1. Report's Industry Investment Rating - Not provided in the report 2. Report's Core View - The short - term supply and demand of lithium carbonate are both strengthening, with high production, rising downstream demand, and social inventory depletion. The short - term fundamentals change little, but beware of the repeated "reversal" sentiment. It is expected that the lithium carbonate price will fluctuate widely. Operationally, it is recommended to conduct short - term range operations, buy on dips and appropriately purchase options for protection if it drops excessively, or buy straddle options [1] 3. Summary According to Relevant Content 3.1 Lithium Carbonate Futures Market - On August 26, the main contract of lithium carbonate futures fluctuated within a range. The trading volume was 5999 lots (- 67314), and the open interest was 34996 lots (- 1917). The spot market showed a rising trend, and the basis premium decreased [1] - The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts decreased compared with the previous day, while the trading volume and open interest of the active contract decreased, and the inventory decreased [1] 3.2 Lithium - Related Product Prices - The average price of spodumene concentrate (6%, CIF China) decreased, while the prices of lithium mica (different grades), phospho - lithium - aluminum stone (different grades), and most lithium - related products such as lithium carbonate, lithium hydroxide, and ternary materials changed to varying degrees [1] - The price differences between different grades of lithium carbonate, lithium hydroxide, and other products also changed. For example, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 550 [1] 3.3 Lithium Inventory - The SMM lithium carbonate inventory showed different trends in different sectors. The inventory of smelters decreased by 2847 tons, the inventory of downstream increased by 3224 tons, and the inventory of others decreased by 1090 tons. The total inventory decreased by 713 tons [1] 3.4 Industry News - SDIC Xinjiang Lithium Industry Co., Ltd. plans to invest about 800 million yuan to expand its lithium carbonate production capacity in Xinjiang from 500 tons to 10,000 tons. Jiuwu Hi - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement of this expansion project [1] - Australian miner Galan Lithium obtained 20 million Australian dollars (equivalent to 13 million US dollars) in financing for its Hombre Muerto West (HMW) project in Argentina. The project is expected to be put into production in the first half of 2026 and has 7.86 million tons of lithium carbonate equivalent (LCE) resources [1]

Core Viewpoint - Ping An Securities report indicates that Penghui Energy experienced a net loss attributable to shareholders of 88 million yuan in the first half of the year, marking a shift from profit to loss year-on-year [1] Financial Performance - In the second quarter, the company reported a net loss attributable to shareholders of 43 million yuan, also a year-on-year shift from profit to loss [1] - The company has recorded net losses for three consecutive quarters since Q4 2024 [1] Profit Forecast - Due to the loss in the first half of the year and competitive pressures in lithium battery pricing, the profit forecasts for 2025, 2026, and 2027 have been revised down to 40 million, 220 million, and 300 million yuan respectively, compared to previous estimates of 140 million, 250 million, and 320 million yuan [1] - The corresponding price-to-earnings ratios based on the closing price on August 25 are projected to be 341.1, 63.3, and 46.3 times for 2025, 2026, and 2027 respectively [1] Business Outlook - The company maintains a solid layout in the energy storage lithium battery sector, with clear planning across three major business segments [1] - The global demand for energy storage batteries is expected to continue growing, with significant potential in emerging markets [1] - The company's energy storage cells and commercial storage products are competitive in the market, and the long-term value of the company is still recognized [1] - There is optimism regarding the company's growth potential after overcoming current challenges, maintaining a "recommended" rating [1]

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a stock price of 27.9 yuan [1]. Core Viewpoints - The company reported a revenue of 4.301 billion yuan in the first half of 2025, representing a year-on-year increase of 13.99%. However, it faced a net loss attributable to shareholders of 88 million yuan, a shift from profit to loss compared to the previous year [4][8]. - The company is focusing on three main business segments: energy storage, consumer batteries, and power batteries, with a clear strategy for growth in the energy storage sector [8][9]. - A stock option incentive plan was announced, reflecting the company's confidence in future development, with performance targets set for revenue growth [9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 4.301 billion yuan, up 13.99% year-on-year, driven by a recovery in overseas demand for household storage batteries [4][8]. - The second quarter revenue was 2.611 billion yuan, a 20.0% increase year-on-year, but the company still reported a net loss of 43 million yuan for the quarter [4][8]. - The gross margin for lithium batteries was 10.10%, down 2.22 percentage points from the previous year, due to intense market price competition [8]. Business Segments - The company is committed to strengthening its energy storage business, with a dual-track strategy for large storage projects and global market expansion [8][9]. - In the consumer battery sector, the company maintains a leading position in various niche markets, while also optimizing its manufacturing capabilities globally [9]. - The power battery segment focuses on high-potential applications such as two-wheeled vehicles and drones, with long-term partnerships established with quality clients [9]. Future Outlook - The stock option incentive plan aims to grant up to 15.6 million stock options, representing 3.10% of the company's total share capital, with performance targets set for significant revenue growth by 2025 [9]. - The company has adjusted its net profit forecasts for 2025, 2026, and 2027 to 40 million, 220 million, and 300 million yuan respectively, reflecting the anticipated challenges in the lithium battery market [9].

