北京市汉坤律师事务所 关于 汉坤（证）字[2024]第[27422-11]-O-5 号 中国北京市东长安街 1 号东方广场 C1 座 9 层 100738 电话：(86 10) 8525 5500；传真：(86 10) 8525 5511 / 8525 5522 北京 上海 深圳 香港 海口 武汉 新加坡 纽约 www.hankunlaw.com 江西赣锋锂业集团股份有限公司 北京市汉坤律师事务所 注销部分股票期权的 关于江西赣锋锂业集团股份有限公司 法律意见书 注销部分股票期权的 法律意见书 汉坤（证）字[2024]第[27422-11]-O-5 号 北京市汉坤律师事务所（以下简称"本所"）接受江西赣锋锂业集团股份有限 公司（以下简称"公司"）的委托，担任公司法律顾问并就公司注销部分2022年股 票期权激励计划股票期权所涉及的相关事项，出具本法律意见书。 本所及经办律师根据《中华人民共和国证券法》《中华人民共和国公司法》 《上市公司股权激励管理办法》《律师事务所从事证券法律业务管理办法》以及 《律师事务所证券法律业务执业规则（试行）》等法律、法规和中国证监会的相 关规定，及本法律意见书出具日以前已经发生或者 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2024-083 江西赣锋锂业集团股份有限公司 关于控股子公司签署股权合作协议的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，无 虚假记载、误导性陈述或者重大遗漏。 一、协议签署概况 江西赣锋锂业集团股份有限公司（以下简称"公司"）于2024 年7月与南京公用发展股份有限公司(以下简称"南京公用"或"甲 方")、南京环境集团有限公司（以下简称"环境集团"或"丙方"） 签署《战略合作协议》。三方拟组建合资公司，注册资本10,000万元， 其中公司或其控股主体占股35%，公用发展或其控股主体占股35%， 环境集团或其控股主体占股30%。（详见公告编号：临2024-054） 近日，公司全资子公司江西赣锋循环科技有限公司旗下控股子公 司江苏赣锋循环科技有限公司（以下简称"赣锋循环"或"乙方"） 拟与南京公用、环境集团签署《股权合作协议》，三方拟共同投资设 立南京公用赣锋循环科技有限公司（暂定名，最终以市场监督管理部 门核准登记注册为准，以下简称"合资公司"），以充分发挥各自的 专业、资源优势，围绕动力电池综合利用项目推进循环经济产业布局。 合资公司注册 ...

证券代码：002460 证券简称：赣锋锂业 编号：临 2024-080 江西赣锋锂业股份有限公司 第五届监事会第五十七次会议决议公告 本公司及其董事会、监事会全体成员保证公告内容真实、准确和 完整，无虚假记载、误导性陈述或者重大遗漏。 经审核，监事会认为公司本次注销部分股票期权相关事项，符合 《上市公司股权激励管理办法》等相关法律法规及公司《2022 年股 票期权激励计划（草案）》的相关规定，履行了必要的审议程序，不 存在损害公司及全体股东利益的情况。我们同意公司注销由于个人原 因离职导致的已获授但未获准行权的部分股票期权及注销 2022 年股 票期权激励计划第一个行权期到期未行权的股票期权。 临 2024-082 赣锋锂业关于注销部分股票期权的公告刊登于同日 巨潮资讯网 http://www.cninfo.com.cn。 特此公告。 江西赣锋锂业集团股份有限公司 监事会 2024 年 9 月 27 日 江西赣锋锂业集团股份有限公司（以下简称"公司"）第五届监事 会第五十七次会议于 2024 年 9 月 23 日以电话及电子邮件的形式发出 会议通知，于 2024 年 9 月 26 日以现场和通讯表决相结合的方 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2024-081 江西赣锋锂业集团股份有限公司 关于共同投资设立南昌市新能源科技产业投资基金（有限合伙） 的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、本次对外投资概述 1、江西赣锋锂业集团股份有限公司（以下简称"公司"、"赣 锋锂业"）于2024年9月26日召开的第五届董事会第八十三次会议审 议通过了《关于共同投资设立南昌市新能源科技产业投资基金（有 限合伙）的议案》，同意公司以自有资金36,750万元人民币与五矿 金通股权投资基金管理有限公司（以下简称"五矿金通"）、井冈 山新世纪私募基金管理有限公司（以下简称"井冈山新世纪"）、 江西长业投资管理有限公司（以下简称"长业投资"）、五矿金鼎 投资有限公司（以下简称"五矿金鼎"）、南昌市现代产业引导基 金（有限合伙）（以下简称"南昌现代产业基金"）共同投资设立 南昌市新能源科技产业投资基金（有限合伙）（暂定名，最终以市 场监督管理部门登记名称为准，以下简称"南昌新能源基金"或 "合伙企业"）。授权经营层办理相关手续，并签署相关法律文 件。 5、注册 ...

