Core Viewpoint - Jiangte Motor reported a significant increase in revenue but a substantial net loss due to falling lithium salt prices, indicating a "revenue growth without profit" scenario [1][2]. Financial Performance - The company achieved a revenue of 975 million yuan in the first half of 2025, a year-on-year increase of 35.85% from 718 million yuan [2]. - The net profit attributable to shareholders was a loss of 114 million yuan, which is a 78.24% increase in losses compared to the previous year's loss of 64.07 million yuan [2]. - The net profit excluding non-recurring gains and losses was a loss of 161 million yuan [2]. Business Structure and Challenges - Revenue from lithium mining and lithium salt manufacturing reached 460 million yuan, accounting for 47.21% of total revenue, with a year-on-year growth of 115.91% [2]. - The gross margin for this segment was -16.27%, indicating significant profitability challenges [2]. - The primary reason for the profit decline was the continuous drop in lithium salt prices, which led to reduced gross margins [2]. Industry Context - The price of lithium carbonate showed a downward trend in the first half of 2025, influenced by increased supply and weakened market demand [2]. - Prior to the Spring Festival, prices remained stable due to strong demand and production halts, but post-festival, the resumption of production and trade tensions led to a price drop to around 58,000 yuan per ton [2]. Financial Pressures - Financial expenses increased by 247.19% year-on-year, primarily due to rising interest costs and reduced interest income, further pressuring profits [3]. - Asset impairment losses surged by 1513.26% year-on-year, linked to increased impairments of lithium salt products, reflecting market price volatility's impact on asset values [3]. Production Resumption Impact - The announcement of the resumption of production at Yichun Yinli New Energy, a wholly-owned subsidiary, may trigger a new round of price declines for lithium carbonate [4][5]. - Following the announcement on August 19, 2025, the lithium carbonate futures market reacted sharply, with all contracts hitting the daily limit down, resulting in an 8% drop [4]. - The resumption of production at Yichun Yinli is expected to increase market supply, countering previous expectations of supply tightening, which had driven prices up to over 90,000 yuan per ton [5].

Core Viewpoint - Jiangte Motor reported a significant increase in revenue but a substantial net loss, primarily due to the continuous decline in lithium salt product prices [1][2]. Financial Performance - The company achieved a revenue of 975 million yuan in the first half of 2025, representing a year-on-year growth of 35.85% from 718 million yuan [2]. - The net profit attributable to shareholders was a loss of 114 million yuan, which is a 78.24% increase in losses compared to the previous year's loss of 64.07 million yuan [2]. - The net profit after deducting non-recurring gains and losses was a loss of 161 million yuan [2]. Business Structure and Challenges - Revenue from lithium mining and lithium salt manufacturing reached 460 million yuan, accounting for 47.21% of total revenue, with a year-on-year increase of 115.91% [2]. - The gross margin for this segment was -16.27%, indicating significant profitability challenges [2]. - The decline in profits is attributed to the drop in lithium salt product prices, which has led to reduced gross margins [2][3]. Industry Context - The price of lithium carbonate showed a downward trend in the first half of 2025, influenced by increased supply and weakened market demand [2]. - Factors such as the resumption of production at major lithium mines and trade tensions contributed to the oversupply situation, leading to inventory accumulation and price drops [2]. Recent Developments - Jiangte Motor announced the resumption of production at its wholly-owned subsidiary, Yichun Yinli New Energy, which may trigger further declines in lithium carbonate prices [4][5]. - Following the announcement, lithium carbonate futures prices fell sharply, with a daily drop of 8% [4][5]. - The market had previously anticipated a tightening of supply due to production halts, which led to a temporary surge in prices [4][5].