Report Title - Carbonate Lithium Daily Review 20250826: Fluctuations Amplified Again, Protect Positions [2] Industry Investment Rating - Not provided Core View - The price of lithium carbonate is expected to fluctuate widely. Short - term supply and demand are both strong, the fundamentals change little in the short term, and it is necessary to guard against the recurrence of "contrarian" sentiment. It is recommended to operate in the short - term range, buy on dips if there is an oversell, and appropriately buy options for protection [3] Summary by Relevant Catalogs Market Data - **Futures Prices**: On August 25, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures increased compared to the previous trading day, with increases of 400 yuan/ton, 400 yuan/ton, 420 yuan/ton, and 420 yuan/ton respectively [3] - **Trading Volume**: The trading volume of lithium carbonate futures on August 25, 2025, was 626,916 lots, a decrease of 305,759 lots compared to the previous trading day [3] - **Open Interest**: The open interest of active contracts on August 25, 2025, was 368,667 lots, an increase of 6,413 lots compared to the previous trading day [3] - **Inventory**: The inventory on August 25, 2025, was 25,630 tons, an increase of 640 tons compared to the previous trading day [3] - **Price Spreads**: The spread between near - month and consecutive - one contracts was 0 yuan/ton; the spread between consecutive - one and consecutive - two contracts decreased by 20 yuan/ton to 540 yuan/ton; the spread between consecutive - two and consecutive - three contracts was 0 yuan/ton [3] - **Spot Prices**: The average price of 99.5% battery - grade domestic lithium carbonate decreased by 1,400 yuan/ton to 82,500 yuan/ton; the average price of 99.2% industrial - grade domestic lithium carbonate decreased by 1,400 yuan/ton to 80,200 yuan/ton [3] Company News - **Zhongkuang Resources**: In the first half of 2025, the company's self - supplied raw materials achieved a lithium salt output of 17,900 tons, a year - on - year increase of about 6.37%. It also directly sold 34,800 tons of self - produced spodumene powder ore and adjusted the raw material supply structure to reduce lithium salt production costs [3] - **Global Lithium Resources**: The Manna lithium mine project in Australia has obtained a 21 - year mining lease. The final feasibility study (DFS) is expected to be optimized by the end of 2025 [3] - **Pilbara Minerals**: In the fiscal year 2025, the company's spodumene concentrate output reached 754,600 tons, a 4% increase compared to the fiscal year 2024 [3] Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate decreased, but the production of mica - based lithium carbonate decreased, and the production of spodumene - based lithium carbonate increased. In August, the planned production of lithium carbonate decreased, and the scheduled production increased [3] - **Demand**: Last week, the production of lithium iron phosphate decreased, and the production of ternary materials increased. In July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month. The 3C product shipments were average. In August, the scheduled production of energy - storage batteries increased [3] Inventory Situation - The registered warehouse receipts were 25,630 tons, an increase of 640 tons. Social inventory decreased, with smelters and others reducing inventory and downstream increasing inventory [3] Investment Strategy - It is recommended to operate in the short - term range. If there is an oversell, buy on dips and appropriately buy options for protection [3]

| 交易日期(日) | 2025-08-21 | 2025-08-20 | 2025-08-14 | 较昨日变化 | 近两周走势 | | --- | --- | --- | --- | --- | --- | | 近月合约 收盘价 | 83000.00 | 81040.00 | 73480.00 | 1,960.00 | w | | 收盘价 连一合约 | 82960.00 | 81000.00 | 85140.00 | 1,960.00 | ( 1 | | 连二合约 收盘价 连三合约 收盘价 | 82180.00 82180.00 | 80880.00 80880.00 | 85300.00 85300.00 | 1,300.00 1,300.00 | | | 收盘价 | 82760.00 | 80980.00 | 85300.00 | 1,780.00 | ( | | 碳酸锂期货 成交量(手) | 777827.00 | 838879.00 | 1060127.00 | -61,052.00 | | | 活跃合约 | | | | | | | (元/吨) 持仓堂(手) | 390069.00 | 395102 ...

