Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The core contradiction affecting the lithium carbonate futures price stems from the tug - of - war between supply - side expected changes and demand - side support during the peak season. The resumption of production at the Jianxiawo lithium mine under CATL will be a key variable. The supply - side dynamics have led to the market pricing in advance the potential downward pressure on prices due to future supply increases, while the demand side provides solid support. The resumption of production at the lithium mine has significant uncertainties, and before September 30, the lithium carbonate futures price is likely to remain stable, and it is expected to fluctuate between 6,8000 - 76,000 yuan/ton until National Day [3][4]. - There are both positive and negative factors in the market. Positive factors include the time - limit pressure on lithium mines in Jiangxi for report submission and the policy support for new energy vehicles and energy storage. Negative factors include the risk of insufficient restocking during the peak season and the expected resumption of production at the Jianxiawo lithium mine [4][5][6]. Summary by Directory 1. Futures Data - **Price and Volatility Forecast**: The strong resistance level of the lithium carbonate main contract is 80,000 yuan/ton, the current 20 - day rolling volatility is 39.0%, and the historical percentile of volatility in the past 3 years is 65.9% [2]. - **Futures Contract Data**: The closing price of the lithium carbonate main contract is 73,180 yuan/ton, with a daily increase of 500 yuan (0.69%) and a weekly increase of 280 yuan (0.38%); the trading volume is 500,267 lots, with a daily increase of 17,477 lots (3.62%) and a weekly decrease of 91,408 lots (-15.45%); the open interest is 300,437 lots, with a daily decrease of 9,009 lots (-2.91%) and a weekly decrease of 50,903 lots (-14.49%) [9][10]. 2. Spot Data - **Lithium Ore Quotes**: The average daily quotes of various lithium ores, such as lithium mica, lithium spodumene, and phospho - lithium - aluminum stone, show different price changes. For example, the average price of lithium mica (Li2O:2 - 2.5%) is 1,815 yuan/ton, with a daily increase of 40 yuan (2.25%) and a weekly decrease of 50 yuan (-2.68%) [24]. - **Carbon/Hydrogen Lithium Quotes**: The average price of industrial - grade lithium carbonate is 70,600 yuan/ton, with a daily increase of 400 yuan (0.57%) and a weekly decrease of 1,750 yuan (-2.42%); the average price of battery - grade lithium carbonate is 72,850 yuan/ton, with a daily increase of 400 yuan (0.55%) and a weekly decrease of 1,750 yuan (-2.35%) [27]. - **Downstream Product Quotes**: The average price of power - type lithium iron phosphate is 33,470 yuan/ton, with a daily increase of 95 yuan (0.28%); the average price of 523 (consumer - type) ternary materials is 114,375 yuan/ton, with a daily increase of 200 yuan (0%) [32][33]. 3. Basis and Warehouse Receipt Data - **Basis Quotes**: The basis quotes of different lithium carbonate brands, such as Shengxin Lithium Energy, Tianqi Lithium, etc., show different price differences. The four - material comprehensive basis quote for LC2507 is - 237.5 yuan/ton [35]. - **Warehouse Receipt Quantity**: The total number of warehouse receipts is 38,824 lots, a decrease of 139 lots from the previous day [38]. 4. Cost and Profit - **Production and Import Profits**: The report mentions the production profit of lithium carbonate from外购 lithium ore (including lithium spodumene and lithium mica) and the import profit of lithium carbonate, but specific numerical details are not fully presented [42]. Lithium - Ion Enterprise Risk Management Strategy Recommendations - **Procurement Management**: - For enterprises with no correlation between product prices, when worried about rising procurement costs, they can buy 60% of corresponding futures contracts at 67,000 - 71,000 yuan/ton (LC2511) and sell 40% of put options (P - 68,000) [2]. - For enterprises with correlated product prices, they can sell 20% of the futures main contract according to the procurement progress and use 20% of put options + call options [2]. - **Sales Management**: Enterprises worried about falling sales prices can sell 60% of corresponding futures contracts and use 20% of put options + call options according to the production plan [2]. - **Inventory Management**: Enterprises with high lithium carbonate inventory can sell 20% of the futures main contract at 76,000 - 80,000 yuan/ton (LC2511) and sell 40% of call options (C - 77,000) [2].