高工锂电·2026-01-01 08:09Core Viewpoint - The lithium price rebound has led to a new phase of resource mergers and acquisitions, characterized by a "full industry chain game" as companies seek to secure upstream resources amid rising lithium carbonate prices [2][3]. Group 1: Mergers and Acquisitions - Shengxin Lithium Energy announced a cash acquisition of 30% equity in Sichuan Qicheng Mining for 2.08 billion yuan, aiming for full control and securing lithium resources from two mines [2][5]. - Salt Lake Co. disclosed plans to acquire 51% of Wenkang Salt Lake for 4.605 billion yuan, integrating its lithium production capacity into its financial statements [2][8]. - The combined value of these transactions is approximately 6.685 billion yuan, coinciding with lithium carbonate prices surpassing 100,000 yuan per ton [3]. Group 2: Resource Valuation and Production Capacity - The valuation of Qicheng Mining is approximately 6.933 billion yuan, consistent with previous funding rounds [6]. - The core asset of Qicheng Mining is the Yajian Muro Lithium Mine, with proven lithium oxide resources of 989,600 tons and a planned extraction capacity of 3 million tons per year [7]. - Wenkang Salt Lake's core asset, the Yili Ping Salt Lake, has established production capacities of 15,000 tons/year for lithium carbonate and 200 tons/year for lithium phosphate, among others [8][11]. Group 3: Industry Trends and Strategic Shifts - The trend in mergers is shifting from speculative assets to those with visible production and core processes, with a focus on achieving over 51% control [12][13]. - Companies are increasingly targeting upstream resources and key materials, as seen with Shengxin Lithium Energy's multiple acquisitions and Huazhong Holdings' purchase of Argentum Lithium [14]. - The integration of assets is becoming a primary tool for restructuring within the industry, as companies seek to enhance their competitive positions and resolve historical issues [15][16].