盛新锂能(002240) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity Important Notice The board, supervisory board, and senior management guarantee the report's accuracy and completeness, with financial reports affirmed by key personnel - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[4] - The company's head, chief accountant, and head of accounting department declare that the financial report is true, accurate, and complete[4] - The report highlights risks including macroeconomic environment and industrial policy changes, market competition, raw material supply and price fluctuations, excessive product price volatility leading to unstable operating performance, and safety and environmental concerns[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[6] Table of Contents The report's clear directory is divided into nine chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report comprises nine main chapters, ensuring a complete structure[9] - Reference documents include the full report signed by the chairman, financial statements, and original announcements on designated information disclosure media[11] Definitions This section provides definitions for common terms used in the report, including company names, major subsidiaries, industry-specific terms, and the reporting period, ensuring consistent understanding for readers - "Company," "the Company," "Chengxin Lithium," and "Weihua Co., Ltd." are explicitly defined as Chengxin Lithium Group Co., Ltd[13] - Major subsidiaries listed include Zhiyuan Lithium, Suining Chengxin, and Indonesia Chengxin[13] - Industry terms "lithium salt" (lithium carbonate, lithium hydroxide, lithium chloride, etc.) and "lithium products" (lithium salt, metallic lithium, etc.) are defined[13] - The reporting period is defined as January 1, 2025, to June 30, 2025[13] Company Profile and Key Financial Indicators This section introduces the company, its contact information, and presents key financial data and indicators for the reporting period Company Profile Chengxin Lithium Group Co., Ltd. (stock code: 002240) is listed on the Shenzhen Stock Exchange, with Zhou Yi as its legal representative - The company's stock abbreviation is "Chengxin Lithium," stock code "002240," listed on the Shenzhen Stock Exchange[15] - The company's legal representative is Zhou Yi[15] Contact Person and Information The company's Board Secretary is Lei Limin, Securities Affairs Representative is Tan Siqi, with contact address at 56th Floor, T1 Building, Shenye Shangcheng, 5001 Huanggang Road, Futian District, Shenzhen, and email 002240@cxlithium.com - The Board Secretary is Lei Limin, and the Securities Affairs Representative is Tan Siqi[16] - Contact address: 56th Floor, T1 Building, Shenye Shangcheng, 5001 Huanggang Road, Futian District, Shenzhen[16] - Email: 002240@cxlithium.com[16] Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and archiving locations, with specific details available in the 2024 annual report - The company's contact information remained unchanged during the reporting period, with details available in the 2024 annual report[17] - Information disclosure and archiving locations remained unchanged during the reporting period, with details available in the 2024 annual report[18] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 37.42% to 1.614 billion yuan, with a net loss attributable to shareholders of 841 million yuan, a 349.88% year-on-year decline 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Current Period End (Yuan) | Prior Year End (Yuan) | Period-End YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,613,904,978.17 | 2,578,751,266.73 | -37.42% | - | - | - | | Net Profit Attributable to Listed Company Shareholders | -841,047,821.86 | -186,947,890.35 | -349.88% | - | - | - | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -894,113,005.32 | -282,716,525.77 | -216.26% | - | - | - | | Net Cash Flow from Operating Activities | 178,199,250.99 | 411,581,635.43 | -56.70% | - | - | - | | Basic Earnings Per Share (Yuan/share) | -0.92 | -0.20 | -360.00% | - | - | - | | Diluted Earnings Per Share (Yuan/share) | -0.92 | -0.20 | -360.00% | - | - | - | | Weighted Average Return on Net Assets | -7.49% | -1.44% | -6.05% | - | - | - | | Total Assets | - | - | - | 22,404,532,389.18 | 21,751,521,785.59 | 3.00% | | Net Assets Attributable to Listed Company Shareholders | - | - | - | 10,761,766,429.63 | 12,026,312,724.83 | -10.51% | Differences in Accounting Data under Domestic and International Accounting Standards The company reported no differences in net profit or net assets between Chinese accounting standards and international or foreign accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards during the reporting period[20] - The company reported no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and those under Chinese Accounting Standards during the reporting period[21] Non-Recurring Gains and Losses and Amounts During the reporting period, the company's non-recurring gains and losses totaled 53.07 million yuan, primarily from foreign exchange and commodity hedging, and government subsidies, after deducting income tax and minority interest impacts 2025 Half-Year Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 640,818.75 | | Government grants recognized in current profit or loss | 27,877,824.11 | | Funds occupation fees received from non-financial enterprises recognized in current profit or loss | 2,416,564.69 | | Gains or losses from entrusted investments or asset management | 1,558,618.06 | | Other non-operating income and expenses apart from the above | -31,257,113.20 | | Gains or losses from foreign exchange hedging and commodity futures hedging settlements | 60,341,308.73 | | Gains or losses from fair value changes of foreign exchange hedging and commodity futures hedging | -10,406,258.50 | | Less: Income tax impact | 7,110,670.30 | | Minority interest impact (after tax) | -9,004,091.12 | | Total | 53,065,183.46 | - The company has not reclassified any