锂电、储能加速发展，固态研发行业领先。 锂电方面，公司业务已覆盖固态锂电池、动力电池、消费类电池、聚合物锂电池、储能电池及储能系统 等五大类二十余种产品；固态电池方面，公司拥有完整的固态电池上下游一体化布局，并具备商业化能 力，公司已在硫化物电解质及原材料、氧化物电解质、金属锂负极、电芯、电池系统等固态电池关键环 节具备了研发、生产能力。 考虑行业盈利拐点显现，公司行业领先地位稳固，多项业务发展齐头并进，给予公司25 年1.8 倍PB，对 应目标价40.36 港元。 风险 机构：海通国际 研究员：周林泓/徐柏乔 2025 年上半年经营业绩： 2025 年上半年，公司实现营业收入82.58 亿元，同比下降13.82%，实现净利润-5.36 亿元，同比亏损减 少2.23 亿元，综合毛利率为10.78%，同比下降0.38 个pct；2025 年第一、第二季度净利润分别为-3.56 亿 元、-1.80 亿元，Q2 亏损环比减少1.75 亿元；2025 年上半年，全球锂盐行业经历深度调整，受供需格 局转变、锂产品市场波动的影响，锂盐及锂电池产品销售价格下跌是上半年亏损的主要原因。 碳酸锂价格触底反弹，助力下半年盈利能力 ...

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the lithium industry, specifically the dynamics surrounding lithium carbonate prices and supply issues related to mining rights and production capacity [1][2][9]. Core Insights and Arguments - Recent price increases in lithium carbonate are attributed to several factors, including policy expectations and supply disruptions. Prices rose from 59,000 CNY/ton to 64,000 CNY/ton due to market recovery and speculation about policy impacts, despite limited direct effects on the fundamentals [2][9]. - Supply concerns have been exacerbated by the maintenance of a 25,000-ton lithium salt production line by Zhongmin Resources, which is expected to be offline for six months. However, the actual impact on market supply is limited due to low capacity utilization [2][3]. - Significant supply disruptions have been noted, particularly in Qinghai and Jiangxi provinces, where mining rights issues have led to production halts. For instance, the Chagan Salt Lake project is facing operational challenges due to mining rights complications [3][4]. - The price of lithium carbonate surged from 64,000 CNY/ton to 80,500 CNY/ton since mid-July, driven by supply uncertainties from various mining projects and companies halting sales or conducting maintenance [2][4]. Supply Disruption Details - Recent supply disruptions are primarily linked to mining rights issues in Qinghai and Jiangxi, with specific projects facing scrutiny for compliance with approval processes. This has led to a temporary halt in production, affecting overall supply [3][5]. - The annualized reduction in supply due to mining rights issues is approximately 30,000 tons, representing about 2% of monthly supply. However, this is not sufficient to offset the existing supply surplus [5][6]. Future Price Predictions - The future trajectory of lithium carbonate prices remains uncertain, heavily influenced by the outcomes of mining rights issues and potential supply disruptions. If these issues escalate, prices may continue to rise [4][9]. - The market is expected to experience a tightening of supply if significant projects in Qinghai and Jiangxi are halted, potentially shifting from surplus to a slight shortage [6][9]. Market Dynamics - The domestic lithium supply constitutes only 20% of global supply, suggesting that restrictions on domestic production may lead to increased capital expenditure overseas, with limited long-term effects on global prices [9]. - The overall market is still characterized by an oversupply situation, with short-term price increases dependent on the extent of supply disruptions [9]. Stock Market Performance - The lithium stock market has shown resilience, with valuations remaining stable despite fluctuations in spot prices. Current estimates suggest a price per ton of 80,000 CNY could lead to a P/E ratio of around 30 times for 2026 [10]. - Investors are advised to focus on companies with strong growth potential and favorable valuations, such as Zhongmin Resources, which is expected to benefit from growth in its non-lithium businesses [11]. Investment Recommendations - Zhongmin Resources is highlighted as a core investment recommendation due to its potential for significant profit growth in its small metals and copper segments, despite recent underperformance in the lithium sector [11].