ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 碳酸锂数据日报 谢灵 投资咨询号: Z0015788 从业资格号: F3040017 国贸期货研究院 2025/06/10 有色金属研究中心 研究助理 陈宇森 从业资格号: F03123927 数据来源:SMM,公开新闻整理 100000 锂化合物 平均价 涨跌 SMM电池级碳酸锂 60250 50 4000 80000 SMM工业级碳酸锂 58650 50 收盘价 涨跌幅 期货合约 60000 3000 碳酸锂2506 60540 0. 2% 碳酸锂2507 60700 -0.16% 40000 碳酸锂2508 -0. 2% 60980 碳酸锂2509 1000 60960 -0. 33% 20000 碳酸锂2510 61140 -0. 23% 平均价 锂矿 锂辉石精矿(CIF中国) 628 2 46 (Li20:5 5%-6%) 种类 利润估算 外购锂辉石精矿现金成本 60831 N 利 # 王 外购锂辉石精矿利润 -1421 外购锂云母精矿现金成本 64355 外购锂云母精矿利润 -6439 行业 西藏矿业降价75№继续抛售锂资产。6月2日， ...

利润估算 种类 外购锂辉石精矿现金成本 60696 N 利 # 王 外购锂辉石精矿利润 -1336 外购锂云母精矿现金成本 64355 外购锂云母精矿利润 -6488 行业 西藏矿业降价75№继续抛售锂资产。6月2日，西藏矿业再次调整自银扎布耶锂业有限公司100%股权的挂牌价，将挂牌转让底价调整为17692.13 继续推进本次资产出售。自2022年9月以来，西藏矿业多次尝试出售这家子公司。最初6.84亿元的挂牌价无人问津，随后一 如今跌破2亿关口,相比首次挂牌价格降幅高达75%,却依然找不到接盘方。 主要 视情绪提振和下游小幅补库，碳酸锂价格出现反弹。但矿价持续下跌的矛盾没有变。且价格反弹后，碳酸锂供给快速增加，而需求趋于平 预计随着下游补库节奏,碳酸锂价格将重回偏弱趋势 xiti 贡 免 告中的信息均源于公开可获得的资料,国贸期货力求准确可靠。但不对上述信息的准确性及完整性做任何保证。本报告不构成个人投资8 对个别投资者特殊的投资目标、财务状况或需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资，责任自负。本报告仅向 特定客户推送，未经国贸期货授权许可，任何引用、转载以及向第三方传播 ...

Core Viewpoint - The ongoing sale of the equity of Baiyin Zabuyé Lithium Industry Co., Ltd. by Tibet Mining has faced significant challenges, with the price dropping from an initial 684 million yuan to 197 million yuan over six rounds of adjustments, reflecting a 71% decrease, yet still failing to attract buyers [1][10][12]. Group 1: Company Background and Sale Attempts - Tibet Mining, listed since 1997, is the largest comprehensive mineral product development company in Tibet, primarily engaged in the mining, processing, and trading of chromium and lithium ores [3]. - Baiyin Zabuyé was established in 2004 and began production in 2005, initially included in Tibet Mining's portfolio to capitalize on rising lithium prices [3][4]. - The company has been struggling with continuous losses due to technical bottlenecks and insufficient raw material supply, which have negatively impacted Tibet Mining's overall performance [4][13]. Group 2: Price Adjustments and Market Conditions - The initial sale price of 684 million yuan was set in September 2022, but after multiple price reductions, it was lowered to 197 million yuan by December 2024, with the latest adjustment to 177 million yuan in June 2023 [5][10][11]. - The drastic price cuts reflect a significant shift in the lithium market, where lithium carbonate prices plummeted from nearly 600,000 yuan per ton in 2022 to below 60,000 yuan per ton in 2023, leading to decreased investor interest in lithium-related assets [12][21]. Group 3: Financial Performance and Challenges - Baiyin Zabuyé reported a revenue of 4.4858 million yuan and a net loss of 17.8234 million yuan as of June 30, 2022, with continued losses into 2023 [14]. - Tibet Mining's overall revenue declined by 22.76% in 2024, with a net profit drop of 31.79%, largely attributed to the underperformance of its lithium segment [14][19]. - The company's lithium product revenue accounted for 52.46% of total revenue in 2024, but it saw a 40.76% year-on-year decline, with a significant drop in gross margin from 94.89% in 2022 to 31.85% in 2024 [16][21]. Group 4: Strategic Implications and Future Outlook - The sale of Baiyin Zabuyé is seen as a strategic move to optimize resource allocation and alleviate financial burdens, but the lack of buyers raises concerns about the company's ability to offload this asset [18]. - If the sale does not materialize, Tibet Mining may face increasing sunk costs and operational challenges, further complicating its financial recovery [18][19]. - The company is also grappling with broader industry challenges, including a downturn in lithium prices and the need for technological innovation to maintain competitiveness [23][24].