non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[25] Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, market conditions, financial performance, and risk management strategies Main Business Activities During the Reporting Period The company's core business involves lithium ore mining, basic lithium salt, and metal lithium product production and sales, operating in a market with growing EV and energy storage demand but volatile lithium prices - In the first half of 2025, China's new energy vehicle production and sales reached 6.968 million units and 6.937 million units respectively, representing year-on-year increases of 41.4% and 40.3%[28] - Global new energy vehicle sales reached 9.1 million units in the first half of 2025, a year-on-year increase of 28%[28] - Global electric vehicle battery installations totaled 504.4 GWh in the first half of 2025, a year-on-year increase of 37.3%[29] - Global energy storage battery shipments reached 258 GWh in the first half of 2025, a year-on-year increase of 106%[33] - In the first half of the year, China's cumulative lithium carbonate output was 386,000 tons (up 29.0% YoY), lithium hydroxide output was 203,000 tons (down 8.1% YoY), and total lithium salt output was 566,000 tons LCE (up 14.5% from 2024)[34] - Lithium carbonate spot prices fluctuated from 78,000 yuan/ton at the beginning of the year, falling to a low of 58,000 yuan/ton, and then rebounding to 84,000 yuan/ton[34][35] - The company's main business involves lithium ore mining and beneficiation, as well as the production and sales of basic lithium salts and metallic lithium products[37] - The company has established a lithium salt production capacity of 137,000 tons/year and a metallic lithium production capacity of 500 tons/year, with a global presence in lithium resource projects, including hard rock mines and salt lake brine projects[40][43] Industry Development H1 2025 saw continued growth in global EV and energy storage markets, but increased lithium salt production led to price volatility and a general low-price environment - China's new energy vehicle production and sales reached 6.968 million units and 6.937 million units respectively, representing year-on-year increases of 41.4% and 40.3%, with new energy vehicles accounting for 44.3% of total new vehicle sales[28] - Global new energy vehicle sales reached 9.1 million units in the first half of 2025, a year-on-year increase of 28%[28] - Global electric vehicle battery installations totaled 504.4 GWh in the first half of 2025, a year-on-year increase of 37.3%[29] - Global energy storage battery shipments reached 258 GWh in the first half of 2025, a year-on-year increase of 106%[33] - In the first half of the year, China's cumulative lithium carbonate output was 386,000 tons (up 29.0% YoY), lithium hydroxide output was 203,000 tons (down 8.1% YoY), and total lithium salt output was 566,000 tons LCE, an increase of 14.5% compared to the same period in 2024[34] - Lithium carbonate spot prices fluctuated from 78,000 yuan/ton at the beginning of the year, falling to a low of 58,000 yuan/ton, and then rebounding to 84,000 yuan/ton[34][35] Main Business Activities, Products, and Uses During the Reporting Period The company specializes in lithium ore mining, basic lithium salt, and metal lithium production, with significant capacity and global resource布局 to supply various industries - The company's main business involves lithium ore mining and beneficiation, as well as the production and sales of basic lithium salts and metallic lithium products[37] - The company has established a lithium salt production capacity of 137,000 tons/year (77,000 tons in Sichuan, China, and 60,000 tons in Indonesia) and a metallic lithium production capacity of 500 tons/year[40] - Products are primarily used in lithium-ion power batteries, energy storage, petrochemicals, pharmaceuticals, and other fields[41] - The company has strategically deployed lithium resource projects globally, including the Yelonggou spodumene mine (169,500 tons Li2O resource), the Sabi Star lithium-tantalum mine in Zimbabwe (88,500 tons Li2O resource), the Murong Lithium Mine (989,600 tons Li2O resource), and the SDLA salt lake project in Argentina (annual capacity of 2,500 tons LCE)[43] Business Model The company's business model for lithium ore involves production based on demand and market pricing, while lithium salt production relies on diversified raw material sourcing and a long-term agreement-focused sales strategy - Lithium ore mining and beneficiation business: Raw ore is sourced from mining operations, blasting materials and fuel are procured, and major equipment is acquired through bidding[44][45] - Production is organized based on production capacity and the needs of lithium salt subsidiaries, with sales referencing market prices for lithium concentrate[47] - Lithium salt production business: Key raw material, lithium concentrate, is secured through various channels including self-owned mines, long-term off-take agreements, investments in mining companies and salt lake projects, and active pursuit of high-quality lithium resources[48] - Lithium salt sales model: A combination of long-term agreements and spot sales, primarily long-term agreements, with major customers including industry leaders such as BYD, CALB, LG, SK On, ALB, Hyundai Motor, Defang Nano, and Puhua New Energy[50] Analysis of Core Competencies The company's core strengths include an experienced team with advanced technology, leading lithium salt production capacity, robust lithium ore supply, and proven mining development expertise - Team and technology advantages: The lithium salt team possesses extensive R&D and production management experience, leading multiple invention patents; in metallic lithium, ultra-thin and ultra-wide lithium strips have achieved mass production and supply[51] - Capacity advantage: The company has established a lithium salt production capacity of 137,000 tons/year and a metallic lithium production capacity of 500 tons/year, ranking among the global leaders in