证券代码：002240 证券简称：盛新锂能 公告编号：2025-054 盛新锂能集团股份有限公司 关于控股股东的一致行动人部分股份解除质押的公告 盛新锂能集团股份有限公司（以下简称"公司"）于近日接到公司控股股东 深圳盛屯集团有限公司的一致行动人厦门屯濋投资合伙企业（有限合伙）（以下 简称"厦门屯濋"）的通知，获悉厦门屯濋将其已质押的 615.5 万股公司股份解 除质押。现将具体情况公告如下： 本公司及董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、本次股份解除质押基本情况 2025 年 9 月 5 日，厦门屯濋将其质押给华西证券股份有限公司的 615.5 万股 公司股份办理了解除质押。 | 股东名称 | 是否为控股股东或第一 | 本次解除质押的 | 占其所持 | 占公司总 | 质押开始日期 | 质押解除日期 | 质权人/ | | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其一致行动人 | 股份数量（股） | 股份比例 | 股本比例 | | | 申请人等 | | 厦门屯濋 | 是 | 3,095 ...

Core Viewpoint - Shengxin Lithium Energy has seen a significant stock price increase, with a 12% rise over three consecutive days, indicating strong market interest and potential growth in the lithium sector [1][2]. Company Overview - Shengxin Lithium Energy Group Co., Ltd. is based in Shenzhen, Guangdong Province, and was established on December 29, 2001. It was listed on May 23, 2008. The company specializes in the production and sale of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, focusing entirely on the new energy and new materials sectors [1]. Stock Performance - As of the latest report, Shengxin Lithium Energy's stock price is 19.50 CNY per share, with a trading volume of 866 million CNY and a turnover rate of 5.35%. The company's total market capitalization stands at 17.848 billion CNY [1]. Fund Holdings - Chang'an Fund has a significant holding in Shengxin Lithium Energy, with its Chang'an Xinxin Mixed A Fund (005477) being the largest shareholder. In the second quarter, the fund reduced its holdings by 922,000 shares, maintaining 1.3529 million shares, which constitutes 5.94% of the fund's net value. The fund has realized a floating profit of approximately 1.2582 million CNY today and 2.6923 million CNY during the three-day price increase [2]. Fund Manager Performance - The fund manager of Chang'an Xinxin Mixed A Fund is Jiang Bowen, who has been in the position for 1 year and 62 days. The fund's total asset size is 418 million CNY, with the best return during his tenure being 20.63% and the worst being 3.92% [3].

Core Viewpoint - The A-share market for lithium mining stocks experienced significant gains in the afternoon session, indicating strong investor interest and market momentum in this sector [1] Group 1: Stock Performance - XINWANDA saw an increase of over 14% [1] - Ganfeng Lithium reached a 10% limit up [1] - Yihui Lithium Energy rose by more than 9% [1] - Defang Nano and Tianqi Lithium both increased by over 8% [1] - Zhongmin Resources and Yongxing Materials both gained over 7% [1] - Dongyangguang, Shengxin Lithium Energy, Tibet Zhufeng, and Huayou Cobalt all rose by over 6% [1] - Rongjie Co., Naipu Mining, Guocheng Mining, Salt Lake Co., and Jiangte Electric all saw increases of over 5% [1]

Group 1 - The core point of the news is that Shengxin Lithium Energy's stock price increased by 5.23% to 18.31 CNY per share, with a trading volume of 593 million CNY and a turnover rate of 3.83%, resulting in a total market capitalization of 16.759 billion CNY [1] - Shengxin Lithium Energy, established on December 29, 2001, and listed on May 23, 2008, is located in Shenzhen, Guangdong Province. The company primarily engages in the production and sales of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, focusing entirely on the new energy and new materials sectors [1] - The company's main business revenue composition is 100% from new energy [1] Group 2 - According to data from the top ten circulating shareholders of Shengxin Lithium Energy, a fund under Huaxia Fund holds 9.9943 million shares of Shengxin Lithium Energy, unchanged from the previous period, representing 1.15% of the circulating shares. The estimated floating profit today is approximately 9.0948 million CNY [2] - Huaxia Industry Prosperity Mixed Fund (003567), established on February 4, 2017, has a latest scale of 7.261 billion CNY. Year-to-date returns are 36.34%, ranking 1038 out of 8178 in its category; the one-year return is 80.3%, ranking 515 out of 7978; and since inception, the return is 318.44% [2]

