中证报中证网讯(王珞)8月20日，雅化集团（002497）发布的2025年半年报显示，公司实现营业收入 34.23亿元，归属于上市公司股东的净利润1.36亿元，同比增长32.87%。其中民爆业务实现营业收入 14.65亿元，同比增长3.7%，归母净利润2.53亿元，同比增长2.4%，好于行业总体水平；锂业务实现营 业收入17.64亿元。 公司主营业务包括锂业务和民爆业务两大板块。锂业务方面，公司目前拥有四川李家沟锂矿和津巴布韦 卡玛蒂维锂矿，雅安锂业、国理公司、兴晟锂业三个锂盐产品生产基地。民爆业务方面，公司拥有炸药 生产许可产能26余万吨、工业雷管许可产能近9000万发、工业导爆索和塑料导爆管许可产能1亿余米， 产能规模处于行业前列，品种、规格齐全，产能优势突出。 公司是锂盐产品尤其是电池级氢氧化锂的主要生产商，是全球知名车企、电池厂商、正极材料企业等行 业头部企业的核心供应商，与TESLA、SKON、LGES、LGC、松下、宁德时代（300750）、振华、厦 钨、容百、长远锂科等头部企业建立了长期合作关系，在产品品质、产能规模、产业链完整性等方面已 发展成为行业的优势企业。今年上半年，公司锂业务头部企业营 ...

Core Viewpoint - The recent announcement of Jiangte Electric's subsidiary resuming production has eased concerns about tight lithium carbonate supply, leading to a significant drop in lithium carbonate futures prices, with a daily decline of 8% on August 20 [1][3]. Supply Dynamics - The expectation of supply reduction had previously driven lithium carbonate prices higher, particularly after news of the suspension of lithium mining operations in Yichun by CATL on August 11, which led to a surge in prices [3]. - Jiangte Electric's announcement on August 19 regarding the resumption of production at Yichun Yinli New Energy has shifted market sentiment, causing prices to drop and nearly erase gains made since August 11 [3][4]. - Despite the recent price drop, uncertainties regarding domestic lithium resource supply remain, as stricter government regulations on mining rights compliance could impact future production [5][6]. Market Sentiment and Price Volatility - The short-term volatility in lithium carbonate prices is largely driven by market sentiment and speculative trading rather than fundamental changes in supply and demand [4][5]. - Recent data indicates a scenario of increasing production alongside decreasing inventory levels, which supports bullish expectations for lithium prices [5][6]. Demand Outlook - The upcoming demand peak in September and October is expected to bolster market sentiment, with strong orders in energy storage and power sectors contributing to a positive outlook for demand [6][7]. - The expectation of replenishing inventory in anticipation of rising prices may further support the upward trend in lithium carbonate prices [6][7]. Long-term Perspective - While short-term price fluctuations are influenced by market sentiment, the long-term price movements are expected to revert to fundamental supply-demand dynamics [6]. - The overall market is likely to experience a supply surplus, which may limit the potential for sustained price increases despite temporary bullish sentiment [6][7].

Report Investment Rating - No investment rating information provided in the report Core Viewpoints - The supply of lithium carbonate is expected to tighten, and downstream procurement demand has increased during the peak demand season, so the spot price of lithium carbonate is expected to continue to rise, and the price center will move up in the short term [1] - Affected by the disturbance of the mining end, lithium carbonate is expected to run strongly, but the short - term market fluctuates greatly and is easily affected by capital sentiment and news [3] Market Analysis - On August 19, 2025, the lithium carbonate main contract 2511 opened at 89,500 yuan/ton and closed at 87,540 yuan/ton, with a change of - 1.79% compared to the previous trading day's settlement price. The trading volume was 734,929 lots, and the open interest was 414,097 lots, compared with 421,106 lots in the previous trading day. The current basis was - 2,220 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 23,615 lots, a change of 60 lots from the previous trading day [1] - According to SMM data, the price of battery - grade lithium carbonate was quoted at 84,300 - 87,100 yuan/ton, a change of 1,100 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate was quoted at 82,700 - 84,100 yuan/ton, also a change of 1,100 yuan/ton from the previous trading day. The price of 6% lithium concentrate was 1,040 US dollars/ton, a change of 5 US dollars/ton from the previous day [1] - Due to the decline in futures prices, downstream purchasing and price - setting behaviors increased significantly, pushing up the spot price of lithium carbonate [1] Company News - Jiangte Motor's wholly - owned subsidiary, Yichun Yinli New Energy Co., Ltd., which had previously stopped production for equipment maintenance, will resume production soon [2] Strategy - Unilateral: Short - term investors can buy on dips for hedging - No strategies provided for inter - delivery, cross - variety, spot - futures, and options trading [3]

