四川雅化实业集团股份有限公司（以下简称"雅化集团"或"公司"）董事会于 2025 年 8 月 7 日以专人送达、微信等方式向全体董事发出了关于召开第六届董事会第八次会 议的通知。本次会议于 2025 年 8 月 18 日在本公司会议室以现场结合通讯的方式召开。 会议应到董事九名，实到九名，三名监事列席了会议。会议由董事长郑戎女士主持，会 议对通知所列议案进行了审议。 会议的召集、召开程序及出席会议的董事人数符合有关法律、法规、规章和《公司 章程》的规定。 本次会议审议通过了下列议案并作出如下决议： 1、关于审议《公司 2025 年半年度报告》及其摘要的议案 证券代码：002497 证券简称：雅化集团 公告编号：2025-37 四川雅化实业集团股份有限公司 第六届董事会第八次会议决议公告 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。 全体董事一致认为，公司 2025 年半年度报告内容真实、准确、完整，不存在任何虚 假记载、误导性陈述或者重大遗漏，同意对外发布。 本议案已经审计委员会审议通过。 表决结果：九票同意、零票反对、零票弃权。 2025 年半年度报告全文 ...

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notices](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's boards and senior management guarantee the report's accuracy, and no dividend distribution is planned for this period - The company's Board of Directors, Board of Supervisors, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report's content[3](index=3&type=chunk) - The company's person in charge, chief accountant, and head of the accounting department declare the financial reports to be **true, accurate, and complete**[3](index=3&type=chunk) - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's structure, covering key chapters such as company profile and management discussion - The report's table of contents is clearly structured, covering key sections including company profile, management discussion and analysis, corporate governance, significant events, shareholding changes, bond information, financial reports, and other submitted data[5](index=5&type=chunk) [Definitions](index=8&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms and company-related entities used throughout the report - This section defines regulatory bodies like the CSRC and SZSE, laws such as the Company Law, and names of Sichuan Yahua Industrial Group and its numerous subsidiaries and affiliates[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=9&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=9&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Sichuan Yahua Industrial Group Co, Ltd, stock code 002497, is listed on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Yahua Group | | Stock Code | 002497 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 四川雅化实业集团股份有限公司 | | Legal Representative | Meng Yan | [Contacts and Contact Methods](index=9&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) The company's Board Secretary is Zheng Lu and the Securities Affairs Representative is Zhang Longyan Contact Information | Position | Name | Contact Address | Phone/Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zheng Lu | 23/F, Building 1, Hangxing International Plaza, No 66 Tianfu 4th Street, High-tech Zone, Chengdu, Sichuan | 028-85325316 | zl@scyahua.com | | Securities Affairs Representative | Zhang Longyan | 23/F, Building 1, Hangxing International Plaza, No 66 Tianfu 4th Street, High-tech Zone, Chengdu, Sichuan | 028-85325316 | zly@scyahua.com | [Other Information](index=9&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, and other relevant information remained unchanged during the period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - The locations for information disclosure and document preparation remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=10&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 declined while net profit attributable to shareholders grew, though operating cash flow significantly decreased Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating revenue | 3,422,524,444.82 | 3,935,824,375.14 | -13.04% | | Net profit attributable to shareholders of the listed company | 135,773,272.26 | 102,182,368.32 | 32.87% | | Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses | 75,365,031.80 | 75,490,827.52 | -0.17% | | Net cash flow from operating activities | -346,376,730.62 | 398,085,946.60 | -187.01% | | Basic earnings per share (yuan/share) | 0.1178 | 0.0887 | 32.81% | | Diluted earnings per share (yuan/share) | 0.1178 | 0.0887 | 32.81% | | Weighted average return on equity | 1.29% | 0.99% | 0.30% | | **Period-End Indicators** | **End of Current Period (yuan)** | **End of Prior Year (yuan)** | **Change from Prior Year-End** | | Total assets | 13,856,167,857.20 | 14,057,649,304.08 | -1.43% | | Net assets attributable to shareholders of the listed company | 10,646,218,753.76 | 10,424,373,011.51 | 2.13% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=10&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) No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign standards - The company had no discrepancies in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company had no discrepancies in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=10&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) Non-recurring profit and loss totaled 60.41 million yuan, mainly from asset disposals, government grants, and fair value changes Non-recurring Profit and Loss Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 2,544,666.31 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations) | 34,865,793.81 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses, excluding hedging activities | 20,982,864.51 | | Other non-operating income and expenses besides the above items | 13,724,538.32 | | Less: Income tax effect | 11,450,783.68 | | Minority interest effect (after tax) | 258,838.81 | | **Total** | **60,408,240.46** | [Management Discussion and Analysis](index=12&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business Activities during the Reporting Period](index=12&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%A6%81%E4%B8%9A%E5%8A%A1) The company's main operations cover lithium and civil explosives, with both industries facing distinct market dynamics [(I) Industry Development](index=12&type=section&id=(%E4%B8%80)%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The new energy market grew with policy support, while the civil explosives industry saw stable demand amid increased competition - In the first half of 2025, China's new energy vehicle production and sales reached **6.97 million** and **6.94 million units**, up **41.4%** and **40.3%** YoY, respectively[31](index=31&type=chunk) - From January to June 2025, total power battery installation was **299.6 GWh**, a YoY increase of **47.3%**, with LFP batteries accounting for **81.4%** of the total at **244.0 GWh**[35](index=35&type=chunk) - In the first half of the year, China's cumulative lithium carbonate output was **386,000 tons**, up **29.0%** YoY, while lithium hydroxide output was **203,000 tons**, down **8.1%** YoY[38](index=38&type=chunk) - In the first half of the year, civil explosives manufacturers produced and sold **2.08 million tons** and **2.08 million tons** of industrial explosives, up **0.20%** and **0.23%** YoY, respectively[44](index=44&type=chunk) - In the first half of the year, civil explosives manufacturers achieved a total production value of **18.75 billion yuan**, down **2.71%** YoY, and a total profit of **4.44 billion yuan**, down **4.07%** YoY[46](index=46&type=chunk) [(II) Company's Main Business, Products, and Uses](index=15&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company operates in lithium and civil explosives, with integrated services from mining to production and transportation - The company owns the Lijiagou Lithium Mine in Sichuan and the Kamativi Lithium Mine in Zimbabwe, with proven lithium oxide resources of **502,200 tons** and **304,026 tons**, respectively[50](index=50&type=chunk)[51](index=51&type=chunk) - The company's current comprehensive design capacity for lithium salts is **99,000 tons**, expected to reach **130,000 tons** by the end of 2025[52](index=52&type=chunk) - The company has a licensed production capacity of over **260,000 tons** of explosives and nearly **90 million** industrial detonators, ranking among the top in the industry[54](index=54&type=chunk) - The company's transportation business