1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Yesterday, the main contract of lithium carbonate futures dropped 0.74% to 72,880 yuan/ton. The average price of battery - grade lithium carbonate rose 300 yuan/ton to 73,450 yuan/ton, and the average price of industrial - grade lithium carbonate rose 300 yuan/ton to 71,200 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) remained at 74,000 yuan/ton. The warehouse receipt inventory increased 120 tons to 39,354 tons [3]. - On the supply side, the weekly output increased 400 tons to 20,363 tons. The output of lithium extraction from spodumene increased 160 tons to 12,869 tons, from lepidolite increased 130 tons to 2,860 tons, from salt lakes increased 90 tons to 2,745 tons, and from recycling increased 20 tons to 1,889 tons. On the demand side, the weekly output of ternary materials increased 158 tons to 166 tons, and the inventory decreased 16 tons to 17,454 tons; the weekly output of lithium iron phosphate increased 630 tons to 78,143 tons, and the inventory increased 775 tons to 96,217 tons. On the inventory side, the weekly inventory decreased 981 tons to 137,531 tons, with downstream inventory increasing 1,216 tons to 59,495 tons, intermediate link inventory decreasing 440 tons to 43,580 tons, and upstream inventory decreasing 1,757 tons to 34,456 tons [3]. - Under the expectation of project复产, the long - position logic has been weakened. However, from the current fundamentals, inventory destocking has accelerated. Before the actual复产 of the projects, in the context of strong demand and pre - holiday stocking for the National Day, the downstream procurement demand will support the price. The price may fluctuate in the short term, and the actual situation of projects in Jiangxi needs to be continuously monitored [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 72,880 yuan/ton, down 760 yuan from the previous day; the closing price of the continuous contract was 72,620 yuan/ton, down 880 yuan [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) was 858 US dollars/ton, up 1 US dollar; the price of lepidolite (Li2O: 1.5% - 2.0%) was 1,105 yuan/ton, unchanged; the price of lepidolite (Li2O: 2.0% - 2.5%) was 1,815 yuan/ton, unchanged; the price of amblygonite (Li2O: 6% - 7%) was 6,025 yuan/ton, down 65 yuan; the price of amblygonite (Li2O: 7% - 8%) was 7,125 yuan/ton, down 80 yuan [5]. - **Lithium and Lithium Salts**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 73,450 yuan/ton, up 300 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 71,200 yuan/ton, up 300 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 74,000 yuan/ton, unchanged; the price of battery - grade lithium hydroxide (micropowder) was 78,970 yuan/ton, unchanged; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 68,960 yuan/ton, unchanged; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 9 US dollars/kg, unchanged; the price of lithium hexafluorophosphate was 56,900 yuan/ton, up 150 yuan [5]. - **Price Spreads**: The price spread between battery - grade and industrial - grade lithium carbonate was 2,250 yuan/ton, unchanged; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was 550 yuan/ton, down 300 yuan; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 7,536 yuan/ton, up 67 yuan [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials generally increased slightly, and the prices of lithium iron phosphate products also increased slightly, while the prices of some products such as manganese - acid lithium and cobalt - acid lithium remained unchanged [5]. - **Lithium Batteries**: The prices of most lithium battery products remained unchanged, with only a few showing slight increases [5]. 3.2 Chart Analysis - **Ore Prices**: There are charts showing the price trends of spodumene concentrate, lepidolite, and amblygonite from 2024 to 2025 [6][7][8][9][10]. - **Lithium and Lithium Salt Prices**: There are charts showing the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [11][12][13][14][15][16]. - **Price Spreads**: There are charts showing the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [18][19]. - **Precursors and Cathode Materials**: There are charts showing the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2025 [25][26][28][29][30][31][32]. - **Lithium Battery Prices**: There are charts showing the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [33][34][35][36]. - **Inventory**: There are charts showing the inventory trends of downstream, smelters, and other links from February 2025 to September 2025 [38][39][40][41]. - **Production Costs**: There is a chart showing the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [42][43]. 3.3 Research Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous and new energy research and have won many awards and recognition [46][47].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint - The long - term logic has been weakened due to the expected resumption of projects. However, from the current fundamental perspective, inventory depletion is accelerating. Before the actual resumption of projects, with strong demand and pre - holiday stockpiling for the National Day, downstream procurement demand will support prices. The price of lithium carbonate may fluctuate in the short term, and the actual situation of projects in Jiangxi needs further attention [3]. 