报告称，公司在宜春地区现拥有多处采矿权和探矿权，从已探明矿区储量统计，公司合计持有或控制的锂矿资源量在1亿吨以上，居国内前列。上述矿区均 位于宜春市境内，锂云母矿资源集中，矿石品位在宜春锂云母矿山中处于中上水平，矿山平均海拔低且大多为露天开采，气候宜人，开采条件好，运输方 便，具备快速放量的基础。公司2024年取得采矿许可证的江西省宜丰县茜坑锂矿是公司目前最重要的矿区，证载面积1.3826平方公里，Li2O平均品位按 0.44%计算，矿石资源储量为7293万吨；若Li2O平均品位按0.39%计算，矿石资源储量达到1.2667亿吨，系大型锂矿，其为公司锂产业板块未来30年的发展 提供了资源保障。 8月21日，江特电机发布2025年上半年报告称，上半年，公司实现营业收入9.8亿元，比上年同期增加25,733.46万元，同比增长35.85%；实现归属母公司净利 润-1.14亿元，比上年同期减少5,012.28万元，同比下降78.24%；扣除非经常性损益的净利润为-1.61亿元，同比减少11.28%。 此外，目前公司已形成"矿石开采-矿石分选综合利用-锂盐生产及深加工"的垂直一体化产业链，通过各环节的深度协同，实现资 ...

（记者 曾健辉） 截至发稿，江特电机市值为153亿元。 每经头条（nbdtoutiao）——最火游资不再是方新侠、章盟主、佛山无影脚？这名95后声名鹊起！ 每经AI快讯，江特电机（SZ 002176，收盘价：8.99元）8月21日晚间发布公告称，公司第十届第二十三 次董事会会议于2025年8月20日在公司五楼会议室以现场结合通讯方式召开。会议审议了《关于<2025 年半年度报告>及其摘要的议案》等文件。 2024年1至12月份，江特电机的营业收入构成为：采矿业占比49.86%，电机占比46.18%，其他制造业占 比3.95%。 ...

格隆汇8月21日丨江特电机(002176.SZ)公布2025年半年度报告，上半年公司实现营业收入9.75亿元，同 比增长35.85%；归属于上市公司股东的净利润-1.14亿元；归属于上市公司股东的扣除非经常性损益的 净利润-1.61亿元；基本每股收益-0.07元。 ...

Core Viewpoint - Jiangte Electric's half-year performance report indicates a significant increase in revenue but continued net losses, highlighting challenges in profitability despite growth in sales [2] Financial Performance - For the first half of 2025, the company reported an operating revenue of approximately 975 million yuan, representing a year-on-year increase of 35.85% [2] - The net loss attributable to shareholders was approximately 114 million yuan, with a basic earnings per share loss of 0.07 yuan [2] - In comparison, the same period in 2024 showed an operating revenue of about 718 million yuan and a net loss of approximately 64.07 million yuan, with a basic earnings per share loss of 0.04 yuan [2]

| 编制单位：江西特种电机股份有限公司 | | | | | | | | | | 单位：元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 | | 占用方与上市 | 上市公司核算 | 2025年期初占用资 | 2025年半年度占用 | 2025年半年度 | 2025年半年度 | 2025年期末占用资 | 占用形成原 | | | | 资金占用方名称 | 公司 | | | 累计发生金额（不 | 占用资金的利 | 偿还累计发生 | | | 占用性质 | | 资金占用 | | 的关联关系 | 的会计科目 | 金余额 | 含利息） | 息（如有） | 金额 | 金余额 | 因 | | | 控股股东、实 | | | | | | | | | | | | 际控制人及其 | | | | | | | | | | | | 附小属企计业 | — | — | — | | | | | | | | | 前控股股东、 | | | | | | | | | | | | 实际控制人及 | | | | | | | | | | | | 其附属企业 ...

