Core Viewpoint - The ongoing sale of the equity of Baiyin Zabuyé Lithium Industry Co., Ltd. by Tibet Mining has faced significant challenges, with the price dropping from an initial 684 million yuan to 197 million yuan over six rounds of adjustments, reflecting a 71% decrease, yet still failing to attract buyers [1][10][12]. Group 1: Company Background and Sale Attempts - Tibet Mining, listed since 1997, is the largest comprehensive mineral product development company in Tibet, primarily engaged in the mining, processing, and trading of chromium and lithium ores [3]. - Baiyin Zabuyé was established in 2004 and began production in 2005, initially included in Tibet Mining's portfolio to capitalize on rising lithium prices [3][4]. - The company has been struggling with continuous losses due to technical bottlenecks and insufficient raw material supply, which have negatively impacted Tibet Mining's overall performance [4][13]. Group 2: Price Adjustments and Market Conditions - The initial sale price of 684 million yuan was set in September 2022, but after multiple price reductions, it was lowered to 197 million yuan by December 2024, with the latest adjustment to 177 million yuan in June 2023 [5][10][11]. - The drastic price cuts reflect a significant shift in the lithium market, where lithium carbonate prices plummeted from nearly 600,000 yuan per ton in 2022 to below 60,000 yuan per ton in 2023, leading to decreased investor interest in lithium-related assets [12][21]. Group 3: Financial Performance and Challenges - Baiyin Zabuyé reported a revenue of 4.4858 million yuan and a net loss of 17.8234 million yuan as of June 30, 2022, with continued losses into 2023 [14]. - Tibet Mining's overall revenue declined by 22.76% in 2024, with a net profit drop of 31.79%, largely attributed to the underperformance of its lithium segment [14][19]. - The company's lithium product revenue accounted for 52.46% of total revenue in 2024, but it saw a 40.76% year-on-year decline, with a significant drop in gross margin from 94.89% in 2022 to 31.85% in 2024 [16][21]. Group 4: Strategic Implications and Future Outlook - The sale of Baiyin Zabuyé is seen as a strategic move to optimize resource allocation and alleviate financial burdens, but the lack of buyers raises concerns about the company's ability to offload this asset [18]. - If the sale does not materialize, Tibet Mining may face increasing sunk costs and operational challenges, further complicating its financial recovery [18][19]. - The company is also grappling with broader industry challenges, including a downturn in lithium prices and the need for technological innovation to maintain competitiveness [23][24].