JIANGTE MOTOR(SZ:002176) Mei Ri Jing Ji Xin Wen·2025-08-21 22:50Core Viewpoint - Jiangte Motor reported a significant increase in revenue but a substantial net loss, primarily due to the continuous decline in lithium salt product prices [1][2]. Financial Performance - The company achieved a revenue of 975 million yuan in the first half of 2025, representing a year-on-year growth of 35.85% from 718 million yuan [2]. - The net profit attributable to shareholders was a loss of 114 million yuan, which is a 78.24% increase in losses compared to the previous year's loss of 64.07 million yuan [2]. - The net profit after deducting non-recurring gains and losses was a loss of 161 million yuan [2]. Business Structure and Challenges - Revenue from lithium mining and lithium salt manufacturing reached 460 million yuan, accounting for 47.21% of total revenue, with a year-on-year increase of 115.91% [2]. - The gross margin for this segment was -16.27%, indicating significant profitability challenges [2]. - The decline in profits is attributed to the drop in lithium salt product prices, which has led to reduced gross margins [2][3]. Industry Context - The price of lithium carbonate showed a downward trend in the first half of 2025, influenced by increased supply and weakened market demand [2]. - Factors such as the resumption of production at major lithium mines and trade tensions contributed to the oversupply situation, leading to inventory accumulation and price drops [2]. Recent Developments - Jiangte Motor announced the resumption of production at its wholly-owned subsidiary, Yichun Yinli New Energy, which may trigger further declines in lithium carbonate prices [4][5]. - Following the announcement, lithium carbonate futures prices fell sharply, with a daily drop of 8% [4][5]. - The market had previously anticipated a tightening of supply due to production halts, which led to a temporary surge in prices [4][5].