Price Movement - The main contract for lithium carbonate experienced a weak performance this week, opening at 146,000 CNY/ton and closing at 132,920 CNY/ton, a weekly decline of 10.31% [2][7] - The price drop is driven by relaxed supply-demand expectations, reduced pre-holiday demand, tightening regulations and funding, and negative macro sentiment [2][7] - The market is characterized by an "upstream reluctance to sell and downstream low-price procurement" dynamic, with upstream lithium salt manufacturers showing a strong price support sentiment despite the price drop [2][7] Supply Side - According to SMM statistics, the weekly total production of lithium carbonate was 20,744 tons, down from 21,569 tons the previous week [3][8] - Specific production figures include spodumene at 12,454 tons (down from 13,244 tons), mica at 2,922 tons (up from 2,832 tons), salt lake at 3,130 tons (down from 3,205 tons), and recycling at 3,130 tons (down from 3,205 tons) [3][8] - Nearing the Spring Festival, some lithium salt manufacturers are undergoing maintenance or holiday breaks, which, combined with fewer days in February, impacts actual domestic supply [3][8] Demand Side - Data from Baichuan shows that the production of lithium iron phosphate decreased by 0.91% month-on-month, while ternary materials increased by 2.89% [3][8] - Other materials saw significant fluctuations: lithium cobalt oxide down by 19.81%, manganese lithium up by 14.40%, and lithium hexafluorophosphate down by 16.08% [3][8] - February is traditionally a low-demand season, and while there is optimism for long-term energy storage demand, short-term procurement demand is slowing [3][8] Inventory - Current spot inventory stands at 105,463 tons, a decrease of 2,019 tons from the previous period [4][8] - Smelter inventory is at 18,356 tons (down by 647 tons), while downstream inventory is at 43,657 tons (up by 3,058 tons), and other inventory is at 43,450 tons (down by 4,430 tons) [4][8] Strategy - Given the significant price volatility of lithium carbonate and the approaching Spring Festival, the focus should be on managing position risks, with a recommendation for short-term range trading [9] - If the price retracement is substantial, there may be opportunities to consider buying on dips after the holiday [9]

Core Viewpoint - Tianqi Lithium's 2025 performance forecast indicates that the company's non-recurring profit may not meet expectations, raising concerns about the ongoing losses at the Kwinana plant [1] Group 1: Kwinana Plant Operations - The Kwinana plant is currently in a phase of capacity ramp-up and continuous optimization, with its operational performance influenced by multiple factors including raw material supply, ramp-up progress, and market conditions [1] - The company is focused on optimizing operations at the Kwinana plant, reducing production costs, and enhancing overall production efficiency [1] - Products from the Kwinana plant have passed certification from downstream customers and have begun external sales [1] Group 2: Future Outlook - The company will continue to strengthen its management practices to protect the legitimate rights and interests of investors [1] - Specific operational details regarding the Kwinana plant will be disclosed in the company's upcoming periodic reports [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The lithium carbonate market is in a state of tight supply - demand balance, with sentiment fluctuations caused by news. The 2605 contract for lithium carbonate is expected to oscillate in the range of 140,040 - 153,440 yuan/ton. The supply side is predicted to see a decline in production and imports next month, while the demand side is expected to strengthen, and inventory may be depleted. [8][9][10][14] 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply**: Last week, lithium carbonate production was 21,569 tons, a 2.91% week - on - week decrease but higher than the historical average. In January 2026, production was 97,900 physical tons, and next month's production is predicted to be 81,930 tons, a 16.31% month - on - month decrease. The import volume in January 2026 was 24,500 physical tons, and next month's import volume is predicted to be 21,800 tons, an 11.02% month - on - month decrease. [8][10] - **Demand**: Last week, the inventory of lithium iron phosphate sample enterprises was 96,819 tons, a 0.24% week - on - week increase, and the inventory of ternary material sample enterprises was 18,691 tons, a 0.93% week - on - week decrease. Next month, demand is expected to strengthen, and inventory may be depleted. [8][10] - **Cost**: The cost of purchased lithium spodumene concentrate is 142,475 yuan/ton, unchanged day - on - day, with a production income of 8,641 yuan/ton, indicating profitability. The cost of purchased lithium mica is 144,570 yuan/ton, a 0.10% day - on - day increase, with a production income of 2,900 yuan/ton, also indicating profitability. