Summary of Ganfeng Lithium's Conference Call Industry and Company Overview - Ganfeng Lithium is a leading player in the global lithium industry, covering the entire supply chain from upstream resource development to downstream battery manufacturing and recycling [4][3] - The company has a clear structure with its controlling subsidiaries encompassing upstream, midstream, and downstream sectors [4][3] Core Financial Insights - Ganfeng Lithium's profitability is significantly influenced by lithium price cycles, with a net profit of 20.5 billion yuan in 2022 due to the explosive growth of the new energy sector, but projected to incur a loss of 2.11 billion yuan in 2024 due to oversupply [2][5] - Revenue sources are primarily from upstream resource reserves (over 60%) and downstream battery segments (over 30%), with a current gross margin impacted by falling lithium prices, reducing to around 10% [2][5] Production Capacity and Resource Management - The company controls and participates in 16 projects, with 6 already in production, including the Cauchari-Olaroz salt lake in Argentina (40,000 tons of lithium carbonate) and a 500,000-ton concentrate project in Mali [2][6] - Current self-sufficiency in resource rights stands at 45%, with expectations to increase to over 50% in the future [2][6] - Midstream capacity includes 277,000 tons of lithium carbonate equivalent, with plans to reach a total capacity of 600,000 tons by 2030 [2][6] - Downstream capabilities include 23GWh battery capacity, 490 million polymer battery capacity, and a recycling facility with a processing capacity of 200,000 tons [2][6] Market Dynamics and Price Trends - Manganese prices surged from 2021 to 2022 but have since dropped significantly due to a shift to oversupply, currently around 65,000 yuan/ton, leading to losses for many external mining and smelting plants [2][7] - The expected demand for potassium carbonate in 2025 is 1.51 million tons, with supply reaching 1.6 million tons, indicating a surplus of about 10%, which may be higher considering the oversupply in 2024 [2][8] - The market is currently in a bottoming phase, requiring low prices to encourage production cuts to deplete inventory [2][8] Future Outlook - The company anticipates that the main incremental supply in 2025 will come from projects in Mali and Australia, despite a weak demand outlook and cost reductions potentially leading to price fluctuations [2][7] - Historical trends suggest that Ganfeng's stock may lead the market in bottoming out, but a catalyst for production cuts is needed to drive prices back up [2][9]

资料来源：赣锋锂业 2024年度可持续发展报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"赣锋锂业"篇。 出品 | 搜狐财经 研究员 | 张子豪 近期，"锂矿双雄"双双公布2025年一季报。赣锋锂业营收37.72亿元，同比下滑25.43%，亏损3.56亿元； 天齐锂业营收25.84亿元，与上年同期持平，净利润1.04亿元，已实现扭亏为盈。 2024年，赣锋锂业面临全球锂行业的深度调整，也迎来了上市15年来首次年度亏损。全年营收189亿 元，同比下滑42.66%，归母净亏损20.74亿元，资产负债率攀升至52.8%的历史高位。 2024年至今，赣锋锂业面临内幕交易行为的行政处罚，以及金融衍生品操作的损失等挑战。本文结合赣 锋锂业2024年度可持续发展报告，从ESG视角分析赣锋锂业的相关情况。 赣锋锂业涉内幕交易被罚，高管合 ...