Group 1 - Guoxuan High-Tech is entering the small power battery market by signing a cooperation agreement with Lujiang High-tech Zone to create a third growth pole for the company [1] - The daily electricity consumption of new energy vehicles in China is currently only 330 million KWh, which is 1.2% of the national average daily electricity consumption, indicating a vast market potential for energy storage lithium batteries [1] - If China's daily electricity consumption is shifted by two hours, the demand for energy storage batteries could exceed 10,000 GWh, positioning small power batteries as the third growth pole after power batteries and energy storage [1] Group 2 - Fengjiang Battery plans to expand its lithium battery business in Bangladesh by establishing a joint venture with a local company, with a registered capital of $500,000, where Fengjiang will invest $275,000 for a 55% stake [2] - This investment is part of Fengjiang Battery's strategic development plan to leverage geographical advantages for faster growth in the regional lithium battery market, aiming to serve other Southeast Asian countries [2] - Fengjiang Battery, founded in 2006, specializes in the customized and diversified research and production of lithium-ion batteries [2] Group 3 - Sodium Innovation Energy has signed a strategic cooperation agreement with Shanghai Ronghe Yuanshu Energy at the EESA International Energy Storage Exhibition to enhance collaboration in cell research, system solutions, market promotion, and demonstration projects [4] - The partnership aims to promote the commercialization of sodium-ion battery energy storage systems through complementary advantages [4] - Sodium Innovation Energy focuses on the research, production, and sales of core materials for sodium-ion batteries, providing solutions for end-users [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The profit of lithium carbonate has been restored, production has rebounded, downstream demand has increased, and social inventory has been depleted. In the short - term, both supply and demand have strengthened. The impact from Jiangxi's mining end continues, but the exchange has taken measures to cool down coking coal futures. It is necessary to guard against the decline of "contrarian" sentiment. It is expected that the price of lithium carbonate will fluctuate widely. In operation, it is recommended to conduct short - term range trading and appropriately buy options for protection [3] 3. Summary According to Relevant Data 3.1 Futures Market - On August 14, the main contract of lithium carbonate futures fluctuated widely. The trading volume was 1,060,127 lots (-185,297), and the open interest was 389,177 lots (-3,498). The contango in the spot market was strong, and the basis discount narrowed [3] 3.2 Raw Material Prices - The price of spodumene concentrate (6%, CIF China) increased from $926.00 to $937.00; the price of lithium mica (Li2O: 1.5% - 2.0%) rose from $1,275.00 to $1,300.00; the price of lithium mica (Li2O: 2.0% - 2.5%) increased from $2,030.00 to $2,075.00; the price of montebrasite (Li2O: 6% - 7%) was $0.00 (previously $7,250.00), and the price of montebrasite (Li2O: 7% - 8%) remained at $8,350.00 [3] 3.3 Lithium Product Prices - The average price of battery - grade lithium carbonate (99.5% domestic) rose from $81,000.00 to $82,000.00; the average price of industrial - grade lithium carbonate (99.2% domestic) increased from $78,800.00 to $79,750.00; the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan and South Korea) increased from $8.50/kg to $8.60/kg; the average price of battery - grade lithium hydroxide (56.5% coarse - grained domestic) rose from $71,990.00 to $73,040.00; the average price of battery - grade lithium hydroxide (56.5% micronized domestic) increased from $77,110.00 to $78,110.00 [3] 3.4 Downstream Product Prices - The average price of ternary precursor 523 (polycrystalline/consumer - type) was $76,575.00; the average price of ternary precursor 523 (single - crystal/power - type) remained at $76,830.00; the average price of ternary precursor 622 (polycrystalline/consumer - type) remained at $72,130.00; the average price of ternary precursor 811 (polycrystalline/power - type) remained at $90,235.00; the average price of ternary material 523 (single - crystal/power - type) rose from $118,795.00 to $118,995.00; the average price of ternary material 523 (polycrystalline/consumer - type) increased from $113,260.00 to $113,530.00; the average price of ternary material 622 (polycrystalline/consumer - type) increased from $116,330.00 to $116,610.00; the average price of ternary material 811 (polycrystalline/power - type) increased from $145,970.00 to $146,070.00; the average price of lithium iron phosphate (power - type) rose from $35,050.00 to $35,390.00; the average price of lithium iron phosphate (mid - to high - end energy - storage type) increased from $31,235.00 to $34,040.00; the average price of lithium iron phosphate (low - end energy - storage type) rose from $31,000.00 to $31,230.00; the average price of lithium cobalt oxide (60%, 4.35V/domestic) increased from $223,350.00 to $223,850.00 [3] 3.5 Supply and Demand - Supply side: Last week, the production of lithium carbonate increased. In