近日，天齐锂业、赣锋锂业、盛新锂能等多家锂企陆续发布2025年上半年业绩预告，盈利分化明显，有 业内人士指出，在碳酸锂价格低位运行背景下，资源优势和成本管控能力正成为锂企发展的关键所在。 近日，天齐锂业、赣锋锂业、盛新锂能等多家锂企陆续发布2025年上半年业绩预告，盈利分化明显。有 业内人士指出，在碳酸锂价格低位运行背景下，资源优势和成本管控能力正成为锂企发展的关键所在。 当前锂行业正处于深度调整阶段，企业可通过提升原料自给率和工艺优化等策略持续降本增效，应对周 期波动，在激烈的竞争中保持优势。 经营数据喜忧参半 各家锂企披露的2025年上半年预期业绩可谓喜忧参半。天齐锂业、藏格矿业、中矿资源等企业预计业绩 实现盈利。其中，天齐锂业预计上半年实现归属于上市公司股东的净利润最高为15500万元，比上年同 期增长102.98%，上年同期为亏损52.06亿元，实现扭亏为盈。 中矿资源业绩同比出现下滑，该公司预计上半年实现归属于上市公司股东的净利润6500万—9000万元， 较上年同期的4.73亿元下降约80.97%—86.26%。 中矿资源提到，2025年上半年，公司具有核心竞争力的稀有轻金属（铯、铷）业务继续发挥 ...

Core Viewpoint - The lithium market is expected to experience a long bottoming period of 1-2 years before reaching balance, with a focus on leading companies that have significant cost advantages and can maintain or expand market share during this phase [1][4]. Group 1: Australian Lithium Market - In Q1 2025, Australian lithium production decreased by approximately 9% to 732,000 tons due to production cuts and slowed expansion in response to high costs and low prices [2]. - Greenbushes proactively reduced production by 13%, while PLS saw a 34% drop in output due to maintenance and project adjustments [2]. - Average FOB costs for sample mines fell by 10% to $418 per ton, while average selling prices increased by 4.75% to $833 per ton, slightly easing profit pressure on producers [2]. Group 2: South American Salt Lakes - South American salt lake companies demonstrated strong operational resilience, with SQM achieving its highest Q1 sales of 55,000 tons LCE, showcasing robust resource management [3]. - Lithium Argentina's C-O salt lake operations saw a 60% year-on-year increase in lithium carbonate production to 7,200 tons in Q1 2025 [3]. - South American salt lakes maintain considerable profitability and cash flow due to their significantly lower cost structure compared to hard rock lithium projects [3]. Group 3: Supply and Demand Dynamics - The supply elasticity is evident as major overseas lithium mines reduced production, while sales were hindered by lower ore grades, extreme weather affecting logistics, and weak end-user demand, resulting in net inventory reduction [3]. - The current oversupply situation has not fundamentally changed, and inventory digestion will require time [3]. - The overall inventory level is expected to begin depleting in the second half of the year, potentially providing stronger support for lithium prices as downstream demand is anticipated to seasonally recover in Q3 2025 [3].