江西赣锋锂业集团股份有限公司 关于调整商品套期保值业务的可行性分析报告 一、公司调整商品期货期权套期保值业务的背景 江西赣锋锂业集团股份有限公司（以下简称"公司"）在锂行 业深耕二十余年，有成熟且稳定的团队，可以对锂行业动态保持 时刻关注，敏锐地感知锂行业走势。近年来，锂盐产品、锂电池原 材料、锂原料等相关产品价格波动明显，为降低产品价格波动给公 司经营带来的不利影响，公司及控股子公司决定根据生产经营计划 择机开展商品期货期权套期保值业务，充分利用期货期权工具的避 险保值功能，提升公司整体抵御风险能力，保障公司生产经营持续 稳定。 二、开展商品期货期权套期保值业务的必要性和可行性 公司及控股子公司利用自有资金开展商品期货期权套期保值 业务。 四、开展商品期货期权套期保值业务的风险分析 公司与控股子公司开展商品期货期权套期保值业务将以正常 的生产经营为基础，与公司实际业务相匹配，主要目的是降低锂 盐产品、锂电池原材料、锂原料等相关产品价格波动对公司经营 带来的不利影响。公司在锂行业深耕二十余年，有成熟且稳定的 团队，可以对锂行业动态保持时刻关注，敏锐地感知锂行业走势。 公司制定了《期货及衍生品交易管理制度》，组 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2025-127 江西赣锋锂业集团股份有限公司 关于调整商品期货期权套期保值业务的公告 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，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： 交易目的：为应对和控制江西赣锋锂业集团股份有限公司（以 下简称"公司"）锂盐产品、锂电池原材料、锂原料等相关市场价格 波动给公司带来的经营风险和影响，公司拟利用金融工具的套期保值 功能，对生产经营业务相关的产品风险敞口择机开展商品期货期权套 期保值业务。公司及控股子公司开展商品期货期权套期保值业务的品 种仅限于与公司生产经营有直接关系的锂盐产品、锂电池原材料、锂 原料等。 交易品种调整：公司开展商品期货期权套期保值业务的品种仅 限于与公司生产经营有直接关系的境内外期货交易所或其他合法经 营机构挂牌交易的期货期权品种。 交易金额调整：公司及控股子公司开展商品期货期权套期保值 业务的交易保证金和权利金上限（包括为交易而提供的担保物价值、 预计占用的金融机构授信额度、为应急措施所预留的保证金等）由不 超过人民币 20,000 万元调整为不超过人民币 75,000 万元，且任 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥6,248,702,034.26, representing a 44.10% increase year-over-year[5] - Net profit attributable to shareholders was ¥556,759,283.72, a significant increase of 364.02% compared to the same period last year[5] - The basic earnings per share (EPS) increased to ¥0.28, reflecting a growth of 366.67% year-over-year[5] - Total operating revenue for the period reached ¥14,624,798,503.34, an increase of 5.02% compared to ¥13,925,192,758.32 in the previous period[20] - The company's net profit margin was impacted by increased financial expenses, which rose to ¥1,027,554,167.65 from ¥526,803,201.03, a 95.01% increase[20] - The company reported a net loss of ¥416,039,177.02, compared to a net loss of ¥1,032,090,204.23 in the previous period, showing an improvement[21] - Operating profit (loss) was recorded at -¥457,563,085.39, a significant reduction from -¥937,191,361.65 year-over-year[21] - Total comprehensive income amounted to -¥842,309,093.14, compared to -¥1,381,196,744.89 in the prior period, indicating a narrowing loss[21] - The company reported a basic and diluted earnings per share of ¥0.01, compared to -¥0.32 in the previous period, indicating a recovery in earnings[21] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥110,199,405,691.80, up 9.29% from the end of the previous year[5] - Total assets reached ¥110,199,405,691.80, representing a growth of 9.36% from ¥100,832,297,997.29[19] - Total liabilities increased to ¥63,462,895,741.82, up 19.14% from ¥53,244,401,050.02[19] - The company's equity attributable to shareholders decreased slightly to ¥41,621,833,381.30 from ¥41,782,387,599.11[19] Cash Flow - The company reported a net cash flow from operating activities of -¥429,098,746.00, a decline of 110.45% compared to the previous year[9] - Cash flow from operating activities generated a net outflow of -¥429,098,746.00, a decline from a net inflow of ¥4,105,916,332.03 in the previous year[22] - Cash flow from investing activities resulted in a net outflow of -¥2,988,389,936.60, compared to -¥7,368,119,731.24 in the prior period, reflecting reduced investment losses[22] - Cash flow from financing activities yielded a net inflow of ¥5,797,127,506.28, up from ¥966,469,098.54 year-over-year, indicating improved financing conditions[23] - The company received cash from borrowings totaling ¥19,496,620,050.83, an increase from ¥12,135,029,700.28 in the previous period[23] - The ending cash and cash equivalents balance was ¥8,017,571,926.13, compared to ¥6,945,994,348.65 at the end of the previous period, showing an increase[23] - The company's cash and cash equivalents increased to ¥8,205,231,003.50 from ¥5,944,109,610.27, reflecting a growth of 38.51%[17] Shareholder Information - Total number of common shareholders at the end of the reporting period was 372,468, including 372,428 A-share shareholders and 40 H-share shareholders[11] - The largest shareholder, HKSCC NOMINEES LIMITED, holds 21.56% of shares, totaling 443,526,046 shares[12] - Li Liangbin, a major shareholder, owns 18.41% of shares, amounting to 378,637,819 shares, with 94,770,000 shares pledged[12] Investments and Future Plans - The company plans to provide financial support of up to $130 million to LAR, secured by LAR's shares in the integrated Millennial company[14] - The company intends to issue convertible bonds totaling HKD 1,370 million and allocate 40,025,600 new H shares at a price of HKD 29.28 per share[14] - The company approved a capital increase for its subsidiary, Ganfeng Lithium, with a total investment not exceeding RMB 2.5 billion[15] - The company holds a 14.89% stake in the PPG lithium salt lake project, which will be integrated with LAR's projects[13] - The company completed the issuance of convertible bonds on September 2, 2025, totaling HKD 1,370 million[14] - The company is focused on enhancing its lithium ecosystem through upstream and downstream integration strategies[15] Operational Metrics - The company experienced a 445.12% increase in contract liabilities, reaching ¥950,055,656.52, primarily due to an increase in advance payments received[8] - Financial expenses surged by 95.05% to ¥1,027,554,167.65, mainly due to increased interest expenses and foreign exchange losses[9] - The company reported a significant increase in research and development expenses, totaling ¥729,018,200.96, compared to ¥684,977,174.12 in the previous period, reflecting a focus on innovation[20] - Total operating costs amounted to ¥15,627,903,268.82, up 6.31% from ¥14,698,265,770.07 in the prior period[20] - Accounts receivable rose to ¥4,814,417,677.67, a significant increase of 21.36% from ¥3,967,481,271.47[17] - Inventory levels increased to ¥10,623,446,592.93, up 23.29% from ¥8,613,142,724.73[17] Related Party Transactions - The company has not disclosed any related party relationships among the top ten shareholders[13]

