江特电机: 2025年半年度报告

Core Viewpoint - Jiangxi Special Electric Motor Co., Ltd. reported a significant increase in revenue driven by the growth in lithium salt product sales, despite facing a substantial net loss due to declining prices in lithium products [23][25]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 975.17 million yuan, a year-on-year increase of 35.85% compared to 717.83 million yuan in the previous year [4][25]. - The net profit attributable to shareholders was a loss of approximately 114.19 million yuan, a decrease of 78.24% from a loss of 64.07 million yuan in the same period last year [4][25]. - The total assets at the end of the reporting period were approximately 6.16 billion yuan, down 7.20% from the previous year [4][25]. Business Segments Intelligent Motor Segment - The electric motor industry is crucial for various sectors, including robotics, industrial manufacturing, and renewable energy, with increasing demand for high-efficiency and energy-saving motors [6][7]. - The company has maintained a strong market position in several specialized motor segments, including wind power and servo motors, with significant market shares [5][6]. - The company is focusing on developing high-efficiency motors and has established a robust R&D framework, holding numerous patents and technological advancements [18][19]. Lithium Segment - The lithium industry is characterized by its cyclical nature, heavily influenced by the demand for electric vehicle batteries and energy storage solutions [12][13]. - The company has developed an integrated lithium salt production chain, from mining to processing, and holds significant lithium resources in Yichun, known as "Asia's Lithium Capital" [20][21]. - The production of lithium carbonate, a key raw material for batteries, is a major focus, with the company leveraging its mining capabilities to enhance production efficiency [14][15]. Market Dynamics - The lithium market has experienced price fluctuations, with a notable decline in lithium carbonate prices from approximately 600,000 yuan per ton to around 58,000 yuan per ton due to supply exceeding demand [18][12]. - Despite the price drop, the long-term outlook for the lithium industry remains positive, driven by increasing demand from the electric vehicle and energy storage sectors [12][13]. - The company is actively participating in the lithium futures market to manage price risks and optimize sales strategies [17].