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production motivation. [9] - **Comprehensive Evaluation**: The fundamentals are neutral; the basis shows that on February 4, the spot price of battery - grade lithium carbonate was 153,000 yuan/ton, and the basis of the 05 contract was 5,780 yuan/ton, with the spot at a premium to the futures, which is bullish. The overall inventory is 107,482 tons, a 1.29% week - on - week decrease, equal to the historical average, which is neutral. The disk shows the MA20 moving upward, and the futures price of the 05 contract closed below the MA20, which is neutral. The main positions are net short, with an increase in short positions, which is bearish. [9] - **Likely Factors**: Positive factors include the production cut plans of lithium mica manufacturers and a month - on - month decline in lithium carbonate imports from Chile. Negative factors include the continuous high supply at the ore and salt lake ends with limited downward amplitude. [12][13] 3.2 Lithium Carbonate Market Overview - **Price and Basis**: The futures closing prices of various contracts showed different degrees of decline, while the basis of some contracts increased. The registered warehouse receipts were 34,114 lots, a 3.11% increase. [17] - **Upstream Prices**: The price of 6% lithium spodumene decreased by 0.10% to 1,945 US dollars/ton; the price of lithium mica concentrate remained unchanged at 4,745 yuan/ton; the price of battery - grade lithium carbonate decreased by 0.33% to 153,000 yuan/ton; the price of industrial - grade lithium carbonate decreased by 0.33% to 149,500 yuan/ton. [17] - **Positive and Cathode Materials and Lithium Battery Prices**: The prices of most cathode materials and lithium batteries showed a downward trend, such as the price of ternary precursor 5523 polycrystalline consumer - type decreased by 0.10% to 104,750 yuan/ton, and the price of lithium iron phosphate power - type decreased by 0.22% to 54,265 yuan/ton. [17] 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore showed a long - term trend, and the production of Chinese sample lithium spodumene mines and domestic lithium mica showed different trends in different years. The monthly import volume of lithium concentrate also fluctuated, and the self - sufficiency rate of lithium ore showed different trends for lithium spodumene and lithium mica. [26] - **Supply - Demand Balance**: The supply - demand balance of domestic lithium ore showed different situations in different months. In some months, there was a supply surplus, while in others, there was a supply shortage. [29][31] 3.4 Supply - Lithium Carbonate - **Production and Capacity**: The weekly and monthly production and capacity of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, and recycling materials) showed different trends. The monthly production and import volume of lithium carbonate also fluctuated. [33][34][35] - **Supply - Demand Balance**: The supply - demand balance of lithium carbonate showed different situations in different months. In some months, there was a supply surplus, while in others, there was a supply shortage. [40] 3.5 Supply - Lithium Hydroxide - **Production and Capacity Utilization**: The weekly capacity utilization rate and monthly production of lithium hydroxide from different sources (causticization and smelting) showed different trends. The export volume of lithium hydroxide also fluctuated. [43] - **Supply - Demand Balance**: The supply - demand balance of lithium hydroxide showed different situations in different months. In some months, there was a supply surplus, while in others, there was a supply shortage. [46] 3.6 Lithium Compound Cost - Profit - **Cost and Profit of Different Lithium Compounds**: The cost and profit of lithium compounds such as purchased lithium spodumene concentrate, lithium mica concentrate, and recycled lithium carbonate showed different trends over time. The processing