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]

融捷股份有限公司公告（2025） 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 证券代码：002192 证券简称：融捷股份 公告编号：2025-026 融捷股份有限公司 2024 年度股东大会决议公告 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间：现场会议于 2025 年 5 月 15 日（星期四）下午 3:30 召开； 网络投票时间为：交易系统投票时间为 2025 年 5 月 15 日上午 9:15-9:25、 9:30-11:30，下午 1:00-3:00；互联网投票时间为 2025 年 5 月 15 日上午 9:15-下午 3:00 期间的任意时间。 2、会议召开地点：广州市天河区珠江西路 5 号广州国际金融中心 45 层公司 会议室。 3、会议召开方式：现场会议与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长吕向阳先生。 6、会议召集、召开的合规性：本次会议的召集、召开符合《公司法》《上 市公司股 ...

广东连越律师事务所 关于融捷股份有限公司 2024 年度股东大会 法律意见书 致：融捷股份有限公司 广东连越律师事务所（以下简称"本所"）接受融捷股份有限公司（以下简称"融 捷股份"或"公司"）的委托，指派陈涵涵律师、卢润姿律师（以下简称"本所律师"） 出席并见证了公司 2024 年度股东大会（以下简称"本次股东大会"），并依据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 深圳证券交易所相关规定及《融捷股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，对本次股东大会的召集、召开程序、出席人员资格、召集人资格、大会 表决程序、表决结果等事宜进行了审查，现发表法律意见如下： 一、关于本次股东大会的召集、召开程序 （一）公司已于 2025 年 4 月 22 日在中国证券监督管理委员会指定的信息披露媒体 上刊登了《融捷股份有限公司关于召开 2024 年度股东大会的通知》（以下简称"《股 东大会通知》"），以公告形式通知召开本次股东大会。 法律意见书 经核查，上述通知载明了会议的时间、地点、审 ...

融捷股份有限公司公告（2025） 证券代码：002192 证券简称：融捷股份 公告编号：2025-025 融捷股份有限公司 关于公司与子公司相互提供担保的进展公告 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。 协议》及其项下全部融资合同下的债务提供担保，质押最高本金限额均为 10,000 万元。 出质人：融捷股份、东莞德瑞、融达锂业、广州融捷电源 三、《最高额质押合同》主要内容 质权人：兴业银行深圳分行 一、担保情况概述 经融捷股份有限公司（以下简称"融捷股份"或"公司"）2025 年第一次临 时股东大会批准，同意公司与兴业银行股份有限公司（以下简称"兴业银行"） 开展票据池质押融资业务，以公司及相关子公司持有的银行承兑汇票入池为公司 及相关子公司在兴业银行办理的票据池质押融资业务提供质押担保，票据池额度 不超过 10,000 万元，自股东大会批准之日起一年内签订担保合同有效。具体情况 详见公司于 2025 年 1 月 22 日、2025 年 2 月 15 日在《中国证券报》《证券时报》 和巨潮资讯网（www.cninfo.com.cn）上披露的《关于 20 ...

Production Capacity and Expansion Plans - Current lithium ore mining capacity is 1.05 million tons/year, with a planned expansion to 2.5 million tons/year for ore selection, which is progressing in 2024 [2] - The company is preparing to add 350,000 tons/year of ore selection capacity at the original mining site, while the remaining capacity of the 2.5 million tons/year expansion project is still under site selection [5] - The lithium salt production capacity within the company is 4,800 tons/year, with a joint venture planning for 40,000 tons/year [2] Financial Performance - In 2024, the company achieved a revenue of 561 million CNY and a net profit of 215 million CNY, resulting in a basic earnings per share of 0.8289 CNY/share [2] - The company’s net profit remained positive despite a significant decline in lithium product prices, which fell by 43% year-on-year [6][7] Market and Industry Outlook - The lithium battery materials industry continues to have growth potential, driven by increasing demand in the electric vehicle and energy storage markets [7] - The company plans to enhance its core competitiveness and expand its revenue and profitability through various strategies, including improving lithium resource management and expanding production scale [4] Strategic Initiatives - The company is focusing on high-end products in the lithium battery anode and cathode materials sector, aiming to fill market gaps with high-rate and high-capacity products [7] - A comprehensive industry chain layout has been established, enhancing synergy and resilience against market fluctuations [7] Stock Performance and Market Perception - The company’s stock price has been negatively impacted by external factors such as macroeconomic conditions and market sentiment, leading to a perception of deliberate price suppression for low-cost capital increase [8] - The company emphasizes the importance of risk management and sustainable operations to enhance shareholder value [8]