scale, and continues to advance salt lake projects in South America[53] - Lithium ore supply advantage: The company holds mining rights for the Yelonggou spodumene mine and the Sabi Star lithium-tantalum mine, and has invested in the Murong Lithium Mine, enhancing its lithium ore resource security[54] - Mining development advantage: The company possesses a professional mining development and construction team with successful experience in developing and operating projects in high-altitude regions of Sichuan, Zimbabwe, Africa, and salt lake projects in Argentina[55] - The company's core competitiveness in its business operations did not undergo significant changes during the reporting period[56] Analysis of Main Business In H1 2025, the company experienced a significant revenue and net profit decline due to low lithium salt prices, prompting the company to focus on capacity ramp-up, customer certification, and resource project development - In the first half of 2025, the average price of battery-grade lithium carbonate was 70,400 yuan/ton, a 32.13% decrease compared to the same period last year[57] 2025 Half-Year Key Financial Data | Indicator | Amount (Billion Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Total Assets | 22.405 | 3.00% | | Net Assets Attributable to Listed Company Shareholders | 10.762 | -10.51% | | Operating Revenue | 1.614 | -37.42% | | Net Profit Attributable to Listed Company Shareholders | -0.841 | -349.88% | - The company is actively promoting the capacity ramp-up and customer certification for its Indonesia Chengxin 60,000 tons lithium salt project, with some core customer certifications completed and bulk supply initiated[59] - The company is fully advancing the development and construction of the Murong Lithium Mine, which has 989,600 tons of Li2O resources and a designed production scale of 3 million tons/year, with the mining and beneficiation tailing project having received approval[60] Overview In H1 2025, the company faced a challenging lithium salt market with declining prices, resulting in reduced revenue and net profit, while actively advancing key projects - In the first half of 2025, the average price of battery-grade lithium carbonate was 70,400 yuan/ton, a 32.13% decrease compared to the same period last year[57] 2025 Half-Year Key Financial Data | Indicator | Amount (Billion Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1.614 | -37.42% | | Net Profit Attributable to Listed Company Shareholders | -0.841 | -349.88% | - The company is actively promoting the capacity ramp-up and customer certification for its Indonesia Chengxin 60,000 tons lithium salt project, with some core customer certifications completed and bulk supply initiated[59] - The company is fully advancing the development and construction of the Murong Lithium Mine, which has 989,600 tons of Li2O resources and a designed production scale of 3 million tons/year, with the mining and beneficiation tailing project having received approval[60] Year-on-Year Changes in Key Financial Data Revenue and cost decreased due to lower lithium salt prices, while financial expenses rose from exchange losses, income tax decreased due to lower profit and deferred tax, and R&D investment increased 2025 Half-Year Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,613,904,978.17 | 2,578,751,266.73 | -37.42% | Decrease in sales volume and average selling price of lithium salt products | | Operating Cost | 1,673,913,938.59 | 2,507,869,793.41 | -33.25% | Decrease in sales volume and unit cost of lithium salt products | | Financial Expenses | 176,032,936.78 | 102,002,739.36 | 72.58% | Exchange losses due to exchange rate fluctuations | | Income Tax Expense | -61,263,183.86 | 60,694,823.93 | -200.94% | Decrease in total profit and recognition of deferred income tax expense for inventory impairment | | R&D Investment | 4,471,110.09 | 3,002,809.19 | 48.90% | Increase in R&D investment for lithium products | | Net Cash Flow from Operating Activities | 178,199,250.99 | 411,581,635.43 | -56.70% | Decrease in cash received from sales of goods and provision of services | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[64] Composition of Operating Revenue Total operating revenue decreased by 37.42% to 1.614 billion yuan, with new energy business accounting for 100% and overseas revenue declining significantly to 7.32% of the total 2025 Half-Year Operating Revenue Composition | Category | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue (%) | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,613,904,978.17 | 100% | 2,578,751,266.73 | 100% | -37.42% | | New Energy Business | 1,613,904,978.17 | 100.00% | 2,574,858,241.73 | 99.85% | -37.32% | | Overseas Revenue | 118,105,142.91 | 7.32% | 562,063,093.36 | 21.80% | -78.99% | | Domestic Revenue | 1,495,799,835.26 | 92.68% | 2,016,688,173.37 | 78.20% | -25.83% | | Lithium Product Gross Margin | -3.72% | - | - | - | -6.87% | Analysis of Non-Core Business Non-core business analysis primarily involves investment income, fair value changes, asset impairment (significant due to inventory write-downs), non-operating income, and expenses 2025 Half-Year Non-Core Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | | :--- | :--- | :--- | :--- | | Investment Income | 39,158,277.59 | -3.88% | Gains from foreign exchange hedging and commodity futures hedging | | Gains or Losses from Fair Value Changes | -17,070,745.23 | 1.69% | Fair value changes from foreign exchange hedging, commodity futures hedging, and floating losses from deferred pricing products | | Asset Impairment | -438,253,389.84 | 43.46% | Provision for inventory impairment | | Non-Operating Income | 820,589.14 | -0.08% | Compensation received and income from disposal of fixed assets | | Non-Operating Expenses | 32,077,702.33 | -3.18% | Recognition of late payment fees and fines, and external donations | Analysis of Assets and Liabilities Total assets increased by 3.00% to 22.405 billion yuan, with changes in cash, inventory, and borrowings, while key overseas