cost composition of lithium mica and lithium spodumene also showed different proportions of energy consumption, auxiliary materials, and miscellaneous items. [49][52][54] 3.7 Inventory - **Lithium Carbonate Inventory**: The weekly and monthly inventory of lithium carbonate in smelters, downstream enterprises, and other aspects showed different trends. The inventory of lithium hydroxide also showed different trends. [58] 3.8 Demand - Lithium Battery - **Power Battery**: The price, production, and sales volume of power batteries showed different trends. The monthly production volume, loading volume, and export volume of power batteries also fluctuated. [60] - **Energy - Storage Battery**: The inventory, production, and winning bid situation of energy - storage batteries showed different trends. The monthly production volume and shipment volume of energy - storage battery cells also fluctuated. [62] 3.9 Demand - Ternary Precursor - **Price, Cost, and Profit**: The price, cost, and profit of ternary precursors showed different trends. The capacity utilization rate and production volume of ternary precursors also showed different trends. [65] - **Supply - Demand Balance**: The supply - demand balance of ternary precursors showed different situations in different months. In some months, there was a supply surplus, while in others, there was a supply shortage. [68] 3.10 Demand - Ternary Material - **Price, Cost, and Profit**: The price, cost, and profit of ternary materials showed different trends. The weekly operating rate and production volume of ternary materials also showed different trends. [72] - **Import and Export and Inventory**: The import and export volume and weekly inventory of ternary materials also showed different trends. [74] 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price, Cost, and Profit**: The price, cost, and profit of iron phosphate and iron phosphate lithium showed different trends. The monthly operating rate and production volume of iron phosphate and iron phosphate lithium also showed different trends. [76] - **Export and Inventory**: The monthly export volume and weekly inventory of iron phosphate lithium also showed different trends. [79][81] 3.12 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, and export volume of new energy vehicles showed different trends. The sales penetration rate, retail - wholesale ratio, and dealer inventory index of new energy vehicles also showed different trends. [84][85][88]

Core Viewpoint - The price of lithium carbonate has experienced significant fluctuations, dropping from nearly 180,000 yuan/ton to below 150,000 yuan/ton since late January, raising market concerns about the underlying causes of these changes [2][3][4]. Price Trends - Lithium carbonate prices have seen a continuous decline over the past seven trading days, with a peak of 182,200 yuan/ton on January 26, 2026, followed by a drop of 18% to below 150,000 yuan/ton by February 4 [3][4]. - The main futures contract for lithium carbonate also fell from 189,400 yuan/ton to 147,200 yuan/ton during the same period, with multiple trading halts observed [3][4]. Market Influences - The recent decline in lithium carbonate prices is attributed to macroeconomic factors and policy influences, including the interlinked movements of precious and base metals, which have created a weak market atmosphere [4][5]. - Regulatory measures by the Guangxi Futures Exchange, such as increasing margin requirements and limiting positions, have effectively curbed speculative trading, contributing to the price drop [4][5]. Future Outlook - Despite short-term pressures, the long-term supply-demand dynamics suggest a continuation of inventory reduction and increased demand for energy storage, which may support price recovery [5][6]. - Analysts expect that after the Spring Festival, there will be a concentrated replenishment of inventory by downstream companies, potentially leading to a rebound in prices [5][6]. Production and Cost Considerations - The reasonable price of lithium carbonate is primarily determined by production costs, which include lithium ore prices, processing fees, and labor costs. A gross profit margin of 5% to 10% is considered satisfactory for production companies [6]. - Companies with their own mines can achieve higher profits during price increases, while prices above 100,000 yuan/ton may not be economically viable for energy storage projects [6].

