Business Overview - Ganfeng Lithium is a leading lithium ecological enterprise with over 40 lithium compounds and lithium metal products, providing a comprehensive product offering to meet diverse customer needs [3]. - The company has established a vertically integrated business model covering upstream lithium resource development, midstream lithium compounds processing, and downstream lithium battery production, enhancing operational efficiency and profitability [3]. - Ganfeng Lithium has secured high-quality lithium resources globally, including Australia, Argentina, Ireland, and China, with long-term procurement agreements in place for most resources [6]. - The lithium compounds segment includes battery-grade lithium hydroxide and lithium carbonate, widely used in electric vehicles and portable electronics, serving global leaders in battery manufacturing [6]. - Ganfeng Lithium ranks first globally in lithium metal production capacity, producing various forms of lithium metals for battery anodes and pharmaceutical applications [6]. - The company is actively advancing the research and development of solid-state lithium batteries, aiming for commercial application [6]. - Ganfeng Lithium's lithium battery recycling business addresses the growing demand for decommissioned battery treatment, providing sustainable solutions for battery manufacturers and electric vehicle producers [6]. Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 32,812,017 thousand, representing a decrease of 20.7% compared to the previous year [16]. - Gross profit for the same period was RMB 4,608,922 thousand, reflecting a decline of 77.4% year-over-year [16]. - Profit attributable to owners of the parent was RMB 4,982,547 thousand, down 75.7% from the prior year [16]. - Earnings per share decreased to RMB 2.47, a drop of 75.7% compared to the previous year [16]. - The Group's revenue decreased from RMB 41,370,654 thousand in 2022 to RMB 32,812,017 thousand in 2023, representing a decrease rate of 20.7% [62]. - Gross profit decreased from RMB 20,364,474 thousand to RMB 4,608,922 thousand, representing a decrease rate of 77.4% [62]. - Profit attributable to the owners of the parent decreased by RMB 15,521,368 thousand or 75.7% to RMB 4,982,547 thousand compared to RMB 20,503,915 thousand in 2022 [103]. Market Trends and Demand - The global supply of lithium resources is expected to reach 988,000 tons of LCE in 2023, representing a year-on-year increase of 30.5% [27]. - In 2024, the global supply of lithium resources is projected to increase to 1,314,000 tons of LCE, a year-on-year growth of 33% [27]. - The company reported a year-over-year growth rate of 150% in global energy storage battery shipments [57]. - The cumulative output of motive power batteries and energy storage batteries in China was 778.1 GWh in 2023, representing a year-on-year increase of 42.5% [40]. - The global sales volume of new energy vehicles is expected to increase by 30% in 2023, reaching 15.10 million units [41]. - The demand for energy storage applications is expected to account for 57% of the total energy storage demand in 2023 [58]. Production and Capacity Expansion - The company expanded its production capacity through technical transformation of existing production lines and the establishment of new production lines to meet growing market demand for lithium products [62]. - The annual production capacity expansion project of butyl lithium with 2,000 tons at the 10,000-ton Lithium Salt Plant has been completed [63]. - The lithium hydroxide project with an annual production capacity of 25,000 tons in Fengcheng Ganfeng Phase I has been completed [63]. - The Mount Marion project has completed the expansion construction of 900,000 tons/year spodumene concentrate production capacity, which is currently being gradually released [68]. - The company plans to achieve a total lithium product supply capacity of over 600,000 tons of LCE per year by 2030, including lithium extracted from ore, brine, clay, and recycled batteries [89]. Research and Development - The company continues to invest in research and development for new lithium products and applications [8]. - The company is actively engaged in the research and development of solid-state battery technology, achieving significant technical advancements in high-safety and high-specific energy batteries [90]. - The company is focusing on innovative applications of decommissioned power batteries in energy storage and low-speed electric vehicles [60]. - The company is developing solid electrolytes and anodes for solid-state lithium batteries as part of its R&D efforts [98]. Sustainability and ESG Commitment - The company is committed to sustainable development practices in its operations [11]. - The company aims to strengthen its capabilities in sustainable development, emphasizing ESG as a key differentiator in the market [24]. - The company is committed to integrating ESG practices into its operations to create both environmental and economic benefits [25]. - The company is committed to resource protection and reducing carbon emissions to achieve sustainable growth [100]. Strategic Initiatives - The company is focusing on expanding its market presence and developing new technologies in lithium production [8]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the lithium industry [8]. - The company aims to improve operational efficiency and reduce costs in response to market challenges [8]. - The company plans to hold its annual general meeting on June 25, 2024 [7]. Shareholder and Employee Incentives - The total number of share options granted under the 2021 Share Option Incentive Scheme was adjusted from 15.794 million to 15.754 million, with the number of participants reduced from 407 to 404 [150]. - The exercise price of the share options is set at RMB 96.28 per A Share, allowing participants to purchase shares upon fulfillment of exercise conditions [154]. - The ESOP aims to enhance corporate governance and employee cohesion while ensuring the achievement of the company's strategic objectives [190]. - The vesting schedule for the RSUs includes four vesting periods, each accounting for 25% of the total grant [176].