subsidiaries reported net losses 2025 Half-Year Significant Changes in Asset Composition | Item | Amount at Period-End (Yuan) | Proportion of Total Assets (%) | Amount at Year-End (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,085,065,154.94 | 13.77% | 1,795,958,165.73 | 8.26% | 5.51% | Decrease in cash paid for investments | | Inventories | 1,840,182,025.20 | 8.21% | 2,162,035,154.87 | 9.94% | -1.73% | Increase in provision for inventory impairment | | Short-Term Borrowings | 4,518,730,845.29 | 20.17% | 3,814,173,081.10 | 17.54% | 2.63% | Increase in working capital borrowings | | Long-Term Borrowings | 2,266,060,036.89 | 10.11% | 1,894,767,521.72 | 8.71% | 1.40% | - | - The company's major asset measurement attributes did not undergo significant changes during the reporting period[71] Significant Changes in Asset Composition Total assets increased by 3.00%, with notable changes in cash (up 5.51%), inventory (down 1.73%), short-term borrowings (up 2.63%), contract liabilities (up 1.02%), and long-term borrowings (up 1.40%) 2025 Half-Year Significant Changes in Asset Composition | Item | Amount at Period-End (Yuan) | Proportion of Total Assets (%) | Amount at Year-End (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,085,065,154.94 | 13.77% | 1,795,958,165.73 | 8.26% | 5.51% | Decrease in cash paid for investments | | Inventories | 1,840,182,025.20 | 8.21% | 2,162,035,154.87 | 9.94% | -1.73% | Increase in provision for inventory impairment | | Short-Term Borrowings | 4,518,730,845.29 | 20.17% | 3,814,173,081.10 | 17.54% | 2.63% | Increase in working capital borrowings | | Contract Liabilities | 504,969,157.84 | 2.25% | 268,545,942.09 | 1.23% | 1.02% | - | | Long-Term Borrowings | 2,266,060,036.89 | 10.11% | 1,894,767,521.72 | 8.71% | 1.40% | - | Major Overseas Assets Key overseas assets include Max Mind Zimbabwe and Indonesia Chengxin, both reporting net losses in the period but without significant impairment risks 2025 Half-Year Major Overseas Assets | Specific Asset Content | Asset Scale (Billion Yuan) | Profit/Loss Status (Billion Yuan) | Proportion of Overseas Assets to Company's Net Assets (%) | Is there a significant impairment risk | | :--- | :--- | :--- | :--- | :--- | | Max Mind Zimbabwe | Total Assets 1.436, Net Assets 0.344 | Net Loss -0.165 | 3.20% | No | | Indonesia Chengxin | Total Assets 5.602, Net Assets 1.265 (Company's share of net assets based on equity ratio is 1.012) | Net Loss -0.110 | 9.41% | No | Assets and Liabilities Measured at Fair Value At the end of the reporting period, the company's financial assets measured at fair value totaled 1.1997 billion yuan, and financial liabilities totaled 6.81 million yuan, primarily trading financial liabilities 2025 Half-Year Assets and Liabilities Measured at Fair Value | Item | Period-End Balance (Yuan) | | :--- | :--- | | Trading Financial Assets | 12,076,534.77 | | Derivative Financial Assets | 4,535,294.00 | | Other Equity Instrument Investments | 288,264,656.10 | | Other Non-Current Financial Assets | 894,826,612.03 | | Subtotal Financial Assets | 1,199,703,096.90 | | Accounts Receivable Financing | 231,240,692.51 | | Total Above | 1,430,943,789.41 | | Financial Liabilities | 6,810,565.74 | Asset Restrictions as of the End of the Reporting Period At the end of the reporting period, the total book value of the company's restricted assets was 6.758 billion yuan, mainly comprising 1.272 billion yuan in monetary funds (bank acceptance bills, letter of credit deposits, etc.), 2.723 billion yuan in fixed assets (pledged for financial institution borrowings), and 2.596 billion yuan in construction in progress (pledged for financial institution borrowings) 2025 Half-Year Asset Restrictions | Item | Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 1,272,380,654.93 | Bank acceptance bills, letter of credit deposits, pledged time deposits, etc | | Accounts Receivable Financing | 135,553,256.71 | Discounting and transfer of bank acceptance bills | | Fixed Assets | 2,723,494,026.21 | Pledged for financial institution borrowings | | Intangible Assets | 30,599,636.38 | Pledged for financial institution borrowings | | Construction in Progress | 2,596,326,011.45 | Pledged for financial institution borrowings | Analysis of Investment Status Total investment decreased by 19.40% to 698 million yuan, primarily in financial assets for hedging commodity futures and foreign exchange risks, with expected management results despite inherent risks 2025 Half-Year Investment Amount | Indicator | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 697,963,523.02 | 865,933,976.74 | -19.40% | - The company had no significant equity investments or non-equity investments during the reporting period[75] Overall Situation Total investment for the reporting period was 698 million yuan, a 19.40% decrease compared to the previous year 2025 Half-Year Investment Amount | Indicator | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 697,963,523.02 | 865,933,976.74 | -19.40% | Financial Asset Investments The company primarily engages in derivative investments for hedging purposes, totaling 207.03 million yuan, effectively managing market and currency risks, while acknowledging various inherent risks 2025 Half-Year Derivative Investments (Hedging) | Derivative Investment Type | Period-End Amount (Ten Thousand Yuan) | Proportion of Period-End Investment Amount to Company's Net Assets (%) | | :--- | :--- | :--- | | Commodity Futures Hedging | 15,179.41 | 1.41% | | Foreign Exchange Hedging | 191,850.48 | 17.83% | | Total | 207,029.89 | 19.24% | - The company's hedging business management results met expectations, effectively mitigating market risks and offsetting the impact of raw material and product price fluctuations, as well as exchange rate and interest rate volatility on the company's production and operations[78] - Derivative investments are subject to market risk, policy risk, liquidity risk, internal control risk, technical risk, and performance risk[78] - The company did not engage in speculative