1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The lithium carbonate futures price may be supported in the short - term due to strong demand and tight supply, with social inventory continuously decreasing but at a slower pace. The macro situation of the US - Iran conflict also creates upward pressure on prices due to capital hedging [3] 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 163,000 yuan, a decrease of 1,500 yuan; SMM industrial - grade lithium carbonate has an average price of 159,500 yuan, a decrease of 1,500 yuan [1] - The closing prices of lithium carbonate futures contracts 2604, 2605, 2606, 2607, and 2608 are 158,040 yuan (-7.05%), 157,200 yuan (-7.97%), 157,000 yuan (-8.07%), 157,400 yuan (-8.01%), and 157,240 yuan (-8.15%) respectively [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 2,313 yuan, with no change [1] - The average prices of lithium mica (Li20: 1.5% - 2.0%), lithium mica (Li20: 2.0% - 2.5%), phospho - lithium - aluminum stone (Li20: 6% - 7%), and phospho - lithium - aluminum stone (Li20: 7% - 8%) are 3,575 yuan, 5,225 yuan, 13,750 yuan, and 15,000 yuan respectively [2] Cathode Materials - The average price of lithium iron phosphate (power type) is 56,940 yuan, a decrease of 360 yuan; the average price of ternary material 811 (polycrystalline/power type) is 213,600 yuan, a decrease of 250 yuan; the average price of ternary material 523 (single - crystal/power type) is 186,750 yuan, a decrease of 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 189,000 yuan, a decrease of 300 yuan [2] Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate is 3,500 yuan, with no change; the price difference between battery - grade lithium carbonate and the main contract is 5,800 yuan, an increase of 12,920 yuan; the price difference between the near - month and the first - continuous contract is 840 yuan, an increase of 2,400 yuan; the price difference between the near - month and the second - continuous contract is 1,040 yuan, an increase of 2,120 yuan [2] Inventory - The total inventory (weekly, tons) is 99,489 tons, an increase of 616 tons; the smelter inventory (weekly, tons) is 17,332 tons, an increase of 724 tons; the downstream inventory (weekly, tons) is 46,657 tons, an increase of 552 tons; the other inventory (weekly, tons) is 35,500 tons, a decrease of 660 tons; the registered warehouse receipts (daily, tons) is 11,318 tons, a decrease of 19,746 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 164,417 yuan, and the profit is - 3,567 yuan; the cash cost of purchasing lithium mica concentrate is 155,467 yuan, and the profit is 1,803 yuan [3] Industry News - The Delhi government in India plans to introduce a subsidy policy for scrapping old cars and purchasing new electric vehicles during the Delhi budget meeting next week to promote electrification and reduce the number of old, high - emission vehicles [3]

Financial Performance - The company achieved a revenue of CNY 3.941 billion in 2025, representing a year-on-year growth of 32.41% [1] - Sales revenue from electric mobility products reached CNY 2.787 billion, up 47.64% year-on-year [1] - The net profit attributable to shareholders was CNY 816 million, reflecting an increase of 89.29% [1] - The overall gross margin was 41.48%, and the net profit margin stood at 20.71% [1] U.S. Operations - The company has established an international team of nearly 400 people in the U.S. and Canada, covering the entire industry chain [2] - The U.S. factory has a current monthly production capacity of 3,000 to 4,000 units, with production efficiency and product quality comparable to domestic factories [2] Cost Management - The main cost difference between U.S. and domestic production is in employee compensation [3] - A price adjustment was made in March 2026 to address cost differences, which has not negatively impacted sales volume [3] - The impact of rising raw material prices on overall operations is limited due to the low proportion of raw materials in total costs [4] Business Growth Strategies - The electric bicycle business will deepen cooperation with major retail channels like Walmart to expand market share [5] - The company plans to focus on electric vehicle product iterations and targeted marketing to enhance brand influence and user loyalty [5] - In the all-terrain vehicle and off-road motorcycle segments, the company will prioritize electrification and expand into new application scenarios [6] Future Outlook - The company aims for sustainable growth with a focus on intelligent and high-end products, global layout, and stable operations [7] - The management is confident in