Market Overview - On September 18, the energy metals sector declined by 1.29%, with Tibet Mining leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Tibet Mining (000762) closed at 21.91, down 4.11% with a trading volume of 213,900 shares [1] - Rongjie Co. (002192) closed at 34.96, down 4.01% with a trading volume of 114,900 shares [1] - Blue Electric Mining (600711) closed at 8.40, down 4.00% with a trading volume of 1,290,200 shares [1] - Ganfeng Lithium (002460) closed at 48.02, down 3.86% with a trading volume of 983,400 shares [1] - Tianqi Lithium (002466) closed at 43.15, down 3.66% with a trading volume of 508,200 shares [1] - Other notable declines include Sai Rui Drilling (300618) down 3.47% and Shengxin Lithium Energy (002240) down 3.35% [1] Capital Flow Analysis - The energy metals sector experienced a net outflow of 1.765 billion yuan from main funds, while retail funds saw a net inflow of 1.286 billion yuan [1] - Notable net inflows from retail investors were observed in Tibet Mining and Cangge Mining, with 28.16 million yuan and 58.10 million yuan respectively [2] - Conversely, significant net outflows from main funds were recorded for Rongjie Co. and Tibet Mining, with 30.47 million yuan and 35.79 million yuan respectively [2]

Market Overview - On September 17, the energy metals sector rose by 0.63% compared to the previous trading day, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Boqian New Materials (605376) closed at 56.52, with a gain of 4.40% and a trading volume of 132,400 shares, amounting to a transaction value of 746 million yuan [1] - Other notable performers included: - Ganfeng Lithium (002460) at 49.95, up 3.42% with a volume of 951,100 shares [1] - Shengxin Lithium Energy (002240) at 18.53, up 2.49% with a volume of 296,000 shares [1] - Yongxing Materials (002756) at 35.16, up 0.80% with a volume of 76,600 shares [1] - Tianqi Lithium (002466) at 44.79, up 0.67% with a volume of 438,800 shares [1] Capital Flow - The energy metals sector experienced a net outflow of 108 million yuan from institutional investors, while retail investors saw a net inflow of 19.53 million yuan [2] - The capital flow for key stocks included: - Ganfeng Lithium had a net inflow of 238 million yuan from institutional investors [3] - Shengxin Lithium Energy saw a net inflow of 65.21 million yuan from retail investors [3] - Boqian New Materials had a net inflow of 44.15 million yuan from institutional investors [3] Summary of Key Stocks - Ganfeng Lithium (002460) had a significant net outflow from retail investors amounting to 273 million yuan [3] - Shengxin Lithium Energy (002240) faced a net outflow of 35.20 million yuan from retail investors [3] - Tianqi Lithium (002466) experienced a net outflow of 17.93 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news is that Shengxin Lithium Energy has shown significant stock performance and trading activity, indicating investor interest and market dynamics [1][2]. - As of September 17, Shengxin Lithium Energy's stock price increased by 2.05%, reaching 18.45 CNY per share, with a total market capitalization of 16.887 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 33.89%, with notable gains over various trading periods, including a 43.25% increase over the past 60 days [2]. Group 2 - Shengxin Lithium Energy's main business involves the production and sale of lithium-related products, with 100% of its revenue derived from the new energy sector [2]. - The company reported a significant decline in financial performance for the first half of 2025, with operating revenue of 1.614 billion CNY, down 37.42% year-on-year, and a net profit loss of 841 million CNY, a decrease of 349.88% [2]. - The company has distributed a total of 929 million CNY in dividends since its A-share listing, with 811 million CNY distributed over the past three years [3].

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The performance of A-share game companies in H1 2025 is strong, driven by two innovative game categories: "Micro Horror Search and Fight" and "Overseas SLG" [2]. - "Micro Horror Search and Fight" is expected to become a long-lasting game with a high profit margin, enhancing the performance of companies like Giant Network [2]. - The overseas SLG market is entering a new expansion cycle, with leading companies showing significant advantages [2]. Summary by Sections 1. Micro Horror Search and Fight: Long-lasting Games with High DAU - The "Search and Fight" category creates a loop of investment, risk, and return, making players addicted through high failure penalties and strong victory rewards [10]. - The game "Supernatural Action Group" targets the casual social and female-oriented segment, with no current competitors in the market, indicating potential for sustained growth [2][20]. - The female gaming market is projected to reach 8 billion yuan in 2024, growing by 124.1% year-on-year, highlighting the increasing importance of female players [11]. 2. Overseas SLG: New Expansion Cycle in the Industry - The overseas SLG mobile game market is expected to reach $124.64 billion in 2024 and $73.08 billion in H1 2025, with year-on-year growth of 17% and 25% respectively [43]. - Chinese companies are projected to generate $185.57 billion in overseas revenue in 2024, with strategy games accounting for 41.38% of the top 100 games [43]. - SLG games have high user value, with the average revenue per download (RPD) for 4X SLG being 8-9 times higher than the overall mobile game level [44]. 3. Major Companies - Giant Network is expected to benefit significantly from "Supernatural Action Group," which could lead to a "Davis Double" effect, enhancing both revenue and valuation [71].

