8月21日晚，江特电机（002176.SZ，股价8.99元，市值153.4亿元）披露2025年半年度报告，公司上半年 实现营业收入9.75亿元，同比增长35.85%，但归属于上市公司股东的净利润却亏损1.14亿元，大幅扩大 78.24%。 业绩"增收不增利"的背后，锂盐产品价格持续下跌是主因。江特电机作为国内云母提锂龙头企业，报告 期内锂盐产销量显著增加，却难敌价格下行压力。 8月19日，江特电机公告其全资下属公司宜春银锂新能源有限责任公司将于近日正式复工复产，这一消 息发布后，8月20日早盘，碳酸锂期货价格大幅下挫，所有合约全线跌停，日跌幅达8%。 碳酸锂价格在2025年上半年波动剧烈，江特电机全资下属公司宜春银锂新能源有限责任公司的复产消 息，或成为引发新一轮产品价格下跌的导火索。 2025年8月19日晚间，江特电机发布公告称，接到全资下属公司宜春银锂的通知，宜春银锂将于近日正 式复工复产。回溯至7月25日，宜春银锂为进一步提高产线设备的稳定性和运行水平，降低生产成本和 提升综合效益，对全部锂盐生产线进行设备检修，预计检修时间26天左右。 8月20日早盘，碳酸锂期货市场反应激烈，合约全线大幅低开，随后快速 ...

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].

董事会全体董事保证公司 2025 年半年度报告全文及摘要内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 本议案已经公司第十届董事会审计委员会第十五次会议审议通过。 证券代码：002176 证券简称：江特电机 公告编号：2025-045 江西特种电机股份有限公司 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。 一、董事会会议召开情况 江西特种电机股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日 14： 董事长胡春晖先生主持召开了本次会议，本次会议应参加表决的董事 6 名，实际 参加表决董事 6 名，公司 3 名监事及部分高级管理人员列席了会议。本次会议的 召集、召开程序符合《公司法》《公司章程》和《董事会议事规则》的有关规定。 二、董事会会议审议情况 审议通过《关于<2025 年半年度报告>及其摘要的议案》 表决结果：6 票同意，0 票反对，0 票弃权，0 票回避。 具体内容详见同日刊登在巨潮资讯网（www.cninfo.com.cn）上的相关公告。 特此公告。 江西特种电机股份有限公司 董事会 二 ...

江西特种电机股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日 15： 监事会主席张平森先生主持召开，本次会议应参加表决的监事 3 名，实际参加表 决监事 3 名，部分高级管理人员列席了会议。本次会议的召集、召开程序符合《公 司章程》和《监事会议事规则》的规定，会议决议合法有效。 证券代码：002176 证券简称：江特电机 公告编号：2025-046 江西特种电机股份有限公司 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 表决结果：3 票同意，0 票反对，0 票弃权，0 票回避。 具体内容详见同日刊登在巨潮资讯网（www.cninfo.com.cn）上的相关公告。 特此公告。 江西特种电机股份有限公司 监事会 二〇二五年八月二十二日 二、监事会会议审议情况 审议通过《关于<2025 年半年度报告>及其摘要的议案》 经核查，监事会认为董事会编制和审核的公司 2025 年半年度报告及摘要的 程序符合法律、行政法规、中国证监会的规定，报告内容真实、准确、完整地反 映了上市公司的实际情况，没有虚假记载、误导性陈述或者重大遗漏。 ...

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].