江西特种电机股份有限公司 2025 年半年度报告全文 江西特种电机股份有限公司 2025 年半年度财务报告 二〇二五年八月 1 江西特种电机股份有限公司 2025 年半年度报告全文 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：江西特种电机股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 674,242,945.21 | 1,006,353,295.93 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 15,152,066.56 | 23,804,570.25 | | 衍生金融资产 | | | | 应收票据 | 158,820,706.13 | 209,611,228.10 | | 应收账款 | 524,984,860.29 | 508,875,393.63 | | 应收款项融资 | 344,839,977.97 | 351,92 ...

证券代码：002176 证券简称：江特电机 公告编号：2025-046 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。 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 江西特种电机股份有限公司 第十届监事会第十四次会议决议公告 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 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： 30 在监事会主席办公室以现场方式召开了第十届监事会第十四次会议，会议由 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 ...

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： 30在公司五楼会议室以现场结合通讯方式召开了第十届董事会第二十三次会议。 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》 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 第十届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 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。 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。 二〇二五年八月二十二日 江西特种电机股份有限公司 董事会 董事会全体董事保证 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management assures the report's accuracy and completeness, highlighting macroeconomic, lithium price, raw material, management, and hedging risks, with no semi-annual dividend or share capital increase planned - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the report content[4](index=4&type=chunk) - The company's head, chief financial officer, and head of the accounting department declare the financial report is **true, accurate, and complete**[4](index=4&type=chunk) - The company highlights risks including **macroeconomic conditions, lithium price fluctuations, raw material price volatility, management, and futures hedging**[4](index=4&type=chunk) - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Catalogue of Documents for Reference](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the semi-annual report's reference documents, including signed financial statements and original disclosure files, all available at the company's securities department - Reference documents include **signed and sealed financial statements**, original public disclosure files, the legal representative's signed report original, and other materials[9](index=9&type=chunk) - All reference documents are kept at the **company's securities department**[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms, including company names, major subsidiaries, the reporting period, and currency units, for clear report comprehension - Defines "**Company**" and "**Jiangte Motor**" as Jiangte Motor Co., Ltd[11](index=11&type=chunk) - Lists full and abbreviated names of several subsidiaries and associated companies, such as Jiangte Industrial, Jiangte Electric, and Yinli New Energy[11](index=11&type=chunk) - Specifies the reporting period as **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides the company's basic information, including stock details, listing exchange, names, and legal representative - Stock Abbreviation: **Jiangte Motor**, Stock Code: **002176**[13](index=13&type=chunk) - Stock Listing Exchange: **Shenzhen Stock Exchange**[13](index=13&type=chunk) - Company Legal Representative: **Liang Yun**[13](index=13&type=chunk) [II. Contact Persons and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's board secretary and securities affairs representatives, including names, addresses, and communication channels - Board Secretary: **Jiang Xiaoan**, Securities Affairs Representatives: **Qu Hongbo, Li Guoling**[14](index=14&type=chunk) - Contact Phone: **0795-3266280**, Email: **jiangte002176@aliyun.com**[14](index=14&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's contact information, disclosure details, or other relevant materials during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, and email address remained **unchanged** during the reporting period[15](index=15&type=chunk) - Information disclosure and storage locations remained **unchanged** during the reporting period[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue grew by **35.85%**, but net profit attributable to shareholders declined by **78.24%** due to falling lithium salt prices, with total assets and net assets also decreasing Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 975,166,278.13 | 717,831,652.73 | 35.85% | | Net Profit Attributable to Shareholders of Listed Company | -114,188,334.54 | -64,065,573.73 | -78.