Core Viewpoint - The Shenzhen Upstream Industry Index has shown a recent increase, indicating potential investment opportunities in the upstream sector of the market [1] Group 1: Index Performance - The Shenzhen Upstream Industry Index rose by 1.32%, closing at 3951.01 points, with a trading volume of 16.078 billion yuan [1] - Over the past month, the index has increased by 5.14%, while it has decreased by 4.57% over the last three months and is down 0.09% year-to-date [1] Group 2: Index Composition - The Shenzhen Upstream Industry Index is composed of companies from the upstream, midstream, and downstream sectors, providing diverse investment options for investors [1] - The index is based on a reference date of December 31, 2002, with a base point of 1000.0 [1] Group 3: Top Holdings - The top ten weighted stocks in the Shenzhen Upstream Industry Index include: - Ganfeng Lithium (5.27%) - Shanjin International (4.81%) - Yun Aluminum (4.64%) - Tianqi Lithium (4.54%) - Shenhuo Co. (4.0%) - Feilihua (3.7%) - Tongling Nonferrous Metals (3.66%) - China Rare Earth (3.62%) - Zhongmin Resources (3.17%) - Tianshan Aluminum (3.13%) [1] Group 4: Sector Allocation - The sector allocation of the index holdings is as follows: - Industrial metals: 34.91% - Rare metals: 32.53% - Precious metals: 10.22% - Coal: 6.42% - Other non-metal materials: 5.57% - Oil and natural gas: 3.86% - Other nonferrous metals and alloys: 3.39% - Oil and gas extraction and field services: 3.10% [2] Group 5: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - The sample adjustment typically does not exceed 20%, with special circumstances allowing for temporary adjustments [2]

Group 1 - The core viewpoint of the news is that Jiangxi Ganfeng Lithium Co., Ltd. has been rated AAA by Oriental Jincheng International Credit Rating Co., Ltd., indicating a stable credit outlook for the company and its upcoming green medium-term notes [1][2] - Jiangxi Ganfeng Lithium operates a vertically integrated business model covering lithium resource development, lithium salt deep processing, lithium metal smelting, lithium battery manufacturing, and comprehensive recycling of lithium batteries, which enhances its synergy and overall strength [2] - The company is a significant global producer of lithium compounds and lithium metal, with abundant resource reserves and large-scale lithium processing capacity, ensuring a complete product supply [2] Group 2 - The sales volume of the company's lithium chemical products has been steadily increasing, supported by stable cooperation with major customers [2] - The revenue and gross profit from the company's lithium battery business, which includes power batteries, consumer batteries, and energy storage batteries, have shown continuous growth in recent years [2] - The company's equity has grown rapidly, significantly enhancing its capital strength [2] Group 3 - The company faces geopolitical and exchange rate fluctuation risks due to its primary lithium resources being located overseas, particularly concerning the potential cancellation of lithium mining concessions in Mexico [2] - The company reported losses for the period from January to September 2024, and the lithium supply-demand situation is expected to remain loose in the short term, putting pressure on profitability [2] - Significant capital expenditure is anticipated for future projects like the Mariana lithium salt lake construction, which may lead to short-term liquidity fluctuations [2]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-061 江西赣锋锂业集团股份有限公司 关于股东部分股份补充质押的公告 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，无 虚假记载、误导性陈述或者重大遗漏。 江西赣锋锂业集团股份有限公司（以下简称"公司"）于近日接到 公司股东王晓申先生将其持有的公司部分股份补充质押的通知，具体 情况如下： | 一、股东股份补充质押的基本情况 | | --- | | 股东 | 是否为第 | 补充质 | 占其所 | 占公司 | 是否 | 是否为 | 质押开始 | 质押解 | 质权 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 一大股东 及一致行 | 押股数 | 持股份 | 总股本 | 为限 | 补充质 | 日期 | 除日期 | 人 | 用途 | | | 动人 | （万股） | 比例 | 比例 | 售股 | 押 | | | | | | | | | | | | | | | 国泰 | | | | | | | | | | | 办理解 | 海通 | | | ...

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 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4月30日 狀態: 新提交 FF301 呈交日期: 2025年5月6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 | | ...

