Group 1 - Goldman Sachs reported that Ganfeng Lithium (002460)(01772) recorded a net loss of 536 million RMB in the first half of the year, an improvement from a loss of 759 million RMB in the same period last year [1] - Excluding one-time items, the recurring net loss was 442 million RMB, compared to a recurring profit in the same period last year [1] - The performance was below expectations primarily due to lower-than-expected profits from lithium chemicals, and the company did not declare an interim dividend this year [1] Group 2 - Goldman Sachs maintained a "Neutral" rating for Ganfeng's H shares, raising the target price from 19 HKD to 28 HKD, while maintaining a "Sell" rating for Ganfeng's A shares, increasing the target price from 21.4 RMB to 30.5 RMB [1] - The firm lowered its 2025 recurring profit forecast for Ganfeng by 28% to reflect lower-than-expected average selling prices for lithium hydroxide and a decrease in lithium sales volume in the first half of the year [1] - However, the recurring profit forecasts for 2026 and 2027 were raised by 12% to 44% due to lower-than-expected production costs for certain projects [1]

Core Viewpoint - The global lithium salt industry has undergone significant adjustments in the first half of 2025, leading to financial pressures on major players like Ganfeng Lithium, which reported a revenue decline and increased losses due to falling lithium prices and changing supply-demand dynamics [1][3]. Financial Performance - Ganfeng Lithium achieved a revenue of 8.376 billion yuan in the first half of 2025, a year-on-year decrease of 12.65% [5]. - The net profit attributable to shareholders was -531 million yuan, with a non-recurring gain of 382 million yuan, resulting in a loss of -913 million yuan after excluding non-recurring items [1][3]. - Revenue from lithium series products was 4.756 billion yuan, down 27.16%, with a gross margin of 8.4%, a decrease of 3.4% year-on-year [4]. Industry Dynamics - The lithium market is experiencing a structural supply-demand mismatch, with prices declining due to oversupply and weak downstream demand [6]. - Ganfeng Lithium's battery segment saw sales growth, but overall performance was impacted by falling prices of lithium salts and lithium battery products [3][6]. Debt and Financial Health - Ganfeng Lithium has a total debt of 629.95 billion yuan and a debt-to-asset ratio of 58.55% as of mid-2025 [7]. - The company has two outstanding bonds totaling 1.55 billion yuan, with 750 million yuan maturing within a year [9]. - The liquidity ratios, including current and quick ratios, have declined, indicating weakened debt repayment capacity [8]. Future Outlook - The company remains optimistic about future lithium demand growth, anticipating that rationalization of new supply will support stable lithium prices in the long term [9].

高盛发表研究报告指，赣锋锂业上半年净亏损5.36亿元，较去年同期亏损7.59亿元有所收窄。若剔除一 次性项目，经常性净亏损为4.42亿元，而去年同期则录得经常性盈利。该行指业绩逊于预期，主要因锂 化学品利润低于预期。公司今年亦未有宣派中期股息。 该行将2025年经常性盈利预测下调28%，以反映氢氧化锂实现平均售价低于预期，以及上半年锂销量减 少，但将2026至27年经常性盈利上调12%至44%，因部分项目生产成本较预期低等因素。该行维持对其 H股"中性"评级，目标价由19港元上调至28港元，维持A股"沽售"评级，目标价由21.4元上调至30.5元。 ...

Core Viewpoint - Ganfeng Lithium announced the approval of a proposal for H-share refinancing by its sixth board meeting [2] Group 1 - The company held its sixth board meeting to discuss and approve the refinancing proposal [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to gradually increase its own resource output, with significant performance elasticity contributed by lithium price increases in the second half of the year [1] - The company's Q2 performance met expectations, with a revenue of 8.38 billion yuan, down 12.6% year-on-year, and a net profit attributable to shareholders of -530 million yuan, up 30.1% year-on-year [9] - The company anticipates lithium salt sales to reach 160,000 to 180,000 tons in 2025, a year-on-year increase of approximately 30% [9] - The Goulamina lithium project in Mali is expected to contribute additional output in the second half of the year, while the Mariana project is gradually ramping up production [9] - The company forecasts a net profit attributable to shareholders of 434 million yuan in 2025, with a year-on-year growth of 120.93% [1][9] Financial Summary - Total revenue for 2023 is projected at 32.972 billion yuan, with a year-on-year decrease of 21.16% [1] - The net profit attributable to shareholders for 2025 is estimated at 434.1 million yuan, with a significant recovery from a loss of 2.074 billion yuan in 2024 [1] - The earnings per share (EPS) for 2025 is expected to be 0.22 yuan, recovering from -1.03 yuan in 2024 [1] - The company’s total assets are projected to reach 100.832 billion yuan in 2024, increasing to 118.668 billion yuan by 2027 [10]

Group 1 - Hubei Fengchi New Energy Technology Co., Ltd. has been established, with Huang Tengfei as the legal representative [1] - The company's business scope includes online energy monitoring technology research and development, energy recovery system research and development, and manufacturing of electrical equipment [1] - The company is indirectly wholly owned by Ganfeng Lithium Co., Ltd. (002460) [1]

