1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On August 25, 2025, the 2511 contract of lithium carbonate futures dropped 0.3% to 79,380 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,400 yuan/ton to 82,500 yuan/ton, and the average price of industrial - grade lithium carbonate also dropped 1,400 yuan/ton to 80,200 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) fell 160 yuan/ton to 77,330 yuan/ton. The warehouse receipt inventory increased by 640 tons to 25,630 tons [3]. - Fundamentally, on the supply side, production slowed down slightly, mainly due to the suspension of mica production. In the future, with the previous price increase and the increase in overseas imports, lithium extraction from spodumene is expected to continue to increase. Currently, the high成交 price of ore still supports the price of lithium carbonate. On the demand side, the total demand in August increased by 6% month - on - month. September is the traditional peak season, downstream production scheduling is expected to remain strong, and downstream inventory replenishment willingness is strong. The social inventory remains at 141,000 tons, showing a two - week slight de - stocking state, and the downstream procurement behavior has increased [3]. - The production problems of known resource projects have basically been settled. After the rapid price increase last week, there is short - term callback pressure, waiting for new disturbing factors to drive the price. In the short term, pay attention to the成交 price of lithium ore, and in the medium term, focus on the progress of other projects that need to complete report compilation and submission by September 30 [3]. 3. Summary According to the Directory 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 79,380 yuan/ton, up 420 yuan from August 22; the closing price of the continuous contract was 79,580 yuan/ton, up 400 yuan [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) was $925/ton, down $9; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,265 yuan/ton, down 20 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,995 yuan/ton, down 60 yuan; the price of amblygonite (Li2O: 6% - 7%) was 6,685 yuan/ton, down 65 yuan; the price of amblygonite (Li2O: 7% - 8%) was 7,735 yuan/ton, down 90 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The average price of battery - grade lithium carbonate was 82,500 yuan/ton, down 1,400 yuan; the average price of industrial - grade lithium carbonate was 80,200 yuan/ton, down 1,400 yuan; the price of battery - grade lithium hydroxide (coarse particles) was 77,330 yuan/ton, down 160 yuan; the price of battery - grade lithium hydroxide (micropowder) was 82,300 yuan/ton, down 160 yuan; the price of industrial - grade lithium hydroxide (coarse particles) was 72,210 yuan/ton, down 160 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was $8.85/kg, unchanged [5]. - **Lithium Hexafluorophosphate**: The price was 56,300 yuan/ton, unchanged [5]. - **Price Difference**: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 2,300 yuan/ton, unchanged; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 5,170 yuan/ton, up 1,240 yuan; CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 14,352.52 yuan/ton, up 18 yuan [5]. - **Precursor and Cathode Materials**: The price of ternary precursor 523 (polycrystalline/power type) was 77,265 yuan/ton, up 120 yuan; the price of ternary precursor 523 (single - crystal/consumer type) was 76,830 yuan/ton, unchanged; the price of ternary precursor 622 (polycrystalline/consumer type) was 72,620 yuan/ton, up 70 yuan; the price of ternary precursor 811 (polycrystalline/power type) was 90,795 yuan/ton, up 100 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 114,460 yuan/ton, unchanged; the price of ternary material 523 (single - crystal/power type) was 119,525 yuan/ton, down 300 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 117,890 yuan/ton, unchanged; the price of ternary material 811 (power type) was 145,950 yuan/ton, down 60 yuan; the price of lithium iron phosphate (power type) was 35,810 yuan/ton, down 340 yuan; the price of lithium iron phosphate (mid - high - end energy storage) was 34,410 yuan/ton, down 340 yuan; the price of lithium iron phosphate (low - end energy storage) was 31,550 yuan/ton, down 320 yuan; the price of lithium manganate (power type) was 36,000 yuan/ton, unchanged; the price of lithium manganate (capacity type) was 33,000 yuan/ton, unchanged; the price of cobalt acid lithium (60%, 4.35V/domestic) was 227,600 yuan/ton, down 200 yuan [5]. - **Cells and Batteries**: The price of 523 square ternary cells was 0.385 yuan/Wh, unchanged; the price of 523 soft - pack ternary cells was 0.4 yuan/Wh, unchanged; the price of 523 cylindrical ternary batteries was 4.33 yuan/piece, up 0.01 yuan; the price of square lithium iron phosphate cells was 0.325 yuan/Wh, up 0.002 yuan; the price of square lithium iron phosphate cells (small power type) was 0.33 yuan/Wh, unchanged; the price of cobalt acid lithium cells was 5.75 yuan/Ah, up 0.2 yuan; the price of square lithium iron phosphate batteries was 0.301 yuan/Wh, unchanged [5]. 3.2 Chart Analysis - **Ore Price**: Charts show the price trends of spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Price**: 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][15]. - **Price Difference**: Charts present the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide - battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) - domestic, and the basis from 2024 to 2025 [19][22][24]. - **Precursor and 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 [25][27][29]. - **Lithium Battery Price**: Charts display 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 [31][34]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from January to August 2025 [38][40][41]. - **Production Cost**: A chart shows the production cost trends of lithium carbonate from different raw materials (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, 外购锂辉石精矿) from 2024 to 2025 [44].