is the largest enterprise for Class 1 hazardous chemical transportation in Sichuan Province, providing transport services for civil explosives and hazardous chemicals[58](index=58&type=chunk) [(III) Business Model](index=18&type=section&id=(%E4%B8%89)%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs centralized procurement, market-driven production, and customer-oriented sales strategies - The company implements centralized procurement for major materials, utilizing platforms like SRM, WMS, and the Yahua e-commerce platform for coordinated material management[60](index=60&type=chunk) - Production enterprises independently arrange production plans based on market demand and reduce costs through technological upgrades and digital transformation[60](index=60&type=chunk) - The company targets leading and high-growth enterprises, focusing on long-term strategic relationships and agreements, cultivating a high-quality and stable domestic and international customer base[60](index=60&type=chunk) [(IV) Industry Characteristics and Market Position](index=18&type=section&id=(%E5%9B%9B)%20%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E7%89%B9%E5%BE%81%E5%8F%8A%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) The company is a leading producer of battery-grade lithium hydroxide and a top-tier enterprise in China's civil explosives industry - The company is a major producer of lithium salt products, especially battery-grade lithium hydroxide, with long-term partnerships with leading companies like **TESLA, SK ON, LGES, LGC, Panasonic, and CATL**[61](index=61&type=chunk) - The production and sale of civil explosives are subject to a strict licensing system, creating industry entry barriers and regional characteristics[62](index=62&type=chunk) - The company is one of the leading enterprises in China's civil explosives industry, ranking **fourth in production value in 2024**, with its digital electronic detonator production and sales volume ranking first for several consecutive years[63](index=63&type=chunk) [(V) Analysis of Company Performance Drivers](index=19&type=section&id=(%E4%BA%94)%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0%E5%88%86%E6%9E%90) Revenue decreased due to falling lithium prices, but net profit grew, supported by stable performance from the civil explosives business 2025 H1 Company Performance Overview | Indicator | Amount (billion yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 3.42 | -13.04% | | Net Profit Attributable to Shareholders | 0.14 | 32.87% | | Civil Explosives Business Operating Revenue | 1.47 | 3.7% | | Civil Explosives Business Net Profit Attributable to Parent | 0.25 | 2.4% | | Lithium Business Operating Revenue | 1.76 | - | | Lithium Business Net Profit Attributable to Parent | -0.13 | - | - Demand from long-term lithium salt contract customers remains stable, and lithium concentrate from the Kamativi mine in Zimbabwe has been used in production, increasing self-sufficiency and positively impacting costs[65](index=65&type=chunk) - Exports of civil explosives have grown significantly, and the overall profitability of the civil explosives business is stable, providing strong performance support for the company[65](index=65&type=chunk) - In the second half of the year, the company will continue to improve lithium recovery rates, enhance the grade of self-owned lithium concentrate, optimize production processes, and use green electricity from mines to reduce costs in the lithium business[66](index=66&type=chunk) - In the second half of the year, the civil explosives business will actively expand in key regional markets such as Sichuan, Tibet, Xinjiang, Inner Mongolia, and Shanxi, and implement an international development strategy to expand overseas sales and blasting services[66](index=66&type=chunk) [Core Competitiveness Analysis](index=19&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 strengths lie in its dual-business strategy, resource security, customer base, and technological advantages [(I) Core Competitiveness of the Lithium Business](index=19&type=section&id=(%E4%B8%80)%20%E9%94%82%E4%B8%9A%E5%8A%A1%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B) The lithium business benefits from resource security, a high-quality customer base, large-scale production, and advanced technology - The company has a dual guarantee mechanism of "self-controlled mines + external procurement" through controlling lithium resources and long-term offtake agreements; Kamativi lithium concentrate production is expected to reach **280,000 tons** this year and **350,000 tons** next year[67](index=67&type=chunk) - In H1 2025, revenue from top-tier customers in the lithium business accounted for **91%**, with long-term partnerships established with industry leaders like **TESLA, SK ON, and LGES**[68](index=68&type=chunk) - After the completion of the high-grade lithium salt production line at Ya'an Lithium, the company's comprehensive lithium salt capacity will reach **130,000 tons**[69](index=69&type=chunk) - The company's Ya'an lithium salt production line uses advanced equipment, with process technology and equipment levels leading domestically; it has participated in setting multiple national and industry standards[70](index=70&type=chunk) - The company's lithium salt production sites are located in Southwest China, offering a natural green energy advantage; its **Wind ESG rating is stable at AA**, ranking among the top in the industry[72](index=72&type=chunk) [(II) Core Competitiveness of the Civil Explosives Business](index=20&type=section&id=(%E4%BA%8C)%20%E6%B0%91%E7%88%86%E4%B8%9A%E5%8A%A1%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B) The civil explosives business has advantages in regional markets, integrated services, production capacity, and international presence - The company's civil explosives production bases are mainly located in the central area of China's western development and mineral-rich provinces, with markets covering Sichuan, Tibet, Shanxi, Inner Mongolia, and Xinjiang[74](index=74&type=chunk) - The company's civil explosives industry chain covers the entire process from R&D, production, sales, to blasting services, with strategic cooperation agreements signed with large state-owned enterprises like CRCC and PowerChina[77](index=77&type=chunk) - The company has a licensed production capacity of over **260,000 tons** of explosives and nearly **90 million** industrial detonators, ranking sixth nationally in scale, with digital electronic detonator production and sales leading the industry for years[78](index=78&type=chunk) - The company owns the only national-level enterprise technology center in the civil explosives industry, and its flexible and intelligent production line for electronic detonator assembly and packaging has been certified by the MIIT as reaching an international leading level[79](index=79&type=chunk) - The company is the first domestic civil explosives enterprise to implement overseas M&A, holding over **60% market share** in New Zealand and actively expanding its overseas mining services in Africa and Australia[80](index=80&type=chunk) [(III) Management and Profitability Advantages](index=21&type=section&id=(%E4%B8%89)%20%E7%AE%A1%E7%90%86%E5%8F%8A%E7%9B%88%E5%88%A9%E8%83%BD%E5%8A%9B%E4%BC%98%E5%8A%BF) The dual-business strategy, experienced management, and digital transformation contribute to stable profitability and cash flow - The company adheres to a dual-core business strategy of lithium and civil explosives, achieving unified resource allocation and coordinated regional markets, resulting in significant synergies[82](index=82&type=chunk) - The company has a diligent, dedicated, and highly executive management team, along with a reserve of international business talent[83](index=83&type=chunk) - The company has built an intelligent manufacturing information platform, enabling real-time monitoring and