Report Summary 1. Investment Rating The provided report does not mention the industry investment rating. 2. Core Viewpoints - On August 19, 2025, the 2511 contract of lithium carbonate futures dropped 1.79% to 87,540 yuan/ton. The average price of battery - grade lithium carbonate rose 1,100 yuan/ton to 85,700 yuan/ton, and the average price of industrial - grade lithium carbonate also increased 1,100 yuan/ton to 83,400 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) went up 1,000 yuan/ton to 77,740 yuan/ton. The warehouse receipt inventory increased 60 tons to 23,615 tons [3]. - Jiangte Motor's subsidiary, Yichun Yinli, will resume production after equipment maintenance. The weekly output of lithium carbonate increased by 424 tons to 19,980 tons. It is expected that the supply in August will increase by 3% to 84,200 tons. The lithium consumption of two major cathode materials in August is expected to increase by 8% to 86,000 tons LCE. The total social inventory decreased by 162 tons to 142,256 tons, with upstream destocking and restocking in other and downstream sectors [3]. - The suspension of mining operations has slightly adjusted the oversupply of resources, but there are still uncertainties in other mines. The lithium ore price has exceeded $1,000/ton, providing some support for lithium prices. The price reached over 90,000 yuan/ton this week. With the news of resumption of production and increased imports, there may be a short - term correction, but further attention should be paid to supply disruptions in the resource end [3]. 3. Section Summaries 3.1 Ore Prices The report presents charts of prices for various lithium ores such as lithium spodumene concentrate (6%, CIF China), lithium mica (with different Li₂O contents), and phospho - lithium - aluminum stone (with different Li₂O contents) from 2024 to 2025 [6][8][10]. 3.2 Lithium and Lithium Salt Prices Charts show the prices of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [12][14][16]. 3.3 Price Spreads The report includes charts analyzing price spreads such as the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and price differences between domestic and CIF prices for lithium hydroxide and lithium carbonate, as well as the basis from 2024 to 2025 [18][20][21]. 3.4 Precursor & Cathode Materials Charts display the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [22][25][28]. 3.5 Lithium Battery Prices The report provides charts of prices for 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][33][34]. 3.6 Inventory Charts show the downstream, smelter, and other环节 inventories of lithium carbonate from December 26, 2024, to August 14, 2025 [35][37][38]. 3.7 Production Costs A chart presents the production costs and profits of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [39][40][41]. 4. Research Team - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and has won multiple industry awards [43]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on aluminum and silicon [44]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on lithium and nickel [44]. 5. Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222 - Fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [47]