Core Insights - The article highlights the recognition of seven companies in the lithium battery supply chain as part of the 2025 Fortune China Technology 50, showcasing China's strong position in global technology innovation and market influence [2] Upstream Materials - Wanhu Chemical's inclusion emphasizes breakthroughs in core chemical materials, being the only Chinese company with independent MDI production capabilities [4] - The company has achieved mass production of its fourth-generation lithium iron phosphate and has plans to expand its production capacity from 50,000 tons/year to 120,000 tons/year [5] - Wanhu Chemical is also establishing a localized supply chain for battery materials in Europe through a memorandum with ElevenEs [5] Midstream Equipment - Dazhu Laser's selection represents technological advancements in midstream equipment for lithium batteries [6] - The company has developed China's first fully automated four-station laser cutting equipment, addressing high-precision processing needs for ceramic substrates [6] Downstream Battery Manufacturing and Applications - CATL, BYD, Aoxin, New Energy Security, and Envision are key players in the downstream sector, covering areas such as power batteries and energy storage [7] - CATL leads globally in power battery production, with a planned investment of 18.6 billion yuan in R&D for 2024, and has established a significant presence in the global supply chain [7] - BYD has achieved vertical integration of batteries and vehicles, with global sales of new energy vehicles reaching 4.27 million in 2024 [7] - Aoxin focuses on fast-charging technology, achieving significant advancements in charging speed and efficiency [8] - New Energy Security's "Kunlun" series lithium iron phosphate batteries are recognized for their safety and long cycle life, serving major markets globally [8] - Envision Technology integrates lithium battery technology with hydrogen energy and renewable power generation [8] Overall Industry Strength - The inclusion of these seven companies reflects the comprehensive strength of China's lithium battery supply chain, with self-sufficiency in upstream materials, technological breakthroughs in midstream equipment, and global leadership in downstream applications [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main contract of lithium carbonate futures fell 0.17% to 82,760 yuan/ton yesterday. The average price of battery - grade lithium carbonate decreased by 500 yuan/ton to 85,200 yuan/ton, and the average price of industrial - grade lithium carbonate dropped by 500 yuan/ton to 82,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) decreased by 50 yuan/ton to 77,690 yuan/ton. The warehouse receipt inventory increased by 275 tons to 24,320 tons [3]. - On the supply side, the weekly output decreased by 842 tons to 19,138 tons. Among them, lithium extraction from spodumene increased by 520 tons to 12,179 tons, lithium extraction from lepidolite decreased by 1,250 tons to 2,650 tons, lithium extraction from salt lakes decreased by 90 tons to 2,650 tons, and lithium extraction from recycled materials increased by 78 tons to 1,757 tons. It is expected that the supply in August will still increase slightly by 3% to 84,200 tons. On the demand side, the lithium consumption of two major cathode materials in August is expected to increase by 8% to 86,000 tons of LCE. On the inventory side, the social inventory decreased by 713 tons to 141,543 tons, with inventory reductions in upstream and other links and continued replenishment by downstream [3]. - Currently, the production problems of known resource projects have basically been resolved. The price reached over 90,000 yuan/ton on Monday and faces short - term callback pressure. In the future, attention should be focused on the mining license issue in Jiangxi. Other projects need to complete report compilation and submission by September 30 [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - Futures, spot prices, and warehouse receipt inventory changes of lithium carbonate and related products [3]. - Supply, demand, and inventory situation analysis [3]. - Short - term price trend judgment and future focus points [3]. 3.2 Daily Data Monitoring - The table shows the price changes of various products in the lithium - battery industry chain from August 20 to August 21, 2025, including futures, lithium ores, lithium carbonates, lithium hydroxides, and other products [5]. 3.3 Chart Analysis 3.3.1 Ore Prices - Charts show the price trends of lithium - containing ores such as spodumene concentrate, lepidolite, and amblygonite from 2024 to 2025 [6][7][8] 3.3.2 Lithium and Lithium Salt Prices - Charts 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 2025 [11][12][13] 3.3.3 Spreads - Charts display the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, and other spreads from 2024 to 2025 [18][19][21] 3.3.4 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 [25][26][28] 3.3.5 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] 3.3.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from January to August 2025 [38][39][40] 3.3.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, purchased lithium iron phosphate pole piece black powder, purchased lepidolite concentrate, and purchased spodumene concentrate from 2024 to 2025 [42][43]