Market Overview - On September 4, the energy metals sector declined by 0.94%, with Shengtu Mining leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable stock performances included: - Shengxin Lithium Energy (002240) rose by 3.69% to close at 17.40, with a trading volume of 534,400 shares and a turnover of 930 million yuan [1] - Ganfeng Lithium (002460) increased by 1.30% to 40.55, with a trading volume of 868,300 shares and a turnover of 3.539 billion yuan [1] - Tianqi Lithium (002466) saw a 1.28% increase to 42.66, with a trading volume of 639,000 shares and a turnover of 2.750 billion yuan [1] - Other stocks like Huayou Cobalt (603799) and Tengyuan Mining (301219) experienced declines of 0.48% and 2.22%, respectively [1] Capital Flow Analysis - The energy metals sector experienced a net inflow of 138 million yuan from institutional investors, while retail investors saw a net inflow of approximately 86.95 million yuan [2] - Notable capital flows included: - Ganfeng Lithium had a net inflow of 2.92 billion yuan from institutional investors, but a net outflow of 1.37 billion yuan from speculative funds [3] - Tianqi Lithium recorded a net inflow of 1.86 billion yuan from institutional investors, with a net outflow of 1.35 billion yuan from speculative funds [3] - Huayou Cobalt had a net inflow of 72.96 million yuan from institutional investors, while speculative funds saw a net outflow of 85.87 million yuan [3]

Core Viewpoint - The company is experiencing positive progress in ramping up production capacity in Indonesia and has begun bulk supply to core customers after completing certification work [2] Production Capacity and Supply - The company plans to increase the supply of lithium salt products based on customer orders and the progress of other customer certifications, aiming to enhance capacity utilization and achieve full production as soon as possible [2] - In the solid-state battery sector, the company has a planned annual production capacity of 3,000 tons of metallic lithium, with 500 tons already constructed and mass production of ultra-thin and ultra-wide lithium strips underway [2] - The planned new project for 2,500 tons of metallic lithium has completed project filing, and preparations are progressing in an orderly manner, with construction set to begin soon [2] Mining and Project Development - In the first half of the year, the company made progress in the construction of the lithium mine selection and tailing project, obtaining land pre-examination and site selection opinions, as well as approval from the provincial development and reform commission [2] - Other related work for the mining project is also progressing in an orderly manner [2]

Core Viewpoint - The company held an online performance briefing on September 2, 2025, to discuss the development progress of the Muzhong lithium mine and the capacity utilization of its Indonesian project, revealing important operational updates and market conditions [1][2]. Group 1: Muzhong Lithium Mine Development - The Muzhong lithium mine's construction project has received land pre-examination and site selection opinions, as well as approval from the provincial development and reform commission, indicating orderly progress [3]. - The company is leveraging its experience in high-altitude lithium mining in western Sichuan to expedite the project and increase lithium resource supply [3]. Group 2: Indonesian Project Capacity Utilization - The Indonesian 60,000-ton lithium salt project has commenced bulk supply, with the company increasing supply volume based on customer certification progress to enhance capacity utilization [3]. - The company aims to achieve full production as soon as possible [3]. Group 3: Market Conditions and Performance Impact - Since July, lithium salt prices have rebounded due to supply concerns from "anti-involution" and mining rights issues, coupled with unexpected demand, leading to market recovery and improved company operations [3]. - The company plans to strengthen management, optimize costs, and enhance operational efficiency to improve performance in the second half of the year [3]. Group 4: Energy Storage Market Opportunities - The transition of the energy storage market towards market mechanisms, driven by domestic electricity market reforms and the removal of mandatory storage policies, is expected to create new opportunities for the energy storage industry [3]. Group 5: International Business and Profit Margins - The gross margin of overseas business has improved due to contributions from overseas factories, and the company will continue to expand its overseas market presence and enhance production capacity [3]. - The company’s main customers include leading industry players like BYD, ensuring stable order fulfillment despite a year-on-year decline in lithium salt sales due to market conditions [3]. Group 6: Financial Performance and Challenges - The lithium salt industry faced a downturn in the first half of the year, with product prices dropping from 75,000 yuan/ton at the beginning of the year to 61,000 yuan/ton by the end of June, negatively impacting the company's performance [3]. - The company recorded asset impairment provisions and foreign exchange losses, but saw a rebound in lithium salt prices starting in July, leading to improved business conditions [3]. Group 7: Solid-State Battery and Cost Reduction Initiatives - The company is developing key materials for solid-state batteries, with a planned capacity of 3,000 tons, of which 500 tons have been completed, and a new 2,500-ton project is in the preparation stage [3]. - The company is investing in multiple salt lake exploration projects in Argentina to improve production processes and conduct research and development [3]. Group 8: International Strategy - Internationalization is a core strategy for the company, with established domestic and overseas industrial chain layouts [3]. - The Indonesian 60,000-ton lithium salt project is the largest overseas lithium extraction project, which has begun bulk supply [3].

