Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report In Q2 2025, the overall supply of overseas lithium mines was stable with regional differentiation. The shipment volume of projects in Western Australia and North America increased quarter-on-quarter, while some projects in South America and Africa controlled market supply due to low prices. With the rebound of lithium prices in Q3, it is expected that overseas mines will release supply. The resource output of the three major production areas of Western Australia, South America, and Africa in the second half of the year is expected to be significantly higher than that in the first half, which can alleviate the gap caused by the shutdown of large domestic mines. Subsequently, attention should be paid to the operational continuity of regions such as Jiangxi, Qinghai, and Mali in the resource end [1]. Summary by Directory Australia - In Q2 2025, the shipment volume of Australian mines was about 1.007 million tons, a quarter-on-quarter increase of 16.9%. Greenbushes and Pilbara contributed the main increments. In the 2025 fiscal year (July 2024 - June 2025), the lithium concentrate output of the five major Australian mines was about 3.551 million tons, and it is expected to increase by about 10% in the 2026 fiscal year. The supply of Holland in the 2025 calendar year will double compared with the expectation. It is estimated that the average quarterly shipment volume of Australian mines in the next four quarters will be about 1 - 1.05 million tons, a year-on-year increase of about 10% [3]. - Greenbushes produced 340,000 tons of lithium concentrate in Q2 2025, basically flat quarter-on-quarter and a 2% year-on-year increase. The sales volume was 412,000 tons, a 13% quarter-on-quarter increase and a 22% year-on-year decrease. The average sales price was 725 US dollars/ton (FOB), a quarter-on-quarter decrease of 8%. The cash production cost increased by 7% quarter-on-quarter to 366 Australian dollars/ton, a year-on-year increase of 8%. In the 2025 fiscal year, the production volume was 1.479 million tons, and the unit cash production cost was 325 Australian dollars/ton, meeting the production and cost guidelines. It is expected that CGP3 will produce the first batch of ore around the end of 2025. The production and cash cost guidelines for the 2026 fiscal year are 1.5 - 1.65 million tons and 310 - 360 Australian dollars/ton respectively [4]. - In Q2 2025, the lithium concentrate output of Pilbara was 221,300 tons (SC5.1), a 77% quarter-on-quarter increase and a 2% year-on-year decrease. The sales volume was 216,000 tons (SC5.1), a 72% quarter-on-quarter increase and an 8% year-on-year decrease. The average sales price of spodumene concentrate was 703 US dollars/ton (China CIF, SC6; SC5.1 was 599 US dollars/ton), a 17% quarter-on-quarter decrease. The unit operating cost (including freight and royalties) was 462 US dollars/ton, a 7% quarter-on-quarter decrease and a 4% year-on-year decrease. It is expected that the lithium concentrate output in the 2026 fiscal year will be 820,000 - 870,000 tons, and the unit operating cost (FOB) will drop to 560 - 600 Australian dollars/ton [6]. - In Q2 2025, the total lithium concentrate output of Mt Marion was 124,000 tons, a 11% quarter-on-quarter and 30% year-on-year decrease. The shipment volume was 134,000 tons (SC4.6), a 3% quarter-on-quarter decrease and a 29% year-on-year decrease. The average sales price of lithium concentrate (SC6) was 607 US dollars/ton, a 28% quarter-on-quarter decrease. The cost was 717 Australian dollars/ton (SC6, FOB). In June 2025, its two shareholders will each inject up to 150 million Australian dollars into the project [7][8]. - Wodgina produced 166,000 tons of lithium concentrate in Q2 2025, a 32% increase both year-on-year and quarter-on-quarter. The sales volume was 136,000 tons, a 15% quarter-on-quarter increase and a 10% year-on-year increase. The average Li2O grade was 5.4%. The average realized price of lithium concentrate (SC6) was 674 US dollars/ton, a 20% quarter-on-quarter decrease. The cost was 641 Australian dollars/ton (SC6, FOB), a 17% quarter-on-quarter decrease. In the 2025 fiscal year, the cost was 849 Australian dollars/ton, meeting the cost guideline, and the production volume