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On September 12, the main contract of lithium carbonate futures fluctuated within a range. The spot market had more low - price transactions, and the basis premium narrowed. With the decline in lithium spodumene concentrate prices and stable lithium mica prices on the cost side, the supply of lithium carbonate increased last week from all raw material sources. In terms of downstream demand, the output of lithium iron phosphate increased, while the output of ternary materials decreased. In September, the production of lithium cobalt oxide and lithium manganate increased, and the output of power batteries increased last week. Terminal demand showed that the year - on - year growth rate of new energy vehicle production in August was high, 3C shipments were average, and the production schedule of energy - storage batteries increased in September. In terms of inventory, registered warehouse receipts increased, and social inventory decreased. Both smelters and others reduced inventory, while downstream inventory was tight. Overall, both supply and demand are strong, the upstream inventory pressure is not large, and the expected supply contraction is weakening. It is expected that the price of lithium carbonate will fluctuate downward [1]. 3. Summary by Relevant Content Futures Market - **Prices**: On September 12, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures were 71180.00 yuan/ton, 71020.00 yuan/ton, 71360.00 yuan/ton, and 71360.00 yuan/ton respectively, with changes of 160.00 yuan/ton, 160.00 yuan/ton, 60.00 yuan/ton, and 60.00 yuan/ton compared to the previous day [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract was 410989.00 hands (- 15052), and the open interest was 309402.00 hands (- 14054) [1]. - **Inventory**: The registered warehouse receipts were 38625.00 tons (+234) [1]. Spot Market - **Lithium Minerals**: The average price of lithium spodumene concentrate (6%, CIF China) was 842.00 US dollars/ton (-2.00), and the prices of various types of lithium mica were flat [1]. - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 72450.00 yuan/ton (-400), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 70200.00 yuan/ton (-400). The average price of battery - grade lithium hydroxide (56.5%/domestic) decreased, and the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was stable [1]. - **Other Products**: The prices of ternary precursors, ternary materials, lithium iron phosphate, lithium cobalt oxide, and other products showed different degrees of change. For example, the average price of ternary precursor 523 (multi - crystal/consumer type) increased by 1000.00 yuan/ton, and the average price of lithium iron phosphate (power type) decreased by 95.00 yuan/ton [1]. Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all increased [1]. - **Demand**: The output of lithium iron phosphate increased, the output of ternary materials decreased. In September, the production of lithium cobalt oxide and lithium manganate increased, and the output of power batteries increased last week. Terminal demand showed that the year - on - year growth rate of new energy vehicle production in August was high, 3C shipments were average, and the production schedule of energy - storage batteries increased in September [1]. Inventory The social inventory decreased, smelters and others reduced inventory, and downstream inventory was tight [1]. News On September 12, the commissioning ceremony of Zijin Mining's 20,000 - ton - per - year lithium carbonate project in the Salar de Diablillos salt lake was held. The pre - project work such as the permit approval for the second - phase project is in progress, with a planned lithium carbonate production capacity of 40,000 tons/year. After the full operation of the two - phase projects, the annual production capacity is expected to reach 60,000 - 80,000 tons [1]. Investment Strategy It is recommended to short on rallies [1].

Core Viewpoint - The report from Huafu Securities indicates that Shengxin Lithium Energy reported a net profit attributable to shareholders of -840 million yuan for the first half of the year, with a significant decline in performance due to falling lithium carbonate prices and inventory impairment losses [1] Financial Performance - Shengxin Lithium Energy's net profit attributable to shareholders for the first half of 2024 was -187 million yuan, a year-on-year decrease of 650 million yuan [1] - In Q2 2025, the net profit attributable to shareholders was -686 million yuan, a quarter-on-quarter decrease of 530 million yuan [1] - The non-recurring net profit attributable to shareholders was -693 million yuan, a quarter-on-quarter decrease of 490 million yuan [1] - Asset impairment losses amounted to 438 million yuan, accounting for 43% of the total profit for the first half of the year [1] Project Development - The Indonesian Shengtuo lithium salt project, with an annual production capacity of 60,000 tons, commenced trial production in June 2024, making it the largest overseas lithium extraction project by capacity [1] - The project primarily supplies overseas markets, and as of the mid-year report, certification work for some core customers has been completed, with bulk supply already initiated [1] Competitive Advantage - In the context of export restrictions on lithium product production technology, the company has strategically positioned itself with overseas lithium salt plants, enhancing its competitive advantage [1] - The company is rapidly improving its ability to ensure and service global customers [1] - With the upcoming ramp-up of overseas smelting capacity and the potential future output from low-cost wood wool mines, the company maintains a "buy" rating [1]