analysis of production processes and enhancing the efficiency and safety of its chemical manufacturing operations[84](index=84&type=chunk) - The company's dual businesses are synergistic, with stable overall cash flow and a **21% asset-liability ratio**, demonstrating comparable advantages in market share and return on net assets[85](index=85&type=chunk) [(IV) Patent Portfolio Advantage](index=22&type=section&id=(%E5%9B%9B)%20%E4%B8%93%E5%88%A9%E5%B8%83%E5%B1%80%E4%BC%98%E5%8A%BF) The company possesses a strong patent portfolio supported by multiple innovation platforms and collaborations - The company relies on multiple innovation platforms, including a national enterprise technology center, and has established comprehensive cooperation with universities and research institutions like Central South University[86](index=86&type=chunk) - In H1 2025, the company was granted **18 patents**, including 1 invention patent and 17 utility model patents[86](index=86&type=chunk) - As of the end of June 2025, the company held a total of **711 patents** (120 invention patents, 591 utility model patents) and **37 software copyrights**[86](index=86&type=chunk) [Analysis of Main Business Operations](index=22&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) Revenue declined due to the lithium sector, while the civil explosives and transportation sectors showed growth Operating Revenue Composition (by Industry) | Industry | Current Period Amount (yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Lithium Industry | 1,763,885,723.66 | 51.54% | -26.28% | | Civil Explosives Industry | 1,465,064,554.36 | 42.81% | 3.69% | | Transportation Industry | 193,574,166.80 | 5.65% | 48.56% | YoY Changes in Key Financial Data | Indicator | YoY Change | Reason for Change | | :--- | :--- | :--- | | Operating revenue | -13.04% | - | | Operating costs | -15.70% | - | | Administrative expenses | 10.43% | - | | Financial expenses | -25,476.32% | Increased foreign exchange business and enhanced exchange rate management led to a significant increase in exchange gains | | Income tax expense | 81.82% | The company's performance significantly improved compared to the same period last year, leading to an increase in taxes payable | | Net cash flow from operating activities | -187.01% | Changes in settlement methods for some lithium resource purchases and increased procurement volume led to a substantial increase in operating cash payments | | Net cash flow from investing activities | 131.15% | A decrease in the company's wealth management funds | | Net cash flow from financing activities | 74.56% | An increase in external borrowings during the reporting period to meet business scale and operational needs | Licensed Production Capacity of Civil Explosive Products | Product Category | Licensed Capacity | Capacity Utilization Rate | | :--- | :--- | :--- | | Industrial Explosives | 262,500 tons | 38.40% | | Industrial Detonators | 87.77 million units | 38.60% | | Industrial Detonating Cords | 23 million meters | 29.11% | | Plastic Detonating Tubes | 100 million meters | 3.90% | - During the reporting period, the company and its subsidiaries strictly carried out special safety production rectifications and actively promoted intelligent manufacturing, resulting in a stable and orderly safety situation[98](index=98&type=chunk) - The company's overseas operations are mainly in New Zealand, Australia, Zimbabwe, Namibia, and Singapore, primarily engaged in the production and sales of civil explosives, blasting services, and lithium mining and processing[102](index=102&type=chunk) [Analysis of Non-Core Business](index=28&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) Non-core business activities, including investment income and government grants, significantly impacted the total profit Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | % of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment income | 23,639,828.41 | 14.86% | Sustainable | | Fair value change gains and losses | -3,625,377.85 | -2.28% | Not sustainable | | Asset impairment | -44,337,625.49 | -27.86% | Not sustainable | | Non-operating income | 16,118,860.30 | 10.13% | Not sustainable | | Non-operating expenses | 2,394,321.98 | 1.50% | Not sustainable | | Other income | 35,111,608.82 | 22.06% | Not sustainable | | Credit impairment losses | -3,444,854.94 | -2.16% | Not sustainable | [Analysis of Assets and Liabilities](index=29&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 slightly decreased, while net assets attributable to shareholders grew, with notable changes in fixed assets and cash Significant Changes in Asset Composition | Item | End of Current Period Amount (yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 1,801,714,411.81 | 13.00% | -0.72% | | Accounts receivable | 1,017,609,702.99 | 7.34% | 0.66% | | Inventories | 1,686,003,061.37 | 12.17% | 0.47% | | Fixed assets | 2,739,553,358.65 | 19.77% | 1.34% | | Construction in progress | 600,042,667.44 | 4.33% | 0.51% | | Short-term borrowings | 250,426,355.61 | 1.81% | 0.44% | | Contract liabilities | 92,708,168.67 | 0.67% | 0.56% | | Long-term borrowings | 421,923,735.87 | 3.05% | 0.72% | Key Overseas Assets | Asset Description | Asset Scale (yuan) | Location | Operating Model | Income Status (yuan) | % of Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | KMC (Kamativi Mining Company) | 1,671,989,677.25 | Zimbabwe | Lithium mining | -174,929,863.34 | 15.32% | No | - As of the end of the reporting period, the total amount of restricted assets was **153,257,160.22 yuan**, mainly including cash, notes receivable financing, notes receivable, fixed assets, and intangible assets used as security deposits or pledges/mortgages[111](index=111&type=chunk) [Investment Analysis](index=30&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) Investment activities focused on major lithium projects, securities, and hedging with lithium carbonate futures Investment Amount during the Reporting Period | Indicator | Amount (yuan) | | :--- | :--- | | Investment during the reporting period | 429,254,506.29 | | Investment during the same period last year | 418,524,595.48 | | Change | 2.56% | Major Non-Equity Investment Projects | Project Name | Investment Method | Industry | Investment this Period (yuan) | Cumulative Investment to Date (yuan) | Estimated Return (yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High-Grade Lithium Battery New Energy Materials Production Line Construction Project | Self-built | Lithium Industry | 279,655,690.61 | 1,254,568,971.23 | 4,996,885,800.00 | 49.59% | | Kamativi Lithium Mine Resource Construction Project | Self-built | Lithium Industry | 20,376,562.85 | 993,599,000.13 | N/A | 96.48% | - From January to June 2025, the company engaged in lithium carbonate futures hedging to effectively control product price volatility, achieving a total actual gain of **10.54 million yuan**[116](index=116&type=chunk) - The net proceeds of **1.487 billion yuan** from the company's non-public offering of shares have been fully received; as of June 30, 2025, a cumulative total of **1.540 billion yuan** has been used, with the excess funds primarily from interest income and wealth management returns[120](index=120&type=chunk) - The "High-Grade Lithium Battery New Energy Materials Production Line Construction Project" has been partially postponed to December 2025 to align with changes in lithium battery market demand[123](index=123&type=chunk)[124](index=124&type=chunk) [Sale of Major Assets and Equity](index=38&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) No major sales of assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[127](index=127&type=chunk) - The company did not sell any major equity stakes during the reporting period[128](index=128&type=chunk) [Analysis of Major Subsidiaries and Investees](index=38&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) The company's performance