achieving steady and moderate growth in 2026, supported by ongoing capacity release and multi-brand strategies [7]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The lithium carbonate futures price may be supported in the short - term due to strong demand for energy storage and tight supply caused by the US - Iran war affecting Australian mine diesel progress, despite the upper pressure from funds' risk - aversion due to the ongoing US - Iran situation. Also, the social inventory is in continuous destocking, but the destocking amplitude is slowing down [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 164,500 yuan, with a change of 6,500 yuan; SMM industrial - grade lithium carbonate average price is 161,000 yuan, with a change of 6,000 yuan [1] - Futures contracts: lithium carbonate 2604 closed at 170,060 yuan with a 4.34% increase; 2605 closed at 171,620 yuan with a 4.53% increase; 2606 closed at 171,140 yuan with a 4.15% increase; 2607 closed at 171,700 yuan with a 4.38% increase; 2608 closed at 172,140 yuan with a 3.95% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) average price is 2,313 yuan, with a change of 83 yuan; lithium mica (Li20: 1.5% - 2.0%) is 3,575 yuan with a change of 100 yuan; lithium mica (Li20: 2.0% - 2.5%) is 5,225 yuan with a change of 175 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 13,750 yuan with a change of 475 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 15,000 yuan with a change of 500 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power - type) is 57,300 yuan, with a change of 1,825 yuan; the average price of ternary material 811 (polycrystalline/power - type) is 213,850 yuan, with a change of 2,700 yuan; the average price of ternary material 523 (single - crystal/power - type) is 187,250 yuan, with a change of 3,000 yuan; the average price of ternary material 613 (single - crystal/power - type) is 189,300 yuan, with a change of 3,000 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,500 yuan, with a change of - 500 yuan; the spread between battery - grade lithium carbonate and the main contract is - 7,120 yuan, with a change of 3,320 yuan; the spread between the near - month and the first - continuous contract is - 1,560 yuan, with a change of - 600 yuan; the spread between the near - month and the second - continuous contract is - 1,080 yuan, with a change of - 120 yuan [2] Inventory - The total inventory (weekly, tons) is 99,489 tons, with a change of 616,724 tons; the smelter inventory (weekly, tons) is 17,332 tons; the downstream inventory (weekly, tons) is 46,657 tons, with a change of 552 tons; the other inventory (weekly, tons) is 35,500 tons, with a change of - 660 tons; the registered warehouse receipts (daily, tons) is 31,064 tons, with a change of 953 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 164,478 yuan, and the profit is - 2,142 yuan; the cash cost of purchasing lithium mica concentrate externally is 155,467 yuan, and the profit is 3,273 yuan [3] Industry News - The Delhi government in India plans to announce a policy during the Delhi budget meeting next week to provide cash subsidies to individuals who scrap locally registered BS - IV and earlier standard fuel vehicles and purchase electric vehicles to accelerate electrification and reduce the number of old high - emission vehicles [3]

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core View of the Report - The price of lithium carbonate futures is under pressure from macro hedging and slower inventory depletion, but is supported by demand. Due to the unclear macro situation, investors are advised to participate with caution [3] 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 158,000 with a rise of 1,500; SMM industrial - grade lithium carbonate has an average price of 155,000 with a rise of 1,500 [1] - Futures contracts of lithium carbonate: Li2604 has a closing price of 167,480 with a 6.55% increase; Li2605 has a closing price of 168,440 with a 6.12% increase; Li2606 has a closing price of 168,440 with a 6.23% increase; Li2607 has a closing price of 168,400 with a 6.22% increase; Li2608 has a closing price of 168,920 with a 6.83% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%) has an average price of 2,230 with a rise of 20 [1] - Lithium mica (Li2O: 1.5% - 2.0%) has a price of 3,475 with a rise of 150; lithium mica (Li2O: 2.0% - 2.5%) has a price of 5,050 with a rise of 250; petalite (Li2O: 6% - 7%) has a price of 13,275 with a rise of 45; petalite (Li2O: 7% - 8%) has a price of 14,500 with a rise of 500 [2] Cathode Materials - Lithium iron phosphate (power type) has an average price of 55,475 with