要依靠资本开支驱动，还需重点关注公司资本开支项目是否划算以及资本支出是否刚性面临资金压力。 需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为41%)建议关注公司债务状况(有 息资产负债率已达38.01%) 据证券之星公开数据整理，近期盛新锂能(002240)发布2025年中报。截至本报告期末，公司营业总收入 16.14亿元，同比下降37.42%，归母净利润-8.41亿元，同比下降349.88%。按单季度数据看，第二季度营 业总收入9.28亿元，同比下降32.06%，第二季度归母净利润-6.86亿元，同比下降1486.59%。本报告期盛 新锂能三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达85.32%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率-3.72%，同比减235.27%，净利 率-58.69%，同比减525.65%，销售费用、管理费用、财务费用总计3.96亿元，三费占营收比24.54%，同 比增85.32%，每股净资产11.76元，同比减13.22%，每股经营性现金流0.19元，同比减56.42%，每股收 益-0 ...

Core Viewpoint - Ganfeng Lithium is collaborating with LAR to establish a joint venture company, Millennial, to develop lithium brine assets in Argentina, specifically the Pozuelos-Pastos Grandes salt lake basin [1][2]. Group 1: Joint Venture and Asset Integration - Ganfeng Lithium's wholly-owned subsidiary, Ganfeng International, and LAR plan to integrate three lithium brine assets into Millennial: PPG, PG, and Puna salt lakes [1]. - After the integration, Ganfeng Lithium will hold 67% of Millennial, while LAR will hold 33% [1]. - The PG lithium brine project will see Ganfeng Lithium holding a 14.89% stake, while LAR will hold 85.11%. In the Puna project, Ganfeng Lithium will hold 35%, and LAR will hold 65% [1]. Group 2: Financial Support and Equity Structure - As part of the transaction, Ganfeng Lithium or Ganfeng International will provide LAR with financial support of up to $130 million, secured by LAR's equity in the integrated Millennial [1]. - The financial support is intended to assist LAR's funding needs, including the development of the integrated PPGS lithium brine project [1]. Group 3: Company Backgrounds - LAR is a newly registered lithium carbonate producer in Switzerland, primarily focused on lithium-ion batteries and electric vehicles, and is listed on both the Toronto Stock Exchange and the New York Stock Exchange [2]. - Millennial, a Dutch-registered company, specializes in investing, holding, developing, and operating lithium mining assets, with a registered capital of $378.1 million [2].

Report Summary 1. Market Analysis - On July 31, 2025, the main lithium carbonate contract 2509 opened at 68,540 yuan/ton and closed at 68,280 yuan/ton, a -4.66% change from the previous day's settlement price. The trading volume was 521,849 lots, and the open interest was 229,368 lots, down from 272,753 lots the previous day. The basis was 4,120 yuan/ton, and the number of lithium carbonate warehouse receipts was 5,545 lots, a decrease of 7,586 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 70,800 - 73,200 yuan/ton, a -950 yuan/ton change from the previous day, and industrial - grade lithium carbonate was 69,300 - 70,500 yuan/ton, also a -950 yuan/ton change. The price of 6% lithium concentrate was 763 US dollars/ton, a -18 US dollars/ton change from the previous day. Downstream inquiry activity increased, but actual transactions did not expand proportionally, and downstream buyers were still cautious [1]. - Australian lithium miner PLS reported that in fiscal year 2025, the production of spodumene concentrate reached 754,600 tons, a 4% year - on - year increase, exceeding the guidance target of 700,000 - 740,000 tons. The production in the second quarter increased by 77% quarter - on - quarter to 221,300 tons. The company plans to increase production to 820,000 - 870,000 tons in 2026 [1]. 2. Project Report - Australian lithium developer Wildcat Resources released a pre - feasibility study report for the Tabba Tabba lithium project in Western Australia, indicating long - term development value. The two - stage development plan includes a $443 million investment in the first stage to build a 2.2 million - ton - per - year lithium mine facility, with an annual output of 295,000 tons of 5.5% spodumene concentrate. In the second stage, production can be expanded to 4.5 million tons per year, with a concentrate output of 565,000 tons. The project has proven ore reserves of 46.3 million tons (lithium oxide grade 1%), a mine life of 17 years, and a post - tax payback period of 5.4 years [2]. 3. Strategy - Recent disturbances are mainly due to domestic mine - end review issues, which are not fully determined. Overseas mine financial reports show increasing production and lower mining costs, reducing expectations of overseas production cuts. As the domestic lithium mine approval issue is undecided, the market may fluctuate, and short - term trading may be volatile. Participants should manage risks [3]. 4. Trading Strategies - Unilateral: None - Inter - delivery: None - Inter - commodity: None - Spot - futures: None - Options: None [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report tracks the fundamentals of lithium carbonate, including data on futures contracts, spot prices, and raw materials. It also mentions macro and industry news, such as price changes of battery - grade lithium carbonate and corporate announcements [1][2]. - The trend strength of lithium carbonate is 0, indicating a neutral outlook [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2507 contract, the closing price was 60,480, down 1,200 from T - 5; the trading volume was 35,622, down 200,575 from T - 5; and the open interest was 99,266, down 78,969 from T - 5. For the 2509 contract, the closing price was 59,880, down 1,860 from T - 5; the trading volume was 181,046, up 12,314 from T - 5; and the open interest was 306,885, up 90,331 from T - 5 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 29,967, down 2,870 from T - 5 [1]. - **Basis**: The basis between spot and 2507 contract was - 30, up 1,150 from T - 5; between spot and 2509 contract was 570, up 1,810 from T - 5; between 2507 and 2509 contracts was 600, up 660 from T - 5 [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 622, down 8 from T - 5; lithium mica (2.0% - 2.5%) was 1,225, up 15 from T - 5 [1]. - **Lithium Salts**: Battery - grade lithium carbonate was 60,450, down 50 from T - 5; industrial - grade lithium carbonate was 58,850, down 50 from T - 5 [1]. - **Related Products in the Industry Chain**: Battery - grade lithium hydroxide (micronized powder) was 64,570, down 1,480 from T - 5; lithium hexafluorophosphate was 52,250, down 250 from T - 5 [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 60,464 yuan/ton, up 72 yuan/ton from the previous working day. Battery - grade lithium carbonate was 5.99 - 6.10 million yuan/ton, with an average of 6.045 million yuan/ton, unchanged from the previous working day; industrial - grade lithium carbonate was 5.835 - 5.935 million yuan/ton, with an average of 5.885 million yuan/ton, unchanged from the previous working day [2]. - Yahua Group plans to rename its wholly - owned subsidiary Sichuan Yahua Lithium Industry Technology Co., Ltd. to "Yahua Lithium Industry Group" and transfer the equity of 5 subsidiaries involved in lithium business to it for free [2][3]. - On May 12, Ukrainian President Volodymyr Zelensky signed a landmark mineral agreement with the United States. On June 16, the Ukrainian government approved opening its lithium mining to private investors, with the Dobra lithium mine in central Ukraine being the first project under this agreement [3].