is influenced by key subsidiaries in transportation, lithium, and civil explosives sectors Key Subsidiaries and Investees (with >10% impact on net profit) | Company Name | Type | Main Business | Registered Capital (10k yuan) | Operating Revenue (10k yuan) | Net Profit (10k yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Transportation Company | Subsidiary | Hazardous chemical transport | 6,120.00 | 25,587.33 | 945.32 | | Xingsheng Lithium | Subsidiary | Lithium salt production, sales | 10,000.00 | 34,058.56 | -27,821.41 | | Hong Kong Company | Subsidiary | Lithium material sales | 29,955.69 (10k HKD) | 14,330.68 | 11,281.33 | | Ya'an Lithium | Subsidiary | Lithium salt production, sales | 50,000.00 | 170,677.23 | 1,383.06 | | Guoli Company | Subsidiary | Lithium salt production, sales | 2,391.15 | 10,486.37 | -2,653.27 | | Civil Explosives Group | Subsidiary | Civil explosives, blasting | 10,000.00 | 153,108.36 | 31,649.98 | | Nengtou Lithium | Investee | Lithium business | 12,205.66 | 26,353.50 | -5,493.86 | | Jinaobo | Investee | Civil explosives | 34,761.4197 | 82,479.93 | 9,764.23 | Subsidiaries Acquired and Disposed of During the Reporting Period | Company Name | Acquisition/Disposal Method | Impact on Overall Operations and Performance (10k yuan) | | :--- | :--- | :--- | | Jiyang Blasting | M&A | 49.77 | | Kang'an Civil Explosives | M&A | 33.68 | | Shun'an Blasting | M&A | 0 | | Guanghe Civil Explosives | M&A | 0 | [Structured Entities Controlled by the Company](index=39&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) Certain branch companies are included in the consolidation scope as the Group bears their risks and rewards - Branches such as Shengda, Ju'an, Sanjiang Civil Explosives, Shun'an Blasting, and Guanghe Civil Explosives are included in the consolidation scope as the Group enjoys their returns and bears their risks[131](index=131&type=chunk) - Most branches of Jinheng Civil Explosives and Jinheng Transportation are not consolidated because they operate on an independent accounting and self-sustaining basis, and the Group does not have control[132](index=132&type=chunk) [Risks and Countermeasures](index=40&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 faces macroeconomic, industry cycle, market competition, and safety risks, with corresponding mitigation strategies in place - **Macroeconomic instability risk**: Slow global economic recovery, geopolitical tensions, and trade frictions constrain the company's global development strategy[133](index=133&type=chunk) - **Industry cyclicality risk**: Oversupply in the lithium industry puts pressure on prices; the civil explosives industry is affected by infrastructure construction and raw material price fluctuations[134](index=134&type=chunk) - **Increased market competition risk**: Expansion by lithium salt companies and new entrants intensify competition; deep integration and product homogenization in the civil explosives industry lead to price pressure[138](index=138&type=chunk) - **Safety and environmental risks**: The lithium business involves hazardous chemical management and environmental impacts from mining; civil explosives are flammable and explosive[140](index=140&type=chunk) - **Countermeasures**: Deepen global strategic cooperation, prudently advance overseas investments, strengthen core competitiveness, adjust capacity planning and market strategies, use hedging, optimize the civil explosives business structure, centralize procurement, and improve safety and environmental management systems[133](index=133&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk)[141](index=141&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=42&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 has established a market value management system to enhance investment value and shareholder returns - The company has formulated the "Yahua Group Market Value Management System" to strengthen market value management, promote investment value enhancement, and increase investor returns[143](index=143&type=chunk) [Implementation of the "Dual Improvement of Quality and Returns" Action Plan](index=42&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%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 disclosed an announcement regarding the "Dual Improvement of Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement of Quality and Returns" action plan[144](index=144&type=chunk) [Corporate Governance, Environment, and Society](index=42&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=42&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 among the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[145](index=145&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=42&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 does not plan to distribute cash dividends or issue bonus shares for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[146](index=146&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=42&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 implemented its 2025 Employee Stock Ownership Plan, recognizing related share-based payment expenses - The company did not implement any equity incentive plans[147](index=147&type=chunk) 2025 Employee Stock Ownership Plan Overview | Item | Content | | :--- | :--- | | Plan Name | 2025 Employee Stock Ownership Plan | | Number of Participants | 57 | | Number of Shares Held (shares) | 10,000,054 | | % of Total Company Share Capital | 0.87% | | Source of Funds | Employee legal remuneration, self-raised funds, and other methods permitted by laws and regulations | - The total expense recognized for equity-settled share-based payments in H1 2025 was **16,666,756.67 yuan**[150](index=150&type=chunk) - There were no other employee incentive measures during the reporting period[150](index=150&type=chunk) [Environmental Information Disclosure](index=43&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its key subsidiaries are included in the list of enterprises required to disclose environmental information - The company and its main subsidiaries, Yahua Lithium (Ya'an) Co, Ltd and Sichuan Guoli Lithium Materials Co, Ltd, are included in the list of enterprises required to disclose environmental information by law[151](index=151&type=chunk) - Relevant environmental information disclosure reports can be accessed through the Enterprise Environmental Information Disclosure System (Sichuan)[151](index=151&type=chunk) [Social Responsibility](index=44&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities in governance, ethics, environment, safety, employee care, and community engagement - The company continuously improves its corporate governance structure and has established information disclosure and investor relations systems to protect the rights of shareholders, especially minority shareholders[153](index=153&type=chunk) - The company adheres to the core value of "compliant operation, integrity in practice," has formulated anti-corruption policies, and conducts compliance training[154](index=154&type=chunk) - The company complies with national laws like the Environmental Protection Law, has built a five-level environmental management system, and follows a "3+4+N" climate strategy towards carbon neutrality by 2060[154](index=154&type=chunk)[156](index=156&type=chunk) - The company has established an integrated occupational health and safety management system covering the entire group, implementing a three-level safety risk control mechanism for high-risk business units[157](index=157&type=chunk) - The company actively responds to national poverty alleviation and rural revitalization calls, carrying out the "Building a Safe New Countryside" initiative and donating to rural sports[159](index=159&type=chunk) [Significant Events](index=46&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company during the Reporting Period and Commitments Overdue at the End of the