Core Viewpoint - Tibet Mining announced that its Zabuye Salt Lake comprehensive development project is designed to produce 9,600 tons of battery-grade lithium carbonate and 2,400 tons of industrial-grade lithium carbonate annually, with trial production expected to start on June 30, 2024 [2] Group 1 - The project is still in the trial production phase and has not yet reached stable production or commercial sales [2] - The lithium extraction technology from salt lakes involves complex technical adjustments, environmental adaptations, and product validations, characterized by the "one lake, one process" principle [2] - The company disclosed relevant progress of the project in its semi-annual report [2]

Core Insights - The company reported a significant decline in revenue for the first half of 2025, with total revenue of 4,832,680,736.98 yuan, representing a year-on-year decrease of 24.71% [5] - Despite the revenue drop, the company achieved a net profit attributable to shareholders of 84,410,596 yuan, marking a turnaround from a loss in the previous year [5] - The company's total assets increased by 7.17% year-on-year, reaching 73,600,662,280.76 yuan, while net assets attributable to shareholders saw a slight increase of 0.04% [1] Financial Performance - Revenue for the reporting period was 4,832,680,736.98 yuan, down from 6,418,578,589.96 yuan in the same period last year [2] - Net profit attributable to shareholders was 84,410,596 yuan, compared to a loss of 5,205,769,094.18 yuan in the previous year, reflecting a 101.62% increase [2] - The net profit after deducting non-recurring gains and losses was 1,320,004.23 yuan, a significant recovery from a loss of 5,220,859,867.70 yuan [2] - The basic and diluted earnings per share improved to 0.05 yuan, compared to a loss of 3.18 yuan per share in the previous year [2] Operational Highlights - The company faced challenges due to fluctuations in lithium product prices, but the pricing mechanism for its subsidiaries has improved, reducing previous mismatches [2] - The company’s significant associate, SQM, reported a substantial increase in performance, contributing positively to the company's investment income [3] - The Australian dollar's strength has led to increased foreign exchange gains compared to the previous year [4] Mining Operations - The company holds mining rights to the world's largest lithium mine, the Greenbushes lithium spodumene mine, which had a total ore extraction of 2.6941 million tons in the reporting period [4] - The average grade of chemical-grade ore extracted was 1.89%, while technical-grade ore had an average grade of 3.85% [4] - According to Wood Mackenzie, the Greenbushes mine is expected to account for 20.4% of global production from hard rock lithium projects in 2025 [4] - The company also has a stake in SQM, which operates in the Atacama salt flat, projected to be the largest lithium brine project globally, contributing 36% of total lithium brine production in 2025 [4]

Core Viewpoint - The lithium extraction from salt lakes concept has shown a positive performance, with a 1.69% increase, ranking 9th among concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of August 29, the salt lake lithium extraction concept saw 26 stocks rise, with notable performers including Walton Technology, which hit the daily limit, and others like Sandam Membrane, Blue Sky Technology, and Yiwei Lithium Energy, which increased by 7.08%, 7.01%, and 6.84% respectively [1]. - Conversely, stocks such as Beijiete, Chalco International, and China Electric Environmental Protection experienced declines of 6.11%, 2.54%, and 1.45% respectively [1]. Capital Flow - The salt lake lithium extraction sector attracted a net inflow of 2.165 billion yuan, with 18 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows. BYD led with a net inflow of 985 million yuan, followed by Huayou Cobalt, Ganfeng Lithium, and Luoyang Molybdenum with net inflows of 441 million yuan, 253 million yuan, and 217 million yuan respectively [2][3]. - In terms of capital inflow ratios, Walton Technology, Ganfeng Lithium, and Tibet Summit had the highest net inflow rates at 26.31%, 8.66%, and 8.14% respectively [3]. Stock Performance - Key stocks in the salt lake lithium extraction sector included: - BYD: 4.34% increase with a turnover rate of 3.28% and a net capital flow of 984.57 million yuan [3]. - Huayou Cobalt: 3.18% increase with a turnover rate of 7.00% and a net capital flow of 441.46 million yuan [3]. - Ganfeng Lithium: 3.99% increase with a turnover rate of 6.09% and a net capital flow of 253.25 million yuan [3]. - Other notable stocks included Yiwei Lithium Energy with a 6.84% increase and a turnover rate of 5.54% [3].

