Greenbushes 锂矿 2025Q4 产销量分别环比+10%、 +9%至 35.2 万吨、32.8 万吨，2025Q4 单位现金生产成本环比下降 4%至 373 澳元 吨

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [3]. Core Insights - The Greenbushes lithium mine produced 352,000 tons of lithium concentrate in Q4 2025, a 10% increase quarter-on-quarter, but a 10% decrease year-on-year. Sales volume reached 328,000 tons, up 9% quarter-on-quarter and 5% year-on-year. The average realized price for lithium concentrate was $850 per ton, a 16% increase quarter-on-quarter [1][2]. - The Kwinana lithium hydroxide plant's production decreased to 2,120 tons in Q4 2025 due to maintenance, operating at 35% of its rated capacity. However, sales volume increased to 3,599 tons, a 23% rise quarter-on-quarter and a significant 335% increase year-on-year [2]. - The Nova project reported nickel production of 3,790 tons in Q4 2025, an 11% increase quarter-on-quarter and a 12% increase year-on-year, while sales volume decreased by 31% [5]. Summary by Sections Lithium Business - Greenbushes lithium mine's production and sales figures for Q4 2025 were 352,000 tons and 328,000 tons respectively, with a cash production cost of 373 AUD/ton, down 4% quarter-on-quarter [1]. - Kwinana's lithium hydroxide production was 2,120 tons, with a cash processing cost of 20,642 AUD/ton, up 46% quarter-on-quarter [2]. Nickel Business - Nova project reported a nickel production of 3,790 tons and a sales volume of 2,288 tons in Q4 2025, with a cash cost of 4.54 AUD/pound, down 34% [5]. Financial Performance - The company reported a revenue of 82.4 million AUD in Q4 2025, a decrease of 22% quarter-on-quarter and 37% year-on-year. The basic EBITDA was 29.9 million AUD, reflecting a 55% increase [6][4]. 2026 Fiscal Year Guidance - For the 2026 fiscal year, Greenbushes is expected to produce slightly below the lower guidance limit for spodumene, with cash costs anticipated to be slightly above the upper limit. Capital expenditures are expected to be lower than guidance due to a focus on cost control [7][8].