Investment Rating - The report maintains an "Accumulate" rating for Ganfeng Lithium [2] Core Views - The decline in lithium prices has negatively impacted the company's profitability, with a shift from profit to loss in the first half of 2024, primarily due to falling lithium salt prices [2][4] - The company is making steady progress in expanding its production capacity in the lithium battery sector, which is expected to drive future growth [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 9.589 billion yuan, a year-on-year decrease of 47.16%, and a net profit attributable to shareholders of -760 million yuan, marking a shift from profit to loss [2][4] - The average price of battery-grade lithium carbonate in the first half of 2024 was 103,700 yuan per ton, a year-on-year decline of 68.44% [2] - The company's lithium battery business achieved a gross profit of 267 million yuan in the first half of 2024, down 66.33% year-on-year [2] Production Capacity and Expansion - The company has a lithium compound production capacity exceeding 200,000 tons per year, with plans to expand to over 600,000 tons by 2030 [4][5] - Ongoing projects include the Goulamina lithium spodumene project and the Cauchari-Olaroz salt lake project, which are expected to enhance the company's self-sufficiency in lithium raw materials [4][5] Market Outlook - The report anticipates continued pressure on lithium salt prices due to an oversupply in the market, with expectations of sustained price declines in the medium term [5] - The company's net profit forecasts for 2024-2026 are -770 million, 1.054 billion, and 1.938 billion yuan, respectively, reflecting adjustments based on expected price fluctuations [4][5]

Investment Rating - The report maintains a "Recommended" rating for the company [1][2] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 9.59 billion and a net loss of 760 million, reflecting a year-on-year decrease of 47.2% and 113.0% respectively [2] - The second quarter showed a slight improvement in profitability, with a net loss of 320 million, which is a reduction of 120 million from the previous quarter [2] - The company is expected to improve its profitability in the second half of the year as its own low-cost salt lake projects begin to ramp up production [2] Financial Forecast and Key Metrics - Revenue projections for 2023A, 2024E, 2025E, and 2026E are 32,972 million, 17,631 million, 18,376 million, and 22,797 million respectively, with growth rates of -21.2%, -46.5%, 4.2%, and 24.1% [1][6] - The net profit attributable to the parent company is forecasted to be 4,947 million, 142 million, 1,239 million, and 2,096 million for the same years, with growth rates of -75.9%, -97.1%, 774.1%, and 69.2% [1][6] - Earnings per share (EPS) are projected at 2.45, 0.07, 0.61, and 1.04 for the respective years, with corresponding PE ratios of 11, 371, 42, and 25 [1][6] - The company’s comprehensive gross margin improved significantly in Q2 2024, reaching 15.9%, up from 6.2% in Q1 2024 [2] Strategic Insights - The company is focusing on ramping up production from its own resources, with significant projects in Argentina and Mali expected to enhance its cost advantages [2] - The company aims to achieve a lithium product capacity of 300,000 tons by 2030 or earlier, with ongoing projects expected to contribute to this goal [2]