Core Points - Ukraine's Prime Minister Yulia Svyrydenko announced the initiation of the bidding process for the Dobra lithium mine located in Kirovohrad Oblast, central Ukraine, marking the first project under the Ukraine-U.S. mineral agreement [1] - The official bidding announcement is expected to be released within the next two months, followed by a three-month period for bid submissions, after which the winning bidder will be determined [1] - The winning bidder is required to sign a 50-year contract and commit to an investment of at least $179 million, which includes geological exploration and lithium production and refining [1] Controversies - There are disputes regarding the mining rights for the Dobra lithium mine, as reported by British media [1] - American Critical Metals claims that its major shareholder, Australia's European Lithium, already holds the mining rights for the area [1] - Mikhailo Zhernov, who serves on the boards of both European Lithium and Critical Metals, stated that the mining license should have been granted to "Oil Consulting," a Ukrainian company acquired by European Lithium last year [1] - A Ukrainian court ruled in 2023 that the government should issue the license to "Oil Consulting," but the license has yet to be granted [1] Agreements - In April of this year, Ukraine signed an agreement with the United States to establish a Ukraine-U.S. Reconstruction Investment Fund [1] - The agreement includes provisions for U.S. companies to have priority rights to extract Ukrainian mineral resources, and U.S. military aid is also counted as part of the investment in the fund [1]

Group 1 - Goldman Sachs reported that Ganfeng Lithium (002460)(01772) recorded a net loss of 536 million RMB in the first half of the year, an improvement from a loss of 759 million RMB in the same period last year [1] - Excluding one-time items, the recurring net loss was 442 million RMB, compared to a recurring profit in the same period last year [1] - The performance was below expectations primarily due to lower-than-expected profits from lithium chemicals, and the company did not declare an interim dividend this year [1] Group 2 - Goldman Sachs maintained a "Neutral" rating for Ganfeng's H shares, raising the target price from 19 HKD to 28 HKD, while maintaining a "Sell" rating for Ganfeng's A shares, increasing the target price from 21.4 RMB to 30.5 RMB [1] - The firm lowered its 2025 recurring profit forecast for Ganfeng by 28% to reflect lower-than-expected average selling prices for lithium hydroxide and a decrease in lithium sales volume in the first half of the year [1] - However, the recurring profit forecasts for 2026 and 2027 were raised by 12% to 44% due to lower-than-expected production costs for certain projects [1]

Core Viewpoint - Ganfeng Lithium announced the approval of a proposal for H-share refinancing by its sixth board meeting [2] Group 1 - The company held its sixth board meeting to discuss and approve the refinancing proposal [2]

Core Viewpoint - The upcoming Bolivian presidential election is marked by a significant shift in political dynamics, with former president Jorge Quiroga of the "Liberty" alliance campaigning on an anti-China and anti-Russia platform, threatening to annul multi-billion dollar lithium mining agreements if elected [1][3]. Group 1: Election Context - The first round of voting concluded on August 17, with Rodrigo Paz Pereira and Jorge Quiroga leading with approximately 32% and 26.7% of the votes, respectively [1][3]. - According to Bolivian law, candidates must secure over 50% of the votes or at least 40% with a 10-point lead over the second candidate to win, necessitating a second round between Quiroga and Pereira on October 19 [3]. Group 2: Political Landscape - The ruling "Movement for Socialism" party faced a historic collapse, with its candidate Eduardo del Castillo receiving only 3.16% of the votes, resulting in a significant loss of congressional seats [3][4]. - Former president Evo Morales's exclusion from the election due to term limits and his subsequent call for invalid votes contributed to the left's political decline [4][5]. Group 3: Economic Factors - Bolivia's lithium resources, estimated at 23 million tons, are crucial for the country's economic future, especially as the nation faces severe economic challenges, including dwindling dollar reserves and soaring inflation [5][7]. - The current government has signed lithium extraction agreements valued at approximately $2 billion with Russian and Chinese companies, which are now under scrutiny due to political opposition [7][8]. Group 4: Future Challenges - Regardless of the election outcome, the new government will confront significant economic challenges, including a drop in foreign reserves from $15.12 billion in 2014 to $2.807 billion in 2023, and an inflation rate of 24% as of June 2025, the highest in 34 years [8][9]. - The potential for social unrest is high if economic conditions do not improve, as public patience may quickly diminish [9].

