香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 將H股首次公開發售部分閑置募集資金 用於暫時補充流動資金 為 提 高 資 金 使 用 效 率，經 本 公 司 第 三 屆 董 事 會（「董事會」）第 七 十 次 會 議 審 議 通 過，本 公 司 在 預 留 港 幣0.46億 元（折 合 人 民 幣0.43億 元）以 確 保 艾 娜 克 項 目 未 來 一 年 的 計 劃 所 需 資 金 後，仍 將 原 定 用 於 艾 娜 克 項 目 的 人 民 幣19.86億 元 閑 置 募 集 資 金 繼 續 用 於 補 充 本 集 團 海 外 工 程 項 目 流 動 資 金， 為 期 一 年。如 在 暫 時 補 充 流 動 資 金 所 批 准 的 一 年 期 限 內，艾 娜 克 項 目 所 需 資 金 超 過 目 前 專 戶 餘 額，本 公司將隨時歸還募集資金至艾娜克項目 的 專 項 資 金 專 ...

Investment Rating - The investment rating for the company is downgraded to "Cautious Recommendation" due to high raw material costs and expected continued declines in lithium prices [4][6]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.06 billion yuan, down 67.7% year-on-year, and a net loss of 7.90 billion yuan, marking a shift from profit to loss [1][5]. - Lithium salt sales increased significantly, but high-priced ore inventory negatively impacted performance. The company produced 1.41 million tons of lithium concentrate in 2024, with a sales volume of 1.03 million tons, reflecting an 81.5% year-on-year increase [2]. - The average price of battery-grade lithium carbonate in 2024 was 90,000 yuan per ton, down 64.6% year-on-year, contributing to the company's financial struggles [2]. - Investment income from SQM dropped significantly, resulting in a loss of 840 million yuan, a decrease of 39.5 billion yuan year-on-year, primarily due to falling lithium prices and tax litigation in Chile [3]. - The company recorded an increase in asset impairment, totaling 2.11 billion yuan in 2024, with significant provisions for inventory and construction projects due to high costs and declining lithium prices [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 13.06 billion yuan, with a year-on-year growth rate of -67.7%. The net profit attributable to shareholders was -7.90 billion yuan, reflecting a -208.3% change [5][8]. - The company expects a gradual recovery in net profit from 2025 to 2027, projecting net profits of 1.05 billion yuan, 2.14 billion yuan, and 2.90 billion yuan respectively [4][5]. Production and Sales - The lithium salt production reached 71,000 tons in 2024, a 39.4% increase year-on-year, while sales volume increased by 81.5% to 103,000 tons [2]. - The company’s lithium concentrate inventory stood at 299,000 tons at the end of 2024, down 26.9% year-on-year [2]. Cost and Expenses - Financial expenses rose to 900 million yuan in 2024, primarily due to exchange losses from currency depreciation [4]. - The company recorded asset impairments of 2.11 billion yuan, with significant provisions for inventory and construction projects due to high costs [3][4]. Future Outlook - The company plans to enhance production capacity through ongoing projects, including the expansion of its chemical-grade lithium hydroxide plant, expected to commence operations in October 2025 [4]. - The projected PE ratios for 2025, 2026, and 2027 are 49, 24, and 18 respectively, indicating a potential recovery in profitability [5][8].