was 502,000 tons, higher than the guideline [9]. - In Q2 2025, the lithium concentrate output of Kathleen Valley was 85,892 tons, a 10% quarter-on-quarter increase. The sales volume was 97,330 tons, a 4% quarter-on-quarter increase. The average sales price was 740 US dollars/ton (SC6, SC5.2 was 633 US dollars/ton), a 9% quarter-on-quarter decrease. The unit operating cost was 576 US dollars/ton (FOB), a 31% quarter-on-quarter increase. The full sustaining cost (AISC) was 786 US dollars/ton (SC6.0, FOB), a 35% quarter-on-quarter increase. The 2026 fiscal year production guideline is 365,000 - 450,000 tons, a 24 - 53% year-on-year increase [10]. - Mt Holland's lithium salt sales volume in Q2 2025 was about 1,300 tons. The annual sales volume guideline for 2025 is expected to reach 20,000 tons LCE (50% equity), doubling the previous plan. The Quinana refinery in Australia has completed construction and produced the first batch of commercially - compliant products in July. It is expected to reach the nameplate capacity of 50,000 tons of lithium hydroxide by the end of 2026 (SQM accounts for 25,000 tons) [10]. South America - South American projects changed little this quarter. In Q2, companies such as SQM and Sigma controlled the shipment volume due to low lithium prices. It is expected that the sales volume in the second half of the year will have a large increase compared with the first half. The Argentine Chamber of Mining Companies expects that the Argentine lithium carbonate production in 2025 will increase by 75% year-on-year to 130,000 tons. SQM in Chile has a 20,000 - ton increase (+10%) in the Atacama Salt Lake. Brazilian hard - rock projects have cost advantages, and Grota do Cirilo and AMG lithium mines are operating at full capacity [13]. - In Q2 2025, SQM's lithium salt sales volume in Chile was 51,700 tons, a 1.1% quarter-on-quarter decrease. The total sales volume in the first half of the year was 108,100 tons. The average sales price was 9,144 US dollars/ton, a 27% year-on-year decrease. The unit sales cost was 7,038 US dollars/ton, an 18% year-on-year decrease and a 4% quarter-on-quarter increase. The company expects a significant increase in lithium sales in the second half of the year. The sales volume of SQM's Atacama Salt Lake business in Chile is expected to increase by 10% year-on-year in 2025, with an expected sales volume of about 220,000 tons [14][15]. - The Fenix project of Arcadium Lithium had problems with the transportation system in April and energy interruption due to snowfall in May. The total quarterly production of lithium resources was about 15,000 tons LCE (100% equity), a 29% quarter-on-quarter decrease. The production problems have been solved. The Fenix expansion project with a nameplate capacity of 10,000 tons of lithium carbonate is expected to be put into production in 2026 [16]. - The first - phase factory of Rincon lithium project produced the first batch of lithium products in December 2024, and the final system testing and commissioning were completed in Q2 2025. The construction of the 57,000 - ton expansion factory will start in Q3, and the first production is expected to be in 2028, reaching full - load production within three years [17]. - The first - phase 25,000 - ton/year lithium hydroxide factory of Hombre Muerto was completed in October 2024, and the second - phase is planned to be completed in the second half of 2025. The first - phase of Sal de Oro has a design capacity of 25,000 tons/year and started shipping products in September 2024, expected to reach full production in April 2025. The lithium carbonate production in 2024 was about 4,000 tons LCE, and about 16,000 tons LCE in 2025. The second - phase with a design capacity of 25,000 tons/year is planned to start construction in June 2025 and be put into production in 2026 [18]. - In Q2 2025, the total production of Caucharí - Olaroz was about 8,500 tons of lithium carbonate, a 18% quarter-on-quarter increase. The shipment volume was about 8,635 tons, a 21% quarter-on-quarter increase. The unit cash operating cost was 6,098 US dollars/ton, a quarter-on-quarter decrease of about 8%, and the unit total cash cost was 6,366 US dollars/ton, a quarter-on-quarter decrease of about 7%. The unit average realized price was