derivative investments during the reporting period[80] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[82] - The company did not undertake any significant equity sales during the reporting period[83] Analysis of Major Holding and Participating Companies The company's major holding subsidiaries include Zhiyuan Lithium, Suining Chengxin, Indonesia Chengxin, Ouyinuo Mining, and Max Mind Zimbabwe, primarily engaged in lithium salt production and sales or lithium ore mining and sales, with most reporting net losses 2025 Half-Year Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Sichuan Zhiyuan Lithium Co., Ltd. | Subsidiary | Production and sales of lithium salt | -46,995,875.00 | | Suining Chengxin Lithium Co., Ltd. | Subsidiary | Production and sales of lithium salt | -9,111,381.12 | | Indonesia Chengxin Lithium Co., Ltd. | Subsidiary | Production and sales of lithium salt | -109,772,463.04 | | Jinchuan Ouyinuo Mining Co., Ltd. | Subsidiary | Mining and beneficiation of spodumene ore and sales of lithium concentrate | -48,612,995.71 | | Max Mind Zimbabwe | Subsidiary | Lithium ore mining, beneficiation, and sales | -164,937,841.57 | - The company did not acquire or dispose of any subsidiaries during the reporting period[85] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[86] Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic changes, market competition, raw material and product price volatility, and environmental safety, addressed through policy monitoring, technological upgrades, resource enhancement, and hedging - Risk of macroeconomic environment and industrial policy changes: Global economic slowdown and potential adjustments in new energy vehicle policies may bring uncertainty; Countermeasure: Closely monitor policies, adjust operational decisions, and enhance market competitiveness[86] - Market competition risk: Rapid growth in lithium salt industry capacity and slowing terminal demand growth intensify competition; Countermeasure: Implement technological transformation and product innovation, enhance resource reserves, expand overseas customers, and strengthen cost reduction and efficiency improvement[87] - Raw material supply and price fluctuation risk: Raw material costs account for a high proportion, and prices fluctuate significantly; Countermeasure: Advance Murong mine development, seek high-quality lithium resources, strengthen communication with suppliers, and control costs through management[88][89] - Risk of unstable operating performance due to excessive product price fluctuations: Lithium product prices are highly volatile due to multiple factors; Countermeasure: Shorten production cycles, optimize customer structure, implement flexible pricing, expand overseas markets, and utilize futures hedging[90] - Safety and environmental risk: Mining and production processes pose risks of safety accidents and environmental pollution; Countermeasure: Strengthen management and control, implement safety and environmental measures, and increase investment in equipment technological transformation and employee training[91] Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a Market Value Management System, approved in March 2025, but has not disclosed a valuation enhancement plan - The company has formulated the "Market Value Management System," which was reviewed and approved at the eighteenth meeting of the eighth Board of Directors on March 21, 2025[94] - The company has not disclosed a valuation enhancement plan[93] "Quality and Return Dual Improvement" Action Plan Implementation The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[95] Corporate Governance, Environment, and Society This section details changes in the company's governance, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, Xiao Bo and Zou Yapeng were appointed as Vice General Managers due to work transfers 2025 Half-Year Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Xiao Bo | Vice General Manager | Appointment | January 10, 2025 | Work transfer | | Zou Yapeng | Vice General Manager | Appointment | March 21, 2025 | Work transfer | Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[98] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company did not implement equity incentive plans but continued its employee stock ownership plan, covering 12 key personnel, with the third lock-up period ending in February 2025 2025 Half-Year Employee Stock Ownership by Directors, Supervisors, and Senior Management | Name | Position | Shares Held (Ten Thousand Units) | Proportion of Total Employee Stock Ownership Plan Shares (%) | | :--- | :--- | :--- | :--- | | Zhou Yi | Director, Chairman | 2,250 | 20.78% | | Deng Weijun | Director, General Manager | 1,750 | 16.16% | | Fang Yi | Director, Executive Vice General Manager | 1,500 | 13.85% | | Yao Jing | Director, Vice General Manager | 1,500 | 13.85% | | Yao Kailin | Vice General Manager | 750 | 6.93% | | Wang Qi | Chief Financial Officer | 750 | 6.93% | - The employee stock ownership plan covers 12 individuals, including the company's directors (excluding independent directors), senior management, and other core backbone employees, holding a total of 4,331,358 shares, representing 0.47% of the listed company's total share capital[99] - On February 7, 2025, the third lock-up period of the company's 2021 employee stock ownership plan expired[100] - The amortization expense for the employee stock ownership plan from January to June 2025 was 2,926,674.48 yuan[101] Environmental Information Disclosure The company and its three major subsidiaries (Suining Chengxin Lithium Industry Co., Ltd., Sichuan Zhiyuan Lithium Industry Co., Ltd., and Jinchuan Ouyinuo Mining Co., Ltd.) are listed as legally required environmental information disclosure enterprises, with reports available on Juchao Information Network - The listed company and its major subsidiaries, Suining Chengxin Lithium Industry Co., Ltd., Sichuan Zhiyuan Lithium Industry Co., Ltd., and Jinchuan Ouyinuo Mining Co., Ltd., have been included in the list of enterprises