江特电机2025年上半年净亏1.14亿元，复产消息或引碳酸锂市场动荡

Core Viewpoint - Jiangte Motor reported a significant increase in revenue but a substantial net loss due to falling lithium salt prices, indicating a "revenue growth without profit" scenario [1][2]. Financial Performance - The company achieved a revenue of 975 million yuan in the first half of 2025, a year-on-year increase 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 excluding 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 growth of 115.91% [2]. - The gross margin for this segment was -16.27%, indicating significant profitability challenges [2]. - The primary reason for the profit decline was the continuous drop in lithium salt prices, which led to reduced gross margins [2]. 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]. - Prior to the Spring Festival, prices remained stable due to strong demand and production halts, but post-festival, the resumption of production and trade tensions led to a price drop to around 58,000 yuan per ton [2]. Financial Pressures - Financial expenses increased by 247.19% year-on-year, primarily due to rising interest costs and reduced interest income, further pressuring profits [3]. - Asset impairment losses surged by 1513.26% year-on-year, linked to increased impairments of lithium salt products, reflecting market price volatility's impact on asset values [3]. Production Resumption Impact - The announcement of the resumption of production at Yichun Yinli New Energy, a wholly-owned subsidiary, may trigger a new round of price declines for lithium carbonate [4][5]. - Following the announcement on August 19, 2025, the lithium carbonate futures market reacted sharply, with all contracts hitting the daily limit down, resulting in an 8% drop [4]. - The resumption of production at Yichun Yinli is expected to increase market supply, countering previous expectations of supply tightening, which had driven prices up to over 90,000 yuan per ton [5].