Core Viewpoint - The company is struggling to sell its subsidiary, Baiyin Zabuye Lithium Industry Co., Ltd., despite significantly reducing the asking price by 75% from the initial valuation of 684 million yuan to 176.92 million yuan, indicating severe challenges in the lithium market [1][2]. Financial Performance - In 2024, the company reported total revenue of 622 million yuan, a decrease of 22.76% year-on-year, and a net profit of 112 million yuan, down 31.79% [2]. - The core lithium product business, which accounts for 52.46% of total revenue, saw a revenue decline of 40.76%, with gross margin dropping from 75.53% to 31.85%, a reduction of 43.68 percentage points [2]. - The company experienced a significant quarterly loss of 40.47 million yuan in Q4 2024, marking a 179.77% year-on-year decline, the lowest quarterly performance in recent years [2]. Operational Challenges - Both major subsidiaries are facing losses, with Zhakaze Zabuye Lithium Industry reporting a net loss of 10.02 million yuan, a 104.93% year-on-year decline, and Baiyin Zabuye recording a loss of 12.21 million yuan [3]. - Environmental compliance issues have added pressure, with the company facing criticism for ecological damage and resource wastage [3]. Market Conditions - The price of battery-grade lithium carbonate has fallen to 61,000 yuan per ton, an 18.72% decrease since the beginning of the year, approaching the marginal cash cost of domestic production [4]. - The lithium market is experiencing oversupply, with social inventory exceeding 90,000 tons for three consecutive months, and new lithium projects in Argentina expected to increase annual production capacity by nearly 80% [5]. Strategic Direction - The company aims to optimize its asset structure and reduce investment risks through the sale of underperforming assets, but faces challenges due to valuation declines and liquidity issues in the current market environment [6]. - The company acknowledges the need to balance resource endowment with market realities as it navigates its transformation path [7].

Core Viewpoint - The adjustment of the public transfer price for the 100% equity of Baiyin Zabuyé Lithium Industry Co., Ltd. by Tibet Mining reflects the challenges and strategic considerations the company faces in the current lithium industry environment [1][2]. Group 1: Company Actions - Tibet Mining announced a reduction in the transfer price of Baiyin Zabuyé from 197 million yuan to 177 million yuan, a decrease of 10% [1]. - The initial transfer attempt in October 2024 failed to attract qualified buyers, prompting the company to reassess its strategy [1][2]. - The transfer of Baiyin Zabuyé is part of Tibet Mining's efforts to optimize its asset structure and reduce investment risks amid a declining lithium market [2][3]. Group 2: Industry Context - The lithium industry has experienced significant volatility, transitioning from a supply-demand imbalance to an oversupply situation, leading to a decline in lithium prices [2]. - Tibet Mining's revenue and net profit have both decreased, with lithium product revenue dropping over 40% year-on-year [2]. - The current market sentiment is cautious, with potential buyers being more conservative in their valuations of lithium assets due to the industry's downturn [2][3]. Group 3: Future Implications - The successful transfer of Baiyin Zabuyé would mean it will no longer be included in Tibet Mining's consolidated financial statements, impacting the company's future financial health [2]. - The challenges faced by Tibet Mining, including the need for transformation under the "dual carbon" initiative and the risks associated with its lithium extraction technology, complicate the transfer process [3]. - The outcome of this transfer will significantly influence Tibet Mining's strategic direction in the lithium sector, with market participants closely monitoring developments [3].