required to disclose environmental information by law[102] - Environmental information disclosure reports can be accessed through the Juchao Information Network[102] Social Responsibility The company prioritizes sustainable development with a structured ESG management framework, focusing on employee rights, occupational health and safety, business ethics, environmental protection, and community engagement - The company has established an ESG management organizational structure comprising the Board's Strategy and Sustainable Development Committee, the ESG Management Committee, and the ESG Working Group[104] - The company continuously improves its employee recruitment, training and promotion channels, and compensation and incentive systems, strictly adhering to labor laws, regulations, and international conventions[105] - Suining Chengxin, Weisheng Lithium, and Zhiyuan Lithium have all obtained ISO45001 Occupational Health and Safety Management System certification[106] - The company has established a quality management system based on ISO9001 and IATF16949 standards, with Zhiyuan Lithium and Suining Chengxin holding valid IATF16949 certification certificates[107] - The company is committed to conducting business in an environmentally friendly manner, highly prioritizing pollution prevention and implementing full life-cycle environmental management to ensure compliance with "three waste" discharge standards[108][109] - The company actively participates in community relations management, carrying out public welfare activities through its subsidiaries such as Ouyinuo, Suining Chengxin, Indonesia Chengxin, and Max Mind Zimbabwe, to support local community development[110] Significant Matters This section covers commitments, related party transactions, legal proceedings, and other material events affecting the company during the reporting period Commitments No unfulfilled or overdue commitments from the company, its actual controller, shareholders, or related parties were reported during the reporting period - The company reported no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or remained unfulfilled and overdue as of the end of the reporting period[112] Non-Operating Funds Occupied No non-operating funds were occupied by controlling shareholders or other related parties during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[113] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[114] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[115] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period The board and supervisory board did not issue any explanations regarding a "non-standard audit report" for the current period - The company reported no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current reporting period[116] Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year The board did not issue any explanations regarding a "non-standard audit report" for the previous year - The company reported no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year[116] Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[116] Litigation Matters During the reporting period, the company and its subsidiaries were involved in litigation as plaintiffs with a total amount of 88.66 million yuan, some cases still pending or in execution, which are not expected to significantly impact current or future profits 2025 Half-Year Litigation and Arbitration Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (Ten Thousand Yuan) | Has a provision for liabilities been formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of matters where the company and its subsidiaries are plaintiffs, not meeting the disclosure threshold for significant litigation | 8,866.44 | No | Some cases are not yet heard, some are in execution | No significant impact on the company's current or future profits | | Summary of matters where the company and its subsidiaries are defendants, not meeting the disclosure threshold for significant litigation | 99 | No | Some cases are not yet heard, some are not yet judged | No significant impact on the company's current or future profits | Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[118] Integrity Status of the Company, Controlling Shareholder, and Actual Controller No integrity issues were reported for the company, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[119] Significant Related Party Transactions The company engaged in significant related party transactions, including lithium product sales to BYD and others, and an equity transfer and office building purchase with controlling shareholder Shengtun Group 2025 Half-Year Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount (Ten Thousand Yuan) | Proportion of Similar Transactions (%) | Approved Transaction Limit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | BYD and its subsidiaries | Sales of lithium products | 47,752.00 | 26.18% | 200,000 | | Sichuan Langsheng New Energy Technology Co., Ltd. | Sales and processing of lithium products | 14,966.96 | 8.21% | 50,000 | | Total | - | 62,718.96 | - | 270,000 | - The company transferred 50% equity in Sichuan Shengtun Technology Co., Ltd. to its controlling shareholder, Shengtun Group, for 100 million yuan, and has received 55 million yuan of the equity transfer payment[126] - The company plans to purchase two office buildings constructed by Shengtun Technology, with an estimated transaction amount not exceeding 80 million yuan, and has paid 50 million yuan as of the end of the reporting period[126] - The company did not engage in related party transactions involving asset or equity acquisition/disposal, joint external investments, or related party creditor-debtor relationships during the reporting period[121][122][123] Related Party Transactions Related to Daily Operations Daily operational related party transactions, primarily lithium product sales to BYD and Sichuan Langsheng, totaled 627.19 million yuan, within approved limits and at fair market prices 2025 Half-Year Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount (Ten Thousand Yuan) | Proportion of Similar Transactions (%) | Approved Transaction Limit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | BYD and its subsidiaries | Sales of lithium products | 47,752.00 | 26.18% | 200,000 | | Sichuan Langsheng New Energy Technology Co., Ltd. | Sales and processing of lithium products | 14,966.96 | 8.21% | 50,000 | | Total | - | 62,718.96 | - | 270,000 | - The reason for the small difference between transaction prices and market reference prices is that the pricing is reasonable and will not adversely affect the company[120] Other Significant Related Party Transactions The company transferred 50% equity in Sichuan Shengtun Technology to its controlling shareholder for 100 million yuan and made a 50 million yuan prepayment for office buildings from Shengtun Technology - The company transferred 50% equity in Sichuan Shengtun Technology Co., Ltd. to its controlling shareholder, Shengtun Group, for 100 million yuan, and has received 55 million yuan of the equity transfer payment as of the end of the reporting period[126] - The company plans to purchase two office buildings constructed by Shengtun Technology, with an estimated transaction amount not exceeding 80 million yuan, and has paid 50 million yuan as of the end of the reporting period[126] Significant Contracts and Their Performance The company has forest land use right leases, provides significant guarantees to subsidiaries (4.46 billion yuan, 41.44% of net assets), and engages in entrusted wealth management with no overdue amounts - The company's subordinate subsidiaries/sub-subsidiaries engaged in forestry business lease forest land use rights from local forest farms[131] - The company reported no leasing projects that generated profits or losses exceeding 10% of the company's total profit for the reporting period[132] 2025 Half-Year Company Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (Ten Thousand Yuan) | Actual Guarantee Amount (Ten Thousand Yuan) | Has the Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | | Sichuan Zhiyuan Lithium Co., Ltd. | 9,000-20,000 | 4,900-20,000 | Partially fulfilled | | Suining Chengxin Lithium Co., Ltd. | 15,000-50,000 | 5,000-50,000 | Partially fulfilled | | Indonesia Chengxin Lithium Co., Ltd. | 125,457.07 | 115,695.64 | No | | Shengwei Zhiyuan International Co., Ltd. | 50,110.23 | 7,482.25-20,000 | Partially fulfilled | | Total Actual Guarantee Balance to Subsidiaries at Period-End | - | 445,945.76 | - | - The total actual guarantee amount accounts for 41.44% of the company's net assets[137] 2025 Half-Year Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 244,656.59 | 7,946.94 | | Brokerage Wealth Management Products | 0 | 12.58 | | Total | 244,656.59 | 7,959.52 | - There are no overdue unrecovered amounts for entrusted wealth management, nor are there any expected unrecoverable principal or other situations that may lead to impairment[139] Custody, Contracting, and Leasing Matters The company has no custody or contracting arrangements, but its forestry subsidiaries lease forest land use rights, none of which significantly impact profit - The company reported no custody situations during the reporting period[128] - The company reported no contracting situations during the reporting period[130] - The company's subordinate subsidiaries/sub-subsidiaries engaged in forestry business lease forest land use rights from local forest farms[131] - The company reported no leasing projects that generated profits or losses exceeding 10% of the company's total profit for the reporting period[132] Significant Guarantees The company provided significant joint liability guarantees to subsidiaries, totaling 4.46 billion yuan, representing 41.44% of net assets, with no external guarantees - The company's actual external guarantee amount during the reporting period was 0[134] 2025 Half-Year Company Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (Ten Thousand Yuan) | Actual Guarantee Amount (Ten Thousand Yuan) | Has the Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | | Sichuan Zhiyuan Lithium Co., Ltd. | 9,000-20,000 | 4,900-20,000 | Partially fulfilled | | Suining Chengxin Lithium Co., Ltd. | 15,000-50,000 | 5,000-50,000 | Partially fulfilled | | Indonesia Chengxin Lithium Co., Ltd. | 125,457.07 | 115,695.64 | No | | Shengwei Zhiyuan International Co., Ltd. | 50,110.23 | 7,482.25-20,000 | Partially fulfilled | | Total Actual Guarantee Balance to Subsidiaries at Period-End | - | 445,945.76 | - | - The total actual guarantee amount accounts for 41.44% of the company's net assets[137] Entrusted Wealth Management The company engaged in entrusted wealth management totaling 2.45 billion yuan, with 79.60 million yuan outstanding at period-end, primarily in bank wealth management products, with no overdue or impaired principal 2025 Half-Year Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 244,656.59 | 7,946.94 | | Brokerage Wealth Management Products | 0 | 12.58 | | Total | 244,656.59 | 7,959.52 | - There are no overdue unrecovered amounts for entrusted wealth management, nor are there any expected unrecoverable principal or other situations that may lead to impairment[139] Explanation of Other Significant Matters The company approved a share repurchase plan on June 23, 2025, intending to repurchase no less than 400 million yuan and no more than 500 million yuan of A-shares at a price not exceeding 17.75 yuan/share, with 27.35 million shares already repurchased by August 18, totaling 445 million yuan - The company plans to use its own funds and a special repurchase loan to repurchase a portion of its issued RMB ordinary shares (A-shares) through centralized bidding, for the purpose of maintaining company value and shareholder equity[140] - The total amount of funds intended for this repurchase is no less than 400 million yuan and no more than 500 million yuan, with a repurchase price not exceeding 17.75 yuan/share (inclusive)[140] - As of August 18, the company had repurchased 27.3513 million