Report Summary 1. Report Industry Investment Rating - The report does not explicitly provide an industry investment rating. 2. Core View of the Report - The report focuses on the lithium carbonate market, indicating that both supply and demand are increasing, and the market is in a weakly oscillating state. The trend strength of lithium carbonate is -1, suggesting a relatively bearish outlook [1][3]. 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price was 73,880 yuan, with a change of 880 yuan compared to T - 1. The trading volume was 50, and the open interest was 3,467. For the 2511 contract, the closing price was 74,260 yuan, the trading volume was 802,006, and the open interest was 364,002 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 36,631 hands, an increase of 1,683 hands compared to T - 1 [1]. - **Basis**: The basis of spot - 2509 was 870 yuan, and spot - 2511 was 490 yuan. The basis of 2509 - 2511 was -380 yuan [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 871 yuan, and the price of lepidolite (2.0% - 2.5%) was 1,865 yuan [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 74,750 yuan, and industrial - grade lithium carbonate was 72,500 yuan. The price of battery - grade lithium hydroxide (micropowder) was 80,520 yuan [1]. - **Industry Chain Related Data**: The price of lithium iron phosphate (power type) was 33,930 yuan, and the price of ternary materials 523 (polycrystalline/consumer type) was 113,450 yuan [1]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 74,655 yuan/ton, a decrease of 214 yuan/ton compared to the previous working day. Kodal Minerals obtained approval from the Malian government to export 125,000 tons of spodumene concentrate from the Bougouni lithium project [2]. 3.3 Trend Strength - The trend strength of lithium carbonate is -1, with the value ranging from -2 to 2, indicating a relatively bearish view [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On September 4, 2025, the 2511 contract of lithium carbonate futures rose 1.05% to 73,420 yuan/ton. The average price of battery - grade lithium carbonate decreased by 900 yuan/ton to 75,000 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 900 yuan/ton to 72,700 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 150 yuan/ton to 75,850 yuan/ton. The warehouse receipt inventory increased by 830 tons to 34,948 tons [3]. - Regarding the policy inspection of the compliance of mining rights for salt - lake lithium extraction in Qinghai, Salt Lake Co., Ltd. (000792) stated that the company's mining business is fully compliant and its production and operation are stable [3]. - In terms of supply, the weekly output increased by 389 tons to 19,419 tons. In September, the lithium carbonate output is expected to increase by 1.7% to 86,730 tons, mainly from lithium - spodumene extraction and a small amount from lithium recycling. In terms of demand, the output of ternary materials in September decreased by 1.5% to 72,330 tons, while that of lithium iron phosphate increased by 6% to 335,250 tons. In terms of inventory, the total inventory continued to decline significantly, with the weekly inventory decreasing by 1,044 tons to 140,092 tons [3]. - Affected by market news, the futures price rose rapidly yesterday with an intraday amplitude of 4.57%. There is still great uncertainty in the Jiangxi mining end, and there are many market rumors. The market may still fluctuate in the short term [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 73,420 yuan/ton, up 1,540 yuan; the closing price of the continuous contract was 73,000 yuan/ton, up 920 yuan. The price of lithium - spodumene concentrate (6%, CIF China) was 874 US dollars/ton, up 2 US dollars [5]. - Lithium ore: The price of lithium mica (Li₂O: 1.5% - 2.0%) was 1,157.5 yuan/ton, down 17.5 yuan; the price of lithium mica (Li₂O: 2.0% - 2.5%) was 1,865 yuan/ton, down 20 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 75,000 yuan/ton, down 900 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 72,700 yuan/ton, down 900 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 75,850 yuan/ton, down 150 yuan; the price of battery - grade lithium hydroxide (micropowder) was 80,820 yuan/ton, down 150 yuan [5]. - Other products: The price of hexafluorophosphate lithium remained unchanged at 56,000 yuan/ton. The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,300 yuan/ton [5]. 3.2 Chart Analysis - **Ore prices**: Charts show the price trends of lithium - spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%) from 2024 to 2025 [6][8]. - **Lithium and lithium salt prices**: Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, etc. from 2024 to 2025 [11][14]. - **Price differences**: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [17][18]. - **Precursors and cathode materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2025 [24][26][28]. - **Lithium battery prices**: Charts display the price trends of 523 square ternary battery cells, square lithium - iron - phosphate battery cells, cobalt - acid battery cells, and square lithium - iron - phosphate batteries from 2024 to 2025 [30][33]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from January 16, 2025, to September 4, 2025 [37][39]. - **Production costs**: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [43].