Market Overview - As of January 30, the main contract for lithium carbonate futures closed at 148,200 CNY/ton, with a monthly price increase of 21.9% [2][12] - The highest price during the month reached 181,520 CNY/ton [2] - The average market price for industrial-grade lithium carbonate (99.0%) was 167,000 CNY/ton, up 41.53% year-on-year [2][12] - The average price for battery-grade lithium carbonate (99.5%) was 170,000 CNY/ton, reflecting a 41.67% increase year-on-year [2][12] Supply Side - Domestic lithium carbonate production in January was 104,000 tons, a decrease of 1.3% month-on-month [3][13] - Stringent regulations from the "Solid Waste Comprehensive Treatment Action Plan" have led to production cuts in some enterprises, particularly in Jiangxi [3][13] - Supply is expected to remain constrained into February due to pre-holiday production adjustments and shutdowns [3][13] Demand Side - Demand has exceeded expectations, driven by policy changes that reduced export tax on battery products, stimulating "export rush" [4][13] - The release of policies for large-scale equipment updates and trade-in programs has improved demand forecasts for the new energy vehicle market [4][13] - Despite traditional seasonal demand declines in January, the overall market for terminal power and energy storage has performed well [4][13] Cost and Profitability - Costs have continued to rise, with prices exceeding 11,000 USD/ton [14] - Profit margins have improved for companies with their own mines and salt lakes, while contract manufacturing fees have seen slight increases [14] Inventory Levels - Total inventory decreased to 107,500 tons, with lithium salt plant inventory stable and downstream inventory slightly reduced [14] Policy Impact - The National Development and Reform Commission and the National Energy Administration announced a new capacity pricing mechanism, which is expected to positively impact storage demand and lithium carbonate prices [5][14] Strategy Outlook - The new capacity pricing policy is anticipated to boost demand expectations, with lithium carbonate prices likely to continue rising [6][15] - However, caution is advised due to previous price increases and potential risks of market corrections [6][15]

Core Viewpoint - Tianqi Lithium Industries (09696) anticipates a significant turnaround in its financial performance for the year ending December 31, 2025, projecting a net profit attributable to shareholders between RMB 369 million and RMB 553 million, compared to a net loss of approximately RMB 7.905 billion in the previous year [1] Group 1 - The expected net profit range for the current reporting period is RMB 369 million to RMB 553 million, while the previous year recorded a net loss of RMB 7.905 billion [1] - The projected net profit, excluding non-recurring gains and losses, is estimated to be between RMB 240 million and RMB 360 million, compared to a loss of RMB 792.3 million in the prior year [1] - Basic earnings per share are expected to be between RMB 0.22 and RMB 0.34, a significant improvement from a loss of RMB 4.82 per share in the previous year [1] Group 2 - The main reason for the expected performance change is the reduced impact of pricing cycle mismatches in lithium product sales, despite a decline in sales prices due to market fluctuations [1] - The company’s subsidiary, Windfield Holdings Pty Ltd, has improved its pricing cycle, which has positively affected the cost of lithium concentrate used in production [1] - The company is also benefiting from the gradual consumption of inventory lithium concentrate and the arrival of newly purchased lithium concentrate [1] Group 3 - The company’s investment income from its associate, Sociedad Química y Minera de Chile S.A. (SQM), is expected to increase significantly due to projected growth in SQM's performance for the fourth quarter of 2025 [2] - The appreciation of the Australian dollar against the US dollar has resulted in increased foreign exchange gains compared to the previous year [2] - The company plans to conduct impairment tests on assets showing signs of impairment as of the 2025 balance sheet date, with preliminary estimates indicating a reduction in impairment losses compared to 2024 [2]

Core Viewpoint - Ganfeng Lithium (01772) has completed the issuance of its first phase of green technology innovation bonds for 2026, raising a total of 500 million yuan at an interest rate of 2.19% [1] Group 1 - The total amount raised from the issuance of the short-term financing bonds is 500 million yuan [1] - The interest rate for the bonds issued is set at 2.19% [1] - The funds raised will primarily be used for repaying the company's interest-bearing debts, replacing self-owned funds for repaying interest-bearing liabilities, and purchasing raw materials [1]

