Sinomine(SZ:002738) Yin He Zheng Quan·2025-08-22 07:03Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company's lithium business is under pressure due to falling lithium prices, while the cesium and rubidium salt segment supports overall performance [1][5] - The company achieved a revenue of 3.267 billion yuan in the first half of 2025, a year-on-year increase of 34.89%, but net profit attributable to shareholders decreased by 81.16% to 89 million yuan [4] - The cesium and rubidium salt segment saw a revenue increase of 50.43% to 708 million yuan, indicating strong performance in this area [4][5] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.730 billion yuan, a year-on-year increase of 33.61% and a quarter-on-quarter increase of 12.62% [4] - The average price of lithium hydroxide in China fell by 26.98% year-on-year to 67,385.47 yuan/ton in the first half of 2025 [4] - The lithium battery raw material segment's revenue decreased by 17.84% to 1.307 billion yuan, with gross profit down 74.82% to 142 million yuan [4] Business Segment Performance - The cesium and rubidium salt segment's gross profit increased by 50.15% to 511 million yuan, with the fine chemical business contributing significantly [4] - The company is enhancing its lithium salt production capacity through technological upgrades and new projects, aiming for a total capacity of 418,000 tons/year of lithium concentrate and 71,000 tons/year of battery-grade lithium salt [4][5] - The company is making progress in its copper and multi-metal strategic layout, with ongoing projects in Zambia and Namibia [4]