Summary of Lithium Industry Conference Call Industry Overview - The lithium industry is experiencing a release of lithium salt production capacity, coupled with demand-side impacts from tariff wars, leading to a weaker market outlook. However, a year-on-year growth of 20%-30% is still expected for 2025 despite increasing inventory pressures and emerging contradictions in the industry [1][4] - Current lithium prices are approximately 68,000 yuan/ton, with around 600,000 tons of production capacity operating at a loss, representing 30%-40% of total production [1][5] Key Insights - High-cost projects may cease operations due to current price levels, potentially driving down mineral prices and forcing miners to shut down operations [1][6] - The acquisition price for lithium resources has significantly decreased from a peak of 7,000 yuan/ton in 2022 to around 1,000 yuan/ton in 2024, with Ganfeng Lithium's resource reset cost estimated at 49 billion yuan [1][7] - Construction costs for lithium mines range from 40,000 to 50,000 yuan/ton, while smelting investments are around 500 million yuan. In Tibet, efficient enterprises have a single-ton investment cost of about 1.4 billion yuan [1][8][9] Production Costs and Profitability - The complete cost of lithium extraction from ore is approximately 65,000 yuan/ton, while from salt lakes it is about 55,000 yuan/ton. To achieve a 10% internal rate of return (IRR) over a 15-year project cycle, the minimum price for ore should be 112,000 yuan, and for salt lake lithium, it should be 116,000 yuan [1][14][15] - In the current price range of 110,000 to 120,000 yuan/ton, both Tianqi Lithium and Ganfeng Lithium expect to achieve profits of at least 4 billion yuan [2][17] Market Dynamics - The lithium market is currently facing an increase in inventory due to the commissioning of new projects, including Ganfeng's projects and others in Hainan and Xinjiang [3][4] - The demand side is significantly influenced by tariff wars, with expectations of a slight month-on-month decline but a strong year-on-year growth forecast for 2025 [4][16] - The industry is experiencing a capital expenditure freeze, with many companies lacking significant new investment plans, indicating a potential bottoming out of the market [16][21] Future Outlook - The lithium supply surplus is expected to exceed 200,000 tons in 2024-2025, with a potential short-term shortage anticipated in 2026 as demand from electric vehicles and advancements in smart driving technology continue to grow [1][16] - Current market valuations for Ganfeng Lithium and Tianqi Lithium are around 56-67 billion yuan and 45-55 billion yuan, respectively, indicating that the market may be undervaluing these companies [18][20] - The industry is seen as a potential investment opportunity, especially as high-cost production is phased out, leading to a reversal in supply-demand dynamics [22][23]

Core Viewpoint - Tianqi Lithium has successfully turned a profit in the first quarter of the new fiscal year, with expected earnings between 0.82 billion and 1.23 billion yuan, a significant recovery from a loss of 3.9 billion yuan in the same period last year [3]. Group 1: Factors Contributing to Profit Turnaround - The company has seen a reduction in various profit-dragging factors, including improvements in its main business and the elimination of certain one-off impacts [4]. - The pricing cycle mismatch for lithium ore has been alleviated, leading to a decrease in production costs for lithium salt products [4][6]. - The tax arbitration issue with SQM has been resolved, which is expected to enhance Tianqi Lithium's investment income [3][5]. Group 2: Market Conditions and Performance - Despite a continued decline in lithium prices, the company has managed to improve its operational situation due to the gradual consumption of inventory and the arrival of newly purchased lithium ore [3][4]. - The average market price for battery-grade lithium carbonate has stabilized, reducing the pressure from inventory devaluation [5]. Group 3: Competitive Advantages - Tianqi Lithium remains one of the most competitive players in the global lithium market, with a revenue of 13.06 billion yuan in 2024, where lithium ore and lithium salt accounted for approximately 38% and 62% of total revenue, respectively [7]. - The company has maintained high gross margins for its lithium products, achieving 63.71% for lithium ore and 35.21% for lithium salt, despite market fluctuations [8]. - Tianqi Lithium's production costs for lithium ore are among the lowest in the industry, with cash production costs at approximately 206 USD per ton [8]. Group 4: Financial Stability - The company has a strong liquidity position, with cash and cash equivalents nearing 5.8 billion yuan and total current assets reaching 12.85 billion yuan as of the end of 2024 [9]. - Tianqi Lithium has maintained a low debt ratio of 28.4%, significantly below the industry median of 43.3%, indicating strong financial health [9].