Group 1 - The core point of the article is that Yongshan Lithium Industry currently does not possess its own lithium mine resources and primarily sources lithium through long-term procurement agreements [2] Group 2 - The company has responded to investor inquiries on an interactive platform regarding its lithium sourcing strategy [2]

Lithium Carbonate Futures Market Data Analysis - **Main contract and basis**: On January 27, 2026, the price of the lithium carbonate main contract was 165,680 yuan/ton, a slight decline of 3,100 yuan/ton or about 1.84% from the previous day. The basis strengthened from -11,020 yuan/ton on January 26, 2026, to 12,820 yuan/ton, an increase of 23,840 yuan/ton [1][31]. - **Open interest and trading volume**: The open interest of the main contract decreased to 416,719 lots, a decrease of 21,909 lots or about 5%. The trading volume increased to 575,675 lots, an increase of 232,870 lots or about 68% [1][32]. *** Analysis of Industrial Chain Supply, Demand, and Inventory Changes - **Supply side**: The prices of spodumene concentrate and lepidolite concentrate remained stable on January 27, 2026, at 19,470 yuan/ton and 8,700 yuan/ton, respectively. However, information indicated that lithium ore prices had increased slightly recently, and overseas mine quotes had risen. The smelter operating rate remained stable at 87.14%, but the reluctance to sell among upstream lithium salt producers had increased, and some manufacturers had hoarded goods, resulting in a weak willingness to sell spot orders. On January 16, 2026, Yahua Group announced the commissioning of its lithium mine project in Zimbabwe, which increased self - sufficiency, but the overall supply increase was limited [2]. - **Demand side**: The prices of downstream cathode materials generally declined. On January 27, 2026, the price of power ternary materials was 188,300 yuan/ton, a decrease of 2,000 yuan/ton from the previous day; the price of power lithium iron phosphate was 58,990 yuan/ton, a decrease of 2,185 yuan/ton. Although the prices of some battery cells had increased, the demand for new energy vehicles was weak. According to data from the Passenger Car Association on January 21, 2026, the retail sales from January 1 - 18 decreased by 16% year - on - year, and wholesale sales decreased by 23%. Downstream material manufacturers mainly purchased on demand, and some began to stock up for February, but overall purchases were cautious. Coupled with the cancellation of the export tax rebate policy, the demand side lacked support [2]. - **Inventory and warehouse receipts**: As of January 23, 2026, the lithium carbonate inventory was 108,896 physical tons, a slight decrease of 783 tons or 0.71% from 109,679 physical tons on January 16, 2026, continuing the de - stocking trend [2]. *** Price Trend Judgment In the next one to two weeks, the lithium carbonate futures price is expected to maintain a low - level volatile pattern. The weak demand persists, with the decline in new energy vehicle sales and cautious downstream purchases restricting the upside space. Meanwhile, although the supply side has support from reluctance to sell and inventory de - stocking, the stable lithium ore prices and high capacity utilization rate limit the rebound strength. The overall market may experience increased volatility under the weak supply - demand balance but lacks a breakthrough driver [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The core view of lithium carbonate is "oscillation". The demand production schedule in February is expected to decline month-on-month, but the decline is within the market's judgment in December. Expectations such as export rush and negative feedback from upstream price increases are not significantly reflected in the February production schedule data. Attention should be paid to whether there is a large gap between the production schedule and actual output. Due to the optimistic long - term demand outlook before the Spring Festival, the demand production schedule for March has been significantly increased, making the demand in Q1 basically flat month - on - month. Therefore, changes in the March demand production schedule may cause certain disturbances to the futures price. In the short term, without strong negative feedback from downstream, the price may still tend to be oscillating and slightly stronger. Additionally, recent regulations are strict, so investors should pay attention to the daily price amplitude and hold positions carefully [3][4] 3. Summary by Relevant Catalogs 3.1 Lithium Carbonate Futures and Spot Prices - The futures price of lithium carbonate reached a new high this year. Last week, the main contract price of lithium carbonate futures rose to 181,500 yuan/ton, with the main LC2605 contract opening at 147,600 yuan/ton, closing at 181,520 yuan/ton, reaching a high of 182,000 yuan/ton and a low of 142,100 yuan/ton during the