product sales [1] - Exchange rate fluctuations, particularly the appreciation of the Australian dollar against the US dollar since 2025, contributed to an increase in the company's foreign exchange gains [1]

Core Insights - The lithium mining industry is focusing on resource competition, particularly low-cost salt lake resources, with companies like Salt Lake Co. and Zangge Mining showing significant profit growth and market capitalization leadership [1] - The lithium price has experienced a "high open and low close" trend affecting performance, while salt lake lithium extraction maintains profitability due to its cost advantages [2] - The recent suspension of lithium production by CATL in Jiangxi has raised expectations for a contraction in lithium carbonate supply, leading to a surge in both futures and spot prices, exceeding 80,000 yuan per ton [2] Industry Trends - The lithium industry is currently in a phase of competing for low-cost salt lake resources, particularly in regions such as Qinghai and Tibet in China, as well as South America [2] - Despite some companies facing losses, the industry is expected to recover as the "anti-involution" trend takes hold in the lithium battery materials sector [2] - The production of lithium carbonate in China reached a new high in August, exceeding 85,000 tons, marking a 5% month-on-month increase and a 39% year-on-year increase [3] Company Performance - Salt Lake Co. and Zangge Mining have reported year-on-year profit growth, indicating a positive performance relative to their peers in the lithium sector [1] - The profitability of lithium miners is expected to improve as the price of lithium carbonate rises, which will positively impact their profit margins and supply responses [3] - Key Hong Kong-listed lithium companies include Tianqi Lithium (09696) and Ganfeng Lithium (01772) [4]

Summary of Tianqi Lithium's Conference Call Company Overview - **Company**: Tianqi Lithium - **Industry**: Lithium production and supply chain Financial Performance - In the first half of 2025, Tianqi Lithium achieved a total revenue of **4.833 billion yuan** and a net profit attributable to shareholders of **84.41 million yuan** [2][3] - The gross profit margin was **39.73%**, with lithium mining business gross margin at **54.23%** and lithium salt business gross margin at **25.58%** [3] - Operating cash flow was **1.82 billion yuan**, and the debt-to-asset ratio stood at **31.44%** [2][3] Key Projects and R&D Progress - The **30,000-ton lithium hydroxide project** in Jiangsu was completed and entered trial operation [4] - The **Innovation Research Institute** was launched, focusing on next-generation high-performance lithium battery materials [4] - Innovations in lithium metal preparation technology and stable anode material development were highlighted [4] Global Business Expansion - The company expanded its global footprint, covering over **20 countries**, including China, Japan, and South Korea [5][6] - Strategic partnerships were formed with upstream and downstream players in the lithium battery supply chain, including collaborations with major battery manufacturers and electric vehicle companies [5][6] Resource Security Measures - Tianqi Lithium is developing an integrated supply chain for lithium mines and salt lake brine resources, achieving **100% self-sufficiency** [7] - The **Greenbushes lithium mine** has a resource equivalent of approximately **16 million tons** of lithium carbonate, with a total processing capacity of **1.62 million tons/year** [9] Sustainability Initiatives - The company is committed to ESG and sustainable development, maintaining an **AAA rating** in ESG assessments [8] - It has disclosed carbon emissions results and received a brand recognition for its battery-grade lithium carbonate [8] Inventory and Processing Strategy - As of June 30, 2025, lithium concentrate inventory was approximately **220,000 tons**, primarily of chemical grade [12][13] - The company has not engaged in external processing due to low lithium carbonate prices and is monitoring market conditions for future processing opportunities [13][14][15] Production Cost and Capacity - The **CGP3 production line** is expected to start in December 2025, with costs anticipated to be similar to previous phases [16] - The **Quidana plant** has seen a **61% increase** in production, leading to a **30% reduction** in costs [24] Future Outlook - The company expects annual shipments to remain stable at around **100,000 tons** [26] - The **Talison Phase III project** is projected to release **75% of its capacity** next year, contingent on demand from stakeholders [26] Investment and Taxation Issues - Ongoing discussions regarding tax risks related to the IGO transaction are being monitored, with no expected liabilities at this time [17][21] - The SQM cooperation agreement is still pending due to unmet preconditions, with expectations for resolution by the end of 2026 [18][19] This summary encapsulates the key points from Tianqi Lithium's conference call, highlighting financial performance, project developments, global expansion, resource security, sustainability efforts, inventory strategies, production costs, and future outlook.

