2025Q2海外锂矿项目跟踪：PLS：P1000项目效益体现，产量环比+77%，成本环比-7.7%

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [7][13]. Core Insights - The P1000 project has shown significant benefits in Q2 2025, with production increasing by 77% quarter-on-quarter, while costs decreased by 7.7% [2][5]. - In Q2 2025, the production of lithium concentrate was 221,000 tons, reflecting a quarter-on-quarter increase of 77% due to the completion of the P1000 expansion [3]. - The average selling price of lithium concentrate in Q2 2025 was $599 per ton, a decrease of 17% compared to the previous quarter [4]. - The FOB cost in Q2 2025 was $397 per ton, down 7.7% quarter-on-quarter, attributed to increased production and improved cost efficiency from the P1000 project [5]. - The actual production for FY 2025 was 755,000 tons, exceeding guidance, while the guidance for FY 2026 is set at 820,000 to 870,000 tons [6]. Summary by Sections Production and Sales - In Q2 2025, the production of lithium concentrate was 221,000 tons, with a quarter-on-quarter increase of 77% due to the P1000 expansion [3]. - Sales of SC5.1 concentrate reached 216,000 tons, reflecting a quarter-on-quarter increase of 72.2% [3]. Pricing and Costs - The selling price of lithium concentrate in Q2 2025 was $599 per ton, down 17% from the previous quarter [4]. - The FOB cost was $397 per ton, a decrease of 7.7% quarter-on-quarter, driven by increased production and cost efficiency [5]. Project Progress - The Australian midstream demonstration plant project is on track for completion by Q4 2025 [6]. - The Brazil Colina project is progressing with directional exploration, with results expected in Q2 2026 [6]. - The joint venture with POSCO produced 3,037 tons of lithium hydroxide in Q2 2025, with ongoing certification processes for additional production lines [6]. Investment Recommendations - The report suggests focusing on companies such as Zhongjin, Yongxing, Ganfeng, Tianqi, Yahua, Guocheng, Shengxin, Jiangte, and Rongjie, anticipating price increases driven by seasonal demand and production adjustments [7].