about 7,400 US dollars/ton. The annual production target for 2025 is 30,000 - 35,000 tons. The company is promoting a new 40,000 - ton/year lithium carbonate capacity and evaluating the possibility of producing up to 150,000 tons of lithium carbonate using direct lithium extraction technology [19]. - The production of Centenario - Ratones in Q2 was about 270 tons of lithium carbonate, and the sales volume was 480 tons LCE. Due to technical problems in equipment commissioning in the first half of the year, the production target for 2025 is 4,000 - 7,000 tons, significantly lower than the previous guideline [20]. - The first - phase of Zijin Mining's 3Q lithium salt lake in Argentina is in industrial commissioning and optimization, and it is expected to start producing crude lithium carbonate products in Q3 2025, with an annual production of about 20,000 tons [21]. - In Q2 2025, the lithium concentrate output of Grota do Cirilo was 68,368 tons, a 38% year-on-year increase and flat quarter-on-quarter. The company controlled the shipment volume at low lithium prices. The sales volume was 40,350 tons, a 23% year-on-year and 34% quarter-on-quarter decrease. The single - ton sales cost was 584 US dollars, a 3% year-on-year and 5% quarter-on-quarter increase. The cash operating cost (China CIF) was 442 US dollars/ton, a 14% year-on-year and 3% quarter-on-quarter decrease. The unit total sustaining cost (AISC) was 594 US dollars/ton, a 24% year-on-year and 4% quarter-on-quarter decrease. The company expects the 2025 fiscal year production to reach 270,000 tons. The second - phase expansion is expected to increase the capacity by 250,000 tons/year in 2026 [22][23]. Africa - Six projects in Zimbabwe and Mali have completed capacity ramping up, but the shipment volume growth was limited in the first half of the year due to low lithium prices, maintenance, and technological transformation. The import of African lithium concentrate by China in the first seven months decreased by 13.7% year-on-year. The recovery of lithium prices may drive the supply increment in Zimbabwe, while the production and shipment rhythm of Chinese - funded lithium mines in Mali may be affected by local political changes [24]. - In the first half of 2025, Zhongkuang Resources' self - supplied raw materials achieved lithium salt sales of 17,869 tons, a year-on-year increase of about 6.37%. It directly sold 34,834 tons of self - produced spodumene concentrate [25]. - The original ore production scale of Sabi Star in Zimbabwe is 990,000 tons/year, and it can produce about 290,000 tons of lithium concentrate per year. The mine suspended production in Q1 for technological transformation and facility construction and resumed production in April. The supporting power plant was completed and put into operation in June [26]. - The lithium ore processing capacity of Yahua Group's Kamativi lithium mine project in Zimbabwe is 2.3 million tons/year, and the nameplate capacity of lithium concentrate is 350,000 tons/year. It is expected to produce about 280,000 tons of lithium concentrate in 2025 and reach full production in 2026 [27]. - Ganfeng Lithium completed the acquisition of 100% equity of Mali Lithium on July 2. The first batch of lithium concentrate was shipped from the mine in May and completed loading in late June, expected to arrive at Chinese ports in early August [28]. - The Bougouni mining area in Mali has a lithium ore mining and processing capacity of 1 million tons, with an expected annual output of more than 125,000 tons of spodumene concentrate. As of mid - August, more than 45,000 tons of lithium concentrate have been produced. The mine team is promoting the acquisition of export licenses from the Malian government [29]. North America - In Q2 2025, North American Lithium (NAL) produced 58,533 tons of lithium concentrate, a 35% quarter-on-quarter increase. The sales volume was 66,980 tons, a 148% quarter-on-quarter increase. The average sales price (FOB) dropped 8% to 1,054 Australian dollars/dry metric ton (682 US dollars/dry ton, a 4% decrease). The unit sales operating cost decreased 10% quarter-on-quarter to 1,232 Australian dollars/ton (FOB), a 5% quarter-on-quarter decrease in US dollars. The 2025 production target is 190,000 - 210,000 tons [30].