截至20日早盘收盘时，碳酸锂期货所有合约全线跌停，日跌幅8%。主力合约期价也重新回落到81000元 ／吨关口下方。 新华财经北京8月20日电（吴郑思） 伴随着江特电机全资下属公司将于近日复产的消息传出，碳酸锂市 场供应趋紧的担忧情绪出现些许缓和，直接促使碳酸锂期货价格在20日早盘时段大幅下挫。 不过，从机构分析来看，碳酸锂价格维持反弹并延续强势仍有基础。这主要体现在： | 序号 | 合约名称 | 最新 现手 | 采价 | | 卖价 买量 卖量 | 成交量 涨跌 涨幅% | | --- | --- | --- | --- | --- | --- | --- | | 29 | 碳酸锂加权。 | 80720 | 1 | | | 928254 -7020 -8.00% | | 30 | 碳酸锂主连 | 80980 | 5 | 80980 | --- 42668 | 638352 -7040 -8.00% | | 31 | 碳酸锂2509 | 81040 | 1 | 81040 | 3962 | 39896 -7040 -7.99% | | 32 | 碳酸锂2510 | 81000 | 6 | 81000 | 4320 ...

反内卷风暴席卷中国，锂矿、水泥、钢铁到猪肉、汽车纷纷限产，连挖矿都被叫停。宁德时代的锂矿停 产只是开始...... ...