智通财经APP获悉，锂电股集体走低，截至发稿，赣锋锂业(01772)跌4.77%，报21.95港元；中创新航 (03931)跌2.68%，报13.06港元；天齐锂业(09696)跌2.62%，报35.35港元。 消息面上，4月17日雅保举行了约100吨电池级碳酸锂的售卖招标，最终结果为10.7万元/吨，较4月2日 招标价11.18万元/吨，跌幅4.3%。大越期货指出，近期盐湖大厂高价出货、库存低位及海外拍卖价格回 升，同时国内云母价格有所回升，电工价差收窄，雅宝最新锂矿拍卖折价将对现货形成一定压力。 新湖期货指出，随着智利碳酸锂逐渐到港及江西锂盐厂逐渐复产，锂盐端供应仍偏宽松。长期来看碳酸 锂全年供需严重过剩格局未能改变，但短期来看，存有供需节奏错配机会，供需双侧仍存一定发酵空 间，叠加短期现货流动性偏紧对锂价有一定支撑，预计短期锂价下行空间有限，但考虑到中长期市场悲 观共识，反弹高度存有一定限制。 ...

股票代码：002460 股票简称：赣锋锂业 持续增长。因此，作为锂行业的龙头企业，赣锋锂业将 持续进行锂业务以及锂电池的深入布局。固态电池一直 | 是公司锂电板块的发展重点之一，公司将继续坚定固态 | | --- | | 电池的布局战略。 | | 5、问：固态电池有没有规模量产 | | 答：投资人您好，目前赣锋锂电已经建成了年产 2GWh 的 | | 第一代固液混合电池规模化生产线，已经初步形成了规 | | 模化生产的能力。 | | 6、问：公司重庆的半固态电池工厂已经交付 pack 有一 | | 段时间，装车进度如何？ | | 答：投资人您好，公司一直致力于固态电池 pack 技术的 | | 开发。赣锋锂电已于 2023 年发布了超级半固态"新锋" | | 电池，新锋电池具有高安全、高性能、高效率的特点， | | 覆盖各级别纯电车型。在安全性方面，采用六维热失控 | | 阻断技术，智慧 BMS 远程故障预判；独创软包电芯定向 | | 排气技术，可以实现 pack 定向排气；电芯采用高稳定柔 | | 性固体电解质隔膜，安全性能优异。在性能方面，固体 | | 电解质低温电导率变化小，可以扩展电池使用温度低温 | ...

| 投资者关系 | □特定对象调研 □分析师会议 □现场参观 | | | | --- | --- | --- | --- | | 活动类别 | □媒体采访 ■业绩说明会 □路演活动 | | | | | □新闻发布会 □其他 （请文字说明其他活动内容） | | | | 参与单位名称 | 参会人员名单见附件 | | | | 及人员姓名 | | | | | 时间 | 2024 年 3 月 29 日 | | | | 地点 | 电话会议 | | | | 上市公司接待 | 董事长李良彬先生 | | | | 人员姓名 | 董事会秘书任宇尘先生 | | | | | 1、公司 2023 年年度经营情况介绍。 | | | | | 公司 2023 年营业收入 329.72 亿元，同比下降 | 21.16%； | | | | 归属于上市公司股东的净利润 亿元，同比下降 49.47 | | | | | 75.87%。 | | | | | 在锂化工方面：万吨锂盐工厂的年产 2,000 | 吨丁基锂扩 | | | | 产项目已完成，万吨锂盐工厂和新余赣锋工厂对产品及产能 | | | | | 进行优化细分和整合；丰城赣锋一期年产 2.5 | ...

