Core Viewpoint - The spot price of lithium carbonate has decreased compared to the previous trading day, indicating a downward trend in lithium prices [1] Price Summary - Battery-grade lithium carbonate is reported at 59,800 CNY/ton, down by 50 CNY/ton [1] - Industrial-grade lithium carbonate (comprehensive) is reported at 58,800 CNY/ton, also down by 50 CNY/ton [1] - The average price of long-term contracts for battery-grade lithium carbonate is 59,700 CNY/ton, down by 3,250 CNY/ton [1] - The hydroxide lithium index remains stable at 62,583 CNY/ton [1] - Lithium spodumene (Africa SC 5%) is reported at 420 USD/ton, down by 5 USD/ton [1] - Lithium spodumene (China CIF 6%) is reported at 615 USD/ton, down by 7 USD/ton [1] - The lithium spodumene index (5% ≤ Li2O < 6%) remains stable at 4,900 CNY/ton [1] - The lithium mica index (2% ≤ Li2O < 4%) remains stable at 1,607 CNY/ton [1] - The phosphor-lithium aluminum stone (7% ≤ Li2O < 8%) is reported at 7,150 CNY/ton, remaining stable [1] - The lithium-rich aluminum electrolyte index remains stable at 1,689 CNY/ton [1] - The discount coefficient for lithium brine (lithium sulfate) remains at 71.5% [1]

Core Viewpoint - The spot price of lithium carbonate remains stable compared to the previous trading day, with battery-grade lithium carbonate priced at 61,600 yuan per ton [1] Price Summary - The spot base index for electric carbon is reported at 490 yuan per ton, an increase of 100 yuan per ton [1] - Battery-grade lithium carbonate is priced at 61,600 yuan per ton, unchanged from the previous day [1] - Industrial-grade lithium carbonate (comprehensive) is reported at 60,800 yuan per ton, also unchanged [1] - The average price of long-term contracts for battery-grade lithium carbonate is 64,000 yuan per ton, down by 100 yuan per ton [1] - The lithium hydroxide index is reported at 63,583 yuan per ton, remaining stable [1] - Lithium spodumene (Africa SC 5%) is priced at 335 USD per ton, unchanged [1] - Lithium spodumene (China CIF 6%) is reported at 655 USD per ton, down by 15 USD per ton [1] - The lithium spodumene index (5% ≤ Li2O < 6%) is at 5,200 yuan per ton, stable [1] - The lithium mica index (2% ≤ Li2O < 4%) is reported at 1,760 yuan per ton, unchanged [1] - Phosphate lithium aluminum stone (7% ≤ Li2O < 8%) is priced at 7,375 yuan per ton, stable [1] - The lithium-rich aluminum electrolyte index is at 1,760 yuan per ton, unchanged [1] - The discount coefficient for lithium brine (sulfuric acid lithium) is reported at 72.5%, remaining stable [1]

Group 1: Investor Relations Activity Overview - The company held an annual performance briefing on May 14, 2025, via online platform [3] - Attendees included the chairman, general manager, financial director, board secretary, and sponsor representative [3] Group 2: Key Questions and Responses - **New Capacity Projects**: The new capacity project is progressing well and is expected to commence production in the second half of 2025. Current lithium battery capacity remains tight, with a focus on lithium manganese and lithium iron batteries for future development [4] - **Stock Price and Dividends**: The company's stock price is influenced by macro policies and market conditions. The company emphasizes investor returns and will continue to consider cash dividends based on profitability and future plans [5] - **Employee Changes**: The company experienced a significant increase in employee numbers due to rising sales orders, which is a normal hiring demand without risks of technology leakage [5] - **Lithium Carbonate Prices**: The decline in lithium carbonate prices does not directly correlate with lithium metal prices, which are influenced by market supply and demand. The company typically procures raw materials 2-3 months in advance and is not currently hedging in the secondary market [6][7] - **Gross Margin Decline**: The gross margin in Q1 2025 decreased due to changes in export tax rebate policies [8]

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