◆ 材料 ◆ 龙蟠科技印尼工厂二期项目开工 01 日前，在中国与印尼双方深化新能源产业合作的战略背景下，龙蟠科技旗下印尼锂源年产12万吨磷酸铁锂正极材料生产基地（二期）项目于印尼三 宝垄举行开工仪式。消息显示，印尼锂源项目自2021年启动以来便备受瞩目，一期3万吨磷酸铁锂产线于2024年建成投产，并于2025年1月实现首 批产品出货。 天齐锂业一季度净利扭亏为盈 ◆ 电池 ◆ 南都电源筹划港股上市 01 4月23日，南都电源发布筹划在香港联合交易所有限公司上市的公告。南都电源成立于1994年9月，2010年4月在A股创业板上市。公司总部位于浙 江，主要从事新型电力储能、工业储能和民用储能等领域的系统解决方案及运营服务。 02 天齐锂业公告称，预计2025年第一季度归属于上市公司股东的净利润为8200万元至1.23亿元，上年同期为亏损38.97亿元。随着国内新购锂精矿陆 续入库及库存锂精矿的逐步消化，公司各生产基地生产成本中耗用的化学级锂精矿成本基本贴近最新采购价格。 杉杉科技与OCSiAl开发新一代负极材料 03 近日，杉杉科技与OCSiAl达成战略合作。双方将围绕单壁碳纳米管在锂电负极材料中的应用展开深度技 ...

Market Overview - External disturbances have peaked, and the market is gradually returning to fundamentals [1][21] - U.S. stock markets saw a broad increase, with the Dow Jones up 1.07%, Nasdaq up 2.50%, and S&P 500 up 1.67% [3] - Notable individual stock performances include Tesla rising 5.37% despite a 71% drop in quarterly net profit, and Boeing increasing 6.04% due to better-than-expected quarterly losses [3] Commodity Prices - International oil prices weakened, with WTI crude down 2.20% to $62.27 per barrel and Brent crude down 1.96% to $66.12 per barrel, amid rumors of OPEC+ potentially increasing production [4][7] - Gold prices significantly declined, with COMEX gold futures dropping 3.66% to $3276.30 per ounce [4] Economic Indicators - The Federal Reserve's latest Beige Book indicated little change in U.S. economic activity since early March, with several regions experiencing a "significant deterioration" in outlook amid increasing economic uncertainty [4] Corporate Developments - The People's Bank of China introduced a plan to enhance cross-border financial services in Shanghai, aiming to optimize financial service policies [5] - Xiamen's government announced an upgrade to its housing compensation policy, expanding the range of housing options for those affected by property acquisition [6] - Apple was fined €500 million by the EU for antitrust violations under the Digital Markets Act, marking a significant regulatory action against major tech companies [8] Company Earnings - Wens Foodstuff Group reported a net profit of 2 billion yuan in Q1 2025, reversing a loss from the previous year, primarily due to profitability in the pork sector [11] - Nutrien reported a 374% increase in net profit for Q1 2025, driven by increased sales and prices of potash [12] - Zhongke Electric's Q1 net profit surged 465.8% year-on-year, attributed to increased sales and improved gross margins [13] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan for Q1 2025, a significant recovery from a loss in the previous year [14] Strategic Partnerships - CATL announced the launch of 10 battery swap models in collaboration with major automotive companies, expanding its battery swap network [9] - Four-dimensional Map Technology signed a strategic cooperation agreement with Volcano Engine to enhance automotive intelligence technology [10]

一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...

Mergers and Acquisitions - Shanghai Yashi plans to acquire 30% equity in Euro-Asia Company, which would result in holding 100% equity if successful [1] - Jizhong Energy intends to acquire 20.02% equity in Duanwang Coal Industry from Jianxin Investment for 898 million yuan, increasing its stake to 83.21% post-transaction [1] Share Buybacks and Increases - Jerry Holdings plans to repurchase shares worth 150 million to 250 million yuan, with a maximum price of 49 yuan per share [2] - Tongkun Holdings' shareholder, Leixin Industrial, intends to increase holdings by 250 million to 500 million yuan [2] External Investments and Daily Operations - Visionox plans to invest 5 billion yuan to establish a global new display industry innovation center project in Kunshan [3] - Siwei Map Technology has signed a strategic cooperation framework agreement with Volcano Engine [4] - Nandu Power plans to list on the Hong Kong Stock Exchange [5] Performance Changes - Tianfu Communication reported a net profit of 338 million yuan in Q1 2025, a year-on-year increase of 21.07% [6] - Yara International reported a net profit of 384 million yuan in Q1, a significant year-on-year increase of 374%, driven by increased sales and prices of potash [7] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan in Q1, marking a turnaround from losses, with increased production and sales of lithium compounds and derivatives [7] - Haitai Technology reported a net profit of 13.92 million yuan in Q1, a year-on-year increase of 5739%, attributed to revenue recognition from molds reaching acceptance status [7] - Lanke Technology's net profit for Q1 2025 was 525 million yuan, up 135.14% year-on-year, benefiting from AI industry trends driving demand for DDR5 memory interface chips and high-performance computing chips [7] - Shanghai Yashi reported a net profit of 9.75 million yuan in Q1 2025, a year-on-year increase of 129.78% [7] - Beiyuan Group's net profit for Q1 was 50 million yuan, a year-on-year increase of 442%, due to rising prices of caustic soda and declining procurement prices of key raw materials [7] - Desay SV reported a net profit of 582 million yuan in Q1, a year-on-year increase of 51.32% [8] - Quectel Wireless Solutions reported a net profit of 588 million yuan in 2024, a year-on-year increase of 548.49% [8] - Aucma corrected its annual performance forecast for 2024, expecting a net loss of 45 million to 50 million yuan [9]