Group 1 - The board meeting of Jiangxi Special Electric Motor Co., Ltd. was held on August 20, 2025, chaired by Chairman Hu Chunhui, with all 6 directors present for voting [1] - The board approved the proposal regarding the "2025 Half-Year Report" and its summary, ensuring the content is true, accurate, and complete, with no false records or misleading statements [1] - The proposal was reviewed and approved by the 15th meeting of the 10th Board of Directors' Audit Committee, with a unanimous vote of 6 in favor, 0 against, and 0 abstentions [1]

Group 1 - The company held a supervisory board meeting on August 20, 2025, chaired by Mr. Zhang Pingsen, with all three supervisors present and some senior management attending [1] - The supervisory board approved the proposal regarding the 2025 semi-annual report and its summary, confirming that the report was prepared and reviewed in accordance with legal and regulatory requirements, accurately reflecting the company's actual situation without any false records or misleading statements [1] - The voting result for the proposal was unanimous approval with 3 votes in favor, 0 against, and 0 abstentions [1] Group 2 - The announcement was made by Jiangxi Special Electric Motor Co., Ltd. on August 22, 2025 [2]

Core Viewpoint - Jiangxi Special Electric Motor Co., Ltd. reported a significant increase in revenue driven by the growth in lithium salt product sales, despite facing a substantial net loss due to declining prices in lithium products [23][25]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 975.17 million yuan, a year-on-year increase of 35.85% compared to 717.83 million yuan in the previous year [4][25]. - The net profit attributable to shareholders was a loss of approximately 114.19 million yuan, a decrease of 78.24% from a loss of 64.07 million yuan in the same period last year [4][25]. - The total assets at the end of the reporting period were approximately 6.16 billion yuan, down 7.20% from the previous year [4][25]. Business Segments Intelligent Motor Segment - The electric motor industry is crucial for various sectors, including robotics, industrial manufacturing, and renewable energy, with increasing demand for high-efficiency and energy-saving motors [6][7]. - The company has maintained a strong market position in several specialized motor segments, including wind power and servo motors, with significant market shares [5][6]. - The company is focusing on developing high-efficiency motors and has established a robust R&D framework, holding numerous patents and technological advancements [18][19]. Lithium Segment - The lithium industry is characterized by its cyclical nature, heavily influenced by the demand for electric vehicle batteries and energy storage solutions [12][13]. - The company has developed an integrated lithium salt production chain, from mining to processing, and holds significant lithium resources in Yichun, known as "Asia's Lithium Capital" [20][21]. - The production of lithium carbonate, a key raw material for batteries, is a major focus, with the company leveraging its mining capabilities to enhance production efficiency [14][15]. Market Dynamics - The lithium market has experienced price fluctuations, with a notable decline in lithium carbonate prices from approximately 600,000 yuan per ton to around 58,000 yuan per ton due to supply exceeding demand [18][12]. - Despite the price drop, the long-term outlook for the lithium industry remains positive, driven by increasing demand from the electric vehicle and energy storage sectors [12][13]. - The company is actively participating in the lithium futures market to manage price risks and optimize sales strategies [17].

江西特种电机股份有限公司 2025 年半年度报告摘要 证券代码：002176 证券简称：江特电机 公告编号：2025-047 江西特种电机股份有限公司 2025 年半年度报告摘要 江西特种电机股份有限公司 2025 年半年度报告摘 | 要 | | | | | | --- | --- | --- | --- | --- | | 一、重要提示 | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | 资者应当到证监 | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | 非标准审计意见提示 | | | | | | □适用 ?不适用 | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | □适用 ?不适用 | | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | | □适用 ?不适用 | ...

（文章来源：证券日报） 证券日报网讯 8月21日晚间，江特电机发布公告称，公司第十届董事会第二十三次会议审议通过了《关 于及其摘要的议案》。 ...

（文章来源：证券日报） 证券日报网讯 8月21日晚间，江特电机发布公告称，公司第十届监事会第十四次会议审议通过了《关于 <2025年半年度报告>及其摘要的议案》。 ...