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -161,286,841.44 | -144,938,213.15 | -11.28% | | Net Cash Flow from Operating Activities | -296,266,518.96 | -275,020,371.50 | -7.73% | | Basic Earnings Per Share (yuan/share) | -0.07 | -0.04 | -75.00% | | Diluted Earnings Per Share (yuan/share) | -0.07 | -0.04 | -75.00% | | Weighted Average Return on Net Assets | -3.31% | -1.69% | -1.62% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End Change from Prior Year-End** | | Total Assets | 6,163,000,895.52 | 6,640,996,631.95 | -7.20% | | Net Assets Attributable to Shareholders of Listed Company | 3,394,193,266.17 | 3,504,821,893.73 | -3.16% | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit or net assets between financial reports prepared under international/overseas accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show **no differences** in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - The company's financial reports for the reporting period show **no differences** in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses reached **47.10 million yuan**, mainly from fair value changes in financial instruments and government subsidies Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -5,314.36 | | Government subsidies recognized in current profit and loss (excluding those with continuous impact) | 6,760,422.55 | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal gains and losses (excluding hedging activities) | 52,803,232.57 | | Gains and losses from debt restructuring | -337,858.84 | | Other non-operating income and expenses | -2,099,492.93 | | Less: Income tax impact | 10,096,746.60 | | Impact on minority interests (after tax) | -74,264.51 | | **Total** | **47,098,506.90** | - The company has **no other profit and loss items** that meet the definition of non-recurring gains and losses[23](index=23&type=chunk) - The company has **not classified** non-recurring gains and losses as recurring gains and losses[23](index=23&type=chunk) Section III Management Discussion and Analysis [I. Principal Businesses Engaged in During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company operates in intelligent motors, leading in wind power and construction machinery motors, and lithium, leveraging integrated mica extraction for new energy and energy storage markets [(I) Intelligent Motor Segment](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%99%BA%E8%83%BD%E7%94%B5%E6%9C%BA%E6%9D%BF%E5%9D%97) The intelligent motor segment thrives on manufacturing upgrades and green economy, with the company leading in wind power, construction machinery, and servo motors, while developing integrated servo systems - The motor industry is driven by emerging fields like robotics, industrial manufacturing, automotive, and low-altitude economy, leading to high demand for **miniaturized, efficient, and energy-saving motors**[25](index=25&type=chunk) - The company holds the **top market share** in wind power supporting motors domestically, with construction machinery motors, servo motors, and stepper motors ranking among the top in domestic shipments[28](index=28&type=chunk) - Company products are widely used in robotics, industrial automation, aircraft, wind power, and new energy vehicles, having developed **high-efficiency and energy-saving motors** such as YE4, YE5, and permanent magnet motors[30](index=30&type=chunk) - The company's operating model is primarily **direct sales based on sales orders**, with increased R&D investment in high-efficiency, energy-saving, and robotic motors to build servo systems[31](index=31&type=chunk)[32](index=32&type=chunk) [(II) Lithium Segment](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%94%82%E6%9D%BF%E5%9D%97) The lithium segment, a strategic resource, sees the company as a leading lithium mica extractor with an integrated value chain and **over 100 million tons of lithium ore**, actively hedging against price volatility - Lithium is known as "**white petroleum**," and lithium carbonate is a core raw material for lithium battery