Core Viewpoint - The report from Haitong International indicates that Ganfeng Lithium (01772) maintains a strong industry position, with multiple business developments progressing simultaneously, and assigns a target price of HKD 40.36 based on a 1.8x PB for 2025, rating it as outperforming the market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 8.258 billion, a year-on-year decrease of 13.82%, and a net profit of -CNY 536 million, which is a reduction in losses by CNY 223 million [2] - The comprehensive gross margin was 10.78%, down by 0.38 percentage points year-on-year; net profits for Q1 and Q2 were -CNY 356 million and -CNY 180 million respectively, with Q2 losses decreasing by CNY 175 million quarter-on-quarter [2] Group 2: Market Dynamics - The price of battery-grade lithium carbonate hit a low of CNY 60,000 per ton by the end of June 2025, contributing to the company's weak profitability; however, prices rebounded to CNY 86,000 per ton in August and were CNY 72,500 per ton in September [3] - The report suggests that the current lithium carbonate prices have passed the low point, with demand expected to expand due to steady growth in the electric vehicle sector and ongoing energy storage developments [3] Group 3: Project Development - The Goulamina lithium spodumene project in Mali has officially commenced production, and the company is accelerating the ramp-up of this project's capacity [4] - The Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up phase, with a designed capacity of 40,000 tons/year for lithium carbonate; the Mariana project also commenced production in early 2025, with a designed capacity of 20,000 tons/year for lithium hydroxide [4] Group 4: Product Development - The company has developed a comprehensive range of products across five categories, including solid-state batteries, power batteries, consumer batteries, polymer lithium batteries, and energy storage batteries [5] - The company possesses a complete integrated layout for solid-state batteries and has commercial capabilities, with research and production capabilities in key areas such as sulfide electrolytes, oxide electrolytes, metallic lithium anodes, battery cells, and battery systems [5]

Investment Rating - The report maintains an "OUTPERFORM" rating for Ganfeng Lithium Group [2]. Core Views - The report highlights a rebound in industrial chain prices from the bottom, with new projects and business developments accelerating [1]. - The company is expected to recover profitability in the second half of 2025 due to the rebound in lithium carbonate prices and improving supply-demand dynamics [4][16]. - Ganfeng Lithium is positioned as a leading player in the lithium industry, with a diversified product range and strong project pipeline [6][19]. Financial Summary - For the first half of 2025, Ganfeng Lithium reported revenue of RMB 8.258 billion, a decrease of 13.82% year-on-year, and a net loss of RMB 536 million, which is an improvement of RMB 223 million compared to the previous year [3][15]. - The company anticipates revenue growth to RMB 21.173 billion in 2024, RMB 27.185 billion in 2025, and RMB 33.988 billion in 2026, with net profits projected to turn positive by 2025 [11][12]. - The gross profit margin is expected to improve from 11.4% in 2023 to 15.0% by 2026 [11]. Project Development - The Goulamina spodumene project in Mali has commenced production, and the Cauchari-Olaroz brine project in Argentina is ramping up towards its designed capacity of 40,000 tons per year [5][17]. - The Mariana project in Argentina has also started production, with a designed capacity of 20,000 tons per year for lithium hydroxide [17]. Market Position and Product Range - Ganfeng Lithium has a comprehensive product portfolio that includes over 40 types of lithium compounds and metals, catering to diverse customer needs across various industries [9]. - The company is advancing in solid-state battery technology, with a fully integrated supply chain and commercialization capabilities [18].