Group 1 - The main contract for lithium carbonate in the domestic futures market has shown signs of recovery, closing up 1.05% at 73,420 yuan/ton after hitting a low of 71,120 yuan/ton, which is approximately a 20% drop from the high of 90,100 yuan/ton two weeks ago [1][2] - The current market prices for high-quality lithium carbonate range from 75,500 to 76,500 yuan/ton, while battery-grade lithium carbonate is priced between 74,000 and 76,500 yuan/ton, and industrial-grade lithium carbonate is between 73,500 and 75,000 yuan/ton, indicating stability compared to the previous working day [1] - Analysts suggest that the recent price movements are influenced by high inventory levels and the market's reassessment of supply disruptions, with a noted decrease in production capacity utilization among lithium carbonate producers [2][4] Group 2 - The demand for lithium carbonate is expected to improve as the traditional peak season approaches, although supply-side disruptions remain a concern [3] - Recent developments regarding mining permits in Jiangxi province are critical, with a deadline for submission of reports by September 30, which may impact future mining operations [3][4] - The overall supply of lithium carbonate has not yet reached a turning point, as production from spodumene sources is compensating for recent supply disruptions [4]

Core Viewpoint - The company is experiencing positive progress in ramping up production capacity in Indonesia and has begun bulk supply to core customers after completing certification work [2] Production Capacity and Supply - The company plans to increase the supply of lithium salt products based on customer orders and the progress of other customer certifications, aiming to enhance capacity utilization and achieve full production as soon as possible [2] - In the solid-state battery sector, the company has a planned annual production capacity of 3,000 tons of metallic lithium, with 500 tons already constructed and mass production of ultra-thin and ultra-wide lithium strips underway [2] - The planned new project for 2,500 tons of metallic lithium has completed project filing, and preparations are progressing in an orderly manner, with construction set to begin soon [2] Mining and Project Development - In the first half of the year, the company made progress in the construction of the lithium mine selection and tailing project, obtaining land pre-examination and site selection opinions, as well as approval from the provincial development and reform commission [2] - Other related work for the mining project is also progressing in an orderly manner [2]

Core Viewpoint - Dongwu Securities report indicates that Tianqi Lithium's net profit attributable to shareholders in the first half of the year was 0.08 billion yuan, representing a year-on-year increase of 101.6% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was -0.02 billion yuan, showing a significant decline of 98.5% year-on-year and 119% quarter-on-quarter [1] - The decline in lithium prices in the first half of 2025 has been noted, but the company maintains a significant cost advantage [1] Production and Sales Outlook - The chemical-grade lithium plant is expected to be completed by the end of the year [1] - The sales volume of lithium salts in 2025 is projected to remain flat year-on-year, while the Kwinana plant is anticipated to continue reducing losses [1] Investment Contributions - The stable investment income contribution from SQM in the first half of the year is highlighted, with expectations for a significant increase in investment income due to higher sales volume in the second half [1] Profit Forecast Adjustments - Due to the sharp decline in lithium prices in the first half of the year and the current prices remaining at a low range, the company has revised its net profit forecasts for 2025-2027 to 0.45 billion, 0.86 billion, and 1.44 billion yuan respectively, down from previous expectations of 1.62 billion, 1.86 billion, and 2.40 billion yuan [1] - The revised forecasts still indicate year-on-year growth of 106%, 93%, and 67% respectively, with corresponding PE ratios of 114x, 59x, and 35x [1] Investment Rating - Given the company's excellent resource endowment and significant cost advantages, it is expected that lithium salt profitability will further improve, leading to a maintained "buy" rating [1]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The supply - demand imbalance in the lithium carbonate market persists, with over - supply and weak demand due to capacity mismatch, making it difficult to reverse the downward trend [8][9][14]. - The lithium carbonate 2511 contract is expected to fluctuate in the range of 71,040 - 74,220 [9]. - There are both positive and negative factors in the market. Positive factors include manufacturers' shutdown and production - cut plans, a decline in lithium carbonate