Core Viewpoint - Lithium stocks continue to decline, with specific companies experiencing notable drops in share prices [1] Company Summary - Ganfeng Lithium (002460) (01772.HK) has seen a decrease of 3.79%, trading at 45.7 HKD [1] - Tianqi Lithium (002466) (09696.HK) has dropped by 2.03%, with shares priced at 43.5 HKD [1]

Group 1 - Lithium stocks continued to decline, with Ganfeng Lithium down 3.79% at HKD 45.7 and Tianqi Lithium down 2.03% at HKD 43.5 [1] - The recent significant drop in lithium carbonate futures was influenced by supply-side news, with the main contract falling over 4% on November 4, currently priced at CNY 78,520 per ton [1] - There are reports of a key breakthrough in the resumption approval of the Jiangxi lithium mines by CATL, but the final confirmation of the resumption status is still pending [1] Group 2 - Current supply and demand are both strong, but the repeated news of Jiangxi lithium mine resumption has led to high lithium carbonate production, which is increasing cautious sentiment among downstream consumers [1] - There is a potential turning point in demand for power, and if demand weakness is confirmed, there may be further price corrections expected in lithium prices [1]

Core Viewpoint - The company has partially produced potassium fertilizer from its salt lake lithium projects, but the potassium fertilizer business currently contributes a small proportion to its overall performance [2] Group 1 - Investors inquired why the company does not fully develop potassium fertilizer alongside lithium from its salt lake projects, given the significant domestic potassium fertilizer shortage and the economic benefits of producing it [2] - The company confirmed that it has already produced some potassium fertilizer products from its salt lake projects [2]

证券日报网讯赣锋锂业（002460）11月4日在互动平台回答投资者提问时表示，截至2025年10月31日， 公司A股股东人数为393，567户。 ...

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: 2025年10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: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002460 | 說明 | A股 (深圳證券交易所) | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,61 ...

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 | 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 | | | 443,599,680 | RMB | | 1 RMB | | 443,599,680 | | 增加 / 減少 (-) | | | 2,732,401 | | | RMB | | 2,732,401 | | 本月底結存 | | | 446,332,081 | RMB | | 1 RMB | | 446,332,081 | 本月底法定/註冊股本總額： RMB 2,059,925,780 截至月份: 2025年10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: 2 ...

Core Viewpoint - Ganfeng Lithium has turned a profit in the first three quarters of 2025, primarily due to non-recurring gains, despite facing significant financial pressure and declining operating cash flow [1][4][10] Financial Performance - In the first three quarters of 2025, Ganfeng Lithium reported revenue of approximately 146 billion yuan, a year-on-year increase of about 5% [1][4] - The net profit attributable to shareholders was 25.52 million yuan, a significant turnaround from a loss of 640 million yuan in the same period last year, representing a year-on-year increase of 103.99% [4][10] - Non-recurring gains contributed nearly 1 billion yuan to the profit, mainly from the disposal of energy storage stations and joint ventures, as well as investment income [1][5] Cash Flow and Financial Health - The company's operating cash flow was -426 million yuan, a drastic decline from 4.106 billion yuan in the previous year, indicating a decrease of 110.45% [8][9] - As of September 30, 2025, Ganfeng Lithium's debt-to-asset ratio was 57.59%, up from 52.80% at the beginning of the year [9] - Financial expenses reached 1.028 billion yuan, nearly doubling compared to the previous year [7][9] Research and Development - Despite financial pressures, Ganfeng Lithium maintained its focus on research and development, with R&D expenditures amounting to 729 million yuan, a year-on-year increase of 6.42% [2][10] Market Performance - Over the past four months, Ganfeng Lithium's A-share price has doubled, rising from 33.41 yuan per share on July 1 to a peak of 75 yuan on October 31 [3][10]

