花旗：将 赣锋锂业 A股评级上调至买进；目标价85.51元人民币。 ...

Core Viewpoint - The Hong Kong stock market has seen a significant rise in the prices of non-ferrous metal stocks, indicating positive market sentiment in this sector [1] Group 1: Company Performance - Ganfeng Lithium (01772.HK) experienced a notable increase of 9.11% [1] - Tianqi Lithium (09696.HK) rose by 7.04% [1] - Shandong Gold (01787.HK) saw an increase of 2.87% [1] - Lingbao Gold (03330.HK) increased by 3.34% [1]

GanfengLithium ...

Performance - The company reported a revenue of 14.62 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 5% [1] - The net profit attributable to the parent company for the same period was 30 million yuan, up 104% year-on-year [1] - The gross margin stood at 13.5%, an increase of 3.1 percentage points year-on-year [1] - In Q3 2025, the revenue reached 6.25 billion yuan, with a quarter-on-quarter increase of 44.1% and a year-on-year increase of 35.7% [1] - The net profit attributable to the parent company in Q3 was 560 million yuan, showing a quarter-on-quarter increase of 364% and a year-on-year increase of 417% [1] - The non-recurring gains significantly contributed to the results, including a fair value change gain of financial assets of 589 million yuan and gains from the disposal of joint ventures [1] Capacity Expansion and R&D - The company plans to establish a lithium product supply capacity of no less than 600,000 tons of LCE annually by 2030, utilizing various methods including brine, ore, clay, and recycling [1] - The lithium salt project in Sichuan has completed debugging, and production capacity is gradually being released [1] - The Mali project in Argentina has transitioned to solid state, with new lithium battery and energy storage projects under construction in Chongqing and Dongguan [1] - The company is advancing solid-state battery technology development, achieving initial mass production of the first generation of solid-liquid hybrid batteries, with significant results in the second generation [1] - Key materials such as lithium sulfide and solid electrolytes are being developed to meet the demands for high energy density and safety [1] Investment Outlook - The company is expected to see a significant improvement in the lithium supply-demand landscape from 2026 to 2027, with projected net profits of 413 million yuan, 1.353 billion yuan, and 2.997 billion yuan for 2025, 2026, and 2027 respectively [2] - Corresponding price-to-earnings ratios are projected to be 337, 103, and 46 times for the same years [2] - The investment rating is maintained as "Buy" [2]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-132 江西赣锋锂业集团股份有限公司 因当前H股股价与赎回价格差异较大，投资者如未及时转股，可 能面临损失，敬请投资者注意投资风险。 特此公告。 截至本公告披露日，本次可转债剩余金额为1,238,000,000港元 （以下简称"余下可转债"），占本次可转债债券本金总金额的90.36%。 根据本次可转债发行条款及条件，由于H股证券交易所营业日连续30 天内任意20个H股证券交易所营业日（该等20个H股证券交易所营业 日的最后一日须在发出赎回通知日期前10天内）H股收市价，不低于 当时生效的转换价的130%，发行人可通过发出不少于30日但不超过 60日的通知，以100%的本金金额赎回所有余下可转债，并支付截至 2025年12月18日（即赎回日期）应计但未支付的利息。 余下债券的结算将于2025年12月18日进行，并在结算后注销余下 可转债。在完成余下可转债的赎回后，发行人将已赎回可转债的全部 本金总额，可转债亦将相应地被完全注销。可转债持有人如欲行使其 转换权，应于2025年12月8日香港时间下午3时前提交转换通知，转换 价格为每股33.67港元。截至 ...