Group 1: Stablecoin Regulation in Hong Kong - The implementation of the Stablecoin Regulation began on August 1, with 77 applications received by the Hong Kong Monetary Authority (HKMA) by August 31, from various sectors including banks, tech companies, and e-commerce [1] - The HKMA reiterated that only a limited number of stablecoin licenses will be issued in the initial phase of the regulation [1] Group 2: Market Developments - Hong Kong Exchanges and Clearing Limited (HKEX) announced an optimization of its collateral arrangements, reducing the financing cost for non-cash collateral from 0.5% to 0.25% [3] - The total trading amount of Hong Kong Stock Connect by brokers reached HKD 12.76 trillion in the first half of 2025, with cross-border business stock reaching CNY 19.7 trillion [4] Group 3: Corporate Actions - JD Group announced a voluntary public acquisition offer for CECONOMY AG at a price of €4.60 per share [5] - New World Development's controlling shareholder is considering injecting approximately HKD 10 billion into the company, seeking partners for a joint venture [6] - Weihai Bank entered into a conditional agreement to issue up to 430 million domestic shares [7][8] - Zheshang Bank plans to invest CNY 9.94 billion to increase its stake in Zheshang Financial Leasing to 54.04% [9] Group 4: Industry Performance - BYD reported August sales of 373,600 new energy vehicles, a slight increase from 373,100 units year-on-year, with a cumulative sales growth of 23% for the first eight months [13] - Geely's total vehicle sales in August reached 250,200 units, a year-on-year increase of approximately 38% [14] - NIO delivered 31,305 vehicles in August, marking a 55.2% year-on-year growth [16] - XPeng Motors achieved a record delivery of 37,709 smart electric vehicles in August, a 169% increase year-on-year [16] Group 5: Regulatory Approvals - Fuhong Hanlin received FDA approval for two products, BILDYOS® and BILPREVDA®, for specific osteoporosis treatments, marking a significant milestone in the company's international market presence [18][19]

Core Viewpoint - Tianqi Lithium's performance is recovering due to the shortening of lithium concentrate pricing cycles and the digestion of previously high-priced inventory, despite a year-on-year revenue decline in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, Tianqi Lithium achieved revenue of 4.833 billion yuan, a year-on-year decrease of 24.71%, while net profit was 84.41 million yuan, marking a turnaround from losses [1] - The revenue decline was primarily due to lower sales volume and average selling prices of lithium compounds, while the net profit improvement was attributed to the shortening of the lithium concentrate pricing cycle [1] Group 2: Production Capacity and Resources - Tianqi Lithium has five established lithium chemical product production bases with a total capacity of approximately 91,600 tons per year, and a new lithium hydroxide project in Jiangsu with an annual capacity of 30,000 tons is in the trial phase [2] - The company has achieved 100% self-sufficiency in lithium resources, sourcing all lithium concentrate from its subsidiary Talison Lithium's Greenbushes lithium spodumene mine in Australia [2] - The total lithium concentrate production capacity from the Greenbushes mine is approximately 1.62 million tons per year, with plans for further expansion [2] Group 3: Market Trends and Pricing - In the first half of 2025, lithium carbonate inventory increased, and prices faced downward pressure, but a recovery in demand began in June, leading to a rebound in lithium carbonate prices [3] - As of July 2025, the average price of battery-grade lithium carbonate is approximately 78,000 yuan per ton, influenced by macroeconomic policies and supply disruptions [3] - The company plans to adopt a sales strategy focused on long-term contracts with leading industry players, complemented by futures trading to manage price volatility [3] Group 4: Technological Development - Tianqi Lithium has made significant progress in the research and development of next-generation solid-state batteries, successfully preparing for the industrialization of lithium sulfide, a core material [4] - The company is constructing a pilot project for lithium sulfide with an annual production capacity of 50 tons, utilizing new technology and equipment for rapid mass production [4] Group 5: Strategic Investments - In addition to in-house R&D, Tianqi Lithium is extending its industrial chain through external investments, holding approximately 3% of Beijing Weilan New Energy Technology Co., Ltd. and about 7.67% of SESAI Corporation [5] - The company has established a joint venture with Weilan New Energy focused on pre-lithiation anode materials and related manufacturing equipment [5]

第1 頁共11 頁 v 1.1.1 FF301 本月底法定/註冊股本總額： RMB 1,641,221,583 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | | | | | | 狀態: 新提交 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | | | | | 公司名稱: | | | | | | | | | | 天齊鋰業股份有限公司 | | 呈交日期: | | 2025年9月1日 | | | | | | | | | | I. 法定/註冊股本變動 | | 不適用 | | | | | | | | | | 1. 股份分類 | | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | 是 | | + | | | 證券代號 (如上市) | | 09696 | 說明 | | | | | | | | | 增加多櫃檯證券代號 | | | | | | | | | | | ...

天齐锂业9月1日大宗交易平台出现一笔成交，成交量5.00万股，成交金额208.05万元，大宗交易成交价 为41.61元，相对今日收盘价折价5.13%。该笔交易的买方营业部为国投证券股份有限公司北京中关村东 路证券营业部，卖方营业部为恒泰证券股份有限公司东莞南城宏北路证券营业部。 两融数据显示，该股最新融资余额为27.05亿元，近5日减少9511.66万元，降幅为3.40%。（数据宝） 9月1日天齐锂业大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 5.00 | 208.05 | 41.61 | -5.13 | 国投证券股份有限公司北 | 恒泰证券股份有限公司东 | | | | | | 京中关村东路证券营业部 | 莞南城宏北路证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生2笔大宗交易 ...

人民财讯9月1日电，9月1日下午，天齐锂业（002466）在2025年半年度业绩说明会上表示，公司已顺利 完成下一代固态电池核心原材料——硫化锂的产业化筹备工作，持续推进产品质量提升和降本技术优 化。针对下游硫化物固态电解质对硫化锂的需求，公司年产50吨硫化锂中试项目已实质落地并动工。项 目采用自主开发的硫化锂制备新技术、新设备，具有低风险、快速量产的能力，计划在四川眉山建设。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09696 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 164,122,200 | RMB | | | 1 RMB | | 164,122,200 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 164,122,200 | RMB | | | 1 RMB | | 164,122,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香 ...