cathode materials, used in new energy vehicles, energy storage, and consumer electronics[33](index=33&type=chunk) - From January to June 2025, domestic lithium carbonate output was **431,500 tons**, a year-on-year increase of **44.58%**; lithium hydroxide output was **144,600 tons**, a year-on-year decrease of **17.18%**[34](index=34&type=chunk) - The company has formed an integrated industry chain of **lithium ore mining, beneficiation, and deep processing of lithium salts**, making it one of the leading domestic lithium mica extraction enterprises with **over 100 million tons of lithium ore resources**[37](index=37&type=chunk)[38](index=38&type=chunk) - The company primarily sells **battery-grade and industrial-grade lithium carbonate**, along with co-existing mineral products like feldspar powder and tantalum-niobium, enhancing comprehensive resource utilization efficiency[38](index=38&type=chunk) - The company adopts an **integrated operating model**, primarily direct sales, and actively participates in lithium carbonate futures hedging to mitigate price fluctuation risks[40](index=40&type=chunk) - Lithium carbonate prices previously fell sharply, but with capacity rationalization and sustained downstream demand growth, prices are expected to **stabilize and rebound** in the future[41](index=41&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include strong R&D, a nationwide marketing network, and a 60-year brand in intelligent motors, alongside abundant lithium resources, integrated processing, and leading mica extraction technology in the lithium segment [(I) Intelligent Motor Segment](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%99%BA%E8%83%BD%E7%94%B5%E6%9C%BA%E6%9D%BF%E5%9D%97) The intelligent motor segment features strong R&D, proprietary technologies, participation in standard setting, a nationwide marketing network, and over **60 years of brand heritage**, leading in several niche product categories - The company holds **20 invention patents, 73 utility model patents, 1 design patent, 2 software copyrights**, and has participated in drafting **50 national/industry standards**[42](index=42&type=chunk) - The company has built a **nationwide multi-dimensional marketing network**, divided into five geographical regions, with a marketing department for industry-specific vertical management[43](index=43&type=chunk) - The company has **over 60 years of technological accumulation**, high brand recognition, and a leading position in several niche industries, with its subsidiary Hangzhou Mige's robot-specific E/B series motors supplied in bulk to leading domestic enterprises[45](index=45&type=chunk) [(II) Lithium Segment](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%94%82%E6%9D%BF%E5%9D%97) The lithium segment benefits from **over 100 million tons of lithium ore** in Yichun, an integrated mining-beneficiation-metallurgy value chain for cost efficiency, and Yinli New Energy's leading lithium mica extraction technology and patents - The company holds multiple mining and exploration rights in the Yichun area, with total lithium ore resources held or controlled exceeding **100 million tons**[46](index=46&type=chunk) - The Xikeng Lithium Mine in Yifeng County is currently the company's most important mining area, with ore resource reserves of **72.93 million tons** (average Li2O grade 0.44%) or **126.67 million tons** (average Li2O grade 0.39%)[46](index=46&type=chunk) - The company has formed a **vertically integrated industry chain** of "ore mining - ore beneficiation and comprehensive utilization - lithium salt production and deep processing," enhancing economic value through multi-product co-production[47](index=47&type=chunk) - Wholly-owned subsidiary Yinli New Energy is a national high-tech enterprise with a provincial-level enterprise technology center, holding a **leading position in domestic lithium mica extraction technology** with **11 invention patents and 32 utility model patents**[48](index=48&type=chunk) [III. Analysis of Principal Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue grew by **35.85%** due to higher lithium salt sales, but total profit and net profit attributable to the parent company fell by **231.70%** and **78.24%** respectively, driven by declining lithium salt prices, despite increased lithium segment revenue - During