2025Q2sigmalithium锂精矿产销量分别同比增长38%、同比下降23%至6.8万吨、4万吨

Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector with expectations of outperforming the benchmark index by 10% or more in the upcoming period [6]. Core Insights - In Q2 2025, the production of lithium concentrate reached 68,368 tons, a year-on-year increase of 38%, while sales volume decreased by 23% to 40,350 tons due to a strategic decision to halt supply during price volatility [1][2]. - The company's cash operating cost was reported at $442 per ton, a decrease of 14% year-on-year, maintaining the lowest cost in the industry [2]. - The financial performance showed a significant decline, with revenue dropping 62% year-on-year to $2.115 million, and a net loss of $1.886 million [3][4]. Summary by Sections Production and Sales - Q2 2025 lithium concentrate production was 68,368 tons, exceeding the target of 67,500 tons, with a 38% year-on-year growth [1]. - Sales volume for Q2 2025 was 40,350 tons, reflecting a 23% year-on-year decline and a 34% quarter-on-quarter decline due to a cautious supply strategy [1]. Cost Structure - The unit sales cost was $584 per ton, up 3% year-on-year and 5% quarter-on-quarter [1]. - The cash operating cost was $442 per ton, down 14% year-on-year and 3% quarter-on-quarter, remaining below the target of $500 per ton for 2025 [2]. - The all-in sustaining cost (AISC) was $594 per ton, a 24% decrease year-on-year and 4% decrease quarter-on-quarter, also below the annual target of $660 per ton [2]. Financial Performance - Revenue for Q2 2025 was $2.115 million, down 62% year-on-year and 56% quarter-on-quarter [3]. - EBITDA for Q2 2025 was -$1.688 million, indicating a loss compared to previous periods [4]. - The company reported a net loss of $1.886 million, widening year-on-year and turning negative quarter-on-quarter [4]. Operational Updates - The company is advancing its Phase II expansion project, which is expected to add 250,000 tons per year of lithium capacity, bringing total annual capacity to 520,000 tons by 2026 [8].