根据公司第八届董事会第三次会议决议，公司委托上海 联合产权交易所公开挂牌转让公司持有的白银扎布耶 100% 股权，首轮挂牌公告期从 2024 年 12 月 17 日开始，由于在 首轮公开挂牌期间未能征集到符合条件的意向受让方，根据 《企业国有资产交易监督管理办法》（32 号令）等相关规定， 公司于2025年 5月 30日召开第八届董事会第三次临时会议， 审议通过了《关于公开挂牌转让控股子公司白银扎布耶锂业 有限公司 100%股权调整挂牌价格的议案》，同意公司在 2024 股票代码：000762 股票简称：西藏矿业 编号：2025-014 西藏矿业发展股份有限公司 关于公开挂牌转让控股子公司白银扎布耶锂业有限公司 100% 股权调整挂牌价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 西藏矿业发展股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开第八届董事会第三次会议审议通过了《关 于公开挂牌转让控股子公司白银扎布耶锂业有限公司 100% 股权的议案》，同意公司通过公开挂牌方式转让控股子公司 白银扎布耶锂业有限公司（以下简称"白银 ...

股票代码：000762 股票简称：西藏矿业 编号：2025-013 第八届董事会第三次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 西藏矿业发展股份有限公司（以下简称"公司"）第八 届董事会第三次临时会议于 2025 年 5 月 30 日以现场加通讯 方式召开。公司董事会办公室于 2025 年 5 月 23 日以邮件、 传真的方式通知了全体董事。会议应到董事 9 人，实到董事 9 人，会议的召集、召开符合《公司法》《公司章程》的有关 规定。会议由董事长张金涛先生主持，经与会董事认真讨论， 审议了以下议案： 一、审议通过了《关于公开挂牌转让控股子公司白银扎 布耶锂业有限公司 100%股权调整挂牌价格的议案》。 （同意 9 票，反对 0 票，弃权 0 票，回避 0 票） 为继续推进本次资产出售，拟将白银扎布耶 100%股权挂 牌转让底价调整为 17,692.137 万元（降价 10%）并委托上海 联合产权交易所进行第二轮公开挂牌转让。同时授权管理层 依法依规办理包括但不限于挂牌、调整挂牌价格、与意向受 让方沟通、配合履行尽职调查和审议程序、签署 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the lithium industry is expected to see significant production increases from key players such as Ganfeng Lithium, Tianqi Lithium, and others from 2024 to 2026, driven by various projects coming online [3][4] - Ganfeng Lithium is projected to have the highest production capacity in 2025 and 2026, with major contributions from the Goulamina project and several salt lake projects [3] - The report emphasizes the rapid growth in production rates for companies like Yahua Group and Sichuan Energy Power, indicating a robust expansion in the lithium sector [3] Summary by Relevant Sections Production Forecast - Ganfeng Lithium: Expected production of 8.6 million tons LCE in 2025, growing to 11.4 million tons LCE by 2026, with a CAGR of 49% [4] - Tianqi Lithium: Projected to produce 9.3 million tons LCE in 2025, increasing to 10.4 million tons LCE by 2026, with a CAGR of 8% [4] - Yahua Group: Anticipated to ramp up production significantly from 0.5 million tons LCE in 2024 to 3.3 million tons LCE by 2026, reflecting a CAGR of 145% [4] - Other companies like Zhongjin Lingnan and Xizang Mining are also expected to see substantial increases in production, contributing to the overall growth of the industry [3][4]