Core Viewpoint - Ganfeng Lithium (01772.HK) announced the issuance of HKD 1.37 billion 1.50% convertible bonds maturing in 2026 under a general authorization [1] Group 1: Convertible Bonds - As of the announcement date, the total principal amount of unredeemed convertible bonds has decreased to HKD 1.238 billion, representing 90.36% of the original issued amount [1] - According to the terms and conditions of the convertible bonds, the issuer can redeem all remaining convertible bonds at 100% of the principal amount if the closing price of H-shares is not less than 130% of the effective conversion price for any 20 out of 30 consecutive trading days [1] - The company has issued a redemption notice for the convertible bonds on November 6, 2025, with the redemption date set for December 18, 2025, including any accrued but unpaid interest [1]

Core Viewpoint - Ganfeng Lithium (01772.HK) announced the issuance of HKD 1.37 billion 1.50% convertible bonds maturing in 2026 under a general authorization [1] Group 1: Convertible Bonds - As of the announcement date, the total principal amount of unredeemed convertible bonds has decreased to HKD 1.238 billion, representing 90.36% of the original issued amount [1] - According to the terms and conditions of the convertible bonds, the issuer can redeem all remaining convertible bonds at 100% of the principal amount if the closing price of H-shares is not less than 130% of the effective conversion price for any 20 trading days within a consecutive 30-day period [1] - The company has issued a redemption notice for the convertible bonds on November 6, 2025, with the redemption date set for December 18, 2025, including any accrued but unpaid interest [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 承董事會命 江西贛鋒鋰業集團股份有限公司 董事長 自願公告 根據贖回權利提前贖回二零二六年到期之 固定息率可換股債券之贖回通知 茲 提 述 江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司（「本公司」）日 期 為2025年8月26日 的公告及日期為2025年9月2日 的 公 告（「該等公告」），內 容 有 關 根 據 一 般 性授權同步建議發行於2026年到期的1,370,000,000港元1.50%可換股債券（「可 換股債券」）。除 非 另 有 定 義，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 截 止 本 公 告 日 期，餘 下 未 被 贖 回 的 可 換 股 債 券 之 本 金 總 額 已 減 少 至 1,238,000,000港 元（「餘下可換股債券」），佔 原 本 發 行 之 ...

Core Points - Ganfeng Lithium announced the redemption of HKD 1.37 billion convertible bonds issued on September 2, 2025, with HKD 1.238 billion remaining, accounting for 90.36% of the total principal amount [1] - The company will redeem the bonds at 100% of the principal amount due to the closing price of H-shares meeting the conditions, and will pay accrued unpaid interest until December 18 [1] - Holders wishing to exercise their conversion rights must submit a notice by 3 PM on December 8, with a conversion price set at HKD 33.67 [1] - If all bonds are converted, it would result in the issuance of approximately 36.7686 million H-shares, representing about 8.22% of the total issued H-shares and approximately 1.78% of the total issued shares [1]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported Q3 2025 results with revenue of 14.62 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 30 million yuan, up 104% year-on-year. The gross margin was 13.5%, an increase of 3.1 percentage points year-on-year. In Q3 2025, revenue reached 6.25 billion yuan, with a quarter-on-quarter increase of 44.1% and a year-on-year increase of 35.7%. The net profit attributable to shareholders was 560 million yuan, with a quarter-on-quarter increase of 364% and a year-on-year increase of 417%. The significant contribution came from non-recurring gains, including a fair value change gain of financial assets of 589 million yuan and gains from the disposal of LAC and other joint ventures [4][6]. Summary by Sections Performance - The company plans to achieve an annual lithium product supply capacity of no less than 600,000 tons of LCE by 2030, covering various paths including brine, ore, clay, and lithium recovery. The lithium salt project in Sichuan has completed debugging and is gradually releasing capacity. The Argentina Mali project has transitioned to solid state, and new lithium battery and energy storage projects in Chongqing and Dongguan are under construction. The company is also advancing solid-state battery technology development, achieving initial mass production of the first generation of solid-liquid hybrid batteries and significant results in the second generation [5][6]. Financial Forecast - Considering the significant improvement in the lithium supply-demand landscape from 2026 to 2027, the company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 413 million yuan, 1.353 billion yuan, and 2.997 billion yuan respectively, with corresponding P/E ratios of 337, 103, and 46 times [6][8].