the reporting period, the company achieved operating revenue of **975.17 million yuan**, a year-on-year increase of **35.85%**, primarily due to increased production and sales of lithium salt products[49](index=49&type=chunk) - The company's total profit was **-128.33 million yuan**, a year-on-year decrease of **231.70%**; net profit attributable to the parent company was **-114.19 million yuan**, a year-on-year decrease of **78.24%**, mainly due to falling lithium salt product prices leading to lower gross profit[49](index=49&type=chunk) Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 975,166,278.13 | 717,831,652.73 | 35.85% | Increased production and sales of lithium salt products | | Operating Cost | 933,211,182.57 | 687,467,276.12 | 35.75% | Increased production and sales of lithium salt products | | Financial Expenses | 16,810,682.38 | 4,841,913.52 | 247.19% | Increased interest expenses, decreased interest income | | Income Tax Expense | -12,444,916.64 | 28,040,379.60 | -144.38% | Increased losses | | Net Cash Flow from Investing Activities | 65,706,706.41 | 142,084,708.10 | -53.76% | Large-denomination certificates of deposit matured in prior year | | Net Cash Flow from Financing Activities | -66,662,067.26 | 366,313,629.43 | -118.20% | Decreased bank borrowings | | Net Increase in Cash and Cash Equivalents | -295,433,558.72 | 233,389,079.52 | -226.58% | Net cash flow from operating activities decreased year-on-year | Composition of Operating Revenue (By Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 47.21% | 213,233,525.09 | 29.70% | 115.91% | | | Motors | 485,654,997.02 | 49.80% | 482,003,390.70 | 67.15% | 0.76% | | **By Product** | Industrial Motors | 326,768,046.46 | 33.51% | 261,350,051.77 | 36.41% | 25.03% | | | Servo Motors | 91,569,099.11 | 9.39% | 140,935,473.51 | 19.63% | -35.03% | | | Other Motors | 67,317,851.45 | 6.90% | 79,717,865.42 | 11.11% | -15.55% | | **By Region** | East China | 433,058,983.65 | 44.40% | 361,465,742.96 | 50.35% | 19.81% | | | South China | 217,825,113.33 | 22.34% | 132,789,051.87 | 18.50% | 64.04% | | | Southwest China | 156,372,451.36 | 16.04% | 118,448,592.72 | 16.50% | 32.02% | [IV. Analysis of Non-Principal Business](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) While non-principal business details are not explicit, provided data shows negative gross margins for lithium mining and salt manufacturing, contrasting with positive margins for the motor business Analysis of Non-Principal Business (By Industry, Product, Region) | Category | Item | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 535,292,261.29 | -16.27% | 115.91% | 88.72% | 16.75% | | | Motors | 485,654,997.02 | 372,958,234.83 | 23.21% | 0.76% | -2.16% | 2.30% | | **By Product** | Lithium Mining and Lithium Salt Manufacturing | 460,393,308.05 | 535,292,261.29 | -16.27% | 115.91% | 88.72% | 16.75% | | | Industrial Motors | 326,768,046.46 | 256,266,779.13 | 21.58% | 25.03% | 22.48% | 1.64% | | **By Region** | Southwest China | 156,372,451.36 | 171,349,378.16 | -9.58% | 32.02% | 15.89% | 15.25% | | | South China | 217,825,113.33 | 224,456,001.46 | -3.04% | 64.04% | 52.22% | 8.01% | | | East China | 433,058,983.65 | 395,487,309.43 | 8.68% | 19.81% | 28.38% | -6.10% | [V. Analysis of Assets and Liabilities](index=16&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets attributable to shareholders decreased, with declines in liquid assets and long-term borrowings (due to reclassification), while construction in progress significantly increased from tech upgrade investments Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 674,242,945.21 | 10.94% | 1,006,353,295.93 | 15.15% | -4.21% | Decreased cash inflow, increased payments | | Construction in Progress | 39,777,859.17 | 0.65% | 15,517,898.79 | 0.23% | 0.42% | Increased investment in technological upgrades | | Right-of-Use Assets | 1,039,065.47 | 0.02% | 2,174,499.45 | 0.03% | -0.01% | Depreciation recognized | | Contract Liabilities | 40,893,171.41 | 0.66% | 87,395,480.89 | 1.32% | -0.66% | Decreased advance receipts for goods | | Employee Compensation Payable | 41,161,571.67 | 0.67% | 72,261,740.66 | 1.09% | -0.42% | Payment of employee compensation accrued in prior year | | Taxes Payable | 17,231,415.05 | 0.28% | 34,675,236.67 | 0.52% | -0.24% | Payment of prior year's taxes | | Long-Term