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q2 performance met expectations, with a steady increase in self-supply rate from the mining end [1] - H1 2024 revenue was 9.59 billion yuan, down 47.2% YoY, with a net loss of 760 million yuan, down 113% YoY [2] - Q2 2024 revenue was 4.53 billion yuan, down 48% YoY and 10.4% QoQ, with a net loss of 320 million yuan, down 109.3% YoY but up 26.8% QoQ [2] - The company's lithium salt shipments in Q2 increased slightly, with H1 shipments expected to exceed 60,000 tons, and full-year 2024 shipments projected to reach 120,000 tons, up 15% YoY [2] - The company is continuously expanding high-quality lithium resources, with a self-supply rate expected to reach around 50% in 2024 [3] - Q2 operating cash flow improved significantly, with H1 operating cash flow reaching 3.94 billion yuan, up 246.5% YoY [3] Financial Forecasts and Valuation - Revenue for 2024E is projected at 16.317 billion yuan, with a net loss of 623 million yuan, and EPS of -0.31 yuan per share [1] - Revenue for 2025E is projected at 17.512 billion yuan, with net profit of 1.234 billion yuan, and EPS of 0.61 yuan per share [1] - Revenue for 2026E is projected at 20.034 billion yuan, with net profit of 1.803 billion yuan, and EPS of 0.89 yuan per share [1] - The company's P/E ratio for 2024E is -84.07, for 2025E is 42.44, and for 2026E is 29.05 [1] Key Financial Metrics - H1 2024 gross margin was 15.9%, up 9.3 pct YoY and 9.8 pct QoQ [2] - H1 2024 operating expense ratio was 17.6%, up 10.4 pct YoY [3] - H1 2024 capital expenditure was 4.55 billion yuan, down 13.8% YoY [3] - Inventory at the end of Q2 2024 was 8.12 billion yuan, up 16.6% from Q1 [3] Lithium Resource Expansion - The Marion project produced 360,000 tons of concentrate in H1 2024, with sales of 340,000 tons, contributing 150 million yuan in investment income [3] - The Goulamina lithium project in Mali is expected to produce its first batch of spodumene products in 2024, with the company holding a 60% stake [3] - The Cauchari-Olaroz project in Argentina is expected to produce 20,000-25,000 tons of lithium carbonate in 2024, with the company holding a 47% stake [3] - The Mariana salt lake project in Argentina is expected to start trial production by the end of 2024 [3] Market Data - The company's total market capitalization is 55.129 billion yuan [5] - The company's latest closing price is 27.33 yuan, with a 52-week range of 25.34-49.65 yuan [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2024年9月2日 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01772 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 403,574,080 | RMB | | 1 RMB | | 403,574,080 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 403,574,080 | RMB | | 1 RMB | | 403,574,080 | 本月底法定/註冊股本總額： RMB 2,017,167,779 FF301 第 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][20] Core Views - The company reported a significant decline in revenue and net profit due to a sharp drop in lithium salt prices, with a year-on-year revenue decrease of 47.16% and a net profit loss of 7.60 billion yuan [2][4] - Despite the current challenges, the company is expected to benefit from its extensive lithium resource layout and is projected to see revenue growth in the coming years, with estimated revenues of 195.47 billion yuan in 2024, 238.00 billion yuan in 2025, and 302.86 billion yuan in 2026 [2][20] - The company has a robust lithium ecosystem and is actively expanding its lithium resource projects, with several key projects nearing completion and expected to contribute to production in the near future [12][13] Financial Forecasts and Indicators - Revenue forecasts for 2024-2026 are 195.47 billion yuan, 238.00 billion yuan, and 302.86 billion yuan, with year-on-year growth rates of -40.7%, 21.8%, and 27.3% respectively [20] - Net profit forecasts for the same period are 2.70 billion yuan, 19.17 billion yuan, and 28.64 billion yuan, with year-on-year growth rates of -94.6%, 611.3%, and 49.4% respectively [20] - The company’s earnings per share (EPS) are projected to be 0.13 yuan, 0.95 yuan, and 1.42 yuan for 2024, 2025, and 2026 respectively [20] Financial Data Summary - As of the first half of 2024, the company had a debt-to-asset ratio of 46.32%, with cash and cash equivalents of approximately 8.36 billion yuan, down 24.83% year-on-year [4][7] - The company’s total assets are projected to be 78.75 billion yuan in 2024, with total liabilities of 26.50 billion yuan [21] - The company’s operating cash flow for 2024 is expected to be 9.63 billion yuan, reflecting a significant recovery from previous years [21]

锂价下行业绩承压，一体化优势再巩固 赣锋锂业(002460) 金属，采矿，制品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 32.50 上次预测: 45.46 ——赣锋锂业 2024 年半年报业绩点评 本报告导读： 受锂行业周期下行影响，2024 年上半年锂价下行明显，公司业绩因此承压。上游资 源建设顺利，预计伴随投产将实现降本，持续布局下游项目，锁定一体化优势。 投资要点： 股 票 研 究 [table_Authors] 于嘉懿(分析师) 宁紫微(分析师) 021-38038404 021-38038438 yujiayi@gtjas.com ningziwei@gtjas.com [当前价格： Table_CurPrice] 27.33 登记编号 S0880522080001 S0880523080002 公 司 更 新 报 告 52 周内股价区间（元） 25.52-49.29 总市值（百万元） 55,129 总股本/流通A股（百万股） 2,017/1,209 流通 B 股/H 股（百万股） 0/404 ...