Pilbara Minerals 2025Q4 锂精矿产销量分别环比7%、+8%至 20.8、23.2 万吨，单位运营成本（CIF，含运费和特许权使用费）环比上涨 11%至 470 美元/吨

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [22]. Core Insights - The operational performance of Pilbara Minerals in Q4 2025 met expectations, reflecting ongoing improvements in mining efficiency and strategic initiatives aimed at maximizing ore processing capacity [1]. - The total mining volume increased from 7.7 million tons in the previous quarter to 8.1 million tons, indicating effective operational measures and a shift towards a self-operated mining model [1]. - The average expected actual selling price for lithium concentrate was $1,161 per ton (CIF, SC5.2), representing a 56% increase quarter-on-quarter and a 66% increase year-on-year [2]. - The company maintained a robust balance sheet with a cash balance of AUD 954 million and an undrawn credit facility of AUD 625 million as of December 31, 2025 [7]. Summary by Sections 1. Lithium Concentrate Production and Sales - In Q4 2025, lithium concentrate production totaled 208,000 tons, a 7% decrease quarter-on-quarter but an 11% increase year-on-year [2]. - Total sales of lithium concentrate reached 232,000 tons, an 8% increase quarter-on-quarter and a 14% increase year-on-year [2]. - The lithium recovery rate for the quarter was 75.8%, despite increased ore processing [2]. 2. Financial Performance - The company achieved revenue of AUD 373 million in Q4 2025, a 49% increase quarter-on-quarter and a 73% increase year-on-year [7]. - Operating cash profit was AUD 166 million, driven by price increases and ongoing cost optimization [7]. - Capital expenditures for the quarter were AUD 45 million in cash terms, with a focus on mine development and infrastructure [8]. 3. Upstream Development Projects - The company is strategically positioning itself during the lithium market downturn to maintain operational capability and performance expectations [9]. - The Ngungaju processing plant is under evaluation for potential restart, with preparations ongoing for upgrades [11]. - The P2000 feasibility study is progressing, with results expected in Q1 2026, focusing on expanding production capacity [12]. 4. Chemical Business Strategy - The chemical business strategy emphasizes maintaining long-term growth options within the lithium value chain, including expanding downstream markets [14][15]. - The midstream demonstration plant project in Australia was completed in Q4 2025, with updates on commissioning expected soon [16]. - The joint venture with POSCO for downstream lithium hydroxide production continues to show technical strength, despite market challenges [17].