Core Viewpoint - Recently, two companies, Shenzhen Taiji Energy Technology Co., Ltd. and Shenzhen Hengdong Carbon Fiber Energy Technology Co., Ltd., were established, both led by Shi Lei and focusing on emerging energy technologies and manufacturing related equipment [1] Group 1: Company Overview - Both companies are involved in the research and development of emerging energy technologies, manufacturing of new energy driving equipment, and sales of photovoltaic equipment and components [1] - Both companies are wholly owned subsidiaries of Ganfeng Lithium Co., Ltd. through Shenzhen Yichu Energy Technology Co., Ltd. [1]

Core Viewpoint - JPMorgan has reduced its stake in Ganfeng Lithium (01772) by selling 858,545 shares at an average price of HKD 43.2206 per share, totaling approximately HKD 37.1068 million, resulting in a new holding of about 34.8634 million shares, representing 7.85% of the company [1] Summary by Category - **Share Reduction Details** - JPMorgan sold 858,545 shares of Ganfeng Lithium [1] - The average selling price was HKD 43.2206 per share [1] - The total amount from the sale was approximately HKD 37.1068 million [1] - **Post-Transaction Holdings** - After the reduction, JPMorgan's remaining shares in Ganfeng Lithium are approximately 34.8634 million [1] - The new holding percentage is 7.85% [1]