碳酸锂在经历宁德时代矿端停产带动下价格飙升后，回归震荡态势，近期小幅上涨。截至8月19日，电 池级碳酸锂生意社基准价82733元/吨，较月初上涨16%，环比上涨28.27%；工业级碳酸锂生意社基准价 81166元/吨，较月初上涨15.46%，环比上涨28.5%。上周，受宁德时代江西枧下窝矿区采矿证到期全面 停产消息影响，引发市场供应收紧担忧，碳酸锂价格大幅上涨。叠加周内全球锂业巨头雅宝(Albemarle) 位于智利Antofagasta的La Negra锂加工厂因含酸管道爆裂事故，部分产线临时停产。进一步刺激价格上 涨。生意社碳酸锂数据师认为：短期内受供应端消息扰动，碳酸锂价格剧烈波动，但长期来看基本面供 大于求格局未改变，碳酸锂价格进一步上涨动力有限，具体仍需关注市场供需变化。 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The supply of lithium carbonate last week showed an increase, with production reaching 19,980 tons, a 2.16% week - on - week growth and higher than the historical average. Demand - side inventory of sample enterprises also increased, with the inventory of lithium iron phosphate sample enterprises rising by 0.51% to 95,081 tons and that of ternary material sample enterprises increasing by 4.45% to 17,296 tons. [8] - In terms of cost, the cost of purchasing spodumene concentrate was 82,375 yuan/ton, with a daily increase of 0.04%, resulting in a profit of 2,126 yuan/ton. The cost of purchasing lepidolite was 86,253 yuan/ton, remaining unchanged, leading to a loss of 3,890 yuan/ton. The cost of the recycling end was close to that of the ore end, with average production enthusiasm. The quarterly cash production cost of the salt - lake end was 31,745 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation. [9] - The overall assessment of the fundamentals is neutral. The basis on August 19th showed that the spot price of battery - grade lithium carbonate was 85,700 yuan/ton, and the basis of the 11 - contract was - 1,840 yuan/ton, indicating that the spot was at a discount to the futures, which is bearish. The overall inventory situation was complex, with the smelter inventory decreasing by 2.56% to 49,693 tons, lower than the historical average, while the downstream and other inventories increased, and the overall inventory decreased slightly by 0.11% to 142,256 tons, higher than the historical average, which is neutral. The disk showed that MA20 was upward, and the futures price of the 11 - contract closed above MA20, which is bullish. The net short position of the main contract decreased, which is bearish. [9] - In terms of expectations, in July 2025, the production of lithium carbonate was 81,530 physical tons, and the predicted production for the next month is 84,200 physical tons, a 3.27% increase. The import volume in July was 18,000 physical tons, and the predicted import volume for the next month is 18,500 physical tons, a 2.78% increase. It is expected that demand will strengthen next month, and inventory may be reduced. The 2511 contract of lithium carbonate is expected to fluctuate in the range of 85,640 - 89,440 yuan/ton. [9] - The main logic is that the mismatch between production capacity leads to a situation of strong supply and weak demand, and the downward trend is difficult to change. [12] 3. Summary According to the Directory 3.1 Daily Views - Supply: Last week, lithium carbonate production was 19,980 tons, a 2.16% week - on - week increase and higher than the historical average [8]. - Demand: The inventory of lithium iron phosphate sample enterprises was 95,081 tons, a 0.51% week - on - week increase, and that of ternary material sample enterprises was 17,296 tons, a 4.45% week - on - week increase [8]. - Cost: The cost of purchasing spodumene concentrate was 82,375 yuan/ton, a 0.04% daily increase, with a profit of 2,126 yuan/ton; the cost of purchasing lepidolite was 86,253 yuan/ton, remaining unchanged, with a loss of 3,890 yuan/ton; the cost of the recycling end was close to that of the ore end, with average production enthusiasm; the quarterly cash production cost of the salt - lake end was 31,745 yuan/ton, significantly lower than that of the ore end, with sufficient profit margins and strong production motivation [9]. - Fundamentals: Neutral; Basis: Bearish; Inventory: Neutral; Disk: Bullish; Main Position: Bearish [9]. - Expectations: In July 2025, lithium carbonate production was 81,530 physical tons, predicted to be 84,200 physical tons next month (3.27% increase); import volume was 18,000 physical tons, predicted to be 18,500 physical tons next month (2.78% increase). Demand is expected to strengthen next month, and inventory may be reduced. The 2511 contract of lithium carbonate is expected to fluctuate in the range of 85,640 - 89,440 yuan/ton [9]. 3.2 Fundamentals/Position Data - **Supply - side Data** - The weekly operating rate was 63.92%, remaining unchanged. The daily production cost of spodumene was 82,375 yuan/ton, a 0.04% increase. The monthly processing cost of spodumene was 19,810 yuan/ton, a 0.30% increase. The daily production profit of spodumene was 2,126 yuan/ton, a 98.88% increase. The daily production cost of lepidolite was 86,253 yuan/ton, remaining unchanged. The monthly processing cost of lepidolite was 35,300 yuan/ton, a 1.48% decrease. The daily production profit of lepidolite was - 3,890 yuan/ton, a 21.70% decrease. The total weekly inventory of lithium carbonate was 142,256 tons, a 0.11% decrease. The smelter inventory was 49,693 tons, a 2.56% decrease. The downstream inventory was 48,283 tons, a 0.26% increase. Other inventory was 44,280 tons, a 2.36% increase. The monthly total production of lithium carbonate was 81,530 tons, a 4.41% increase. The monthly production of lithium concentrate was 44,810 tons, a 13.59% increase. The monthly production of lepidolite was 18,000 tons, a 7.60% decrease. The monthly production of salt - lake lithium was 12,340 tons, a 7.57% decrease. The monthly production of recycled lithium was 6,380 tons, a 9.81% increase. The monthly import volume of lithium concentrate was 427,626 tons, a 17.25% decrease. The monthly import volume of lithium carbonate was 17,697.62 tons, a 16.31% decrease. The monthly net import volume was 17,267.97 tons, a 17.22% decrease. The supply - demand balance was 2.682 million tons, a 67.31% increase [16]. - **Demand - side Data** - The monthly operating rate of lithium iron phosphate was 59%, a 5.36% increase. The monthly production was 252,200 tons, a 9.70% increase. The monthly operating rate of ternary precursor was 50.97%, a 2.93% increase. The monthly production was 68,640 tons, a 5.75% increase. The weekly inventory of ternary materials was 17,296 tons, a 4.45% increase. The monthly total battery loading volume was 55,900 GWh, a 3.95% decrease. The loading volume of lithium iron phosphate batteries was 10,900 GWh, a 1.87% increase. The loading volume of ternary batteries was 44,900 GWh, a 5.27% decrease. The production of new energy vehicles was 1,268,000 units, a 0.16% decrease. The sales volume of new energy vehicles was 1.329 million units, a 1.68% increase. The export volume of new energy vehicles was 205,000 units, a 3.30% decrease. The penetration rate of new energy vehicle sales was 48.67%, a 6.36% increase [16].