Core Insights - The lithium salt industry has been affected by a cyclical downturn, leading to low product prices that significantly impacted the company's operations and performance [2] - The company has recognized asset impairment provisions according to accounting standards and incurred exchange losses due to currency fluctuations, which collectively affected its performance in the first half of the year [2] - Since July, lithium salt prices have rebounded from previous lows, and the company is committed to improving its operational management to enhance profitability [2]

Group 1 - The company will closely monitor industry and market changes [1] - The company aims to enhance its risk prediction and response capabilities [1] - The company is committed to improving its operational management and profitability [1]

Core Insights - The energy metals sector saw an increase of 0.83% on September 15, with Ganfeng Lithium leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Energy Metals Sector Performance - Ganfeng Lithium (002460) closed at 48.66, up 4.49% with a trading volume of 1.0531 million shares [1] - Tianqi Lithium (002466) closed at 45.31, up 2.91% with a trading volume of 664,200 shares [1] - Other notable performers include: - Boqian New Materials (605376) at 49.95, up 2.82% [1] - Canggu Mining (000408) at 56.77, up 0.82% [1] - Shengxin Lithium Energy (002240) at 18.30, up 0.77% [1] Capital Flow Analysis - The energy metals sector experienced a net outflow of 121 million yuan from institutional investors, while retail investors saw a net inflow of 127 million yuan [2] - The detailed capital flow for key stocks includes: - Ganfeng Lithium had a net inflow of 174 million yuan from institutional investors [3] - Tianqi Lithium saw a net inflow of 148 million yuan from institutional investors [3] - Canggu Mining had a net inflow of 26.97 million yuan from institutional investors [3]

Market Overview - On September 11, the energy metals sector rose by 0.93% compared to the previous trading day, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Boqian New Materials (605376) closed at 48.67, with a gain of 2.90% and a trading volume of 54,700 shares, amounting to a transaction value of 263 million yuan [1] - Shengdian Mining (600711) closed at 8.84, up 2.43%, with a trading volume of 979,100 shares and a transaction value of 853 million yuan [1] - Other notable performers include: - Sai Rui Aluminum (300618) at 53.04, up 2.00% [1] - Cangge Mining (000408) at 55.75, up 1.75% [1] - Huayou Cobalt (603799) at 51.65, up 1.27% [1] Capital Flow - The energy metals sector experienced a net outflow of 702 million yuan from institutional investors, while retail investors saw a net inflow of 453 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Shengtun Mining (600711) had a net outflow of 83.81 million yuan from institutional investors, while retail investors contributed a net inflow of 30.98 million yuan [3] - Boqian New Materials (605376) saw a net inflow of 10.27 million yuan from institutional investors, but a net outflow of 13.89 million yuan from retail investors [3] - Other stocks like Rongjie Co. (002192) and Yongsan Lithium (603399) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - The report from Huafu Securities indicates that Shengxin Lithium Energy reported a net profit attributable to shareholders of -840 million yuan for the first half of the year, with a significant decline in performance due to falling lithium carbonate prices and inventory impairment losses [1] Financial Performance - Shengxin Lithium Energy's net profit attributable to shareholders for the first half of 2024 was -187 million yuan, a year-on-year decrease of 650 million yuan [1] - In Q2 2025, the net profit attributable to shareholders was -686 million yuan, a quarter-on-quarter decrease of 530 million yuan [1] - The non-recurring net profit attributable to shareholders was -693 million yuan, a quarter-on-quarter decrease of 490 million yuan [1] - Asset impairment losses amounted to 438 million yuan, accounting for 43% of the total profit for the first half of the year [1] Project Development - The Indonesian Shengtuo lithium salt project, with an annual production capacity of 60,000 tons, commenced trial production in June 2024, making it the largest overseas lithium extraction project by capacity [1] - The project primarily supplies overseas markets, and as of the mid-year report, certification work for some core customers has been completed, with bulk supply already initiated [1] Competitive Advantage - In the context of export restrictions on lithium product production technology, the company has strategically positioned itself with overseas lithium salt plants, enhancing its competitive advantage [1] - The company is rapidly improving its ability to ensure and service global customers [1] - With the upcoming ramp-up of overseas smelting capacity and the potential future output from low-cost wood wool mines, the company maintains a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - The report highlights that the company's performance has been pressured by declining lithium prices, with a notable decrease in revenue and net profit for the first half of 2025. However, the overseas expansion efforts are beginning to show results [3][4][5]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.614 billion yuan, a year-on-year decrease of 37.42%. The net profit attributable to the parent company was -840 million yuan, compared to -187 million yuan in the same period of 2024 [4]. - The average price of battery-grade lithium carbonate fell by 32.13% year-on-year, impacting the company's revenue from lithium business, which decreased by 37% to 1.614 billion yuan in 2025H1 [5]. - The company reported a gross profit margin of -3.72% in the first half of 2025, down 6.87 percentage points year-on-year [5]. Resource and Production Capacity - The company has significant lithium production capacity, with the Yilonggou spodumene mine capable of producing approximately 75,000 tons of lithium concentrate annually, and the Sabi Star lithium-tantalum mine with a capacity of 290,000 tons per year [5]. - The Muroong lithium mine has confirmed Li2O resources of 989,600 tons, making it one of the highest-grade lithium mines in Sichuan [6]. Overseas Expansion - The company has made progress in its overseas lithium salt plant in Indonesia, which has a production capacity of 60,000 tons per year and has begun trial production [6]. - The completion of core customer certifications for the Indonesian lithium salt project is expected to enhance the company's competitive advantage and service capabilities in the global market [6]. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to the parent company for 2025-2027 is -690 million yuan, 260 million yuan, and 420 million yuan, respectively, reflecting adjustments in lithium prices and production volumes [7]. - The report maintains a "Buy" rating, considering the upcoming increase in overseas smelting capacity and the potential for the low-cost Muroong mine to ramp up production in the long term [7].