Group 1 - The article discusses the updated OVS indicator, which is essential for defining blue-green diamonds and volume riding points, and emphasizes the importance of using PV2, PV3, and OV3 for identifying momentum values [1][2] - Despite a strong market performance, the article suggests that low-buying strategies are more reliable, with recent operations yielding satisfactory results [1] - The article highlights two lithium mining stocks that have recently shown green diamonds, indicating potential investment opportunities [3] Group 2 - The article advises sticking to familiar and manageable trading patterns, noting that the logic behind rapid volume reduction is clearer and more reliable [4] - It mentions that there are signals in liquid cooling technology, although there are concerns about uncertainty due to high turnover rates, citing specific stocks like Strong瑞技术 that experienced volatility [4] - The article also references Linyi Smart Manufacturing, which showed signals but lost them after breaching certain constraints, indicating ongoing emergence of high transaction volume models [6]

Group 1 - The company, Shengxin Lithium Energy, disclosed its semi-annual report for 2025 on August 23 [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The main contract of lithium carbonate was fluctuating weakly, with a closing decline of -0.75%. The trading volume decreased month-on-month, the spot was at a premium, and the basis weakened [2]. - In terms of fundamentals, the price of lithium ore fluctuated sharply with the spot price of lithium carbonate. The supply situation changed from strong to weak due to the resumption of production of some smelters in Jiangxi. The domestic supply may increase slightly, and downstream purchasing sentiment was cautious [2]. - Overall, the fundamentals of lithium carbonate remained unchanged, with both supply and demand increasing. The inventory was still high but decreasing. In the options market, the call position was dominant, and the implied volatility decreased slightly [2]. - The operation suggestion was to go short at high levels with a light position and control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 79,020 yuan/ton, down 360 yuan. The net position of the top 20 was -152,176 lots, down 19,926 lots. The position volume was 349,496 lots, down 19,171 lots. The spread between near and far contracts was 560 yuan/ton, up 20 yuan [2]. - The warehouse receipts of GZEE were 25,630 lots/ton, up 640 lots [2]. 3.2现货市场 - The average price of battery-grade lithium carbonate was 81,700 yuan/ton, down 800 yuan. The average price of industrial-grade lithium carbonate was 79,400 yuan/ton, down 800 yuan [2]. - The basis of the Li₂CO₃ main contract was 2,680 yuan/ton, down 440 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 961 US dollars/ton, down 9 US dollars. The average price of amblygonite was 7,735 yuan/ton, unchanged. The price of lithium mica (2 - 2.5%) was 2,645 yuan/ton, unchanged [2]. 3.4产业情况 - The monthly output of lithium carbonate was 44,600 tons, up 500 tons. The monthly import volume was 13,845.31 tons, down 3,852.31 tons. The monthly export volume was 366.35 tons, down 63.31 tons. The monthly operating rate of lithium carbonate enterprises was 48%, down 4% [2]. - The monthly output of power batteries was 133,800 MWh, up 4,600 MWh. The price of lithium manganate was 33,000 yuan/ton, down 1,000 yuan [2]. 3.5 Downstream and Application Situation - The prices of ternary materials (811 type, 622 power type, 523 single crystal type) in China remained unchanged. The price of lithium hexafluorophosphate was 55,800 yuan/ton, unchanged. The price of lithium cobalt oxide remained unchanged [2]. - The monthly operating rate of ternary cathode materials was 52%, up 1%. The monthly operating rate of lithium iron phosphate cathode was 51%, down 1% [2]. - The monthly production of new energy vehicles was 1,243,000 units, down 25,000 units. The monthly sales were 1,262,000 units, down 67,000 units. The cumulative sales penetration rate was 44.99%, up 0.68%. The cumulative sales were 8,220,000 units, up 2,286,000 units [2]. - The monthly export volume of new energy vehicles was 225,000 units, up 20,000 units. The cumulative export volume was 1.308 million units, up 600,000 units [2]. 3.6 Option Situation - The total call position was 201,196 lots, up 1,766 lots. The total put position was 151,582 lots, up 3,012 lots. The put - call ratio of total positions was 75.34%, up 0.8431% [2]. - The implied volatility of at - the - money options was 0.39%, down 0.0001% [2]. 3.7 Industry News - From January to June 2025, the installation rate of L2 - level and above assisted driving functions in new energy passenger vehicles reached 82.6%, and the intelligent driving installation rate in the market below 160,000 yuan increased [2]. - The COO of Lantu Automobile believed that the involution in the new energy vehicle industry was not only about low - price competition but also low profit margins. Supply chain enterprises needed to maintain reasonable profit margins for high - quality development [2]. - The General Administration of Customs took measures in mechanism innovation, supervision strengthening, safety guarantee, and service optimization to improve the efficiency of import and export, reducing the customs clearance time of imported minerals and exported lithium batteries by over 80% [2]. - The National Development and Reform Commission held a symposium to listen to suggestions on expanding domestic demand and stabilizing employment, aiming to promote the healthy and high - quality development of the private economy [2].