a rise of 365; ternary material 811 (polycrystalline/power type) has an average price of 211,150 with a rise of 400; ternary material 523 (single - crystal/power type) has an average price of 184,250 with a rise of 500; ternary material 613 (single - crystal/power type) has an average price of 186,300 with a rise of 400 [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,000 with no change; the spread between battery - grade lithium carbonate and the main contract is - 10,440 with a change of - 9,740; the spread between the near - month and the first - continuous contract is - 960 with a change of - 1,860; the spread between the near - month and the second - continuous contract is - 960 with a change of - 2,240 [2] Inventory - The total inventory (weekly, tons) is 99,489 with an increase of 616; the smelter inventory (weekly, tons) is 17,332 with an increase of 724; the downstream inventory (weekly, tons) is 46,657 with an increase of 552; the other inventory (weekly, tons) is 35,500 with a decrease of 660; the registered warehouse receipts (daily, tons) is 30,111 with a decrease of 640 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 159,158, and the profit is - 3,183; the cash cost of purchasing lithium mica concentrate is 151,428, and the profit is 1,295 [3] Industry News - The Delhi government in India plans to announce a policy during the Delhi budget meeting next week to provide cash subsidies for individuals who scrap locally registered BS - IV and earlier standard fuel vehicles and purchase electric vehicles to accelerate the electrification transformation and reduce the number of old high - emission vehicles [3]

Group 1: GAC Group Financial Performance - GAC Group reported a revenue of 96.542 billion yuan in 2025, a year-on-year decrease of 10.43% [1] - The company experienced a loss attributable to equity holders of 8.784 billion yuan, marking a shift from profit to loss compared to the previous year [1] - Basic loss per share was 0.85 yuan [1] Group 2: Sales and Production Performance - In 2025, GAC Group's total vehicle production and sales were 1.7444 million and 1.7215 million units, respectively, representing declines of 8.98% and 14.06% year-on-year [1] - New energy vehicle sales reached 433,600 units, down 4.64% year-on-year, accounting for approximately 25.19% of total sales, an increase of about 2.5 percentage points from the previous year [1] - Sales of energy-efficient vehicles increased by 0.84% year-on-year to 454,600 units, with the proportion of energy-efficient and new energy vehicle sales rising to 51.60%, up about 6 percentage points from the previous year [1] Group 3: Strategic Initiatives and Product Development - GAC Group is implementing integrated reforms through the establishment of shared centers and product commercialization teams, driven by user demand [2] - The company is accelerating product upgrades with the launch of high-end models under the "Wishing Series," including the Wishing S7, Wishing M8, and Wishing S9, focusing on electric and intelligent advancements [2] - GAC Aion brand has achieved continuous month-on-month sales growth for seven months since June 2025, supported by new models and technology advancements [2] Group 4: Joint Ventures and Market Position - GAC Toyota achieved sales of 756,000 units in 2025, a year-on-year increase of 2.44%, with significant sales in high-value models [3] - GAC Toyota's sales of energy-efficient and new energy vehicles reached approximately 470,000 units, a 27.27% increase year-on-year, with a sales proportion of 62.2% [3] - GAC Honda is enhancing local development efforts and advancing intelligent solutions in collaboration with partners, achieving month-on-month sales growth for five consecutive months since August 2025 [3]

Group 1 - GAC Group reported a revenue of 96.542 billion yuan for 2025, a year-on-year decrease of 10.43% [1] - The company recorded a loss attributable to shareholders of 8.784 billion yuan, marking a shift from profit to loss compared to the previous year [1] - Total vehicle production and sales were 1.7444 million and 1.7215 million units, respectively, representing declines of 8.98% and 14.06% year-on-year [1] Group 2 - The sales of new energy vehicles reached 433,600 units, a year-on-year decrease of 4.64%, accounting for approximately 25.19% of total sales, an increase of about 2.5 percentage points from the previous year [1] - The sales of energy-efficient vehicles increased by 0.84% year-on-year to 454,600 units [1] - The proportion of energy-efficient and new energy vehicle sales rose to 51.60%, up approximately 6 percentage points from the