Summary of Ganfeng Lithium's Conference Call Industry Overview - Ganfeng Lithium operates in the lithium industry, focusing on lithium mining, lithium salts, and energy storage solutions. The company has seen significant improvements in its downstream business, which accounts for nearly 50% of its operations, particularly in energy storage and battery sectors [2][3]. Key Points and Arguments - **Lithium Price Trends**: In Q3 2025, lithium carbonate prices fluctuated around 80,000 CNY per ton, with a notable increase from 70,000 CNY earlier in the quarter. The price stabilization is attributed to strong demand in energy storage and significant inventory depletion [2][4]. - **Supply and Demand Outlook for 2026**: The supply growth is expected to slow to around 10%, while energy storage demand is anticipated to exceed expectations. Emerging sectors like low-altitude aircraft and robotics are expected to contribute to new demand, leading to a tight market where equilibrium prices may need to exceed 80,000 CNY to stimulate sufficient supply [2][6]. - **Production Capacity Plans**: Ganfeng Lithium aims to reach a production capacity of 230,000 tons by 2026, becoming one of China's largest producers. This increase will primarily come from projects like the Ant Project, CO Arc Project, and Mariana Salt Lake Project, with self-produced lithium carbonate expected to account for about 60% of total output [2][11][12]. - **Self-owned Mining Projects**: The company is confident in its self-owned mining projects, particularly the PPT Salt Lake Project in collaboration with LAR, which is planned to have a capacity of 150,000 tons. Successful financing will significantly enhance lithium carbonate output and self-sufficiency [2][7][10]. - **Vertical Integration Strategy**: Ganfeng Lithium's strategy includes a comprehensive vertical integration from upstream resources to energy storage systems, enhancing its resilience against market fluctuations. The focus is on project quality rather than quantity, which strengthens its competitive position [2][8][9]. Additional Important Insights - **Solid-State Battery Development**: The company has developed a product range for solid-state batteries with energy densities between 320-550 Wh/kg, targeting applications in drones, robots, and passenger vehicles. Ongoing exploration for higher performance and broader applications is a priority [4][16]. - **Energy Storage Business Demand**: The energy storage segment is experiencing high demand, with full capacity utilization expected to continue into the next year. The company plans to increase production to 40-50 GWh, supported by a strong order backlog [4][15]. - **Impact of Geopolitical Situations**: The situation in Mali is stable but poses risks due to potential terrorist threats. However, Ganfeng Lithium's operations are proceeding as planned without expansion, ensuring progress remains on track [2][14]. - **Financial Performance**: The company reported a minority interest loss of 190-200 million CNY due to losses from subsidiaries during ramp-up phases, particularly in Argentina. The fair value changes and non-operating gains were influenced by stock fluctuations and hedging operations [2][22][23]. This summary encapsulates the critical insights from Ganfeng Lithium's conference call, highlighting the company's strategic direction, market conditions, and operational performance.

Core Viewpoint - Ganfeng Lithium (01772) announced that shareholder Li Liangbin has released the pledge on part of his shares, specifically 4.6 million shares [1] Summary by Category - **Company Actions** - Ganfeng Lithium received a notification regarding the release of the pledge on 4.6 million shares held by shareholder Li Liangbin [1]

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 刊 發。 根據中華人民共和國的有關法例規定，江西贛鋒鋰業集團股份有限公司（「本 公 司」）在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn/）刊 發 了 以 下 公 告。茲 載 列 如 下，僅 供 參 閱。 承董事會命 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 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 江西贛鋒鋰業集團股份有限公司 董事長 李良彬 中 國‧江 西 二 零 二 五 年 十 一 月 三 日 於 本公告日 期，董事會成員包括本公司執行董事李良彬先 生、王曉申先 生、沈海博先 生、黃婷女士及李承霖先 生；本公司非執行董事羅榮女 士； 本公司獨立非執行董事王金本先 生、黃浩鈞先 生、徐一新女士及徐光華 先 生；以及本公司職工董事廖萃女 士。 ...