imports from Chile, and a decrease in lithium spodumene imports. Negative factors are the high - level supply from ore and salt lake sources with limited decline and the insufficient willingness of the power battery sector to take delivery [12][13]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply**: Last week, the lithium carbonate production was 19,030 tons, a 0.56% week - on - week decrease, higher than the historical average. In August 2025, the production was 85,240 tons, and the predicted production for next month is 86,730 tons, a 1.75% increase. The August import volume was 17,000 tons, and the predicted import volume for next month is 19,500 tons, a 14.71% increase [8][9]. - **Demand**: Last week, the inventory of lithium iron phosphate sample enterprises was 94,493 tons, a 0.91% week - on - week increase, and the inventory of ternary material sample enterprises was 17,832 tons, a 1.22% week - on - week increase. The demand is expected to strengthen next month, and inventory may be reduced [8][9]. - **Cost**: The cost of purchased lithium spodumene concentrate is 76,333 yuan/ton, a 0.89% daily decrease, with a production profit of 50 yuan/ton. The cost of purchased lithium mica is 80,138 yuan/ton, a 0.85% daily decrease, with a production loss of 5,811 yuan/ton. The production cost of the recycling end is close to that of the ore end, with average production scheduling enthusiasm. The quarterly cash production cost of the salt lake end is 31,745 yuan/ton, with sufficient profit margins and strong production scheduling motivation [9]. - **Other Indicators**: - **Fundamentals**: Neutral [9]. - **Basis**: On September 2, the spot price of battery - grade lithium carbonate was 77,500 yuan/ton, and the basis of the 11 - contract was 4,880 yuan/ton, with the spot at a premium to the futures, indicating a bullish signal [9]. - **Inventory**: The smelter inventory was 43,336 tons, a 7.49% week - on - week decrease, lower than the historical average. The downstream inventory was 52,800 tons, a 2.51% week - on - week increase, higher than the historical average. The total inventory was 141,136 tons, a 0.28% week - on - week decrease, higher than the historical average [9][11]. - **Market Chart**: The MA20 is upward, and the price of the 11 - contract closed below the MA20, showing a neutral signal [11]. - **Main Position**: The main position is net short, with an increase in short positions, indicating a bearish signal [9]. 3.2 Carbonate Lithium Market Overview - **Price and Basis**: The futures closing prices of various contracts decreased, with a decline range of 2.99% - 3.89%. The basis of various contracts increased, with an increase range of 37.72% - 74.91%. The registered warehouse receipts increased by 2.60% [17]. - **Upstream Prices**: The price of lithium spodumene (6%) decreased by 1.22% to 887 dollars/ton, and the price of lithium mica concentrate (2% - 2.5%) decreased by 1.54% to 1,920 yuan/ton. The price of battery - grade lithium carbonate decreased by 1.08% to 77,500 yuan/ton, and the price of industrial - grade lithium carbonate decreased by 1.12% to 75,200 yuan/ton [17]. - **Supply - side Data**: The weekly operating rate was 66.41%, unchanged from the previous period. The monthly production of lithium carbonate in August 2025 was 85,240 tons, a 4.55% increase from the previous month. The monthly import volume of lithium concentrate was 576,138 tons, a 34.73% increase [19]. - **Demand - side Data**: The monthly production of lithium iron phosphate was 264,720 tons, a 4.96% increase. The monthly production of lithium iron phosphate lithium was 316,400 tons, an 8.84% increase. The monthly production of ternary precursor was 73,440 tons, a 6.99% increase [19]. 3.3 Supply - Lithium Ore - **Price**: The price of lithium ore has shown a certain downward trend, with the price of lithium spodumene (6%) at 887 dollars/ton, a 1.22% decrease [17]. - **Production**: The production of domestic lithium ore has changed, with the production of lithium spodumene and lithium mica showing different trends. The monthly production of lithium concentrate in August 2025 was 533,30 tons, a 19.01% increase, and the production of lithium mica was 13,700 tons, a 23.89% decrease [19]. - **Import**: The monthly import volume of lithium concentrate in August 2025 was 576,138 tons, a 34.73% increase, and the import volume from Australia was 427,301 tons, a 67.24% increase [19]. - **Supply - demand Balance**: The domestic lithium ore supply - demand balance shows a deficit in most months, with the balance in August 2025 at - 2,815 tons [27]. 