shares, accounting for 2.99% of the current total share capital, with a total payment of 445 million yuan (excluding transaction fees)[140] Significant Matters of Company Subsidiaries No significant matters concerning company subsidiaries were reported during the period - The company reported no significant matters concerning its subsidiaries during the reporting period[141] Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder numbers, top shareholders, and changes in controlling shareholder or actual controller Share Changes Total shares remained at 915.29 million, with minor shifts between restricted and unrestricted shares due to director/executive holdings and BYD's non-public offering shares 2025 Half-Year Share Changes | Item | Number of Shares Before Change (shares) | Proportion (%) | Net Increase/Decrease in This Change (shares) | Number of Shares After Change (shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 48,643,817 | 5.31% | 372,250 | 49,016,067 | 5.36% | | II. Unrestricted Shares | 866,650,055 | 94.69% | -372,250 | 866,277,805 | 94.64% | | III. Total Shares | 915,293,872 | 100.00% | 0 | 915,293,872 | 100.00% | - The increase in restricted shares is primarily due to an increase of 372,250 shares held by domestic natural persons[144] - The company did not conduct any share repurchase operations during the reporting period; as of August 18, the company had repurchased 27.3513 million shares, accounting for 2.99% of the current total share capital, with a total payment of 445 million yuan[145][146] Share Changes Total shares remained constant at 915.29 million, with a slight increase in restricted shares due to director/executive holdings and BYD's non-public offering shares to be unrestricted in December 2025 2025 Half-Year Share Changes | Item | Number of Shares Before Change (shares) | Proportion (%) | Net Increase/Decrease in This Change (shares) | Number of Shares After Change (shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 48,643,817 | 5.31% | 372,250 | 49,016,067 | 5.36% | | II. Unrestricted Shares | 866,650,055 | 94.69% | -372,250 | 866,277,805 | 94.64% | | III. Total Shares | 915,293,872 | 100.00% | 0 | 915,293,872 | 100.00% | - Share changes are primarily due to the locking and unlocking of shares held by the company's directors and senior management in accordance with relevant regulations[144] 2025 Half-Year Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Unrestriction Date | | :--- | :--- | :--- | :--- | :--- | :--- | | BYD Co., Ltd. | 46,630,917 | 0 | 46,630,917 | New shares from non-public offering subscribed by BYD, with a 36-month lock-up period | December 13, 2025 | | Zhou Yi | 663,750 | 45,000 | 708,750 | Directors and senior management have 75% of their holdings restricted | Subject to regulations of CSRC and SZSE | | Deng Weijun | 547,500 | 45,000 | 592,500 | Directors and senior management have 75% of their holdings restricted | Subject to regulations of CSRC and SZSE | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[148] Shareholder Numbers and Shareholding At the end of the reporting period, the total number of common shareholders was 121,868, with Shenzhen Shengtun Group Co., Ltd. and its concerted parties holding a relatively high proportion of shares, and BYD Co., Ltd. holding 5.09% - The total number of common shareholders at the end of the reporting period was 121,868[149] 2025 Half-Year Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Share Status | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Shengtun Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.31% | 57,777,005 | 0 | 57,777,005 | Pledged | 43,780,458 | | Shenzhen Shengtun Huize Trading Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.93% | 54,282,267 | 0 | 54,282,267 | Pledged | 53,570,000 | | BYD Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.09% | 46,630,917 | 46,630,917 | 0 | Not applicable | 0 | | Shenzhen Shengtun Yixing Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.27% | 29,908,029 | 0 | 29,908,029 | Pledged | 1,950,000 | | Sichuan Advanced Materials Industry Investment Group Co., Ltd. | State-Owned Legal Person | 2.97% | 27,154,358 | 0 | 27,154,358 | Not applicable | 0 | | Xiamen Tunchu Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.25% | 20,625,452 | 0 | 20,625,452 | Pledged | 17,840,000 | | Li Jianhua | Domestic Natural Person | 2.25% | 20,549,000 | 0 | 20,549,000 | Not applicable | 0 | | Yao JuanYing | Domestic Natural Person | 1.97% | 18,000,000 | 0 | 18,000,000 | Pledged | 3,640,000 | | Central Enterprise Rural Industry Investment Fund Co., Ltd. | State-Owned Legal Person | 1.48% | 13,523,885 | 0 | 13,523,885 | Not applicable | 0 | | Fujian Huamin Import & Export Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.10% | 10,057,377 | 0 | 10,057,377 | Not applicable | 0 | - Shenzhen Shengtun Huize Trading Co., Ltd., Shenzhen Shengtun Yixing Technology Co., Ltd., Xiamen Tunchu Investment Partnership (Limited Partnership), and Ms. Yao Juanying constitute a concerted action relationship with Shengtun Group[150] - As of the end of this reporting period, the company's special securities account for share repurchases held 14.2469 million shares, accounting for 1.56% of the company's current total share capital[150] Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[152] Changes in Controlling Shareholder or Actual Controller No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[153] - The company's actual controller did not change during the reporting period[154] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[156] Bond-Related Information The company had no bond-related matters during the reporting period Bond-Related Information The company had no bond-related matters during the reporting period - The company reported no bond-related matters during the reporting period[158] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with accounting policies and notes Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[160] Financial Statements This section provides the company's H1 2025