3. Summary by Directory 3.1 Research Viewpoint - **Price Changes**: On September 17, 2025, the main contract of lithium carbonate futures rose 0.03% to 73,640 yuan/ton. The average price of battery - grade lithium carbonate increased by 300 yuan/ton to 73,150 yuan/ton, and the average price of industrial - grade lithium carbonate also rose by 300 yuan/ton to 70,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 74,000 yuan/ton. The warehouse receipt inventory increased by 410 tons to 39,234 tons [3]. - **Supply and Demand**: Weekly production increased by 544 tons to 19,963 tons. Among them, lithium extraction from spodumene increased by 300 tons to 12,709 tons, from lepidolite by 130 tons to 2,730 tons, from salt lakes by 62 tons to 2,655 tons, and from recycling by 52 tons to 1,869 tons. Weekly production of ternary materials decreased by 22 tons to 16,491 tons, and the inventory decreased by 115 tons to 17,529 tons. Weekly production of lithium iron phosphate increased by 980 tons to 77,513 tons, and the inventory increased by 686 tons to 95,442 tons [3]. - **Inventory**: Weekly inventory decreased by 1,580 tons to 138,512 tons. Downstream inventory increased by 3,072 tons to 58,279 tons, intermediate - link inventory decreased by 1,390 tons to 44,020 tons, and upstream inventory decreased by 3,262 tons to 36,213 tons [3]. 3.2 Daily Data Monitoring - **Futures and Spot Prices**: The closing price of the main contract of lithium carbonate futures was 73,640 yuan/ton, up 460 yuan from the previous day. The closing price of the continuous contract was 73,500 yuan/ton, up 440 yuan. The price of spodumene concentrate (6%, CIF China) was 857 US dollars/ton, up 4 US dollars. The prices of some lithium ores and lithium salts also had corresponding changes [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,250 yuan/ton. The price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan to 850 yuan [5]. 3.3 Chart Analysis - **Ore Prices**: Charts show the price trends of spodumene concentrate, lepidolite, and other ores from 2024 to 2025 [7][8][9]. - **Lithium and Lithium Salt Prices**: The price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate are presented from 2024 to 2025 [11][13][15]. - **Price Spreads**: The price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads are shown from 2024 to 2025 [18][19]. - **Precursor and Cathode Materials**: The price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium are presented from 2024 to 2025 [25][28][31]. - **Lithium Battery Prices**: The price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries are shown from 2024 to 2025 [34][36]. - **Inventory**: The inventory trends of downstream, smelters, and other links from January to September 2025 are presented [39][41]. - **Production Costs**: The production profit trends of lithium carbonate from different raw materials such as ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate are shown from 2024 to 2025 [44]. 3.4 Research Team Introduction - Zhan Dapeng, a science master, is the director of the non - ferrous research department at Everbright Futures Research Institute, a senior precious metals researcher, a gold intermediate investment analyst, an excellent metals analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily and Securities Times. He has over a decade of commodity research experience [47]. - Wang Heng, a finance master from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon [48]. - Zhu Xi, a science master from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel [48]. 3.5 Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222 - Fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [51][52]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report [1][2][3] 2. Core Viewpoints - The main contract of lithium carbonate futures rose 1.3% to 73,180 yuan/ton. The average price of battery - grade lithium carbonate increased by 400 yuan/ton to 72,850 yuan/ton, and the average price of industrial - grade lithium carbonate also rose 400 yuan/ton to 70,600 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 100 yuan/ton to 74,050 yuan/ton. The warehouse receipt inventory decreased by 139 tons to 38,824 tons [3] - On the supply side, the weekly output increased by 544 tons to 19,963 tons. On the demand side, the weekly output of ternary materials decreased by 22 tons to 16,491 tons, and the weekly inventory decreased by 115 tons to 17,529 tons. The weekly output of lithium iron phosphate increased by 980 tons to 77,513 tons, and the weekly inventory increased by 686 tons to 95,442 tons. In terms of inventory, the weekly inventory decreased by 1,580 tons to 138,512 tons [3] - Although the long - position logic is weakened under the expectation of project复产, currently, the inventory depletion is accelerating. Before the actual复产 of the project, in the context of strong demand and pre - holiday stocking for the National Day, the downstream procurement demand will support the price. Attention should be paid to the actual situation of projects in Jiangxi [3] 3. Summary by Directory 2. Daily Data Monitoring - **Futures**: The closing price of the main contract was 73,180 yuan/ton, up 500 yuan from the previous day; the closing price of the continuous contract was 73,060 yuan/ton, up 540 yuan [5] - **Lithium Ore**: The price of lithium ore such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone all increased to varying degrees [5] - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade and industrial - grade lithium carbonate increased by 400 yuan/ton, while the price of battery - grade and industrial - grade lithium hydroxide decreased by 100 yuan/ton [5] - **Other Products**: The price of lithium hexafluorophosphate increased by 150 yuan/ton, and the prices of some ternary precursors, cathode materials, and other products also changed [5] 3. Chart Analysis - **3.1 Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][7][8] - **3.2 Lithium and Lithium Salt Prices**: Charts present the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12] - **3.3 Spreads**: Charts display the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [17][18][20] - **3.4 Precursor & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [24][25][27] - **3.5 Lithium Battery Prices**: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [33][34][35] - **3.6 Inventory**: Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate in 2025 [38][39][40] - **3.7 Production Costs**: Charts display the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [42][43][44]

Core Viewpoint - The recent developments in the new energy vehicle (NEV) sector, particularly in solid-state batteries and supportive policies, are driving significant market optimism and stock price increases among key players in the lithium battery supply chain [1][2][3]. Group 1: Market Trends - The new energy vehicle leading ETF (159637) saw an increase of over 2% in market price, with major stocks like Jingsheng Electronics and Yinlun Co. rising by 10% [1]. - Key players such as CATL and BYD also experienced notable stock price increases, with CATL and Shangtai Technology rising over 7% and BYD increasing by 3.9% [1]. - The market is currently focused on solid-state batteries, with two significant positive developments in the lithium battery supply chain: a 180GW energy storage target and the implementation of a "60-day payment term" for car manufacturers [1]. Group 2: Energy Storage Developments - The National Development and Reform Commission and the National Energy Administration issued a plan aiming for a new energy storage capacity of over 180GW by 2027, requiring an addition of over 85GW in the next two and a half years [2]. - The plan also includes the establishment of a capacity pricing mechanism, recognizing the value of energy storage as a backup power source, which is expected to improve the commercial viability of storage projects and enhance investment returns [2]. Group 3: Supply Chain Improvements - The "60-day payment term" initiative aims to address long-standing payment issues in the supply chain, with 17 major car manufacturers, including BYD and NIO, committing to implement this payment structure [3]. - The demand for power batteries is expected to rise as production schedules increase during the peak season, with CATL's production forecast for the year reaching 750GWh, exceeding market expectations [3]. - As of September 12, 2025, the valuation of the new energy vehicle sector stands at 28.6 times, indicating a potential recovery space of 45% from the average since 2020, suggesting significant upside potential [3]. Group 4: ETF Overview - The new energy vehicle leading ETF (159637) tracks the CSI New Energy Vehicle Index, comprising 50 leading stocks in the NEV supply chain, ensuring no style drift [4]. - The top ten constituent stocks include CATL, Huichuan Technology, BYD, and others, making it an efficient investment tool for tracking the NEV sector [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 21.32 billion yuan for the first half of 2025, representing a year-on-year increase of 6.16%. However, the net profit attributable to shareholders decreased by 15.20% to 733 million yuan, and the net profit excluding non-recurring items fell by 14.77% to 653 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 10.54 billion yuan, which is a decrease of 2.40% year-on-year and a decrease of 2.34% quarter-on-quarter. The net profit attributable to shareholders was 425 million yuan, down 12.32% year-on-year but up 38.24% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s revenue for the first half of 2025 was 213.23 billion yuan, with a year-on-year growth of 6.16%. The net profit attributable to shareholders was 7.33 billion yuan, down 15.20% year-on-year, and the net profit excluding non-recurring items was 6.53 billion yuan, down 14.77% year-on-year [2][4]. - In Q2 2025, the revenue was 105.35 billion yuan, showing a year-on-year decline of 2.40% and a quarter-on-quarter decline of 2.34%. The net profit attributable to shareholders was 4.25 billion yuan, down 12.32% year-on-year but up 38.24% quarter-on-quarter [2][4]. Business Segments - The company saw positive growth in the shipment of nickel, cobalt, phosphorus, and sodium products in the first half of 2025, with total sales exceeding 188,000 tons, a