Core Viewpoint - Ganfeng Lithium plans to raise a total of HKD 13.7 billion through the issuance of convertible bonds and the placement of new H-shares to support loan repayment, capacity expansion, and general corporate purposes [1][5][6]. Group 1: Financing Activities - The company intends to issue HKD 13.7 billion in convertible bonds with a conversion price of HKD 33.67 per share, representing an 8.68% premium over the closing price on August 25 [5]. - Ganfeng Lithium will issue 40.0256 million new H-shares at a placement price of HKD 29.28 per share, which is approximately 5.49% lower than the closing price on August 25 [6]. - The net proceeds from the bond issuance are expected to be around HKD 13.4614 billion, with 40% allocated for loan repayment, 30% for capacity expansion, and 30% for working capital and general corporate purposes [5][6]. Group 2: Financial Performance - In the first half of the year, Ganfeng Lithium reported a net loss of HKD 531 million, compared to a loss of HKD 760 million in the same period last year [4][7]. - The company's revenue for the first half was HKD 8.376 billion, reflecting a year-on-year decline of 12.65% [7]. Group 3: Strategic Developments - Ganfeng Lithium's integrated lithium battery layout has shown positive results in the first half of the year, with significant contributions from battery and energy storage businesses [7]. - The company is focusing on the development of solid-state batteries, responding to the increasing demand for high energy density and safety in the robotics sector [7]. - The outlook for lithium prices is optimistic, with a shift towards a "cost-driven" support logic anticipated in the future, driven by policy implementations and market recovery [8].

8月26日早间，锂矿龙头赣锋锂业（002460）公告称，公司董事会审议通过《关于公司实施H股再融资的议案》。 赣锋锂业拟发行总金额13.7亿港元的可转换公司债券，并按每股配售价格29.28港元（"配售价"）向符合条件的独立投资者（"承配人"）配售 公司新增发行的4002.56万股H股，合计募集资金25.42亿港元。用于偿还贷款、产能扩张及建设、补充营运资金及一般企业用途。 发行可转换公司债券及配售新增H股 赣锋锂业公告称，8月25日（H股交易时间后），公司与承销商签署了认购协议。公司拟于9月2日发行13.7亿港元2026年到期1.5%可转换债 券。 从业绩表现看，今年上半年，赣锋锂业净亏损5.31亿元。 其初始转换价格为33.67港元/股，较8月25日收盘价30.98港元/股，溢价8.68%；较截至8月25日连续五个交易日平均收盘价31.62港元/股溢价 6.48%。 公告显示，假设上述债券未来全部转股，并按初始转换价格33.67港元/股计算，将可转换为4068.9万股公司H股股票，相当于截至8月26日公 司已发行H股股本总额的10.08%和已发行股本总额的约2.02%，并约占债券全部转股后公司全部已发行H股 ...

Report Industry Investment Rating Not provided Core Viewpoints - The short - term supply - demand pattern of lithium carbonate is still favorable, with both inventory and production decreasing. After the decline of the futures price, the downstream purchasing willingness remains high. Affected by the disturbances at the mining end, lithium carbonate is expected to run strongly, but the price fluctuation is large. The report suggests short - term cautious bullishness and attention to the start - up situation of other mines [3]. Summary by Related Content Market Analysis - On August 25, 2025, the main contract 2511 of lithium carbonate opened at 81,000 yuan/ton and closed at 79,380 yuan/ton, a - 0.30% change from the previous settlement price. The trading volume was 626,916 lots, and the open interest was 368,667 lots. The basis was 3,340 yuan/ton. The number of lithium carbonate warehouse receipts was 25,630 lots, a change of 640 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 80,200 - 84,800 yuan/ton, a - 1,400 yuan/ton change from the previous trading day; the price of industrial - grade lithium carbonate was 79,600 - 80,800 yuan/ton, also a - 1,400 yuan/ton change. The price of 6% lithium concentrate was 920 US dollars/ton, with no change from the previous day. The spot price has declined, and the downstream purchasing and price - setting behavior has become more stable compared to last week. The trading volume has decreased today, and the downstream purchasing attitude has turned cautious [1]. - Currently in the "Golden September and Silver October" traditional peak season, downstream demand still has certain rigid support [1]. Production and Inventory - According to the latest weekly data, the weekly production decreased by 842 tons to 19,138 tons. The production from spodumene increased, while the production from mica decreased. The weekly inventory decreased by 713 tons to 141,543 tons. The downstream inventory increased significantly, and the smelter inventory decreased [2]. Strategy - Unilateral: Short - term cautious bullish, pay attention to the start - up situation of other mines. - For cross - period, cross - variety, spot - futures, and options, no strategies are provided [3].