Report Title - Carbonate Lithium Daily Review 20250826: Fluctuations Amplified Again, Protect Positions [2] Industry Investment Rating - Not provided Core View - The price of lithium carbonate is expected to fluctuate widely. Short - term supply and demand are both strong, the fundamentals change little in the short term, and it is necessary to guard against the recurrence of "contrarian" sentiment. It is recommended to operate in the short - term range, buy on dips if there is an oversell, and appropriately buy options for protection [3] Summary by Relevant Catalogs Market Data - **Futures Prices**: On August 25, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures increased compared to the previous trading day, with increases of 400 yuan/ton, 400 yuan/ton, 420 yuan/ton, and 420 yuan/ton respectively [3] - **Trading Volume**: The trading volume of lithium carbonate futures on August 25, 2025, was 626,916 lots, a decrease of 305,759 lots compared to the previous trading day [3] - **Open Interest**: The open interest of active contracts on August 25, 2025, was 368,667 lots, an increase of 6,413 lots compared to the previous trading day [3] - **Inventory**: The inventory on August 25, 2025, was 25,630 tons, an increase of 640 tons compared to the previous trading day [3] - **Price Spreads**: The spread between near - month and consecutive - one contracts was 0 yuan/ton; the spread between consecutive - one and consecutive - two contracts decreased by 20 yuan/ton to 540 yuan/ton; the spread between consecutive - two and consecutive - three contracts was 0 yuan/ton [3] - **Spot Prices**: The average price of 99.5% battery - grade domestic lithium carbonate decreased by 1,400 yuan/ton to 82,500 yuan/ton; the average price of 99.2% industrial - grade domestic lithium carbonate decreased by 1,400 yuan/ton to 80,200 yuan/ton [3] Company News - **Zhongkuang Resources**: In the first half of 2025, the company's self - supplied raw materials achieved a lithium salt output of 17,900 tons, a year - on - year increase of about 6.37%. It also directly sold 34,800 tons of self - produced spodumene powder ore and adjusted the raw material supply structure to reduce lithium salt production costs [3] - **Global Lithium Resources**: The Manna lithium mine project in Australia has obtained a 21 - year mining lease. The final feasibility study (DFS) is expected to be optimized by the end of 2025 [3] - **Pilbara Minerals**: In the fiscal year 2025, the company's spodumene concentrate output reached 754,600 tons, a 4% increase compared to the fiscal year 2024 [3] Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate decreased, but the production of mica - based lithium carbonate decreased, and the production of spodumene - based lithium carbonate increased. In August, the planned production of lithium carbonate decreased, and the scheduled production increased [3] - **Demand**: Last week, the production of lithium iron phosphate decreased, and the production of ternary materials increased. In July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month. The 3C product shipments were average. In August, the scheduled production of energy - storage batteries increased [3] Inventory Situation - The registered warehouse receipts were 25,630 tons, an increase of 640 tons. Social inventory decreased, with smelters and others reducing inventory and downstream increasing inventory [3] Investment Strategy - It is recommended to operate in the short - term range. If there is an oversell, buy on dips and appropriately buy options for protection [3]

Core Viewpoint - Ganfeng Lithium (01772.HK) has entered into a placement agreement to issue and allocate 40.0256 million H-shares at a specified placement price, with the placement agent acting on a best-efforts basis to facilitate subscriptions by investors [1] Group 1 - The company has agreed to issue and allocate 40.0256 million H-shares under the placement agreement [1] - The placement agent will act individually (not jointly) to promote subscriptions for the placement shares [1] - The shares will be issued under a general mandate [1]

Group 1 - Company Ganfeng Lithium (01772.HK) announced a placement agreement to issue 40.0256 million H-shares, representing approximately 9.92% of existing issued H-shares and about 1.98% of total issued shares as of the announcement date [1] - The placement price is set at HKD 29.28 per share, which is a discount of approximately 5.49% compared to the closing price of HKD 30.98 on August 25 [1] - The total estimated proceeds from the placement are approximately HKD 1.172 billion, with net proceeds expected to be around HKD 1.169 billion, intended for loan repayment, capacity expansion, working capital, and general corporate purposes [1] Group 2 - The company also entered into a subscription agreement for a bond issuance totaling HKD 1.37 billion, consisting of 1.50% convertible bonds due in 2026 [2] - The initial conversion price for the bonds is set at HKD 33.67 per share, representing a premium of approximately 8.68% over the last closing price of HKD 30.98 on August 25 [2] - If fully converted at the initial conversion price, the bonds could convert into approximately 40.68904 million H-shares, equating to about 10.08% of existing issued H-shares and 2.02% of total issued shares, with net proceeds from the bond subscription expected to be around HKD 1.346 billion [2]