Group 1: Lithium Mining Development - The development of the Muzhong lithium mine has progressed with necessary approvals obtained, aiming for production to commence soon [2] - The company has successfully developed the Aoyinuo mine in high-altitude areas of Sichuan, leveraging this experience for the Muzhong project [2] Group 2: Production and Supply - The Indonesian lithium salt project has started bulk supply, with a good ramp-up in production capacity [3] - The company plans to increase lithium salt supply based on customer orders and certification progress [3] Group 3: Market Outlook and Performance - The lithium product market is expected to improve in the second half of 2025 due to supply concerns and demand exceeding expectations, leading to a rebound in lithium prices [3] - The company reported a revenue of 1.6 billion yuan and a loss of 800 million yuan in the first half of the year, primarily due to low product prices and accounting provisions [5] Group 4: Strategic Initiatives - The company is focusing on international expansion, with significant investments in lithium resources in Indonesia and plans to explore opportunities in Africa and Argentina [6] - The company is also enhancing its capabilities in solid-state battery materials, with a planned annual production capacity of 3,000 tons of lithium metal [5] Group 5: Technological Advancements - The company is actively improving production processes in its salt lake lithium extraction projects and is optimistic about the future of this sector [5] - There are no current plans for battery recycling, but the company is monitoring developments in this area [5]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a strong performance with a weekly increase of 7.16%, ranking second among all primary industries [14]. - The optimism in the industrial metals market is driven by expectations of a demand peak in China and the anticipation of interest rate cuts by the Federal Reserve [1][27]. - Gold is expected to have significant upward potential due to challenges to the independence of the Federal Reserve and declining real interest rates [4][50]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.84%, with the non-ferrous metals sector outperforming by 6.32 percentage points [14]. - All sub-sectors within non-ferrous metals experienced gains, with small metals up 12.02%, new materials up 5.67%, energy metals up 2.89%, precious metals up 7.22%, and industrial metals up 6.95% [14]. Industrial Metals - **Copper**: As of August 29, LME copper closed at $9,902/ton, up 1.08% week-on-week, while SHFE copper closed at ¥79,410/ton, up 0.91% [34]. Supply is tightening due to maintenance in domestic smelting plants and a reduction in Codelco's production target [34]. - **Aluminum**: LME aluminum closed at $2,619/ton, down 0.11%, while SHFE aluminum closed at ¥20,740/ton, up 0.53% [37]. The theoretical operating capacity of China's electrolytic aluminum industry increased to 44.035 million tons [39]. - **Zinc**: LME zinc closed at $2,814/ton, up 0.30%, while SHFE zinc closed at ¥22,140/ton, down 0.61% [41]. - **Tin**: LME tin closed at $34,950/ton, up 3.26%, and SHFE tin closed at ¥278,650/ton, up 4.78% [46]. Precious Metals - **Gold**: As of August 29, COMEX gold closed at $3,516.10/oz, up 2.89%, and SHFE gold closed at ¥785.12/g, up 1.52% [50]. The report highlights the significant challenge to the Federal Reserve's independence and the potential for further declines in real interest rates, which could drive gold prices higher [4][51]. The demand for gold in China is strong, with net imports through Hong Kong expected to reach 43.923 tons by July 2025, reflecting a 126.81% increase [51].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the lithium mining industry, focusing on supply disruptions and long-term reset costs related to lithium resources [1][3][12]. Core Insights and Arguments - **Supply Disruptions**: Eight lithium mines in Yichun, Jiangxi, are required to submit resource reports before the 930 deadline, potentially causing supply-side disturbances and affecting lithium resource tax rates [1][5]. - **Price Volatility**: The price of lithium carbonate futures is expected to fluctuate significantly in 2025 due to production halts or reductions in regions like Qinghai and Yichun, with prices potentially exceeding 90,000 yuan [1][8]. - **Market Surplus**: The lithium market is projected to experience surpluses of 190,000 tons and 215,000 tons of lithium carbonate equivalent (LCE) in 2025 and 2026, respectively, despite potential supply-side disturbances that could quickly shift the market to a tighter balance [1][12]. - **Valuation Methods**: Traditional PE valuation methods are deemed unstable for lithium mining companies due to price volatility; a reset cost approach is recommended for a more accurate long-term investment value assessment [1][13][14]. Company-Specific Insights - **Ganfeng Lithium**: Holds approximately 50 million tons of resources, with a mineral value of 56 billion yuan based on current lithium carbonate prices. The reset cost could reach 73 billion yuan, indicating potential undervaluation in the current market [1][14][16]. - **Companies to Watch**: Ganfeng Lithium, Tianqi Lithium, Zhongmin Resources, and Shengxin are highlighted for their stable resources and early investments in solid-state battery technology, indicating growth potential [1][17][18]. - **Zhongmin Resources**: Engaged in various minor metals and plans to start copper shipments in 2026, benefiting from low-cost advantages and increased demand in commercial aerospace [2][19]. - **Shengxin's Competitive Edge**: The company has expanded overseas through its smelting plant in Indonesia and has a leading position in ultra-thin and ultra-wide lithium belts, enhancing its competitiveness in the solid-state battery market [20]. Additional Important Points - **Tax Implications**: Lithium resource tax rates vary based on the classification and treatment of lithium, which can significantly impact company costs [7]. - **Future Price Trends**: The future trajectory of lithium carbonate prices will depend on supply-side changes post-930 deadline and overseas supply recovery [9][10]. - **Resonance of Supply Disturbances**: The importance of monitoring both domestic and international supply disturbances is emphasized, as they can significantly affect commodity prices [11]. This summary encapsulates the critical insights and data points discussed in the conference call, providing a comprehensive overview of the lithium mining industry and specific companies of interest.