3.4 Supply - Carbonate Lithium - **Operating Rate**: The weekly operating rate of lithium carbonate has changed, with different trends for different raw material sources. The overall operating rate shows a certain fluctuation [30]. - **Production**: The monthly production of lithium carbonate has increased, with the production in August 2025 at 85,240 tons, a 4.55% increase [19]. - **Import and Export**: The monthly import volume of lithium carbonate in August 2025 was 17,000 tons, and the export volume was 307 tons. The supply - demand balance in August 2025 was - 2,090 tons [36]. 3.5 Supply - Lithium Hydroxide - **Capacity Utilization**: The weekly capacity utilization rate of domestic lithium hydroxide has changed, with different trends for causticization and smelting [38][40]. - **Production**: The monthly production of lithium hydroxide has changed, with the production in August 2025 at 21,820 tons, a 13.31% decrease [19]. - **Import and Export**: The monthly export volume of lithium hydroxide in August 2025 was 4,000 tons, and the import volume was 350 tons. The supply - demand balance in August 2025 was - 6,061 tons [45]. 3.6 Lithium Compound Cost and Profit - **Lithium Spodumene and Lithium Mica**: The cost of purchased lithium spodumene concentrate and lithium mica has decreased, and the profit situation is different. The production of lithium spodumene has a profit of 50 yuan/ton, while the production of lithium mica has a loss of 5,811 yuan/ton [9]. - **Recycling**: The cost of recycling to produce lithium carbonate is close to that of the ore end, with average production enthusiasm [9]. - **Import and Other Processing**: The import profit of lithium carbonate, the profit of purifying industrial - grade lithium carbonate, and the profit of carbonizing lithium hydroxide to lithium carbonate have all changed [48][50][53]. 3.7 Inventory - **Lithium Carbonate**: The weekly inventory of lithium carbonate has changed, with the smelter inventory decreasing by 7.49% to 43,336 tons, and the downstream inventory increasing by 2.51% to 52,800 tons. The total inventory was 141,136 tons, a 0.28% decrease [9][11]. - **Lithium Hydroxide**: The monthly inventory of lithium hydroxide has changed, with the downstream and smelter inventories showing different trends [55]. 3.8 Demand - Lithium Battery - **Price**: The price of lithium batteries has changed, with different trends for different types of batteries [59]. - **Production and Sales**: The monthly production and sales volume of lithium batteries have changed, with the monthly production of power batteries showing a certain increase, and the export volume also increasing [59]. 3.9 Demand - Ternary Precursor - **Price**: The price of ternary precursor has changed, with different trends for different series [64]. - **Production and Supply - demand Balance**: The monthly production of ternary precursor has increased, with the production in August 2025 at 73,440 tons, a 6.99% increase. The supply - demand balance in August 2025 was - 4,154 tons [19][67]. 3.10 Demand - Ternary Material - **Price**: The price of ternary material has changed, with different trends for different series [70]. - **Production and Inventory**: The monthly production of ternary material has changed, and the weekly inventory has also changed [70][72]. 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price**: The price of iron phosphate and iron phosphate lithium has changed, with different trends for different types [74]. - **Production and Export**: The monthly production of iron phosphate and iron phosphate lithium has increased, and the monthly export volume of iron phosphate lithium has also increased [74][77]. 3.12 Demand - New Energy Vehicle - **Production, Sales and Export**: The production, sales and export volume of new energy vehicles have changed, with the production and sales showing a certain increase, and the export volume also increasing [82]. - **Penetration Rate and Other Indicators**: The sales penetration rate of new energy vehicles has increased, and the retail - wholesale ratio and inventory warning index have also changed [83][86].

Group 1 - Ganfeng Lithium (002460) has completed a placement of 40.0256 million new H-shares at a price of HKD 29.28 per share, representing 9.02% of the enlarged issued H-shares [1] - The total amount raised from the placement is approximately HKD 1.172 billion, with a net amount of about HKD 1.1685 billion after deducting commissions and estimated expenses [1] - The placement was made to no less than six independent professional or institutional investors, with no major shareholders emerging post-placement [1] Group 2 - The initial conversion price for the bonds is set at HKD 33.67 per H-share, which is subject to adjustment [2] - If the bonds are fully converted at the initial conversion price, they will convert into approximately 40.689 million H-shares, representing about 9.17% of the enlarged issued H-shares and 1.98% of the total issued shares [2] - After full conversion of the bonds, the total number of issued H-shares will increase by approximately 8.40% and the total issued share capital by about 1.94% [2]