Borrowings | 430,000,000.00 | 6.98% | 756,544,237.64 | 11.39% | -4.41% | Reclassified to long-term borrowings due within one year | - The company has **no significant overseas assets** during the reporting period[57](index=57&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss for the Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 23,804,570.25 | -8,652,503.69 | 15,152,066.56 | | **Total** | **23,804,570.25** | **-8,652,503.69** | **15,152,066.56** | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 212,364,718.42 | 212,364,718.42 | Margin | Issuance of bank acceptance bills | | Monetary Funds | 6,528,501.14 | 6,528,501.14 | Margin | Issuance of letters of guarantee | | Monetary Funds | 58,400,000.00 | 58,400,000.00 | Margin | Issuance of letters of credit | | Monetary Funds | 7,062,928.60 | 7,062,928.60 | Margin | Futures margin | | Monetary Funds | 7,113,862.47 | 7,113,862.47 | Margin | Mine ecological restoration fund | | Notes Receivable, Accounts Receivable Financing | 283,468,762.76 | 283,468,762.76 | Pledge | Issuance of bank acceptance bills | | **Total** | **574,938,773.39** | **574,938,773.39** | | | [VI. Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased by **68.89%**, with no major equity investments or raised fund usage, while non-equity investments focused on lithium tech upgrades and minor projects; futures hedging successfully mitigated price risks Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 25,342,084.24 | 81,453,430.73 | -68.89% | - There were **no significant equity investments** during the reporting period[62](index=62&type=chunk) Significant Non-Equity Investments in Progress | Project Name | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of Period-End (yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | Lithium Precipitation Technical Upgrade Project | 7,835,343.60 | 14,021,561.43 | 21.09% | | Other Minor Engineering Projects | 16,506,740.64 | 88,705,077.40 | Partially transferred to fixed assets | | **Total** | **24,342,084.24** | **102,726,638.83** | | - The company had **no securities investments or speculative derivative investments** during the reporting period[64](index=64&type=chunk)[68](index=68&type=chunk) Derivative Investments for Hedging Purposes | Derivative Investment Type | Beginning Balance (ten thousand yuan) | Fair Value Change Gain/Loss for the Period (ten thousand yuan) | Ending Balance (ten thousand yuan) | Ending Investment Amount as % of Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Commodity Futures | 43,677.97 | 1,245.54 | 8,882.52 | 2.62% | | **Total** | **43,677.97** | **1,245.54** | **8,882.52** | **2.62%** | - The company utilized the risk-hedging function of futures instruments to conduct **lithium carbonate commodity futures hedging**, with management results meeting expectations and largely achieving the anticipated risk management objectives[66](index=66&type=chunk) - The company had **no use of raised funds** during the reporting period[69](index=69&type=chunk) [VII. Significant Asset and Equity Disposals](index=19&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity disposals during the reporting period - The company did **not sell any significant assets** during the reporting period[70](index=70&type=chunk) - The company did **not sell any significant equity** during the reporting period[71](index=71&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section analyzes major subsidiaries, noting Yichun Yinli New Energy's negative net profit, and details the establishment of two new subsidiaries and the deregistration of one Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Type | Business Nature | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yichun Yinli New Energy Co., Ltd. | Subsidiary | Lithium ore processing | 8,000.00 | 301,231.67 | 133,591.18 | 45,297.18 | -11,889.83 | -10,113.87 | | Jiangxi Jiangte Motor Co., Ltd. | Subsidiary | Motor product production and sales | 20,000.00 | 114,139.32 | 38,779.20 | 32,756.26 | 2,549.16 | 2,145.45 | - During the reporting period, the company invested in establishing **Zambia Jiangte Mining Co., Ltd.** and **Ji'an Yinli Lithium Battery New Energy Co., Ltd.**, and deregistered **Jiangsu Mige Jiangte Motor Co., Ltd.