Core Insights - The energy metals sector saw an increase of 0.83% on September 15, with Ganfeng Lithium leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Energy Metals Sector Performance - Ganfeng Lithium (002460) closed at 48.66, up 4.49% with a trading volume of 1.0531 million shares [1] - Tianqi Lithium (002466) closed at 45.31, up 2.91% with a trading volume of 664,200 shares [1] - Other notable performers include: - Boqian New Materials (605376) at 49.95, up 2.82% [1] - Canggu Mining (000408) at 56.77, up 0.82% [1] - Shengxin Lithium Energy (002240) at 18.30, up 0.77% [1] Capital Flow Analysis - The energy metals sector experienced a net outflow of 121 million yuan from institutional investors, while retail investors saw a net inflow of 127 million yuan [2] - The detailed capital flow for key stocks includes: - Ganfeng Lithium had a net inflow of 174 million yuan from institutional investors [3] - Tianqi Lithium saw a net inflow of 148 million yuan from institutional investors [3] - Canggu Mining had a net inflow of 26.97 million yuan from institutional investors [3]

Core Viewpoint - JPMorgan has increased its stake in Ganfeng Lithium (002460)(01772) by acquiring 2,009,352 shares at a price of HKD 36.7369 per share, totaling approximately HKD 73.8174 million, resulting in a new holding of about 31,744,700 shares, representing a 7.15% ownership [1] Company Summary - JPMorgan's recent acquisition of shares indicates a bullish outlook on Ganfeng Lithium's future performance and potential growth in the lithium industry [1] - The total investment made by JPMorgan in this transaction amounts to approximately HKD 73.8174 million, reflecting significant confidence in the company's market position [1] - Following the increase, JPMorgan's total shareholding in Ganfeng Lithium has reached approximately 31,744,700 shares, which constitutes a 7.15% stake in the company [1]

Group 1 - JPMorgan increased its stake in Ganfeng Lithium (01772) by approximately 2.0094 million shares at a price of about HKD 36.74 per share [1] - The total amount for this transaction was approximately HKD 73.82 million [1] - After the increase, JPMorgan's total shareholding in Ganfeng Lithium reached approximately 31.74 million shares, representing a holding percentage of 7.15% [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） 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。 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； 以及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。 证券代码：002460 证券简称：赣锋锂业 编号：临2025-106 江西赣锋锂业集团股份有限公司 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 江西贛鋒鋰業集團股份有限公司 董事長 ...

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"）分别于2023 年9月27日召开第五届董事会第六十九次会议、第五届监事会第四十 七次监事会议，于2023年11月30日召开2023年第二次临时股东大会， 审议通过《关于<江西赣锋锂业集团股份有限公司2023年员工持股计 划（草案）>及其摘要的议案》等相关议案，同意公司实施2023年员 工持股计划。公司2023年员工持股计划预留授予部分锁定期于2025 年7月17日届满，并于2025年7月17日披露《公司关于2023年员工持股 计划预留授予部分锁定期届满的提示性公告》，根据《关于上市公司 实施员工持股计划试点的指导意见》和《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》的要求，现将本次员 工持股计划预留授予部分第一个归属期权益归属情况公告如下： 一、本次员工持股计划的基本情况 2023年11月30日召开2023年第二次临时股东大会，审议通过《关 于<江西赣锋锂业集团股份有限公司2023年员工持股计划（草案）> 及其摘要的议案》等相关议案，同意公司实施 ...

Core Viewpoint - Ganfeng Lithium's stock price has shown significant growth this year, with a year-to-date increase of 32.82% and a recent 60-day increase of 52.05% [1] Financial Performance - For the first half of 2025, Ganfeng Lithium reported revenue of 8.376 billion yuan, a year-on-year decrease of 12.65%, while the net profit attributable to shareholders was -531 million yuan, an increase of 30.13% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 6.162 billion yuan, with 3.933 billion yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Ganfeng Lithium was 283,900, a decrease of 3.94% from the previous period, with an average of 4,254 circulating shares per person, an increase of 4.03% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 70.1136 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which have increased their holdings [3] Market Activity - On September 12, Ganfeng Lithium's stock price fell by 2.01% to 46.30 yuan per share, with a trading volume of 2.051 billion yuan and a turnover rate of 3.62% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 306 million yuan on August 11 [1]

Group 1 - Morgan Stanley's short position in Ganfeng Lithium (1772.HK) decreased to 3.19% on September 8, down from 3.70% previously [1]

Group 1 - The company, Ganfeng Lithium, announced that it does not have any overdue guarantees [2] - The company confirmed that it has not provided guarantees for its major shareholders, actual controllers, or their related parties [2]