Group 1: Financial Performance - In the first half of 2025, the company reported operating revenue of 975 million yuan, a year-on-year increase of 35.85%, but a net profit attributable to the parent company of -114 million yuan, a decline of 78.24% [1] - The lithium mining and lithium salt manufacturing segment achieved operating revenue of 460 million yuan, a year-on-year increase of 115.91% [2] - The company's motor business generated operating revenue of 486 million yuan, a year-on-year increase of 0.76%, with industrial motors contributing 327 million yuan, up 25.03% [3] Group 2: Market Position and Resources - The company is a leading player in lithium extraction from mica, with significant lithium resources in Yichun, Jiangxi, which holds the largest lithium mica reserves in Asia [1][2] - The company controls over 10 million tons of lithium resources, ranking among the top in China [1] - The company has developed an integrated industrial chain covering lithium mining, sorting, and deep processing [1] Group 3: Industry Trends and Pricing - The price of lithium carbonate has shown a downward trend, dropping to around 58,000 yuan per ton, leading to increased losses for the company [2] - However, since July, there has been a rebound in lithium carbonate prices, with futures contracts nearing 90,000 yuan per ton, driven by expectations of reduced production from key mines [2] - The company noted that rapid growth in downstream demand, particularly from the electric vehicle and energy storage markets, is expected to support the long-term fundamentals of the lithium salt industry [2] Group 4: Diversification and Innovation - In addition to lithium salt, the company is involved in the motor industry, with products in various segments such as construction machinery motors and servo motors, maintaining a leading position in several niche markets [3] - The company is actively developing high-precision, fast-response, lightweight, and compact motors for robotics applications, indicating a focus on innovation and future market trends [3]

Core Viewpoint - The lithium carbonate futures prices in China experienced significant volatility this week, driven by expectations of increased lithium supply following the resumption of production by Jiangxi Special Electric Motor Co., Ltd.'s subsidiary Yichun Silver Lithium [2][4]. Group 1: Market Reactions - On August 20, lithium carbonate futures contracts fell sharply, with the main contract price dropping to 80,980 RMB per ton, a decrease of 8% [2]. - Just two days prior, on August 18, the contract price had reached a one-year high of 90,100 RMB per ton [3]. Group 2: Supply Expectations - The market's rapid response was influenced by a shift in supply expectations, particularly after the announcement of Jiangxi Special Electric Motor's resumption of production and the confirmation of Qinghai Salt Lake Industry Co., Ltd.'s lithium extraction project expected to begin trial production in September [5]. - Yichun Silver Lithium is a key part of Jiangxi Special Electric Motor's integrated supply chain, primarily engaged in lithium ore processing, with an expected initial monthly output of approximately 300 tons, gradually increasing to a maximum of 1,000 tons [5]. Group 3: Domestic and International Supply - The resumption of production by individual companies, while limited in its overall impact on supply-demand dynamics, has been interpreted by the market as a stabilization of domestic lithium resource supply [5]. - Data from Chinese customs indicated that lithium spodumene imports reached 750,000 tons in July 2025, a month-on-month increase of over 30%, marking a historical high for monthly imports [6]. Group 4: International Mining Activity - Significant increases in imports from Australia, Nigeria, and South Africa suggest ample overseas mineral supply [7]. - Major overseas mining companies have also issued production guidance indicating increases, with Australia's Greenbushes project expected to see a 3% to 11% increase in production for the 2026 fiscal year, and Pilbara's project expected to increase by 8% to 15% [7]. Group 5: Market Outlook - Overall, the lithium carbonate market is expected to remain in a capacity release cycle, with both ore and salt lake supplies anticipated to stay high [8]. - Demand remains robust, with an increase in orders for lithium iron phosphate batteries and a rise in production schedules for ternary batteries due to growing downstream demand [8]. - However, the pressure from lithium carbonate inventory will influence the supply-demand dynamics alongside the sustainability of actual demand recovery [9].