previous year [1] Group 3 - GAC's self-owned brands are accelerating product upgrades and innovations, launching high-end models under the "Xiangwang" series, which includes the Xiangwang S7, S8, and S9 [2] - The Aion brand is focusing on both pure electric and range-extended technologies, with new models like AION UT and AION i60, achieving continuous month-on-month sales growth since June 2025 [2] Group 4 - GAC Toyota achieved sales of 756,000 units in 2025, a year-on-year increase of 2.44%, with significant sales in high-value models like Camry and Sienna [3] - The sales of energy-efficient and new energy vehicles reached approximately 470,000 units, a year-on-year increase of 27.27%, with a sales proportion of 62.2% [3] - GAC Honda is enhancing local development efforts and has launched 14 new products in 2025, achieving sales of about 640,000 units, including over 150,000 units exported [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint of the Report - The lithium carbonate futures price is under pressure from macro - hedging and slow inventory reduction, but is supported by demand. Due to the unclear macro situation, investors are advised to participate with caution [3] 3. Summary According to Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 156,500 yuan, with a change of 4,000 yuan; the average price of SMM industrial - grade lithium carbonate is 153,500 yuan, with a change of 4,000 yuan [1] - The closing prices and price changes of different lithium carbonate futures contracts are as follows: for lithium carbonate 2604, the closing price is 158,100 yuan, with a 0.11% increase; for lithium carbonate 2605, the closing price is 157,200 yuan, with a 0.64% decrease; for lithium carbonate 2606, the closing price is 156,820 yuan, with a 0.81% decrease; for lithium carbonate 2607, the closing price is 157,160 yuan, with a 0.63% decrease; for lithium carbonate 2608, the closing price is 157,520 yuan, with a 0.98% decrease [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) is 2,210 yuan, with a change of 67 yuan; the average price of lithium mica (Li20: 1.5% - 2.0%) is 3,325 yuan, with a change of 150 yuan; the average price of lithium mica (Li20: 2.0% - 2.5%) is 4,800 yuan, with a change of 200 yuan; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 12,800 yuan, with a change of 475 yuan; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,000 yuan, with a change of 600 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 55,110 yuan, with a change of 970 yuan; the average price of ternary material 811 (polycrystalline/power type) is 210,750 yuan, with a change of 500 yuan; the average price of ternary material 523 (single - crystal/power type) is 183,750 yuan, with a change of 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 185,900 yuan, with a change of 500 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,000 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 700 yuan, with a change of 5,920 yuan; the price spread between the near - month and the first - continuous contract is 900 yuan, with a change of 1,280 yuan; the price spread between the near - month and the second - continuous contract is 1,280 yuan, with a change of 1,120 yuan [2] Inventory - The total weekly inventory is 99,489 tons, with a change of 616 tons; the weekly inventory of smelters is 17,332 tons, with a change of 724 tons; the weekly inventory of downstream enterprises is 46,657 tons, with a change of 552 tons; the weekly inventory of others is 35,500 tons, with a change of - 660 tons; the daily registered warehouse receipts are 30,751 tons, with a change of - 709 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 157,748 yuan, and the profit is - 3,259 yuan; the cash cost of purchasing lithium mica concentrate is 145,659 yuan, and the profit is 5,594 yuan [3] Industry News - The Delhi government in India plans to announce a new policy during the Delhi budget meeting next week, providing cash subsidies to individuals who scrap locally registered pre - BS IV (National IV) fuel vehicles and purchase electric vehicles to accelerate the electrification transformation and reduce the number of old, high - emission vehicles [3] Market Environment - Macroscopically, the situation between the US and Iran persists, and funds' hedging behavior creates upward pressure. Fundamentally, the new - energy vehicle data in February was lower than expected, but the energy - storage demand remains strong [3]