**, with no significant impact on overall production, operations, or performance[73](index=73&type=chunk) [IX. Structured Entities Controlled by the Company](index=20&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had **no controlled structured entities** during the reporting period[74](index=74&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses macroeconomic, lithium price, raw material, management, and hedging risks through strategic optimization, internal controls, R&D investment, supply chain stability, and futures hedging - The company faces **macroeconomic risks**, which may impact sales in both the motor and lithium businesses[74](index=74&type=chunk) - The company faces **lithium price fluctuation risks**, which could lead to a decline in lithium carbonate product prices and affect performance[74](index=74&type=chunk) - The company faces **raw material price fluctuation risks**, which could increase costs and impact gross profit margins[75](index=75&type=chunk) - The company faces **management risks**, as its operational scale expands, management capabilities require continuous improvement[75](index=75&type=chunk) - The company faces **futures hedging risks**, including market risk, policy risk, liquidity risk, operational risk, and technical risk[76](index=76&type=chunk) - Countermeasures include **optimizing company strategy, strengthening internal controls, increasing R&D investment, establishing stable supply chains, utilizing futures hedging, and improving corporate governance and management processes**[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [XI. Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company implemented a "Market Value Management System" to boost investment value and returns, but a specific valuation enhancement plan remains undisclosed - The company has formulated a "**Market Value Management System**," which has been approved by the board of directors[78](index=78&type=chunk) - The company has **not disclosed a valuation enhancement plan**[78](index=78&type=chunk) [XII. Implementation of 'Dual Improvement in Quality and Returns' Action Plan](index=21&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not released an announcement concerning its "Dual Improvement in Quality and Returns" action plan - The company has **not disclosed** an announcement regarding the "Dual Improvement in Quality and Returns" action plan[79](index=79&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management experienced **no changes** during the reporting period[81](index=81&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into share capital for the semi-annual period[82](index=82&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans but implemented three employee stock ownership plans, with shares from the first phase disposed due to resignations and shares from the second and third phases disposed upon lock-up expiration, all accounted for in financial statements - The company had **no equity incentive plans** during the reporting period[83](index=83&type=chunk) Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Employee Stock Ownership Plan | Number of Employees | Total Shares Held (shares) | Proportion of Listed Company's Total Share Capital | Funding Source for Plan Implementation | | :--- | :--- | :--- | :--- | :--- | | First Phase | 118 | 2,138,575.00 | 0.13% | Employees' legal remuneration, self-raised funds, etc. | | Second Phase | 28 | 814,100.00 | 0.05% | Employees' legal remuneration, self-raised funds, etc. | | Third Phase | 55 | 312,500.00 | 0.02% | Employees' legal remuneration, self-raised funds, etc. | - In the first phase of the employee stock ownership plan, **93,600 shares** were cumulatively disposed of due to some holders' resignations, accounting for **4.19%** of that plan[88](index=88&type=chunk) - In the second phase of the employee stock ownership plan, **570,900 shares** were cumulatively disposed of due to the

记者丨见习记者李益文 编辑丨叶映橙 8月20日，国内碳酸锂期货市场异动，碳酸锂主力连续合约收于80980元/吨，跌幅8%，全线合约均触及 跌停板。A股锂矿板块同步下挫，天齐锂业（002466.SZ）、赣锋锂业（002460.SZ）、盛新锂能 （002240.SZ）均下跌。 消息面上，8月19日晚间，江特电机公告称其子公司宜春银锂新能源有限责任公司（以下简称"宜春银 锂"）将于近日正式复工复产。此前，宜春银锂的全部锂盐生产线于7月25日进行设备检修，预计检修时 间26天左右。 值得注意的是，8月11日早盘，碳酸锂期货曾因宁德时代枧下窝矿区采矿端停产传闻集体涨停，主力合 约（2511）当日涨幅达8%，创近三个月新高。但不足十日，市场情绪已从沸点跌至冰点。 "这是此前过度炒作的回调。"南华期货贵金属新能源研究组负责人夏莹莹向21财经·南财快讯记者表 示，"尽管宜春银锂当前月产量不超过1千吨，日产量不过几十吨，但能边际的缓解现货市场紧张的情 绪。此外，市场传闻澳洲锂矿企业原计划8月中旬发往韩国的一船3.6万吨锂精矿，因国内锂矿价格推高 而将目的地变更为中国，这一消息加剧了市场对供给增加的预期"。 夏莹莹认为，近期市场 ...