前十大流通股东累计持有： 13229.07万股，累计占流通股比： 25.4%，较上期变化： -66.26万股。 | 名称 持有数量(万股) | | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 西藏矿业（000762）资产经营有限公司 | 10873.35 | 20.88 | 不变 | | 成都天齐实业(集团)有限公司 | 460.00 | 0.88 | 不变 | | 招商银行股份有限公司-南方中证1000交易型开放式指数证 | | | | | 券投资基金 | 312.64 | 0.60 | -31.26 | | 中国工商银行股份有限公司-汇添富中证新能源汽车产业指 | | | | | 数型发起式证券投资基金(LOF) | 275.16 | 0.53 | -30.42 | | 段林华 | 274.18 | 0.53 | 不变 | | 香港中央结算有限公司 | 247.21 | 0.47 | 17.49 | | 中国建设银行股份有限公司-富国中证新能源汽车指数型证 | | | | | 券投资基金 | 210.42 | 0.40 | ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥67,741,157.68, a decrease of 54.16% compared to ¥147,774,688.94 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥13,439,922.41, representing a decline of 156.77% from a profit of ¥23,672,747.97 in the previous year[5] - The basic and diluted earnings per share were both -¥0.0258, down 156.83% from ¥0.0454 in the same period last year[5] - Operating profit for the current period is -¥14,222,467.47, compared to an operating profit of ¥46,610,807.42 in the previous period[17] - Net profit for the current period is -¥16,222,467.47, a significant decline from a net profit of ¥39,391,429.90 in the previous period[18] - The company reported a loss attributable to shareholders of the parent company of -¥13,439,922.41, compared to a profit of ¥23,672,747.97 in the previous period[18] Cash Flow - The net cash flow from operating activities decreased by 60.16%, amounting to ¥11,186,210.20 compared to ¥28,078,437.38 in the prior year[5] - Operating cash flow for the current period is ¥11,186,210.20, a decrease of 60% from ¥28,078,437.38 in the previous period[20] - The company’s total cash inflow from operating activities is ¥93,440,335.91, down from ¥158,446,905.76, indicating a decrease of approximately 41%[20] - Total cash inflow from investment activities is ¥74,350,390.27, down from ¥104,084,388.89, reflecting a decline of approximately 29%[20] - Net cash flow from investment activities is -¥137,725,402.70, an improvement from -¥550,690,510.52 in the previous period[20] - Cash and cash equivalents at the end of the period stand at ¥775,995,566.10, down from ¥1,109,986,826.20, indicating a decrease of about 30%[21] - The net increase in cash and cash equivalents for the current period is -¥131,639,607.61, compared to -¥532,063,419.70 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,430,761,684.35, a slight decrease of 0.15% from ¥7,441,890,475.23 at the end of the previous year[5] - Total liabilities amount to ¥3,559,183,549.31, slightly up from ¥3,556,868,626.70 in the previous period[16] - Total equity stands at ¥3,871,578,135.04, down from ¥3,885,021,848.53 in the previous period[16] - Non-current assets total ¥6,029,788,722.20, slightly down from ¥6,054,809,919.17 at the beginning of the period[15] - The company’s inventory decreased to ¥58,345,536.26 from ¥69,167,390.64[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 117,329[11] - The largest shareholder, Tibet Mining Assets, holds 20.86% of the shares, totaling 108,733,483 shares[11] - The company has a total of 0 preferred shareholders at the end of the reporting period[13] Expenses and Investments - Management expenses rose by 34.69% to ¥24,446,413.23, mainly due to increased utility costs[9] - The company recorded a non-operating expense of ¥2,000,000.00 related to donations made during the reporting period, a significant increase of 2139.86% compared to the previous year[9] - Investment income increased by 33.96% to ¥6,484,384.70, attributed to higher returns from financial products[9] Strategic Outlook - Future outlook and strategic initiatives were not explicitly mentioned in the provided documents, suggesting a focus on recovery and stabilization following the reported losses[17][18] - The company held a board meeting on March 31, 2025, to discuss various proposals, including the annual profit distribution plan[14]