行业缓出清，周期慢企稳 | 投研报告

Core Insights - The report from Wenkang Securities highlights a significant decline in lithium prices, with Q2 2025 prices dropping from 74,000 yuan/ton to 60,000 yuan/ton, leading to compressed profit margins for companies in the sector [1][6] - The analysis covers 12 A-share companies involved in lithium mining and lithium salt businesses, focusing on various financial metrics to identify market trends and potential turning points in the lithium industry [2] Market Analysis - Lithium prices in Q2 2025 did not meet expectations, continuing to decline to 60,000 yuan/ton [3] - The growth rate of lithium salt production in China slowed down in Q2 2025 [3] - High social inventory of lithium salts remains above 150,000 tons due to weak demand [3] Company Performance - Companies reported a 3% year-on-year increase in revenue for Q2 2025, driven by volume despite falling prices [4] - Net profit attributable to shareholders decreased by 9% year-on-year due to reduced gross profit and inventory impairment losses [4] - Gross and net profit margins for Q2 2025 were recorded at 22.36% and 9.13%, respectively, indicating a reversal trend [4] - Total expenses for the sample companies amounted to 2.287 billion yuan, a year-on-year decrease of 16.3% [6] - Capital expenditures remain at a low point in the cycle, with total capital spending of 4.1 billion yuan in Q2 2025, down 8% year-on-year [7] Industry Trends - There is a low willingness among Chinese companies to reduce production despite the declining prices, with some companies reporting net losses in their non-mining operations [6] - Companies are actively reducing expenses during the downturn, maintaining stable debt repayment capabilities [6] - The slowdown in capital expenditures suggests that the pace of future lithium salt project launches will decelerate, indicating that the lithium market may be approaching a cyclical turning point [7]