year-on-year increase of 33.91%. The company maintained a leading market share in its core products [10]. - The revenue from ternary precursor materials was 74.91 billion yuan, with a gross margin of 18.05%, reflecting a 15.2% decline in revenue primarily due to decreased sales volume. The four oxide cobalt business generated 14.52 billion yuan in revenue, with a gross margin of 25.88%, marking a year-on-year increase of 30.21% [10]. - The company’s revenue from the new energy metal segment was 6.70 billion yuan, with a gross margin of 7.44%, benefiting from a vertical integration strategy [10]. Future Outlook - The company is actively expanding its overseas production capacity, with projects progressing in an orderly manner, which is expected to support shipment volumes in 2025. The company is also deepening its supply chain layout, which is anticipated to enhance the self-sufficiency of intermediate products and optimize production cost structures [10]. - With the gradual release of price elasticity for nickel, the company is expected to see significant support for its performance growth, further strengthening its cost competitiveness in the industry [10].

Core Viewpoint - The article emphasizes the comprehensive depiction of the global lithium battery industry chain, highlighting its significance in various sectors and regions, particularly focusing on the distribution of resources and manufacturing capabilities. Group 1: Distribution Map Content - The distribution map measures 1.5 meters by 1 meter and intricately illustrates the entire lithium battery industry chain, from raw materials and four main materials to battery manufacturing and end applications [3] - It covers major lithium battery industry hubs, including China, North America, Europe, Japan, South Korea, and Southeast Asia [3] Group 2: Distribution Map Acquisition - To receive the distribution map for free, individuals must share the article on their social media and contact the editor [4] - The distribution of the maps is being conducted in order of registration [5] Group 3: Conference Information - The conference hosted by Xinluo Information is scheduled for November 12-13, 2025, with registration on the 12th [9] - The event will take place in Shanghai, China, and inquiries can be made via the provided contact number [9]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - On September 10, 2025, the 2511 contract of lithium carbonate futures dropped 4.87% to 70,720 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,150 yuan to 73,450 yuan/ton, the average price of industrial - grade lithium carbonate dropped by 1,150 yuan to 71,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell by 500 yuan/ton to 74,700 yuan/ton. The warehouse receipt inventory remained at 38,101 tons [3]. - In terms of supply, the weekly production increased slightly. The weekly production rose by 389 tons to 19,419 tons. In September, the expected production of lithium carbonate is estimated to increase by 1.7% to 86,730 tons. In terms of demand, the expected production of ternary materials in September is projected to decline by 1.5% to 72,330 tons, while the production of lithium iron phosphate is expected to increase by 6% to 335,250 tons. Regarding inventory, the weekly inventory depletion accelerated, with a week - on - week decrease of 1,044 tons to 140,092 tons [3]. - Amid news - related disturbances, the futures price opened significantly lower and then rebounded. However, due to the expected resumption of production, the bullish logic has weakened, and there is certain pressure on the upside. Before the actual resumption of projects, strong demand will support the price, and the actual situation of projects in Jiangxi needs continuous attention [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - The prices of most products in the lithium - battery industry chain declined on September 10, 2025. For example, the closing price of the main futures contract dropped by 2,180 yuan/ton, and the price of lithium ore and lithium salts also decreased. However, the prices of some products like battery - grade lithium hydroxide (CIF in China, Japan, and South Korea) and lithium hexafluorophosphate remained unchanged [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts 1 - 4 show the price trends of lithium - bearing ores such as lithium spodumene concentrate, lithium mica, and lithium - phosphorus - aluminum stone from 2024 to September 10, 2025 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts 5 - 10 present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to September 2025 [10][12]. 3.2.3 Spreads - Charts 11 - 22 display the price spreads between different lithium - related products and the basis from 2024 to September 2025 [16][18][19][21]. 3.2.4 Precursor & Cathode Materials - Charts 16 - 20 show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to September 2025 [23][25][27]. 3.2.5 Lithium Battery Prices - Charts 21 - 24 present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to September 2025 [29][32]. 3.2.6 Inventory - Charts 25 - 39 show the weekly inventory trends of downstream, smelters, and other sectors of lithium carbonate from January 16, 2025, to September 4, 2025 [36][38]. 