Summary of the Conference Call for LiuGong Company Overview - **Company**: LiuGong - **Industry**: Construction Machinery Key Points Financial Performance and Projections - **2026 Q1 International Business Revenue**: Expected growth of 20%-25%, a 10 percentage point acceleration compared to the same period in 2025 [2][4] - **Overall Performance**: Anticipated single-digit growth for the overall performance in 2026 [2] - **Middle East Conflict Impact**: Limited impact on revenue, with pure Middle East revenue contributing only 3%-4% [2][4] - **Exchange Losses**: Estimated losses of RMB 50 million to 100 million due to currency fluctuations [4] Product and Market Insights - **Electric Loader Penetration**: Expected to reach 60% in 2026, with overseas electric loader gross margins exceeding 50% [2][4] - **Domestic Business Improvement**: Increased share of large and super-large excavators contributing to profit recovery; loader business gross margins have bottomed out [2][4] - **Mining Business Goal**: Targeting RMB 10 billion scale by 2030, transitioning from small to large mines [2][11] - **Agricultural Machinery**: Currently in a foundational stage, aiming for profit contribution by 2027 [2][12] Industry Trends - **Industry Cycle**: Currently in an L-shaped slow recovery phase, expected to rise until 2028 [2][16] - **Price Competition**: Price wars are easing, especially in the electric loader sector due to rising fuel costs [5][6] Strategic Initiatives - **H Share IPO Plans**: Delayed due to A-share valuation issues; decision expected in the second half of 2026 [2][6] - **International Business Strategy**: Aiming for international revenue to exceed 60% of total by 2030, with increased resource allocation [7][11] - **R&D and Market Investment**: No changes in R&D and market investment plans for 2026, with evaluations planned mid-year [7] Channel Strategy - **Distribution Model**: Primarily relying on dealers, with a focus on supporting them rather than increasing direct sales [7][9] - **Agent Transition**: Open to new cooperation models with agents to enhance governance and compliance [8] Competitor Landscape - **Agent Profitability**: Agents focusing on comprehensive solutions are performing better than those specializing in single products [9] - **Market Adaptation**: Encouraging agents to adopt models similar to Caterpillar, focusing on after-market services [9][10] Regional Market Insights - **Regional Performance**: North American market expected to show good growth in 2026, while the Northern Special Zone (Russia) may face challenges [16][17] - **Emerging Markets**: Africa and South Asia are identified as regions with long-term growth potential [17][18] Product Development - **Electric Loader Gross Margin**: Currently over 50% in international markets, with expectations for domestic margins to improve [14][15] - **Product Innovation**: Focus on new technology products and improving product structure to enhance margins [15] Conclusion - **Overall Outlook**: LiuGong is positioned for growth with strategic initiatives in international markets, product innovation, and a focus on improving profitability through enhanced product offerings and market strategies [2][7][11]

Report Industry Investment Rating - Not provided Core Viewpoints - The price of lithium carbonate futures is under pressure from macro hedging and the slowdown of inventory reduction, but is supported by demand. Due to the unclear macro situation, investors are advised to participate with caution [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 152,500 with a rise of 5,000; SMM industrial - grade lithium carbonate average price is 149,500 with a rise of 5,000 [1] - Futures contracts: lithium carbonate 2604 closes at 158,740 with a 3.96% increase; 2605 closes at 159,120 with a 4.34% increase; 2606 closes at 158,580 with a 4.6% increase; 2607 closes at 158,660 with a 4.55% increase; 2608 closes at 159,780 with a 4.84% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 2,143 with a rise of 71 (Li20: 5.5% - 6%) [1] - Lithium mica (Li20: 1.5% - 2.0%) average price is 3,175 with a rise of 110; (Li20: 2.0% - 2.5%) average price is 4,600 with a rise of 135 [2] - Phosphorus lithium aluminum stone (Li20: 6% - 7%) average price is 12,325; (Li20: 7% - 8%) average price is 13,400 with a rise of 475 [2] Cathode Materials - Lithium iron phosphate (power type) average price is 54,140 with a rise of 1,215 [2] - Ternary material 811 (polycrystalline/power type) average price is 210,250 with a rise of 1,500 [2] - Ternary material 523 (single - crystal/power type) average price is 183,250 with a rise of 2,000 [2] - Ternary material 613 (single - crystal/power type) average price is 185,400 with a rise of 1,950 [2] Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate is 3,000 [2] - The