Core Viewpoint - The report outlines the operational performance and strategic direction of Sinomine Resource Group Co., Ltd. for the first half of 2025, emphasizing its focus on lithium battery raw material development and utilization, as well as rare light metal resources. Group 1: Company Overview - Sinomine Resource Group Co., Ltd. is a global mining group company focused on resource exploration and mining rights development, with a strong competitive advantage in geological exploration technology and market experience [19][18]. - The company operates over 73 mining rights, including 15 mining rights and 44 exploration rights, which are crucial for its long-term development [19]. Group 2: Lithium Battery Raw Material Development - The company is engaged in the development and utilization of lithium battery raw materials, producing battery-grade lithium carbonate, lithium hydroxide, and lithium fluoride, which are essential for lithium-ion battery manufacturing [19][20]. - The Bikita mine in Zimbabwe has significantly increased its lithium resource reserves from 29.41 million tons to 113.35 million tons, demonstrating the company's exploration capabilities [20]. - The company has invested in upgrading its lithium salt production lines to enhance production capacity and reduce costs, aiming for a total lithium salt production capacity of 71,000 tons per year [21]. Group 3: Market Dynamics and Demand - In the first half of 2025, China's lithium salt production reached approximately 566,000 tons, a year-on-year increase of 14.5%, with lithium carbonate production growing by 29.0% [10]. - The demand for lithium batteries is driven by the rapid growth of the new energy vehicle and energy storage sectors, with the penetration rate of new energy vehicles in China exceeding 50% [11]. - The global clean energy transition has led to a surge in demand for lithium, with the market for lithium-ion batteries expected to expand significantly [11]. Group 4: Rare Light Metal Resources - The company is a leading player in the rare light metal sector, focusing on cesium and rubidium, which are critical for aerospace, defense, and high-tech industries [19][24]. - The company has established a comprehensive cesium business chain, including mining, processing, and fine chemical production, with significant market share in cesium products [24][25]. - Cesium products, particularly cesium formate, are increasingly used in oil and gas drilling operations due to their superior properties compared to traditional drilling fluids [25][26].

