2025 年第二季度海外锂矿经营情况更新：此消彼长，低成本矿企韧性显现

Investment Rating - The report assigns an "Overweight" rating for the industry [5] Core Insights - The overseas lithium market is expanding in production and sales, with Australia reducing costs to mitigate the impact of falling lithium prices on company performance [3] - South American salt lakes continue to perform well, maintaining high sales volumes [3] - North American lithium mines are releasing concentrated sales, with technological improvements enhancing utilization rates [3] - Short-term lithium prices are supported by production halts, but the resilience of overseas lithium companies is stronger than previously expected, with supply clearing challenges [3] Summary by Sections 1. Production and Sales Expansion, Price Pressure - In Q2 2025, core Australian lithium concentrate production was approximately 972,000 tons, up 7.2% year-on-year and 12.8% quarter-on-quarter [9] - Australian lithium concentrate sales were 1,028,000 tons, down 14.2% year-on-year but up 17.5% quarter-on-quarter [12] - The average price of lithium concentrate in Australia fell significantly, with Greenbushes at $725/ton, Marion at $607/ton, and Pilgangoora at $703/ton [15] 2. Australian Mines: Continuous Production and Cost Reduction - In Q2 2025, Australian lithium producers increased production, with a total of 851,000 tons produced, up 16.3% quarter-on-quarter [21] - The average price of lithium concentrate fell by 18.7% to $677.3/ton, while cash costs decreased by 7.15% [22] - Greenbushes maintained stable production with a cash cost of approximately $234/ton, despite a slight increase [23] 3. South American Salt Lakes: Strong Performance and Steady Projects - SQM achieved a record Q2 sales volume of 53,000 tons LCE, with an average selling price of $8,384/ton, down 7.87% [17] - Cauchari-Olaroz salt lake produced 8,500 tons of lithium carbonate, up 18% quarter-on-quarter [46] - ALB's sales in Q2 reached 58,000 tons LCE, reflecting a 31.8% increase [48] 4. North America: Increased Production and Cost Efficiency - La Corne project saw a 33% increase in production to 58,500 tons, with sales rising 148% to 66,980 tons [53] - The average selling price was $675/ton, down 5%, while unit operating costs decreased to $791/ton [54] 5. Lithium Imports: Significant Increase in Q2 - China's lithium concentrate imports reached 1.804 million tons, up 34.4% quarter-on-quarter, with Australia being the dominant supplier [56] - The import of lithium carbonate also increased by 33%, with Chile and Argentina being the main sources [62] 6. Investment Recommendations - The report suggests that the future trend for overseas mines is "increased production and reduced costs," indicating resilience among overseas lithium companies [6]