Financial Performance - Rongjie Co., Ltd. reported a total revenue of 303 million yuan for the first half of 2025, an increase of 21.06% year-on-year, while the net profit attributable to shareholders was 85.41 million yuan, a decrease of 48.54% year-on-year [1] - In Q2 2025, the company achieved a revenue of 208 million yuan, up 23.88% year-on-year, but the net profit attributable to shareholders fell by 52.58% to 65.38 million yuan [1] - The gross profit margin was 45.12%, an increase of 1.32% year-on-year, while the net profit margin decreased by 55.66% to 27.77% [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 58.43 million yuan, accounting for 19.26% of revenue, which is an increase of 9.66% year-on-year [1] - Operating cash flow per share was 0.69 yuan, down 35.88% year-on-year, and earnings per share were 0.33 yuan, a decrease of 48.55% [1] Balance Sheet Changes - Cash and cash equivalents decreased by 47.87% due to increased investments in financial products [2] - Accounts receivable increased by 50.47% due to higher sales, while inventory rose by 68.84% due to increased finished goods and shipped products [2] - Short-term borrowings decreased by 90% as the company repaid bank loans [3] Liabilities and Provisions - Contract liabilities increased by 178.03% due to higher prepayments for lithium battery equipment [3] - Accounts payable rose by 128.36% due to increased processing and transportation fees for lithium concentrate [3] - Estimated liabilities increased by 156.22% due to provisions for mine ecological restoration costs [4] Cash Flow and Investment - Net cash flow from operating activities decreased by 35.88% due to lower cash receipts from sales [5] - Investment income fell by 77.54% due to reduced returns from financial products and joint venture investments [5] Fund Holdings - The largest fund holding Rongjie Co., Ltd. is Chang'an Xinxin Flexible Allocation Mixed A, with 513,000 shares, which has reduced its holdings [6] - The fund's current scale is 62 million yuan, with a net value of 0.3776 as of August 19, down 0.42% from the previous trading day [6]

转自：证券时报 人民财讯8月19日电，雅化集团(002497)8月19日晚间披露2025年半年报，公司上半年实现营业收入34.23 亿元，同比下降13.04%；归母净利润为1.36亿元，同比增长32.87%。基本每股收益0.1178元。报告期 内，公司锂盐长协客户订单需求稳定，同时公司积极拓展国内外新客户，持续优化客户结构，公司津巴 布韦卡玛蒂维锂矿所产出的锂精矿已用于产品生产，公司锂矿自给率的提升为锂盐产品成本端带来积极 影响，但2025年上半年，锂行业受整体供大于求以及关税事件扰动等影响，锂价自二季度开始持续下 跌，导致公司锂业务盈利受到较大影响。 ...

Core Viewpoint - The lithium carbonate price has surged due to the production halt at Ningde Times' Yichun mining area, leading to a recovery in the lithium salt market [1][2] Company Summary - Jiangte Electric (002176.SZ) announced that its wholly-owned subsidiary Yichun Yinli will resume production soon, with the lithium salt plant expected to be profitable given the current market conditions [1] - The company had previously announced a 26-day equipment maintenance period for Yichun Yinli starting July 25, aimed at improving operational efficiency and reducing costs [1] - In 2024, Jiangte Electric's revenue from lithium mining and salt manufacturing was reported at 1.049 billion yuan, accounting for 49.87% of total revenue, a decrease of 36.26% from 2023 [2] Industry Summary - Lithium carbonate is a key raw material for lithium batteries, widely used in electric vehicles, energy storage, and consumer electronics [2] - The price of battery-grade lithium carbonate has stabilized around 86,500 yuan/ton, with futures contracts showing an upward trend, reaching a peak of 90,100 yuan/ton [2] - Analysts suggest that lithium prices are unlikely to exceed 90,000 yuan/ton due to profitability concerns for global lithium mines, while prices above 80,000 yuan/ton are considered balanced for both upstream and downstream players [3] - South American countries like Chile and Argentina are planning to add significant lithium production capacity, which is expected to support global supply [3]