2025年4月30日，赣锋锂业(002460.SZ)发布2025年第一季报。截至2025年4月30日，共有64个机构投资 者披露持有赣锋锂业A股股份，合计持股量达1.74亿股，占赣锋锂业总股本的8.64%。其中，前十大机 构投资者包括香港中央结算有限公司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数 证券投资基金、中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、中 国工商银行股份有限公司-华夏沪深300交易型开放式指数证券投资基金、中国银行股份有限公司-嘉实 沪深300交易型开放式指数证券投资基金、江西赣锋锂业集团股份有限公司-2023年员工持股计划、汇添 富中证新能源汽车产业指数(LOF)A、富国中证新能源汽车指数A、南方中证申万有色金属ETF、广发国 证新能源车电池ETF，前十大机构投资者合计持股比例达7.34%。相较于上一季度，前十大机构持股比 例合计下跌了0.52个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.41%。 公募基金方面，本期较上一期持股增加的公募基金共计17个，主要包括南方中证申 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.77 billion yuan, a decrease of 25.4% year-on-year and 24.3% quarter-on-quarter. The net profit attributable to shareholders was a loss of 360 million yuan, but showed a year-on-year increase of 75.2% [7] - The lithium battery shipments are expected to grow significantly in 2025, contributing an estimated profit of around 500 million yuan [7] - The company is expected to achieve a net profit of 813.22 million yuan in 2025, a year-on-year increase of 139.21% [1][7] Financial Summary - Total revenue forecast for 2025 is 20.8 billion yuan, with a year-on-year growth of 10.03% [1] - The company's net profit for 2025 is projected to be 813.22 million yuan, with a corresponding EPS of 0.40 yuan per share [1][8] - The company's gross margin is expected to improve to 16.93% by 2025, up from 10.82% in 2024 [8]

Lithium Production and Supply Chain - The company is a leading lithium ecological enterprise with over 40 lithium compounds and lithium metal products, providing a comprehensive product offering to meet diverse customer needs[6]. - The company has established a stable and high-quality raw materials supply system through long-term procurement agreements for lithium resources, primarily sourced from the Mount Marion Project in Australia[10][12]. - The lithium compounds business segment includes battery-grade lithium hydroxide and lithium carbonate, widely used in electric vehicles and portable electronics, serving global leaders in battery manufacturing[13]. - The company's lithium metals production capacity ranks first globally, producing various forms of lithium metals for battery anode materials and pharmaceutical applications[14]. - The company has a vertically integrated business model covering upstream lithium resource development, midstream processing, and downstream battery production and recycling[6]. - The company has direct or indirect interests in lithium resources globally, enhancing its upstream supply chain[163]. - The Mount Marion spodumene project has a nominal designed production capacity of 900,000 tons/year of mixed-grade spodumene concentrate, with the company holding a 50% equity interest[165]. - The Cauchari-Olaroz project has a total lithium resource of approximately 24.58 million tons of LCE and a nominal designed production capacity of 40,000 tons of LCE per year, with the company holding 46.67% equity interest[167][168]. Research and Development - The company is actively advancing the research and development of solid-state lithium batteries, which demonstrate higher energy density and improved safety performance[16]. - The Company has developed self-produced oxide electrolyte materials and sulfide powder materials for solid-state batteries, demonstrating higher ionic conductivity and enhanced engineering capabilities[17]. - The company is focusing on developing high-energy density and high-power battery cells and power systems to meet diverse market demands[16]. - The company is focusing on the development of solid-state batteries and has established a collaborative innovation platform for this purpose[150]. - The Solid-state Battery Industry Innovation Consortium was established on December 18, 2023, comprising 27 entities including major automotive manufacturers[150]. - The company is developing a dual-wheel drive energy storage business model, focusing on user-side distributed energy storage and grid-side centralized energy storage[195]. Financial Performance - Revenue for the year ended December 31, 2024, decreased by 42.9% to RMB 18,726,175 thousand[30]. - Gross profit for the same period fell by 53.2% to RMB 2,127,125 thousand[30]. - Loss attributable to owners of the parent increased by 141.5% to RMB 2,068,512 thousand, resulting in a loss per share of RMB 1.03[30]. - Total assets increased from RMB 91,697,901 thousand in 2023 to RMB 100,832,297 thousand in 2024, representing a growth rate of 10.0%[151]. - Net assets decreased from RMB 52,315,862 thousand in 2023 to RMB 47,587,897 thousand in 2024, representing a decrease of 9.0%[151]. Market Trends and Demand - The market for lithium battery recycling is expanding, driven by the increasing demand for retired battery processing, providing sustainable solutions for battery manufacturers and electric vehicle producers[16]. - The global demand for lithium resources is anticipated to reach 1,190,000 tons of LCE in 2024, with new energy vehicles accounting for 61% and energy storage for 17%[82]. - The cumulative output of motive power batteries and other batteries in China is expected to be 1,096.8 GWh in 2024, representing a year-on-year increase of 41.0%[90]. - The