Financial Performance Forecast - The estimated net profit for Q1 2025 is projected to be between 82 million and 123 million CNY, a significant recovery from a loss of approximately 389.68 million CNY in the same period last year[1]. - The net profit after deducting non-recurring gains and losses is expected to be between 32 million and 48 million CNY, compared to a loss of about 391.67 million CNY in the previous year[1]. - Basic earnings per share are anticipated to be between 0.05 CNY and 0.08 CNY, recovering from a loss of 2.38 CNY per share in the same quarter last year[1]. - The investment income from the joint venture Sociedad Química y Minera de Chile S.A. (SQM) is expected to increase compared to the previous year, based on Bloomberg's forecast of SQM's Q1 2025 earnings[5]. - The company emphasizes that the performance forecast is preliminary and subject to change, pending the final audited results to be disclosed in the Q1 2025 report[6]. Market and Operational Factors - The decline in lithium product sales prices was offset by improved pricing mechanisms and production cost management, leading to increased production and sales volumes of lithium compounds and derivatives[3]. - The company is actively managing its inventory and production costs to align with the latest procurement prices of lithium concentrate[3]. - The cyclical nature of the non-ferrous metals industry poses risks, including potential adverse effects on business and financial performance due to fluctuations in lithium product prices[7]. Transparency and Reporting - The company will continue to monitor and disclose any significant changes in its financial performance and market conditions in future reports[7]. - All public disclosures are made through designated media, ensuring transparency and compliance with regulatory requirements[7].

天齐锂业（002466）公告，预计第一季度归属于上市公司股东的净利润为8200万元–1.23亿元，上年同 期为亏损38.97亿元；扣除非经常性损益后的净利润为3200万元–4800万元，上年同期为亏损39.17亿元； 基本每股收益为0.05元/股–0.08元/股，上年同期为亏损2.38元/股。公司业绩变动主要原因是锂产品销售 价格下降、化学级锂精矿成本基本贴近最新采购价格、锂化合物及衍生品产销量同比增长以及联营公司 SQM投资收益较上年同期增长。 ...

Core Viewpoint - The solid-state battery sector is experiencing significant advancements, with multiple projects achieving milestones and companies making notable breakthroughs in technology research and industrial application [1] Group 1: Anva Technology's Solid-State Battery - Anva Technology's second-generation solid-state battery is set to begin mass production in the second half of 2025, with an expected energy density exceeding 400Wh/kg [2] - The first-generation solid-state battery, currently in mass production, has an energy density comparable to traditional batteries at around 280Wh/kg, utilizing innovative manufacturing processes to enhance safety, environmental friendliness, and cost-effectiveness [2] - The company plans to launch a third-generation solid-state battery with an energy density over 500Wh/kg by 2027 and aims to introduce a fully solid-state battery by 2029 [2] Group 2: Guansheng Dongchi's Semi-Solid Lithium Iron Phosphate Battery - Guansheng Dongchi's semi-solid lithium iron phosphate battery project has reached a significant milestone with the completion of its construction phase, covering an area of 135.2 acres and a total investment exceeding 1 billion yuan [3] - The project is expected to complete acceptance by the end of 2025 and achieve production capacity by mid-2026, with an annual output of 2.1 million battery cells and systems, creating approximately 600 direct jobs [3] Group 3: Ruixiao Technology's Solid-State Battery Research Institute - Ruixiao Technology has established a solid-state battery research institute, integrating R&D resources from China and Japan to focus on breakthroughs in sulfide solid electrolyte materials [4] - The company has developed a full-chain capability from basic research to industrialization, with a sulfide electrolyte factory set to begin production in June 2025 [4] Group 4: High-Purity Lithium Sulfide Solid-State Battery Materials Project - A project for the annual production of 6,000 tons of high-purity lithium sulfide solid-state battery materials has been announced, with a total investment of 22 million yuan [6] - The project will be constructed in two phases, with the first phase expected to start in May 2025 and complete by April 2027 [6] Group 5: Guangdong Yuhong's Solid-State Battery Project - Guangdong Yuhong's 2GWh solid-state lithium battery project has received approval for registration, with a planned investment of 40 million yuan [7] - The project will occupy 7,000 square meters and is expected to generate an annual output value of approximately 8 million yuan, creating around 50 jobs [7]