3.2.7 Production Costs - Chart 42 shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole - piece black powder, lithium iron phosphate pole - piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to September 2025 [42]. 3.3 Research Team Introduction - The non - ferrous research team of Everbright Futures includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous and new - energy research and have provided services and reports for clients [44][45]. 3.4 Contact Information - The company is located at Building 6, No. 729 Yanggao South Road, Lujiazui Century Financial Plaza, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [48].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On September 9, 2025, the 2511 contract of lithium carbonate futures dropped 2.62% to 72,900 yuan/ton. The average price of battery - grade lithium carbonate remained at 74,600 yuan/ton, the average price of industrial - grade lithium carbonate remained at 72,350 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 150 yuan/ton to 75,200 yuan/ton. The warehouse receipt inventory increased by 650 tons to 38,101 tons [3]. - Ningde Times' subsidiary held a meeting on the resumption of the Shixiawo lithium mine. The mining permit approval is progressing smoothly, and it is expected to resume production soon, which may reduce the short - term price of lithium carbonate, but the actual resumption time needs further attention [3]. - In terms of supply, the weekly production increased by 389 tons to 19,419 tons, and the expected production in September increased by 1.7% to 86,730 tons. In terms of demand, the expected production of ternary materials in September decreased by 1.5% to 72,330 tons, while the expected production of lithium iron phosphate increased by 6% to 335,250 tons. In terms of inventory, the weekly inventory decreased by 1,044 tons to 140,092 tons [3]. 3. Summary by Directory 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract decreased by 1,900 yuan/ton to 72,900 yuan/ton, and the closing price of the continuous contract decreased by 2,440 yuan/ton to 72,820 yuan/ton [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) increased by 3 dollars/ton to 879 dollars/ton, while the prices of other lithium ores remained unchanged [5]. - **Lithium and Lithium Salts**: The price of battery - grade lithium hydroxide (coarse particles) decreased by 150 yuan/ton to 75,200 yuan/ton, and the prices of other related products were mostly stable [5]. - **Price Differences**: The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 150 yuan/ton to 600 yuan/ton, and other price differences had different changes [5]. - **Precursors and Cathode Materials**: The prices of some ternary precursors and cathode materials increased slightly, while the prices of manganese - acid lithium decreased by 500 yuan/ton [5]. - **Lithium Batteries**: The prices of some lithium battery cells and batteries increased slightly [5]. 3.2 Chart Analysis - **Ore Prices**: There are charts showing the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: There are charts showing the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, etc. from 2024 to 2025 [10][13]. - **Price Differences**: There are charts showing the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [17][18]. - **Precursors and Cathode Materials**: There are charts showing the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2025 [23][25][27]. - **Lithium Battery Prices**: There are charts showing the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, etc. from 2024 to 2025 [29][32]. - **Inventory**: There are charts showing the inventory trends of downstream, smelters, and other links from January to September 2025 [36][38]. - **Production Costs**: There is a chart showing the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [42].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On September 2, 2025, the 2511 contract of lithium carbonate futures dropped 4.3% to 72,620 yuan/ton. The average price of battery-grade lithium carbonate decreased by 850 yuan/ton to 77,500 yuan/ton, the average price of industrial-grade lithium carbonate dropped by 850 yuan/ton to 75,200 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) fell by 300 yuan/ton to 76,350 yuan/ton. The warehouse receipt inventory increased by 810 tons to 32,007 tons [3]. - In terms of supply, weekly production continued to slow down with a narrowing decline. Weekly output decreased by 108 tons to 19,030 tons. Among them, lithium extraction from spodumene increased by 70 tons to 12,249 tons, lithium extraction from lepidolite decreased by 150 tons to 2,500 tons, lithium extraction from salt lakes decreased by 37 tons to 2,515 tons, and lithium extraction from recycled materials increased by 9 tons to 1,766 tons. In terms of demand, according to the production scheduling data of market consulting agencies, the production scheduling of cathode materials in September increased by 5 - 6% month-on-month. In terms of inventory, the total inventory continued to decline slightly on a weekly basis, decreasing by 407 tons to 141,136 tons. Among them, downstream inventory increased by 1,293 tons to 52,800 tons, intermediate link inventory increased by 1,810 tons to 