price difference between battery - grade lithium carbonate and the main contract is - 6,620 with a change of - 1,180 [2] - The price difference between the near - month and the first - continuous contract is - 380 with a change of 120; between the near - month and the second - continuous contract is 160 with a change of - 320 [2] Inventory - Total inventory (weekly, tons) is 98,873 with a decrease of 86 [2] - Smelter inventory (weekly, tons) is 16,608 with an increase of 316 [2] - Downstream inventory (weekly, tons) is 46,105 with an increase of 458 [2] - Other inventory (weekly, tons) is 36,160 with a decrease of 860 [2] - Registered warehouse receipts (daily, tons) is 31,460 with a decrease of 618 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 148,927, and the profit is 1,602 [3] - The cash cost of purchasing lithium mica concentrate externally is 141,044, and the profit is 6,289 [3] Industry News - The Delhi government in India plans to introduce a subsidy policy for scrapping old cars and purchasing new electric vehicles during the Delhi budget meeting next week to accelerate the electrification transformation and reduce the number of old high - emission vehicles [3] - Macroscopically, the situation between the US and Iran persists, and capital hedging creates upward pressure. Fundamentally, the new energy vehicle data in February was lower than expected, but the energy storage demand remains strong [3]

Report Industry Investment Rating - Not provided Core View of the Report - The lithium carbonate futures price is under pressure from macro hedging and the slowdown of inventory depletion, but is supported by demand. Due to the unclear macro situation, investors are advised to participate with caution [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 147,500 with a daily increase of 1,000; SMM industrial - grade lithium carbonate average price is 144,500 with a daily increase of 1,000 [1] - Futures contracts: lithium carbonate 2604 closed at 152,440 with a 6.39% increase; 2605 closed at 152,940 with a 6.11% increase; 2606 closed at 151,960 with a 4.9% increase; 2607 closed at 152,300 with a 6.03% increase; 2608 closed at 152,200 with a 6.05% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) average price is 2,072 with a daily increase of 44 [1] - Lithium mica (Li20: 1.5% - 2.0%) average price is 3,065 with a daily increase of 45; (Li20: 2.0% - 2.5%) average price is 4,465 with a daily increase of 65 [2] - Phosphorus lithium aluminum stone (Li20: 6% - 7%) average price is 11,900 with a daily increase of 150; (Li20: 7% - 8%) average price is 12,925 with a daily increase of 175 [2] Cathode Materials - Lithium iron phosphate (power type) average price is 52,925 with a daily increase of 245 [2] - Ternary material 811 (polycrystalline/power type) average price is 208,750 with a daily increase of 250; 523 (single - crystal/power type) average price is 181,250 with a daily increase of 300; 613 (single - crystal/power type) average price is 183,450 with a daily increase of 300 [2] Price Spreads - Electric carbon - industrial carbon spread is 3,000 [2] - Electric carbon - main contract spread is - 5,440 with a change of - 2,900; near - month - first continuous spread is - 500 with a change of 680; near - month - second continuous spread is 480 with a change of 760 [2] Inventory - Total inventory (weekly, tons) is 98,873 with a decrease of 86; smelter inventory (weekly, tons) is 16,608 with an increase of 316; downstream inventory (weekly, tons) is 46,105 with an increase of 458; other inventory (weekly, tons) is 36,160 with a decrease of 860; registered warehouse receipts (daily, tons) is 32,078 with a decrease of 1,459 [2] Profit Estimation - Cash cost of externally purchased lithium spodumene concentrate is 148,987, and the profit is - 3,407; cash cost of externally purchased lithium mica concentrate is 137,928, and the profit is 4,505 [3] Industry News - The Delhi government in India plans to announce a new policy during the Delhi budget meeting next week, providing cash subsidies to individuals who scrap locally registered BS - IV and earlier standard fuel vehicles and purchase electric vehicles to accelerate electrification transformation and reduce the number of old high - emission vehicles [3] Market Situation - Macroscopically, the situation between the US and Iran persists, causing upward pressure due to capital hedging. Fundamentally, new energy vehicle data in February was lower than expected, but energy storage demand remains strong and can still increase. Social inventory is continuously being depleted, but the depletion rate is slowing down [3]