Investment Rating - Maintain "Buy" rating [2] Core Views - Lithium prices have declined, lagging behind lithium salt prices, leading to higher costs for externally sourced lithium ore and lower lithium salt product prices, which have dragged down performance [2] - The company is continuously improving the self-sufficiency rate of upstream raw materials and advancing the construction of a fully integrated industrial chain [2] Financial Performance - 2023 revenue: 32.972 billion CNY (down 21.16% YoY) [2] - 2023 net profit attributable to shareholders: 4.947 billion CNY (down 75.87% YoY) [2] - 2024-2025 EPS forecast adjusted to 1.61/2.14 CNY (previously 3.61/4.13 CNY) [2] - 2026 EPS forecast: 3.21 CNY [2] - 2024 PE valuation: 29x, target price maintained at 46.80 CNY [2] Operational Highlights - Lithium salt product production/sales/inventory: 104,300/101,800/7,200 tons LCE, up 7.25%/4.57%/50.76% YoY [2] - Power and energy storage battery production/sales/inventory: 10.62/8.20/3.29 MWh, up 56.46%/20.38%/278.08% YoY [2] - Lithium salt product gross margin: 12.53% (down 43.58 pct YoY) [2] - Lithium battery product gross margin: 17.96% (up 0.11 pct YoY) [2] Strategic Developments - Subscribed to at least 14.8% of the shares of Argentina's salt lake lithium mining company PGCO [2] - Increased lithium spodumene supply from Australian miner Pilbara from 160,000 tons to 260,000-310,000 tons annually for the next 3 years [2] - Increased equity stake in Mali Lithium's Goulamina project to 55% through subsidiary Ganfeng International [2] - Signed a long-term supply agreement with Hyundai Motor [2] - Invested in the construction of a 5GWh lithium battery production project in Nanchang [2] - Partnered with Hohhot government to build a 20GWh lithium battery project [2] - Established Jiangxi Ganfeng Environmental Protection Company to promote the recycling of lithium smelting slag [2] Related Reports - Lithium prices continue to decline, putting pressure on performance (2024.01.31) [3] - Increased investment in Mali lithium mine to strengthen upstream layout (2024.01.19) [3] - Correction in mining price model, profit improvement imminent (2023.11.01) [3] - Expanding upstream and downstream, further integration efforts (2023.08.31) [3] - Steady progress in resource layout, long-term growth potential (2023.01.30) [3]

证券代码：002460 证券简称：赣锋锂业 编号：临2024-029 江西赣锋锂业集团股份有限公司 关于控股子公司对外提供财务资助的公告 统一社会信用代码：91370000673166099B 江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开的第五届董事会第七十六次会议审议通过了《关于控 股子公司对外提供财务资助的议案》，同意公司全资子公司青海良承 矿业有限公司控股子公司深圳中航资源有限公司（以下简称"深圳中 航"）向子公司深圳鲁源矿业投资有限公司（以下简称"深圳鲁源"） 按照出资比例提供不超过人民币 35,000 万元的财务资助，财务资助 期限为 3 年，年利率为 4.99%，主要用于深圳鲁源旗下非洲刚果（布） 布谷马西钾盐矿项目工程建设和日常运营。授权公司经营层在本议案 额度内代表公司办理相关手续，并签署相关法律文件。 本次财务资助会使公司产生一定的现金流出，但不会影响公司的 正常经营和资金使用。本次财务资助不属于《深圳证券交易所股票上 市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》规定的不得提供财务资助的情形。 本次交易不构成关 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2024-028 江西赣锋锂业集团股份有限公司 第五届董事会第七十六次会议决议公告 临 2024-029 赣锋锂业关于控股子公司对外提供财务资助的公告 刊登于同日的《证券时报》和巨潮资讯网 http://www.cninfo.com.cn。 特此公告。 江西赣锋锂业集团股份有限公司 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。 江西赣锋锂业集团股份有限公司（以下简称"公司"）第五届董事 会第七十六次会议于 2024 年 4 月 8 日以电话或电子邮件的形式发出 会议通知，于 2024 年 4 月 11 日以现场和通讯表决相结合的方式举 行。会议应出席董事 10 人，实际出席董事 10 人，会议由董事长李良 彬先生主持，会议符合《公司法》及《公司章程》的规定。会议审议 了所有议案，一致通过以下决议： 一、会议以 10 票赞成，0 票反对，0 票弃权，审议通过了《关 于控股子公司对外提供财务资助的议案》。 本次提供财务资助系公司通过控股子公司深圳中航资源有限公 司对深圳鲁源矿业投资有限公司提供财务资助，深圳鲁源矿业 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][6][26] Core Insights - The company's performance in 2023 was significantly impacted by declining lithium prices, leading to a 21% year-over-year decrease in revenue to 32.97 billion yuan and a 76% drop in net profit to 4.95 billion yuan [3][9][11] - The lithium segment's revenue fell by 29.25% to 24.47 billion yuan, with a notable reduction in gross margin from 56% to 13% [4][11][12] - The company is expected to enter a growth phase in 2024 as several resource projects are set to ramp up production, potentially increasing self-sufficiency in lithium resources from 30% to over 60% by 2025 [6][17][26] Financial Performance Summary - **Revenue and Profitability**: - 2023 revenue: 32.97 billion yuan, down 21% year-over-year - 2023 net profit: 4.95 billion yuan, down 76% year-over-year - Q4 2023 revenue: 7.29 billion yuan, down 48.7% year-over-year [3][9][10] - **Lithium Segment**: - 2023 lithium salt production: 104,300 tons, up 7.25% year-over-year - 2023 average price of battery-grade lithium carbonate: 257,000 yuan/ton, down 46.98% year-over-year [4][11] - **Battery Segment**: - 2023 battery segment revenue: 7.71 billion yuan, up 18.99% year-over-year - 2023 gross profit: 1.38 billion yuan, with a gross margin of 17.96% [5][11][23] Resource and Production Outlook - The company controls a total lithium resource of 79.59 million tons LCE, with an equity resource of 48.14 million tons LCE, leading in domestic resource control [6][17][26] - Planned production capacity includes 300,000 tons LCE by 2025 and 600,000 tons LCE by 2030, with several projects expected to commence production in 2024 [6][17][26] Price and Market Trends - Lithium prices have significantly decreased, with battery-grade lithium carbonate prices dropping from 500,000 yuan/ton to around 100,000 yuan/ton, indicating a potential market bottom [24][26] - The report suggests that the industry is experiencing supply adjustments as prices fall below marginal costs, with some companies reducing production [24][26]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 50.2 CNY per share, maintaining the rating [1][13]. Core Views - The report highlights a significant increase in Q2 net profit, indicating that the company's integrated layout may help it navigate through cycles [1]. - The company experienced a substantial decline in revenue and net profit for 2023, with total revenue at 32,971.7 million CNY, down 21.16% year-on-year, and a net profit of 4,946.8 million CNY, down 75.87% year-on-year [2]. - The lithium product segment remains the primary revenue contributor, but its revenue decreased by 29.25% year-on-year, while the battery business showed growth of 18.98% [3]. - The company has a leading global position in lithium resource ownership, with a total of 48.04 million tons of lithium carbonate equivalent (LCE) [4]. - The battery business is steadily developing, with advancements in solid-state battery technology and multiple ongoing projects [12]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 32,971.7 million CNY, a decrease of 21.16% year-on-year, and a net profit of 4,946.8 million CNY, down 75.87% year-on-year [2][16]. - The lithium product segment generated 24,465 million CNY in revenue, accounting for 74.20% of total revenue, with a gross margin of 12.53% [3]. - The battery business generated 7,707 million CNY in revenue, representing 23.38% of total revenue, with a gross margin of 17.96% [3]. Resource and Production Capacity - The company has a total lithium resource ownership of 48.04 million tons LCE, with ongoing projects in various lithium resource types [4]. - Key projects include the expansion of Mt Marion and Cauchari-Olaroz, which are expected to enhance lithium concentrate supply [4]. Future Projections - Revenue projections for 2024-2026 are estimated at 291.33 billion CNY, 359.39 billion CNY, and 422.85 billion CNY, respectively, with net profits expected to be 40.47 billion CNY, 49.69 billion CNY, and 61.04 billion CNY [13][16]. - The report anticipates a gradual recovery in profitability, with EPS projected to increase from 2.01 CNY in 2024 to 3.03 CNY in 2026 [13][15].

证券代码：002460 证券简称：赣锋锂业 编号：临2024-026 江西赣锋锂业集团股份有限公司 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不会涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、现场会议召开时间：2024年4月9日14:00 网络投票时间：公司 A 股股东通过深圳证券交易所交易系统进 行网络投票的具体时间为 2024 年 4 月 9 日上午 9:15—9:25，9:30— 11:30，下午 13:00—15:00；通过深圳证券交易所互联网投票系统投票 的具体时间 2024年 4月 9日上午 9:15至 2024年 4月 9日下午 15:00。 2、会议地点：江西省新余市经济开发区龙腾路公司总部研发大 楼四楼会议室 3、会议的召开方式：现场表决与网络投票相结合的方式 4、会议的召集人：公司董事会 2024 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 5、会议主持人：公司副董事长王晓申先生 6、会议召开的合法、合规性：本次临时股东大会的召集、召开 程序符合有关法律、行政法规、部门规章、 ...