45,000 tons, and upstream inventory decreased by 3,510 tons to 43,336 tons, indicating restocking in the downstream and intermediate links and continuous destocking upstream [3]. - Recently, the price has dropped rapidly. In the short term, the market is continuously digesting the increase brought about by the suspension of production at Jianxiakeng. After the digestion is completed, the market may re - price the expectations regarding the mining license issue. The fundamentals in September are relatively good, but attention should be paid to September 30, as Jiangxi lithium mining projects need to complete report compilation and submission by this date, and there may be a conclusion regarding the mining license issues of other projects at that time [3]. Summary by Directory 1. Research Views - Futures, spot prices, and warehouse receipt inventory changes on September 2, 2025 [3]. - Supply, demand, and inventory situation in the lithium carbonate market [3]. - Analysis of short - term price trends and attention points in September [3]. 2. Daily Data Monitoring - Price changes of various products in the lithium - ion battery industry chain from September 1 to September 2, 2025, including futures, lithium ores, lithium carbonates, lithium hydroxides, and other products [5]. - Price differences between different products in the lithium - ion battery industry chain, such as the price difference between battery - grade and industrial - grade lithium carbonate, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate [5]. 3. Chart Analysis 3.1 Ore Prices - Charts show the price trends of spodumene concentrate (6%, CIF), lepidolite (1.5% - 2.0%), lepidolite (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. 3.2 Lithium and Lithium Salt Prices - Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [11][13][14]. 3.3 Price Differences - Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, CIF Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and other price differences from 2024 to 2025 [17][19][20]. 3.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [24][26][28]. 3.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][33][34]. 3.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links from 2025 [37][39]. 3.7 Production Costs - Chart presents the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, lithium mica concentrate, and spodumene concentrate from 2024 to 2025 [43].

Group 1: Report Summary - The report is about a research on Mannster, a company in an unspecified industry, conducted on August 29, 2025 [1][16] - The company's mid - 2025 business situation was introduced, with revenue increasing and net profit decreasing compared to the previous year [23] - The company's overseas orders increased, and the construction of the global system achieved results [23] Group 2: Research Basic Information - The research object is Mannster, and the reception time is August 29, 2025. The reception staff includes the board secretary Peng Yalin and the securities affairs representative Xu Bijiu [16] Group 3: Detailed Research Institutions - Participating institutions include Guolian Minsheng Securities, Guohai Securities, Caitong Securities, Northeast Securities, Huatai Securities, etc [2][17] Group 4: Main Content Business Performance - Affected by the decline in new orders in 2024, the revenue and profit of coating application decreased in the first half of this year [23] - In the first half of this year, the company's revenue was 560.4829 million yuan, a year - on - year increase of 59.93%; the net profit attributable to shareholders of listed companies was - 23.5133 million yuan, a year - on - year decrease of 132.66% [23] - Overseas revenue in the first half of the year was 17.8781 million yuan, with a year - on - year growth rate of 146.51% [23] Reasons for Loss and Margin Changes - The decline in coating product gross margin was due to intensified market competition, cost - reduction pressure in the industry, and fluctuations in production capacity utilization [23] - As new orders are gradually delivered and production capacity utilization increases, the gross margin will improve [23] - The company's energy system business turned a profit, and the gross margin improved, supporting overall profits [24] Solid - State Equipment Progress - Solid/dry - process related equipment orders placed last year were sent to customers this year, and the commissioning and verification results were recognized by customers [24] - The company has rich experimental data and technical reserves in the wet - and dry - process layout and has obtained order verifications in multiple processes [24] Pan - Semiconductor Business Progress - The company launched a perovskite pilot platform and released a new vacuum coating equipment product this year [25] - The GW - level perovskite coating system was delivered in the first half of the year [25] - The company's panel display equipment passed customer verification and aims to develop more incremental business [25] Robot Business - The subsidiary Lanfang Technology has a small number of orders for micro - linear electric cylinders and has sent samples of electric grippers, but there is no substantial progress in dexterous hand products [25]