August, the production of lithium hydroxide decreased, and the planned production of lithium carbonate increased. Last week, the production of power batteries increased [3] - Demand side: Last week, the production of lithium iron phosphate and ternary materials increased. In July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month, and the 3C shipments were average. In August, the planned production of energy - storage batteries increased [3] 3.6 Inventory - Registered warehouse receipts were 21,939 tons (+260 tons). Social inventory decreased, smelters reduced inventory, while downstream and other sectors accumulated inventory. The total SMM lithium carbonate inventory was 142,256 tons [3] 4. Market Information - The US July PPI annual rate reached 3.3%, the highest since February; the July PPI monthly rate was 0.9%, the largest increase since June 2022. After the data was released, interest - rate futures traders reduced their bets on Fed rate cuts [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - Profit margins have recovered, leading to an increase in lithium carbonate production. However, disruptions at mining sites in Jiangxi are intensifying. It is expected that the price of lithium carbonate will experience a moderately strong short - term oscillation. After the downstream shutdowns, as prices rise, other lithium carbonate supplies will enter the market to replenish. This has little impact on the long - term supply - demand pattern. Attention should be paid to the progress at Jiangxi mining sites and market sentiment. In terms of operations, short - term trading is recommended, and caution is advised when chasing high prices (View Score: +1) [3] 3. Summary by Relevant Content 3.1 Price and Trading Data - **Futures Contracts**: On August 12, 2025, the closing price of the near - month contract was 86,140 yuan/ton, up 7,140 yuan from the previous day. The trading volume of lithium carbonate futures contracts was 1,417,040 lots (+1,379,633), and the open interest was 356,998 lots (+39,322). The basis discount narrowed [3] - **Spot Prices**: The average price of SMM battery - grade lithium carbonate was 78,000 yuan/ton, up 3,500 yuan from the previous day. The prices of lithium spodumene concentrate and lithium mica also increased. The average price of lithium spodumene concentrate (6%, CIF China) was 910 US dollars/ton, up 150 US dollars from the previous day [3] - **Price Spreads**: The spread between the near - month and the first - consecutive contract was 5,140 yuan/ton, and the spread between the first - consecutive and the second - consecutive contract was 40 yuan/ton. The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 1,980 yuan, up 3,360 yuan from the previous day [3] 3.2 Supply and Demand - **Supply**: Last week, lithium carbonate production increased. The total production of lithium carbonate from smelters and other sources was 143,170 tons, up 692 tons from the previous week [3] - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In August, the production plan of lithium cobalt oxide decreased, while that of lithium carbonate increased. The production of power batteries increased last week. In terms of terminal demand, in July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month, and the 3C product shipments were average. The production plan of energy - storage batteries increased in August [3] 3.3 Inventory - The registered warehouse receipts were 20,829 tons (+1,440), and the social inventory decreased. The inventory of smelters and other sources decreased, while the inventory of downstream enterprises increased [3] 3.4 Market News - The US unadjusted CPI annual rate in July was flat at 2.7% compared to the previous month, and the unadjusted core CPI annual rate rose to a five - month high of 3.1%. After the data was released, traders increased their bets on a Fed rate cut in September [3] - The lithium industry association called for strengthening upstream - downstream collaboration, maintaining industrial security, and jointly creating a fair, just, stable, and orderly market environment to promote the high - quality development of the lithium industry [3]

Core Viewpoint - The recent trend of "A+H" listings in the A-share market has seen another major player, XINWANDA, announce its plan for a Hong Kong listing, highlighting the growing interest in the lithium battery sector [1] Group 1: Company Overview - XINWANDA, established in 1997 and listed on the Shenzhen Stock Exchange in 2011, is a leading global lithium battery technology innovator with a market capitalization of nearly 40 billion yuan as of August 7 [1] - The company has a comprehensive business layout covering consumer batteries, power batteries, and energy storage systems, with a strong presence in the consumer electronics sector [1] Group 2: Market Position - XINWANDA has become the largest lithium-ion battery manufacturer globally, holding a 34.3% market share in the mobile battery market and a 21.6% share in the notebook and tablet battery market [2] - The company has established long-term partnerships with major technology firms, including Xiaomi, Lenovo, OPPO, and others, supplying batteries to the top ten global smartphone manufacturers [2] Group 3: Financial Performance - XINWANDA's revenue has shown significant growth, with figures of 52.162 billion, 47.862 billion, and 56.021 billion yuan for the years 2022 to 2024, respectively, indicating a year-on-year growth of 17.05% for 2024 [3] - The net profit for the same period was 0.763 billion, 0.331 billion, and 0.534 billion yuan, with a substantial year-on-year increase of 61.33 million yuan for 2024 [3] Group 4: Research and Development - The company has maintained high levels of R&D expenditure, with amounts of 2.742 billion, 2.711 billion, 3.330 billion, and 0.932 billion yuan from 2022 to the first quarter of 2025, which explains the high revenue but lower profit margins [4] Group 5: Revenue Structure - In 2024, consumer battery revenue was 30.405 billion yuan, accounting for 54.27% of total revenue, while electric vehicle battery revenue was 15.139 billion yuan (27.02% share) and energy storage system revenue was 1.889 billion yuan (3.37% share) [5] Group 6: Industry Trends - The consumer electronics sector is stabilizing, with growth primarily driven by replacement demand and emerging categories, while the global consumer battery shipment is expected to grow at a compound annual growth rate (CAGR) of 1.4% from 2020 to 2024 [6] - The power battery sector is experiencing rapid growth, with global shipments projected to increase from 183 GWh in 2020 to 1,002 GWh in 2024, reflecting a CAGR of 53.0% [7] - The energy storage battery market is anticipated to grow significantly, with shipments expected to rise from 29 GWh in 2020 to 315 GWh in 2024, representing a CAGR of 82.3% [7] Group 7: Future Outlook - XINWANDA's diverse business segments provide different growth potentials, with consumer electronics offering stable cash flow, power batteries as the core growth driver, and energy storage batteries presenting significant market opportunities [8] - The company's ability to capture market share in the competitive power battery sector and leverage the energy storage boom will be crucial for its future performance and valuation [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Profit margins have recovered, leading to an increase in lithium carbonate production. However, disruptions at mining sites in Jiangxi have intensified. It is expected that the price of lithium carbonate will experience a strong and volatile trend in the short term. After the shutdown of some mines, the price has risen, and other lithium carbonate resources from the raw material end will enter the market to supplement supply, having little impact on the long - term supply - demand pattern. Attention should be paid to the progress of the Jiangxi mining end and the market's "feedback" sentiment. Short - term trading is recommended, and caution is needed when entering the market at high prices (View Score: +1) [3] 3. Summary by Relevant Catalog Market Data - **Futures Market**: On August 11, the main contract of lithium carbonate futures hit the daily limit. The trading volume was 38,071 lots (-857,538), and the open interest was 317,676 lots (-3,030). The spot market trading was weak, and the basis discount widened. For example, the closing price of the near - month contract was 79,000 yuan/ton (+3,700), the closing price of the continuous - one contract was 80,560 yuan/ton (+3,920), etc. [3] - **Inventory**: The registered warehouse receipts were 19,389 tons (+560). Social inventory decreased, with smelters and other sectors reducing inventory, while downstream sectors increased inventory. The total SMM lithium carbonate inventory was 142,418 tons (+692), with smelters at 20,999 tons (-959), downstream at 48,159 tons (+2,271), and other sectors at 43,260 tons (-620) [3] - **Raw Material Prices**: The price of lithium spodumene concentrate increased (840 US dollars/ton, +63), and the price of mica also rose. For example, the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,155 yuan/ton (+35) [3] - **Product Prices**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 74,500 yuan/ton (+2,600), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 72,300 yuan/ton (+2,500). The average price of battery - grade lithium hydroxide (56.5%/domestic) also increased [3] Industry News - In July, China's power battery installation volume was 55.9 GWh, a 4.0% decrease from the previous month but a 34.3% increase year - on - year. Among them, ternary battery installation volume was 10.9 GWh (19.6% of the total, a 1.9% increase from the previous month and a 3.8% decrease year - on - year), and lithium iron phosphate battery installation volume was 44.9 GWh (80.9% of the total, a 5.3% decrease from the previous month and a 49.0% increase year - on - year) [3] Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased. The production of lithium iron phosphate and ternary materials also increased. In August, the production of lithium manganate increased, and the production of lithium cobaltate decreased. The production of power batteries increased last week [3] - **Demand**: In July, although the year - on - year growth rate of new energy vehicle production and sales continued, the sales volume decreased from the previous month, and the 3C product shipments were average. In August, the production of energy - storage batteries increased [3]