global sales volume of new energy vehicles is expected to reach 23.50 million units in 2025, indicating a significant growth opportunity in the market[125][127]. - The overall market sentiment regarding supply and demand remains cautious, with lithium prices fluctuating within a fixed range after failing to sustain upward momentum[75]. Production Capacity and Expansion - The company achieved a production target of 25,000 tons of lithium carbonate annually at the Exar Salt Lake Project in Argentina[44]. - The lithium hydroxide project in Fengcheng Ganfeng has reached an annual production capacity of 25,000 tons, marking the successful construction of the company's first smart chemical plant[159]. - The company has a total designed production capacity of 81,000 tons/year for lithium hydroxide and 15,000 tons/year for lithium carbonate at its Xinyu production base[161]. - The company plans to enhance its ESG governance capabilities and increase support for local communities in resource sectors[50]. - The company is expanding production capacity through technical transformation and new production lines to meet the fast-growing demand for lithium products[153]. Recycling and Sustainability - The lithium battery recycling business is expected to meet the escalating demand for retired lithium battery treatment, providing sustainable value-added solutions to battery manufacturers and electric vehicle producers[18]. - The comprehensive recycling of metals such as lithium, nickel, cobalt, and manganese will enrich the diversified supplies of lithium raw materials[18]. - The recycling sector is focusing on building a battery recycling network and enhancing automatic dismantling efficiency to create a low-carbon production line[60]. - By 2025, the total lithium recovery from retired power batteries is estimated to reach approximately 50,000 tons LCE, highlighting the importance of battery recycling[137]. Government Policies and Support - The Ministry of Finance and other departments launched a pilot program offering rewards of up to RMB 45 million for PV-Storage-Charging Integration projects to promote the development of new energy and energy storage[104]. - The Chinese government is promoting the cascade utilization and standardized recycling of waste motive power batteries to support the sustainable development of the energy storage industry[102]. - New policies are expected to boost the export of new energy vehicles and promote the upgrading of the automotive industry in China[102]. - The government aims to increase the new energy storage installation target from 30GW to over 40GW as part of the "14th Five-Year Plan"[108]. Product Development and Innovation - Ganfeng LiEnergy has mass-produced lithium motive power batteries with capacities from 10 to 130 kWh, supporting ultra-fast charging at up to 1000 kW, allowing 100 kWh to be charged in just 6 minutes[180]. - The energy density of the company's high-energy-density battery cells ranges from 320Wh/kg to 500Wh/kg, with a continuous discharge rate exceeding 5C[191]. - Ganfeng has mass production capabilities for ultra-thin lithium strips, with a width of 300mm and lithium foil thickness reaching 3μm, enabling energy densities exceeding 500Wh/kg for its solid-state batteries[192]. - The newly launched 5MWh container energy storage system achieves over 95% system efficiency and has participated in energy projects exceeding 500 MWh individually, with a total application scale of over 11,000 MWh[184].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company has a global layout that enhances its self-sufficiency, with ongoing capacity construction. It has a diversified raw material supply system through controlling and participating in multiple lithium mining projects [6]. - The company reported a significant decline in revenue and net profit for 2024, with revenue of 18.906 billion yuan, down 42.66% year-on-year, and a net loss of 2.074 billion yuan, a decrease of 141.93% year-on-year [4][5]. - The company is expected to gradually recover, with projected net profits of 0.413 billion yuan, 1.118 billion yuan, and 2.633 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong recovery trajectory [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 18.906 billion yuan, with a year-on-year decline of 42.66%. The net profit attributable to the parent company was -2.074 billion yuan, down 141.93% year-on-year [4]. - The projected revenues for 2025, 2026, and 2027 are 19.463 billion yuan, 23.636 billion yuan, and 29.735 billion yuan respectively, with expected year-on-year growth rates of 2.9%, 21.4%, and 25.8% [9]. - The gross margin is expected to improve from 10.8% in 2024 to 20.7% by 2027, reflecting operational efficiency improvements [9]. Capacity Expansion and Resource Layout - The company has extensive lithium resource layouts globally, including projects in Australia and Argentina, which contribute to a diversified supply chain [6]. - The company’s production capacity is ramping up, with the first phase of the lithium hydroxide project in Fengcheng achieving an annual production capacity of 25,000 tons, and the Sichuan project expected to be operational by the end of 2024 [6].