融捷股份公告，2025年第一季度营业收入9505.35万元，同比增长15.30%。净利润2003.39万元，同比下 降28.69%。 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥95,053,538.83, representing a 15.30% increase compared to ¥82,437,628.79 in the same period last year[3] - Net profit attributable to shareholders decreased by 28.69% to ¥20,033,939.74 from ¥28,095,407.25 year-on-year[3] - Basic and diluted earnings per share fell by 28.65% to ¥0.0772 from ¥0.1082 in the same period last year[3] - Net profit for the current period was ¥17,092,171.48, a decrease of 21.3% from ¥21,656,713.17 in the previous period[27] - The profit attributable to the parent company's shareholders was ¥20,033,939.74, down 28.7% from ¥28,095,407.25 in the previous period[27] Cash Flow - The net cash flow from operating activities dropped significantly by 93.05%, amounting to ¥7,479,351.19 compared to ¥107,566,429.36 in the previous year[3] - Operating cash flow for the current period is ¥7,479,351.19, a decrease of 93% from ¥107,566,429.36 in the previous period[28] - Total cash inflow from operating activities is ¥90,896,100.79, significantly lower than ¥246,401,506.02 in the previous period[28] - Cash outflow for purchasing goods and services is ¥25,176,514.63, an increase from ¥16,530,861.41 in the previous period[28] - Cash paid for taxes is ¥19,528,756.46, down from ¥71,025,722.67 in the previous period[28] - Cash flow from financing activities is -¥46,737,397.23, compared to -¥7,423,973.13 in the previous period[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,263,900,885.09, a decrease of 1.46% from ¥4,327,208,595.37 at the end of the previous year[3] - Total liabilities decreased to ¥823,901,868.83 from ¥904,469,296.42, reflecting a reduction of 8.9%[24] - Current liabilities totaled ¥448,059,062.19, down 16.7% from ¥537,921,282.28 in the previous period[24] - Non-current liabilities increased slightly to ¥375,842,806.64 from ¥366,548,014.14, an increase of 2.0%[24] - The company's cash and cash equivalents decreased from RMB 1,240.34 million to RMB 435.71 million during the reporting period[22] Investments and Projects - The company is investing at least RMB 900 million in the construction of a lithium-ion battery cathode material manufacturing and R&D base in Nansha District, Guangzhou[18] - The company signed a cooperation agreement with the government of Kangding City for the outsourcing of raw ore processing, allowing for the construction of a new 350,000 tons/year processing project[20] - The company has completed the main structure acceptance work for the cathode material project, with the environmental impact assessment report accepted by the local environmental authority[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 54,161[14] Other Financial Metrics - The company's weighted average return on equity decreased by 0.28 percentage points to 0.59% from 0.87% year-on-year[3] - The company's investment income decreased by 45.24% to ¥12,989,545.46 from ¥23,720,406.04 in the previous year, mainly due to reduced returns from financial products[11] - Total operating costs increased to ¥87,925,266.19, up 17.7% from ¥74,668,644.84 in the previous period[26] - The company's trading financial assets increased significantly from RMB 418.16 million to RMB 1,088.86 million[22] - Accounts receivable decreased from RMB 97.73 million to RMB 79.70 million, indicating improved cash flow management[22] - Inventory increased from RMB 70.74 million to RMB 90.56 million, reflecting potential growth in production or sales[22] - The company's long-term equity investments slightly decreased from RMB 684.52 million to RMB 679.49 million[22] Audit Information - The company did not undergo an audit for the first quarter report[30]

Group 1 - The A-share energy metal sector has strengthened, with Tianqi Lithium Industries rising by 4.39% [1] - Zhongmin Resources, Ganfeng Lithium, and Rongjie Co., Ltd. all experienced increases of over 2% [1]

融捷股份有限公司 2024年度合并及母公司财务报表 审计报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 | 一、审计报告 | | 1 | | --- | --- | --- | | 二、审计报告附送 | | | | 1. | 合并及母公司资产负债表 | 6 | | 2. | 合并及母公司利润表 | 10 | | 3. | 合并及母公司现金流量表 | 12 | | 4. | 合并股东权益变动表 | 14 | | 5. | 母公司股东权益变动表 | 16 | | 6. | 财务报表附注 | 18 | | 三、审计报告附件 | | | 1. 中兴华会计师事务所（特殊普通合伙）营业执照复印件 2. 中兴华会计师事务所（特殊普通合伙）执业证书复印件 3.注册会计师执业证书复印件 目 录 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X ...

融捷股份有限公司 内部控制审计报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地址（ location ） ： 北 京 市 丰 台 区 丽 泽 路 2 0 号丽泽 S O H O B 座 2 0 层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China 电话（ tel ） ： 0 1 0 - 5 1 4 2 3 8 1 8 传真（ fax ） ： 0 1 0 - 5 1 4 2 3 8 1 6 内部控制审计报告 中兴华内控审计字（2025）第 410005 ...