Reporting Period](index=46&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) No commitments were fulfilled or overdue by the company or its related parties during the reporting period - There were no commitments fulfilled during the reporting period or overdue at the end of the reporting period by the company's actual controller, shareholders, related parties, acquirers, or the company itself[161](index=161&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=46&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by controlling shareholders or other related parties during the period - During the reporting period, there was no non-operating fund occupation of the listed company by its controlling shareholders or other related parties[162](index=162&type=chunk) [Irregular External Guarantees](index=46&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[163](index=163&type=chunk) [Appointment and Dismissal of Accounting Firm](index=46&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[164](index=164&type=chunk) [Explanation by the Board of Directors and Board of Supervisors on the "Non-standard Audit Report" for the Current Period](index=46&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report for the period - There is no explanation from the Board of Directors or Board of Supervisors regarding a "non-standard audit report" from the accounting firm for the current reporting period[165](index=165&type=chunk) [Explanation by the Board of Directors on the "Non-standard Audit Report" from the Previous Year](index=46&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report in the previous year - There is no explanation from the Board of Directors regarding a "non-standard audit report" from the previous year[165](index=165&type=chunk) [Bankruptcy and Reorganization Matters](index=46&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[165](index=165&type=chunk) [Litigation Matters](index=46&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[166](index=166&type=chunk) [Penalties and Rectifications](index=47&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectifications occurred during the reporting period - There were no penalties or rectifications during the reporting period[167](index=167&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controller](index=47&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its controlling parties maintained a good integrity record with no unfulfilled legal obligations - During the reporting period, the company, its controlling shareholders, and actual controller had no unfulfilled obligations from effective court judgments or large outstanding debts that were due[168](index=168&type=chunk) [Major Related Party Transactions](index=47&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related party transactions occurred during the reporting period - The company had no related party transactions related to daily operations during the reporting period[169](index=169&type=chunk) - The company had no related party transactions involving the acquisition or sale of assets or equity during the reporting period[170](index=170&type=chunk) - The company had no joint external investment related party transactions during the reporting period[171](index=171&type=chunk) - There were no related party credit or debt transactions during the reporting period[172](index=172&type=chunk) - There were no deposits, loans, credit lines, or other financial services between the company and any related finance companies[173](index=173&type=chunk) - There were no deposits, loans, credit lines, or other financial services between the company's controlled finance companies and related parties[174](index=174&type=chunk) - The company had no other major related party transactions during the reporting period[175](index=175&type=chunk) [Major Contracts and Their Performance](index=48&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no major custody or lease contracts but provided significant guarantees to subsidiaries and engaged in wealth management - The company had no custody, contracting, or leasing arrangements during the reporting period[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) Major Guarantees for Subsidiaries | Guaranteed Party | Guarantee Limit (10k yuan) | Actual Guarantee Amount (10k yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Jinheng Company | 30,000 | 2,000 | One year | Yes | | Jinheng Company | 10,000 | 2,000 | 1.5 years | No | | Hong Kong Company | 107,826 | 10,000 | One year | No | Entrusted Wealth Management | Type | Amount Entrusted (10k yuan) | Outstanding Balance (10k yuan) | | :--- | :--- | :--- | | Bank wealth management products | 220,878.73 | 109,977.06 | | Total | 220,878.73 | 109,977.06 | - The company had no other major contracts during the reporting period[182](index=182&type=chunk) [Explanation of Other Major Events](index=50&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company utilized proceeds from a non-public offering for a lithium project and implemented an employee stock ownership plan - The company used proceeds from a non-public offering for the Ya'an Lithium 50,000-ton battery-grade lithium hydroxide and 11,000-ton lithium chloride project, and approved a partial project extension on April 28, 2025[183](index=183&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - The company approved and implemented the 2025 Employee Stock Ownership Plan on January 16, 2025, and has transferred 10,000,054 shares to the plan's account via non-trade transfer[187](index=187&type=chunk)[188](index=188&type=chunk) [Major Events of Company Subsidiaries](index=52&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Information on major events concerning subsidiaries is detailed in the "Other Major Events" section - For major events involving subsidiaries, please refer to "Section V, XIII. Explanation of Other Major Events"[189](index=189&type=chunk) [Share Capital Changes and Shareholder Information](index=53&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=53&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged during the reporting period Share Capital Changes | Share Class | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+/- shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 94,011,180 | 8.16% | 0 | 94,011,180 | 8.16% | | II. Unrestricted Shares | 1,058,551,340 | 91.84% | 0 | 1,058,551,340 | 91.84% | | III. Total Shares | 1,152,562,520 | 100.00% | 0 | 1,152,562,520 | 100.00% | - The reasons for share changes, approval status, transfer details, progress of share buybacks, and implementation of share buyback reductions through centralized bidding are not applicable or unchanged during the reporting period[193](index=193&type=chunk) [Securities Issuance and Listing](index=54&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities were issued or listed during the reporting period - There were no securities issued or listed during the reporting period[193](index=193&type=chunk) [Number of Shareholders and Shareholdings](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 111,036 common shareholders at the end of the period, with Zheng Rong as the largest shareholder - At the end of the reporting period, the total number of common shareholders was **111,036**[194](index=194&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zheng Rong | Domestic Individual | 10.20% | 117,519,340 | 88,139,505 | 29,379,835 | | Zhang Ting | Domestic Individual | 3.64% | 41,900,000 | 0 | 41,900,000 | | HKSCC NOMINEES LIMITED | Other | 1.28% | 14,782,019 | 0 | 14,782,019 | | China Life Insurance Company Limited - Traditional - General Insurance Product - 005L - Shanghai CT001 | Other | 1.21% | 13,963,739 | 0 | 13,963,739 | | Shanghai Pudong Development Bank Co, Ltd - Invesco Great Wall New Energy Industry Equity Fund | Other | 1.15% | 13,213,600 | 0 | 13,213,600 | - The company's controlling shareholder, Ms Zheng Rong, and Ms