江特电机上半年实现营收9.8亿元，净亏损1.14亿元

Core Insights - The company reported a significant increase in revenue for the first half of 2025, achieving 980 million yuan, a year-on-year growth of 35.85% [2][3] - However, the net profit attributable to shareholders decreased to -114 million yuan, representing a decline of 78.24% compared to the same period last year [2][3] - The decline in profit is attributed to falling prices of lithium salt products and a decrease in gross profit [2][3] Financial Performance - Revenue for the reporting period was 975,166,278.13 yuan, up from 717,831,652.73 yuan, marking a 35.85% increase [3] - The net profit attributable to shareholders was -114,188,334.54 yuan, down from -64,065,573.73 yuan, a decrease of 78.24% [3] - The net profit after excluding non-recurring gains and losses was -161,286,841.44 yuan, a reduction of 11.28% year-on-year [3] - The net cash flow from operating activities was -296,266,518.96 yuan, a decline of 7.73% [3] - Basic and diluted earnings per share were both -0.07 yuan, down 75% from -0.04 yuan [3] - Total assets at the end of the reporting period were 6.163 billion yuan, a decrease of 7.20% from the previous year [3] - Net assets attributable to shareholders were 3.394 billion yuan, down 3.16% from the previous year [3] Resource and Production Capacity - The company holds or controls over 1 billion tons of lithium ore resources, ranking among the top in the country [4] - The key mining area is located in Yichun, with the most important site being the Qikeng lithium mine, which has a resource reserve of 72.93 million tons [4] - The average Li2O grade is estimated at 0.44%, with potential reserves reaching 1.2667 billion tons at a grade of 0.39% [4] Vertical Integration and Business Model - The company has established a vertically integrated industrial chain from mining to lithium salt production and deep processing [5] - This model maximizes resource value through deep collaboration across various stages [5] - The core product, lithium mica, serves as a raw material for lithium carbonate, while by-products like feldspar powder are supplied to the ceramics and glass industries [5] - The company also leverages strategic resources like tantalum and niobium for high-tech applications, enhancing its competitive edge [5]