Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Accumulate" [5] Core Views - The company maintains stable growth in its main business and is building an integrated lithium battery industry layout, with battery chemical business revenue reaching 2.815 billion yuan in H1 2025, a year-on-year increase of 22.77% [1][5] - The demand for fluorochemical products is expected to grow due to the development of new energy, data centers, and digital infrastructure, creating a window for domestic substitution [1] - The company is advancing its projects in Malaysia and the United States, which are expected to enhance profitability as overseas customer volumes increase and the self-supply ratio of hexafluoride rises [1] Summary by Sections Battery Chemicals - In H1 2025, the battery chemicals business achieved revenue of 2.815 billion yuan, with a significant increase in sales volume despite a competitive market and declining prices [1] - The company anticipates an annual shipment volume of over 280,000 tons for the year [1] Fluorochemical Demand - The growth in downstream industries is driving the demand for fluorochemical products, with the company completing customer certifications for its fluorinated liquid products [1] - Key projects such as the annual production of 30,000 tons of high-end fluorinated fine chemicals and 5,000 tons of high-performance fluorinated materials are progressing steadily [1] Electronic Fine Chemicals - The electronic fine chemicals business generated revenue of 679 million yuan in H1 2025, reflecting a year-on-year growth of 25.18% [2] - The semiconductor industry is driving demand, with the company focusing on developing new products for data centers and semiconductor applications [2] Financial Projections - The company is projected to achieve net profits of 1.13 billion yuan, 1.50 billion yuan, and 1.86 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.51 yuan, 2.01 yuan, and 2.49 yuan [2][3]

8月26日早间，锂矿龙头赣锋锂业公告称，公司董事会审议通过《关于公司实施H股再融资的议案》。 赣锋锂业拟发行总金额13.7亿港元的可转换公司债券，并按每股配售价格29.28港元（"配售价"）向符合条件的独立投资者（"承配人"）配售 公司新增发行的4002.56万股H股，合计募集资金25.42亿港元。用于偿还贷款、产能扩张及建设、补充营运资金及一般企业用途。 赣锋锂业公告称，8月25日（H股交易时间后），公司与承销商签署了认购协议。公司拟于9月2日发行13.7亿港元2026年到期1.5%可转换债 券。 其初始转换价格为33.67港元/股，较8月25日收盘价30.98港元/股，溢价8.68%；较截至8月25日连续五个交易日平均收盘价31.62港元/股溢价 6.48%。 公告显示，假设上述债券未来全部转股，并按初始转换价格33.67港元/股计算，将可转换为4068.9万股公司H股股票，相当于截至8月26日公 司已发行H股股本总额的10.08%和已发行股本总额的约2.02%，并约占债券全部转股后公司全部已发行H股股本总额的约9.16%及全部已发行 股本总额的约1.98%。 赣锋锂业表示，本次债券发行完成后，其募集资金 ...

Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 8.376 billion, with a net profit attributable to shareholders of CNY -0.531 billion, and an operating cash flow of CNY 0.3 billion [1] - The business structure consists of 56.78% from lithium chemical segment, 35.52% from lithium battery segment, and 7.70% from other businesses [1] Business Development - The Mariana lithium salt lake project in Argentina has produced its first batch of lithium chloride [2] - The Cauchari-Olaroz lithium salt lake project is operating smoothly and is expected to meet its annual production target in the second half of the year [2] - The Goulamina lithium spodumene project in Mali has shipped its first batch of spodumene to China [2] - The Sichuan Ganfeng's annual production capacity of 50,000 tons of lithium salt project has completed production line debugging and is steadily releasing capacity [2] - The first phase of the Qinghai Ganfeng's annual production of 1,000 tons of metallic lithium project is in trial production [2] Solid-State Battery Business - The company has completed an integrated layout for solid-state battery business and has commercial capabilities [2] - The soft-pack solid-state battery can be applied in passenger vehicles and low-altitude aircraft, with an energy density covering 320Wh/kg to 550Wh/kg and a maximum cycle count of 1,000 [2] - The cylindrical solid-state battery has a capacity of 6Ah to 7.5Ah and an energy density of 330Wh/kg to 420Wh/kg, with production lines under construction [2] Energy Storage Business - The company has successfully completed the delivery and grid connection of energy storage shared power stations through Shenzhen Yichu [2] - The integrated layout of lithium batteries has shown significant results, positively contributing to the group's performance [2] Market Outlook and Strategy - The company remains optimistic about the future demand for lithium and expects further improvement in operational performance as the lithium industry recovers [2] - The company is focusing on cost-effective resource development and prioritizing projects with optimal economic benefits [5] - The overall lithium product inventory is currently at a low level, approximately one week, indicating a positive market trend [5] Debt Management - The company is planning multiple measures to optimize its capital structure, including controlling debt increases and enhancing project equity financing [6] - The debt level is currently manageable, despite an increase due to the higher leverage in the battery segment, which accounts for 35%-40% of sales revenue [6]

8月11日，宁德时代（300750）宜春锂矿项目因采矿许可证到期暂停开采，市场对锂资源供应短期收紧 的预期升温。受此影响，碳酸锂期货价格全线涨停，主力合约价格突破8万元/吨，刷新近三个月以来的 新高。上海钢联（300226）发布数据显示，今日电池级碳酸锂中间价报78000元/吨，较上一个交易日上 调8000元。 据悉，川能动力李家沟锂矿探明矿石资源储量为3881万吨，年产原矿105万吨，年产精矿约18万吨。该 项目自2024年11月进入联动试生产以来，整体状况运行良好，选矿回收率优于可研水平，期间实现了连 续33天稳定生产记录。 川能动力表示，公司锂板块主要从事锂矿开采、锂盐加工，产品为锂精矿、碳酸锂及氢氧化锂等。日 前，公司3万吨锂盐项目成功调试并产出合格电池级锂盐产品，现合计拥有4.5万吨锂盐加工产能。后续 锂矿锂盐项目全面投产后将形成锂矿锂盐一体化业务，有助于公司进一步统筹优化锂电板块经营，实现 利益最大化。 从基本面来看，新能源车行业近期呈现多重积极信号。当前碳酸锂价格企稳反弹，缓解了中游电池制造 商的成本压力；政策层面，"反内卷"导向明确，低端产能扩张受限，行业竞争格局有望优化。对于投资 者而言，当 ...