Core Viewpoint - The global lithium market is currently undervalued, with significant growth potential driven by electric vehicles (EVs) and battery storage demand despite recent price declines [1][2]. Group 1: Current Market Conditions - Global lithium prices have significantly dropped, with spodumene prices at $975 per ton in mid-August, down from a peak of $8,200 per ton in November 2022 [1]. - The price of lithium hydroxide in North Asia is currently $8,850 per ton, a decrease from $11,700 per ton in August 2024 [1]. - The entire supply chain, including lithium raw material and chemical producers, is under pressure, partly due to sluggish EV growth [1]. Group 2: Regional Insights - Executives emphasize the need to focus on markets outside North America, where EV growth is stalling due to policy challenges [2]. - Countries like Brazil and Mexico, which have larger populations than the U.S., are expected to drive a 22% year-on-year increase in global pure electric vehicle sales by the first half of 2025 [2]. Group 3: Demand Projections - The lithium demand from energy storage systems is projected to become a structural pillar, with estimates suggesting that by 2029, one-quarter of lithium demand will be directed towards storage [3]. - Global fixed energy storage saw over a 120% year-on-year increase in Q2, with June alone experiencing a growth of approximately 200% [3]. - The growth in the fixed storage sector is expected to accelerate, potentially surpassing the electric vehicle market due to the need for stability in the global energy network [3].

Core Viewpoint - The report from Wenkang Securities indicates a significant increase in Australian lithium production, with a projected 12% quarter-on-quarter rise in Q2 2025 to 940,000 tons (equivalent to SC6), and an expected year-on-year increase of 6.4% to 3.888 million tons in FY26 [1][2]. Production Insights - Australian lithium concentrate production is expected to rise by 12% quarter-on-quarter in Q2 2025, reaching 940,000 tons (SC6), driven by the ramp-up of the Pilbara P1000 project and increased production at Wogina [1][2]. - The shipment volume from Greenbushes has significantly increased, with Q2 2025 sales of Australian lithium concentrate rising by 16% quarter-on-quarter [1][2]. - The main mining operations are currently stable, with an anticipated production of 3.888 million tons (SC6) in FY26, reflecting a year-on-year increase of 6.43% [1][2]. Cost Analysis - The report highlights that Australian mining companies have reached a bottleneck in cost reduction, with more nuanced decisions being made regarding cost-cutting strategies in Q2 2025 [3]. - Among high-cost mines, Pilbara and Wogina have seen significant cost reductions, while Marion and Kathleen Valley have experienced increased costs [3]. - Companies are focusing on optimizing existing equipment to improve operational efficiency rather than implementing significant layoffs or reducing equipment [3]. - There is a consensus among companies to lower capital expenditures while ensuring operational flexibility due to cash flow pressures [3]. Financial Performance & Decision-Making - Financial performance in Q2 2025 has not met expectations compared to Q1 2025, leading to more cautious decision-making among companies [4]. - The decline in Australian mineral prices has significantly reduced profits, although companies still maintain some cash flow resilience and have diverse financing channels [4]. - Most Australian mining companies are unable to provide future price guidance, contrasting sharply with the optimistic outlook from 2024 and early 2025 [4]. - The expectation of supply disruptions in China has led to an increase in lithium concentrate prices, providing some relief to Australian mining companies [4][5]. - However, Marion and Kathleen Valley continue to face significant cost pressures amid the transition of mining veins, necessitating close monitoring of their strategic decisions [5].

Core Viewpoint - Ganfeng Lithium (002460)(01772) experienced a decline of over 3%, trading at HKD 29.88 with a transaction volume of HKD 96.17 million, following the announcement of a share placement and convertible bond issuance [1] Group 1: Share Placement - Ganfeng Lithium announced a placement of 40.03 million shares, representing approximately 9.02% of the enlarged H-shares and about 1.95% of the total issued shares, at a price of HKD 29.28 per share, which is a discount of about 5.49% compared to the closing price on August 25 [1] - The expected net proceeds from the share placement are approximately HKD 1.169 billion [1] Group 2: Convertible Bond Issuance - The company also proposed to issue HKD 1.37 billion of 1.5% convertible bonds maturing in 2026, with an initial conversion price of HKD 33.67 per share, representing a premium of about 8.68% over the closing price on August 25 [1] - The convertible bonds can be fully converted into approximately 4.069 million H-shares, accounting for about 9.16% of the enlarged H-shares and approximately 1.98% of the total issued shares (excluding treasury shares) [1] - The expected net proceeds from the convertible bond issuance are approximately HKD 1.346 billion [1] Group 3: Use of Proceeds - The net proceeds from both the share placement and the convertible bond issuance are intended for loan repayment, capacity expansion and construction, working capital supplementation, and general corporate purposes [1]