Group 1 - JPMorgan reduced its stake in Ganfeng Lithium (002460)(01772) by 858,545 shares at an average price of HKD 43.2206 per share, totaling approximately HKD 37.1068 million [1] - After the reduction, JPMorgan's latest holding is approximately 34,863,400 shares, representing a holding percentage of 7.85% [1]

Core Viewpoint - Ganfeng Lithium (002460) announced a partial share reduction plan by senior management, specifically Vice President Fu Lihua, who intends to sell shares to repay equity incentive loans [1][2]. Summary by Sections Management Share Reduction - Vice President Fu Lihua holds 215,050 A-shares, representing 0.01% of the total share capital, with 53,762 shares being unrestricted [1]. - Fu plans to reduce his holdings by up to 40,000 shares (0.002% of total share capital) through centralized bidding within three months after the announcement, specifically from November 14, 2025, to February 13, 2026 [1]. Purpose of Reduction - The reason for the share reduction is to repay loans related to equity incentives, with the shares being sourced from the company's equity incentive grants [2]. Pricing and Compliance - The reduction price will be determined based on market conditions [3]. - Fu Lihua has committed to strictly adhere to relevant reduction regulations and has not engaged in any violations [4]. Impact on Company Structure - This share reduction will not affect the company's control or governance structure, and there have been no significant changes to the company's fundamentals [4]. - The company will continue to disclose updates on the share reduction process [4].

Group 1 - Ganfeng Lithium's stock increased by 5.08%, reaching 63.87 CNY per share, with a trading volume of 5.743 billion CNY and a turnover rate of 7.68%, resulting in a total market capitalization of 131.393 billion CNY [1] - Ganfeng Lithium, established on March 2, 2000, and listed on August 10, 2010, is primarily engaged in the research, development, production, and sales of various lithium products. The revenue composition includes lithium series products (56.78%), lithium battery series products (35.52%), and others (7.70%) [1] Group 2 - One fund under Dongcai Fund has Ganfeng Lithium as a top holding. The New Energy Vehicle Leader ETF (159637) reduced its holdings by 22,000 shares in the second quarter, now holding 726,200 shares, which accounts for 3.01% of the fund's net value, ranking as the eighth largest holding [2] - The New Energy Vehicle Leader ETF (159637) was established on August 19, 2022, with a current size of 814 million CNY. It has achieved a year-to-date return of 47.85%, ranking 501 out of 4,218 in its category, and a one-year return of 48.38%, ranking 427 out of 3,875. Since inception, it has incurred a loss of 12.99% [2]

Core Viewpoint - Lithium stocks experienced a significant afternoon rally, with notable increases in share prices for key companies in the sector [1] Company Performance - Ganfeng Lithium (01772.HK) saw a rise of 4.8%, reaching a price of 44.56 HKD [1] - Tianqi Lithium (09696.HK) increased by 3.17%, with shares priced at 43.66 HKD [1]

Core Viewpoint - Lithium stocks experienced a significant afternoon rally, driven by rising lithium carbonate futures and strong demand in both the electric vehicle and energy storage markets [1] Industry Summary - As of October 23, lithium carbonate futures saw an increase of over 3%, currently priced at 79,400 yuan/ton [1] - Supply-side developments include new production lines coming online for both spodumene and salt lake lithium, indicating potential growth in total lithium carbonate production for October [1] - The demand side is characterized by rapid growth in both commercial and passenger electric vehicles, alongside a robust energy storage market [1] Company Summary - Ganfeng Lithium (01772) shares rose by 4.8%, reaching 44.56 HKD, while Tianqi Lithium (09696) shares increased by 3.17%, priced at 43.66 HKD [1] - Recent futures market rebounds are attributed to news-driven fluctuations and consumer support, with total inventory decreasing and warehouse receipts being canceled [1] - Current market conditions show a favorable short-term supply-demand balance, with ongoing inventory reduction providing support for price stability [1]