Zhang Ting are immediate family members, indicating a related party relationship[195](index=195&type=chunk) - Among the top 10 shareholders, Zhang Ting holds 27,800,000 shares through an investor credit securities account, and Ruan Caiyou holds 7,678,829 shares through an investor credit securities account[196](index=196&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=56&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of directors, supervisors, or senior management during the period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[197](index=197&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=57&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[198](index=198&type=chunk) - The company's actual controller did not change during the reporting period[198](index=198&type=chunk) [Information on Preferred Shares](index=58&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[199](index=199&type=chunk) [Bond-related Information](index=59&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-related Information](index=59&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[201](index=201&type=chunk) [Financial Report](index=60&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=60&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[203](index=203&type=chunk) [Financial Statements](index=60&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for the semi-annual period of 2025 - The consolidated balance sheet shows total assets of **13.86 billion yuan** and total equity attributable to parent company owners of **10.65 billion yuan** at the end of the period[207](index=207&type=chunk) - The consolidated income statement shows total operating revenue of **3.42 billion yuan**, net profit of **86.90 million yuan**, and net profit attributable to parent company shareholders of **135.77 million yuan** for the period[213](index=213&type=chunk)[214](index=214&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-346.38 million yuan** and net cash flow from investing activities of **460.02 million yuan**[219](index=219&type=chunk)[220](index=220&type=chunk) [Company Basic Information](index=78&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Sichuan Yahua Industrial Group Co, Ltd was listed on the Shenzhen Stock Exchange on November 9, 2010 - Sichuan Yahua Industrial Group Co, Ltd was listed on the Shenzhen Stock Exchange on November 9, 2010, with the stock code SZ.002497[239](index=239&type=chunk) - As of June 30, 2025, the company's total share capital was **1,152.56 million yuan**, with a total of **1,152.56 million shares**[239](index=239&type=chunk) - The company's main business includes the production and sale of lithium series products, chemical products, and civil explosives, as well as hazardous goods transportation, engineering blasting services, and investment in new materials and new energy projects[240](index=240&type=chunk) [Basis of Preparation of Financial Statements](index=78&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with the Enterprise Accounting Standards and on a going concern basis - The Group's financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance, along with their application guides, interpretations, and other relevant regulations[242](index=242&type=chunk) - The financial statements are prepared on a going concern basis[243](index=243&type=chunk) [Significant Accounting Policies and Estimates](index=78&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the accounting policies followed in preparing the financial statements, covering a wide range of items - These financial statements comply with the requirements of the Enterprise Accounting Standards, providing a true, accurate, and complete reflection of the company's and the group's financial position, operating results, and cash flows[245](index=245&type=chunk) - The Group uses the Renminbi (RMB) as its functional currency, with the accounting period being the calendar year from January 1 to December 31, and a 12-month operating cycle[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - The Group classifies financial assets based on its business model for managing them and their contractual cash flow characteristics into categories measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[261](index=261&type=chunk) - The Group recognizes impairment and loss provisions for financial assets measured at amortized cost, contract assets, and lease receivables based on expected credit losses[270](index=270&type=chunk) - The Group recognizes revenue when it has fulfilled its performance obligations in a contract, which is when the customer obtains control of the related goods or services[322](index=322&type=chunk) - The Group's hedging is classified as cash flow hedging, where the effective portion of gains or losses on the hedging instrument is recognized directly in other comprehensive income[348](index=348&type=chunk)[350](index=350&type=chunk) [Taxes](index=99&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the main taxes and tax rates applicable to the company, along with various tax incentives enjoyed Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13.00%, 9.00%, 6.00%, 1.00%, 3.00% | | Urban Maintenance and Construction Tax | 1.00%, 5.00%, 7.00% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | | Property Tax | 1.20%, 12.00% | | Corporate Income Tax | 15.00%, 16.50%, 17.00%, 20.00%, 25.00%, 28.00%, 30.00%, 32.00%, 33.00% | - Several of the company's subsidiaries enjoy a preferential corporate income tax rate of **15.00%** under the Western Development Program[363](index=363&type=chunk) - Santai, Hengtai, Zhongding, Mianyang, Keda, and Jinheng companies are recognized as high-tech enterprises and enjoy a preferential corporate income tax rate of **15.00%**[365](index=365&type=chunk)[366](index=366&type=chunk) - Anxiang Logistics, Keda Transportation, Rongguangtong, and Heng'an Transportation benefit from preferential tax policies for small and micro enterprises[367](index=367&type=chunk) - Mianyang, Santai, Hengtai, Keda, and Jinheng companies benefit from the VAT super-deduction policy for advanced manufacturing enterprises[371](index=371&type=chunk) - 15 companies, including Ya'an Lithium and Xingsheng Lithium, are eligible for a **100% super-deduction** on R&D expenses for tax purposes[372](index=372&type=chunk) [Notes to Consolidated Financial Statement Items](index=103&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed disclosures on each item in the consolidated financial statements, including balances and changes - At period-end, cash and cash equivalents balance was **1.80 billion yuan**, with **123.43 million yuan** held overseas[379](index=379&type=chunk) - At period-end, trading financial assets amounted to **1.10 billion yuan**, primarily consisting of wealth management products[381](index=381&type=chunk) - At period-end, the carrying value of accounts receivable was **1.02 billion yuan**, with a bad debt provision rate of **12.37%**[396](index=396&type=chunk) - At period-end, the carrying value of inventories was **1.69 billion yuan**, with a total provision for inventory write-down and contract fulfillment cost impairment of **116.75 million yuan**[447](index=447&type=chunk)[449](index=449&type=chunk) - At period-end, the carrying value of fixed assets was **2.73 billion yuan**, and construction in progress was **594.21 million yuan**[466](index=466&type=chunk)[476](index=476&type=chunk) - At period-end, total equity attributable to parent company owners was **10.65 billion yuan**, with retained earnings of **6.63 billion yuan**[229](index=229&type=chunk)[567](index=567&type=chunk) [Research and Development Expenses](index=158&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was 45.98 million yuan, primarily expensed R&D Expenditure Composition | Item | Current Period Amount (yuan) | | :--- | :--- | | Material costs | 26,654,176.75 | | Labor costs | 11,830,145.14 | | Equipment depreciation and maintenance | 3,684,508.43 | | Fuel and power costs | 3,425,100.29 | | Technology and intellectual property fees | 84,807.32 | | Intangible asset amortization | 24,272.27 | | Other expenses | 280,622.69 | | **Total** | **45,983,632.89** | | Of which: Expensed R&D | 45,963,090.49 | | Capitalized R&D | 20,542.40 | - The R&D project eligible for capitalization is the development of a flexible production line for electronic detonator wire clips and related process technology, with a period-end balance of **20,542.40 yuan**[626](index=626&type=chunk) [Changes in Consolidation Scope](index=159&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope changed due to business combinations under common control, new establishments, and deregistrations Business Combinations Not Under Common Control this Period | Acquiree Name | Acquisition Date | Acquisition Cost (yuan) | Equity Stake Acquired | Purchase Date | Acquiree's Net Profit from Purchase Date to Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiyang Blasting | 2025-01-31 | 2.00 | 65.00% | 2025-01-31 | 497,702.37 | | Kang'an Civil Explosives | 2025-01-31 | 3,400,000.00 | 100.00% | 2025-01-31 | 336,849.91 | | Shun'an Blasting | 2025-06-30 | 8,606,835.00 | 37.00% | 2025-06-30 | 0.00 | | Guanghe Civil Explosives | 2025-06-30 | 917,400.00 | 8.33% | 2025-06-30 | 0.00 | - The company established Zhongding Shunyi Branch, Zhongding Yuncheng Branch, and Yahua Blasting First Branch this year[635](index=635&type=chunk) - The company deregistered Zhongding Zunyi Branch, Shengda Ya'an Branch, and Ju'an Huaheng Branch this year[635](index=635&type=chunk) [Interests in Other Entities](index=163&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries, joint ventures, and associates across various business segments - The company has numerous controlling subsidiaries, including Civil Explosives Group, Xingsheng Lithium, Transportation Company, Hong Kong Company, Ya'an Lithium, and Guoli Company[637](index=637&type=chunk)[638](index=638&type=chunk) - The company achieved full control of Yimeng Blasting and Xingyuan Blasting through equity transfers and increased its shareholding in Kaida Company and Anxiang Company[641](index=641&type=chunk) - The company holds a **14.91%** stake in Jinaobo and exerts significant influence due to two senior executives serving on its board[645](index=645&type=chunk) - The company holds a **37.25%** stake in Nengtou Lithium, which is accounted for using the equity method[645](index=645&type=chunk) [Government Grants](index=168&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized government grants related to assets and income, with a total of 35.11 million yuan recorded in profit or loss - At the end of the reporting period, government grants recognized based on receivable amounts totaled **5,165,216.88 yuan**, mainly as award funds for Ya'an Lithium[651](index=651&type=chunk) - The balance of asset-related government grants in deferred income was **145,394,179.16 yuan**[653](index=653&type=chunk) Government Grants Recognized in Current Profit or Loss | Item | Current Period Amount (yuan) | Asset-related/Income-related | | :--- | :--- | :--- | | Transfer from deferred income | 9,904,806.21 | Asset-related | | Lithium hydroxide production line subsidy | 4,703,300.00 | Income-related | | Electricity consumption reward | 14,500,000.00 | Income-related | | Procurement reward | 2,000,000.00 | Income-related | | Tax reduction/exemption | 1,618,749.74 | Income-related | | Employment stabilization and job subsidies | 575,347.55 | Income-related | | Individual income tax handling fee refund | 247,839.09 | Income-related | | Other | 1,561,566.23 | Income-related | | **Total** | **35,111,608.82** | - | [Risks Related to Financial Instruments](index=169&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages market, credit, and liquidity risks associated with its financial instruments through various strategies - The company faces **exchange rate risk** related to assets and liabilities denominated in foreign currencies such as USD, NZD, AUD, and EUR[657](index=657&type=chunk) - The company faces **interest rate risk**, primarily from interest-bearing debt like bank borrowings, with floating-rate financial liabilities exposing it to cash flow interest rate risk[660](index=660&type=chunk) - The company sells lithium products at market prices and is therefore exposed to **price volatility**[662](index=662&type=chunk) - The company mitigates **credit risk** by placing bank deposits with highly-rated banks and analyzing the creditworthiness of each customer[665](index=665&type=chunk) - The company manages **liquidity risk** by ensuring sufficient cash flow to meet maturing obligations and regularly analyzing its liability structure and maturity profile[666](index=666&type=chunk) - The company engages in lithium carbonate futures hedging to mitigate commodity price risk, classifying these as **cash flow hedges**[671](index=671&type=chunk) [Fair Value Disclosure](index=173&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities measured at fair value, categorized by valuation hierarchy Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value (yuan) | Level 2 Fair Value (yuan) | Level 3 Fair Value (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading financial assets | 1,099,837,752.35 | - | - | 1,099,837,752.35 | | (III) Other equity instrument investments | 98,539,877.69 | - | 38,425,506.39 | 136,965,384.08 | | (V) Notes receivable financing | - | 401,626,701.50 | - | 401,626,701.50 | | **Total assets continuously measured at fair value** | **1,198,377,630.04** | **401,626,701.50** | **38,425,506.39** | **1,638,429,837.93** | - The market price for continuous Level 1 fair value measurement items is determined by the stock closing price and wealth management product net value on June 30, 2025[680](index=680&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value are a reasonable approximation of their fair values[683](index=683&type=chunk) [Related Parties and Related Party Transactions](index=174&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is Zheng Rong, and various transactions occur

证券日报网讯雅化集团（002497）8月13日在互动平台回答投资者提问时表示，截至8月8日，公司股东 总户数约16.7万户。 ...

Group 1 - The stock price of Yahua Group on August 12 was 14.67 yuan, down 0.39 yuan or 2.59% from the previous trading day [1] - The trading volume on that day was 909,709 hands, with a transaction amount of 1.333 billion yuan, and a turnover rate of 8.59% [1] - Yahua Group operates in the chemical products industry, focusing on lithium and civil explosives, with key lithium products including battery-grade lithium hydroxide and battery-grade lithium carbonate, widely used in new energy vehicle batteries [1] Group 2 - On August 11, lithium carbonate futures experienced a full limit-up, with analysis indicating that the shutdown of CATL's Yichun project poses a risk of reduced lithium carbonate supply, potentially leading to a monthly supply gap of several thousand tons [1] - As a company related to the lithium industry, Yahua Group has garnered market attention due to these supply concerns [1] Group 3 - On August 12, the net outflow of main funds for Yahua Group was 138.0874 million yuan, accounting for 0.89% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 56.1186 million yuan, representing 0.36% of the circulating market value [1]

同花顺数据显示，在已发布年报的上市公司中，有64家公司去年净利润超过100亿元；而在已发布一季 报的公司中，有28家公司今年一季度净利润超过10亿元。这些实现较高利润金额的上市公司，可以大致 分为两类：一是在原有基础上业绩稳步增长的上市公司；二是受益行业高景气度而业绩大幅增长的上市 公司。 有公司在今年一季度的净利润甚至超过了去年全年。雅化集团财报显示，2021年公司实现营业收入 52.41亿元，同比上升61.26%，实现归属于上市公司股东的净利润9.37亿元，同比增长189.22%。而2022 年一季度，实现归属于上市公司股东的净利润约10.2亿元，同比增长1210.02%。 综合来看，能源、钢铁等行业的高景气度，在今年一季度得到延续，使得相关企业业绩水涨船高。 随着年报和一季报密集披露，越来越多的财务数据为投资者勾勒出资本市场发展的底色。同花顺数 据显示，截至4月25日，沪深两市共有2802家公司发布2021年年报，738家公司发布2022年一季报。 综合来看，一些高景气度行业利好有所延续，而暂时遇到困难的行业也在磨底过程中传递积极信息。此 外，多家企业以回购、增持、分红等方式，向投资者表达对公司长期发展 ...

