JIANGTE MOTOR(SZ:002176) 雪球·2025-12-28 05:25Core Viewpoint - Jiangte Electric, a lithium salt producer, has incurred significant losses due to short-selling lithium carbonate futures, as prices surged past 130,000 RMB per ton, leading to a loss exceeding 10 million RMB in just 25 days [1][2][4]. Group 1: Losses and Financial Impact - The company's confirmed and floating losses from commodity futures and derivatives trading have reached over 10% of its audited net profit from the previous year, amounting to more than 10 million RMB [4]. - Jiangte Electric's trading activities are aimed at mitigating operational risks from price fluctuations in raw materials and products, but the recent rise in lithium carbonate prices has resulted in substantial losses in its futures account [7]. - The company plans to account for these trading activities according to the relevant accounting standards, with the actual impact on annual profits to be determined by real gains or losses [7]. Group 2: Market Dynamics and Price Fluctuations - The lithium carbonate market has experienced significant volatility, with prices dropping to below 70,000 RMB per ton before rebounding sharply due to increased demand from energy storage and regulatory changes [12][13]. - By December 26, the main contract for lithium carbonate futures surpassed 130,000 RMB per ton, marking an increase of over 8% and reaching a new high since November 2023 [13]. - The rapid V-shaped recovery in lithium prices caught many short-sellers, including Jiangte Electric, off guard, leading to unexpected financial strain [13]. Group 3: Future Strategies and Business Outlook - Jiangte Electric has prepared for its 2025 hedging activities with a planned guarantee amount not exceeding 300 million RMB, emphasizing a strategy focused on risk mitigation rather than speculative trading [12]. - The company has increased its hedging limit significantly in response to market conditions, from 100 million RMB to 300 million RMB, while also introducing copper futures to hedge against raw material risks [15]. - Despite some hedging success, the company faces ongoing challenges in its core business, with revenue and profit figures indicating a downward trend, including a projected net loss of 1.13 billion RMB in the first three quarters of 2025 [17].