Group 1 - The article presents a detailed distribution map of the global lithium battery industry chain, covering aspects from raw materials to battery manufacturing and end applications [3] - The distribution map includes major lithium battery industry clusters in regions such as China, North America, Europe, Japan, South Korea, and Southeast Asia [3] Group 2 - The distribution map measures 1.5 meters by 1 meter, providing a comprehensive visual representation of the lithium battery ecosystem [3] - To receive the distribution map for free, readers are encouraged to share the article on their social media and contact the editor [4]

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and East Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution map is being dispatched in order of registration [5]

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and East Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution map is being dispatched in order of registration [5]

Group 1 - The article presents a detailed distribution map of the global lithium battery industry, covering the entire supply chain from raw materials to end applications [3] - The distribution map highlights four major lithium battery industry clusters located in China, North America, Europe, and East Asia [3] Group 2 - The distribution map is available for free to those who share the article on their social media and contact the editor [4] - The distribution map is being dispatched in order of registration [5]

Group 1 - The core viewpoint of the articles highlights the significant growth in China's battery production, particularly in lithium iron phosphate batteries, which accounted for 77.8% of total production in July, reflecting a year-on-year increase of 50.5% [1] - The total battery production reached 133.8 GWh in July, representing a year-on-year growth of 44.3%, indicating a robust demand in the market [1] - The export of batteries saw a year-on-year increase of 35.4%, with the export volume of power batteries accounting for 63.7% of total exports, which is a 48.4% increase compared to the previous year, showcasing strong overseas demand [1] Group 2 - The mechanical ETF (516960) tracks a specific mechanical index (000812) that includes listed companies from various segments of the mechanical equipment industry, reflecting the overall performance of representative enterprises in this sector [1] - The index emphasizes innovation and technological advancement within the industry, serving as an important indicator of the development level of China's manufacturing sector [1]

Summary of Key Points from Conference Call Records Industry Overview - The lithium battery industry is expected to see a growth rate exceeding 20% by 2026, driven by increased demand from domestic passenger vehicles, heavy trucks, the European new car cycle, and improvements in domestic energy storage business models [1][4] - The lithium battery supply chain is currently experiencing a positive outlook, with significant price increases in lithium carbonate and a focus on solid-state battery technology [2] Company Insights - CATL (宁德时代) is optimistic about demand, with a projected industry growth rate of over 20% by 2026 due to various factors including increased battery capacity in passenger vehicles and heavy trucks [1][4] - CATL is increasing its investment in solid-state batteries, establishing a solid-state engineering research center to meet the demands of emerging industries such as robotics [1][5] - CATL's stock in Hong Kong is trading at a premium of 30%-40% compared to A-shares, attributed to lower liquidity and high borrowing costs, with expectations that this premium will be maintained despite potential unlocks in November [1][4] Market Dynamics - The lithium hexafluorophosphate market is recovering in price due to the rise in lithium carbonate prices, with high capacity utilization in the midstream sector [7] - The PCB copper foil market is showing positive trends, with overseas companies raising prices, which domestic companies are expected to follow, contributing to profit elasticity [8] Solid-State Battery Developments - Solid-state batteries are seen as having strong long-term potential, with a policy directive aiming for mass production by 2027 [9] - New technologies in solid-state batteries are driving higher requirements for equipment, benefiting companies like Lianying Laser and Delong Laser [11][12] - Domestic and international collaborations in solid-state and semi-solid battery fields are advancing, with several companies expected to achieve small-scale or mass production by 2026 or 2027 [14] Price Trends and Future Outlook - Lithium carbonate prices have risen significantly following production halts at CATL, with future trends dependent on mining permit developments and new plant operations [15][17] - Cobalt prices are expected to rise above 300,000 yuan, driven by supply shortages and policy uncertainties in the Democratic Republic of Congo [18][19] Investment Opportunities - Investment opportunities in the lithium carbonate sector are identified in projects that are not affected by mining policies, including overseas resources and low-cost domestic projects [20] - In the cobalt sector, companies benefiting from increased production in Indonesia are highlighted as having investment value, alongside those with rich resource reserves [20]