四川省"天价锂矿"重现江湖。8月13日凌晨1点03分41秒，四川省马尔康市加达锂矿勘查权的争夺战宣告 结束，历经三天三夜的"抢矿大战"，最高报价42.06亿元，起始价仅319万元，升值率超1317倍。 而就在此前的8月11日上午，四川省金川县李家沟北锂矿勘查权竞拍才刚刚结束，起始价57万元，最高 报价10.1亿元，升值率超1771倍，竞得者为四川能投资本控股有限责任公司。 这轮"抢矿热潮"为何会出现？它的出现又是否意味着碳酸锂下跌行情将结束？ 多家巨头出手抢矿 8月13日凌晨，四川省马尔康市加达锂矿勘查的竞拍结束，最高报价为42.06亿元，当前最高竞价人为 1213号。目前四川省公共资源交易信息网尚未披露1213号的真实身份，不过在这场竞拍中，已经浮现一 些上市公司的身影。 8月9日晚，天华新能公告称，公司董事会同意子公司宜宾市天宜锂业科创有限公司（以下简称"天宜锂 业"）参与四川省马尔康市加达锂矿勘查探矿权竞拍。 据天眼查数据，7月11日，宁德时代间接全资持股的马尔康时代矿业有限公司在马尔康成立，注册资本 高达3亿元。有市场观点认为，该公司或许也是四川省马尔康市加达锂矿勘查权的竞拍者之一。 而本轮"抢矿大战 ...

Core Viewpoint - Yahua Group (002497) has seen a stock price increase of 5.61%, closing at 15.06 yuan, following a report from Minsheng Securities that gives a "buy" rating for the company, projecting significant profit growth from 2025 to 2027 [1] Financial Summary - For 2025, Yahua Group's main revenue is projected at 1.537 billion yuan, a year-on-year decrease of 17.03% - The net profit attributable to shareholders is expected to be 824.644 million yuan, a year-on-year increase of 452.32% - The net profit excluding non-recurring items is forecasted at 686.043 million yuan, a year-on-year increase of 786.72% - The company's debt ratio stands at 22.49%, with investment income of 116.059 million yuan and financial expenses of 107.791 million yuan - The gross profit margin is reported at 18.22% [1][1][1] Institutional Ratings - In the last 90 days, three institutions have provided ratings for Yahua Group, all of which are "buy" ratings [1] Financing and Margin Trading - Over the past three months, the net inflow of financing has reached 388 million yuan, indicating an increase in financing balance - The net inflow of margin trading is 1.2308 million yuan, with an increase in margin trading balance [1][1]

8月11日，锂矿概念大涨，盛新锂能、江特电机、永杉锂业等涨停，中矿资源、赣锋锂业涨7%，西藏矿 业、雅化集团等跟涨。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 盛新锂能 | 18.44 | 10.02% | | 江特电机 | 8.68 | 10.01% | | 天齐锂业 | 44.91 | 9.99% | | 永杉锂业 | 11.34 | 9.99% | | 中矿资源 | 42.51 | 7.87% | | 赣锋锂业 | 39.61 | 7.55% | | 雅化集团 | 15.04 | 5.47% | | 融捷股份 | 38.32 | 5.33% | | 西藏矿业 | 23.51 | 4.81% | | 威领股份 | 12.91 | 4.20% | 碳酸锂期货所有合约价格大涨，碳酸锂期货主力合约一字涨停。 | 合约名称 | 涨跌幅 | | | --- | --- | --- | | 碳酸锂主连 | 8.00% | ST (01010 | | 碳酸锂2606 | 8.00% | 80220 | | 碳酸锂2511ª | 8.00% | 81000 | | 碳酸锂2604 | ...

Core Viewpoint - The lithium mining sector experienced significant gains on August 11, with various companies reaching their daily price limits, indicating strong market interest and potential investment opportunities in this sector [1]. Group 1: Market Performance - Lithium concept stocks surged, with companies like Shengxin Lithium Energy, Jiangte Motor, and Yongshan Lithium Industry hitting the daily limit, while others like Zhongmin Resources and Ganfeng Lithium rose by 7% [1]. - The futures prices for lithium carbonate saw substantial increases, with the main contract reaching a limit up [2]. Group 2: Company-Specific Developments - CATL's mining operations at the Jiangxiawo mine were halted on August 9, with no immediate plans for resumption. The company stated that the impact on overall operations would be minimal as they are in the process of renewing their mining permit [3][4]. - The Jiangxi Yichun Natural Resources Bureau has mandated eight lithium mining companies, including CATL's Yichun Times New Energy Mining Co., to complete resource verification reports by the end of September [4]. Group 3: Analyst Insights - According to Everbright Securities, the supply disruptions from CATL's mine shutdown are expected to elevate lithium prices in the short term. The report suggests focusing on companies with cost advantages and expansion potential in the resource sector [5].

Core Viewpoint - The lithium mining sector is experiencing a significant surge in stock prices, driven by supply constraints and rising lithium carbonate futures prices, which have increased over 36% since late June [1][2][5]. Industry Analysis - **Lithium Mining Sector**: Regulatory tightening is impacting some lithium mining companies, leading to increased expectations of supply contraction. Meanwhile, stabilizing overseas lithium prices are boosting industry confidence, benefiting listed companies from price increases due to supply reductions [5]. - **Lithium Battery Manufacturing Sector**: The continuous growth in new energy vehicle sales is driving demand for power batteries, with installed capacity increasing by 47.3% year-on-year in the first half of the year. The maturation of solid-state battery technologies presents new development opportunities for the industry [5]. - **Lithium Equipment Sector**: The traditional lithium battery industry is gradually recovering, and capacity expansion is underway. The changing requirements for equipment due to solid-state batteries are expected to create new growth opportunities for lithium equipment companies [5]. Key Companies - **Tianqi Lithium**: A leading global lithium producer, expected to turn a profit in the first half of 2025 with a net profit of 0-1.55 billion yuan, benefiting from shortened lithium pricing cycles and optimized inventory costs [6]. - **Ganfeng Lithium**: A leading lithium product company with deep involvement in solid-state battery technology, having completed relevant R&D and industrialization layouts [7]. - **CATL (Contemporary Amperex Technology Co., Limited)**: A leader in power batteries, actively developing solid-state battery technology, with energy density breakthroughs expected to exceed 500Wh/kg and small-scale production of solid-state batteries anticipated by 2027 [7]. - **Cangge Mining**: A salt lake lithium extraction company, expecting a net profit of 1.75-1.90 billion yuan in the first half of the year, representing a year-on-year growth of 34.93%-46.49% [8].