Group 1 - Hubei Fengchi New Energy Technology Co., Ltd. has been established with Huang Tengfei as the legal representative [1] - The company is wholly owned by Ganfeng Lithium Co., Ltd. (002460) [1] - The business scope includes online energy monitoring technology research and development, energy recovery system research and development, and manufacturing of electrical equipment [1] Group 2 - The registered capital of Hubei Fengchi New Energy Technology Co., Ltd. is 1 million yuan [2] - The company is located in Xianning City, Hubei Province, and is registered with the Xianning Market Supervision Administration [2] - The business operations are set to continue until at least August 21, 2025 [2]

Core Viewpoint - The company's 1H25 performance fell short of expectations, with significant declines in revenue and net profit due to falling lithium prices and increased financial costs [1][2]. Financial Performance - In 1H25, the company reported revenue of 8.376 billion yuan, a year-on-year decrease of 12.65%, and a net profit attributable to shareholders of -531 million yuan, down 30.13% year-on-year. The non-recurring net profit was -913 million yuan [1]. - For 2Q25, the company achieved revenue of 4.604 billion yuan, a year-on-year increase of 1.62% and a quarter-on-quarter increase of 22.07%. However, the net profit was -175 million yuan, and the non-recurring net profit was -671 million yuan, reflecting a significant year-on-year decline of 814.98% and a quarter-on-quarter increase of 176.91% [1]. - The decline in lithium prices led to a decrease in profits and investment income, with domestic battery-grade lithium carbonate prices at 70,000 yuan per ton, down 32% year-on-year. The gross profit from lithium business was 400 million yuan, down 48% year-on-year [1]. - Financial expenses increased to 720 million yuan, a year-on-year rise of 23%, primarily due to increased borrowings, resulting in a debt-to-asset ratio of 58.6%, up 12.23 percentage points year-on-year [2]. Business Segments - The lithium battery business showed growth, achieving a gross profit of 420 million yuan, up 57.7% year-on-year, with a gross margin of 14.17%, an increase of 4.29 percentage points year-on-year. This growth supported overall performance [1]. Development Trends - The integration of Argentine salt lake projects is progressing, with the company planning to develop the Pozuelos-PastoesGrandes salt lake basin through a joint venture with LAR, holding 67% and 33% stakes respectively [3]. - The Goulamina lithium mine in Mali is expected to be a significant source of hard rock lithium, with the first phase producing 506,000 tons of concentrate annually now in operation [3]. Profit Forecast and Valuation - The company maintains its profit forecast, with the current stock price corresponding to a 2026 P/E of 41.0 times for A-shares and 29.2 times for H-shares. The target prices for A-shares and H-shares have been raised by 8% and 29% to 41.60 yuan and 32.16 HKD, respectively, indicating an upside potential of 6% and 4% compared to current prices [4].

Core Viewpoint - Ganfeng Lithium (002460)(01772) experienced a decline of over 3%, trading at HKD 29.88 with a transaction volume of HKD 96.17 million, following the announcement of a share placement and convertible bond issuance [1] Group 1: Share Placement - Ganfeng Lithium announced a placement of 40.03 million shares, representing approximately 9.02% of the enlarged H-shares and about 1.95% of the total issued shares, at a price of HKD 29.28 per share, which is a discount of about 5.49% compared to the closing price on August 25 [1] - The expected net proceeds from the share placement are approximately HKD 1.169 billion [1] Group 2: Convertible Bond Issuance - The company also proposed to issue HKD 1.37 billion of 1.5% convertible bonds maturing in 2026, with an initial conversion price of HKD 33.67 per share, representing a premium of about 8.68% over the closing price on August 25 [1] - The convertible bonds can be fully converted into approximately 4.069 million H-shares, accounting for about 9.16% of the enlarged H-shares and approximately 1.98% of the total issued shares (excluding treasury shares) [1] - The expected net proceeds from the convertible bond issuance are approximately HKD 1.346 billion [1] Group 3: Use of Proceeds - The net proceeds from both the share placement and the convertible bond issuance are intended for loan repayment, capacity expansion and construction, working capital supplementation, and general corporate purposes [1]

Core Viewpoint - Ganfeng Lithium's stock has dropped over 3% following the announcement of a share placement and convertible bond issuance, indicating market reaction to the capital raising efforts [1] Group 1: Share Placement - Ganfeng Lithium announced a placement of 40.0256 million shares, representing approximately 9.02% of the enlarged H-shares and about 1.95% of the total issued shares [1] - The placement price is set at HKD 29.28 per share, which is a discount of approximately 5.49% compared to the closing price of HKD 30.98 on August 25 [1] - The expected net proceeds from the share placement are approximately HKD 1.169 billion [1] Group 2: Convertible Bonds - The company also proposed to issue HKD 1.37 billion of 1.5% convertible bonds maturing in 2026, with an initial conversion price of HKD 33.67 per share, representing a premium of about 8.68% over the closing price on August 25 [1] - The convertible bonds can be fully converted into approximately 4.0689 million H-shares, accounting for about 9.16% of the enlarged H-shares and approximately 1.98% of the total issued shares (excluding treasury shares) [1] - The expected net proceeds from the issuance of convertible bonds are approximately HKD 1.346 billion [1] Group 3: Use of Proceeds - The net proceeds from both the share placement and the convertible bond issuance are intended for loan repayment, capacity expansion and construction, working capital supplementation, and general corporate purposes [1]