period, a weekly increase of 24.16% [7][11] - The spot price increased week - on - week. The average price of battery - grade lithium carbonate increased by 8,000 yuan/ton to 171,000 yuan/ton, and the average price of industrial - grade lithium carbonate also increased by 8,000 yuan/ton. The price difference between battery - grade and industrial - grade lithium carbonate remained flat at 3,500 yuan/ton week - on - week [13][19] 3.2 Lithium Ore - The prices of domestic and imported lithium ore increased week - on - week. The prices of domestic lithium spodumene concentrates with grades of 3% - 4%, 4% - 5%, and 5% - 5.5% increased by 800, 825, and 1,275 yuan/ton respectively to 9,225, 12,325, and 15,675 yuan/ton. The prices of domestic lithium mica concentrates with grades of 1.5% - 2.0% and 2.0% - 2.5% increased by 240 and 290 yuan/ton respectively to 3,300 and 5,125 yuan/ton. The CIF prices of imported lithium spodumene ore with grades of 1.2% - 1.5%, 2% - 2.5%, and 3% - 4% increased by 5, 7.5, and 12.5 US dollars/ton respectively. The CIF prices of Australian and Brazilian lithium spodumene concentrates increased by 190 and 175 US dollars/ton respectively to 2,275 and 2,255 US dollars/ton [26] - The available inventory of lithium ore at ports increased week - on - week. As of January 23, the total inventory of domestic main port traders and warehouses for sale increased by 53,000 tons to 200,000 tons compared with January 16. Among them, the spot inventory of domestic lithium ore traders in major ports increased by 53,000 tons to 191,000 tons, and the inventory for sale in domestic warehouses (excluding factory raw material inventory) remained unchanged at 9,000 tons [30] 3.3 Lithium Carbonate Supply - The weekly output decreased slightly. Last week, the domestic lithium carbonate output decreased by 388 tons to 22,217 tons. By raw material, the output of lithium carbonate from spodumene, mica, and salt lake decreased by 210, 54, and 30 tons respectively to 13,914, 2,882, and 3,115 tons. By region, the weekly output in Qinghai, Jiangxi, and Sichuan increased by 15 tons, decreased by 465 tons, and decreased by 220 tons respectively to 3,375, 7,585, and 4,425 tons. The weekly operating rate increased by 1.5 percentage points to 52.8% [37] - The monthly output in January 2026 is expected to decrease by 1,230 tons to 97,970 tons, a month - on - month decrease of 1.2%. Among them, the output of lithium carbonate from spodumene, mica, salt lake, and recycling increased by 410 tons, decreased by 850 tons, decreased by 50 tons, and decreased by 740 tons respectively to 61,260, 12,500, 14,940, and 9,270 tons [37] - The production cost of purchased lithium ore increased. The production cost of purchased lithium spodumene concentrate (Li₂O: 6%) increased by 14,419 yuan/ton to 159,791 yuan/ton, and the profit decreased by 1,549 yuan/ton to 8,980 yuan/ton. The production cost of purchased lithium mica concentrate (Li₂O: 2.5%) increased by 7,269 yuan/ton to 153,199 yuan/ton, and the profit increased by 5,471 yuan/ton to 11,911 yuan/ton [41] - The total inventory decreased slightly. As of January 22, the total lithium carbonate inventory decreased by 783 tons to 108,896 tons. Among them, the inventories of smelters, downstream, and other lithium carbonate increased by 107 tons, 1,940 tons, and decreased by 2,830 tons respectively to 19,834, 37,592, and 51,470 tons. As of January 23, the registered warehouse receipts totaled 28,156 tons, an increase of 698 tons compared with January 16 [48] 3.4 Cathode Materials and Electrolytes - Ternary materials: The price increased significantly last week, with an increase of 3,150 - 5,550 yuan/ton. As of January 22, the weekly output increased by 621 tons to 18,256 tons, and the weekly inventory increased by 611 tons to 18,868 tons. The output in January is expected to reach 78,180 tons, a month - on - month decrease of 4%. The production profits of 523 - type and 811 - type ternary materials increased by 15,505 and 19,075 yuan/ton respectively to - 13,670 and - 9,350 yuan/ton [56] - Lithium iron phosphate: The prices of power - type, low - end, and mid - high - end lithium iron phosphate increased by 3,155, 3,050, and 3,150 yuan/ton respectively. As of January 22, the weekly output increased by 293 tons to 87,319 tons, and the weekly inventory increased by 700 tons to 96,590 tons. The output in January is expected to reach 363,400 tons, a month - on - month decrease of 10%. Considering that the processing fees for cathode materials have been negotiated, the actual output in January may be higher than expected [58] - Lithium cobalt oxide and lithium manganate: The production schedules in January are expected to decrease. The output of lithium cobalt oxide in January is expected to reach 10,330 tons, a month - on - month decrease of 14.2%. The output of lithium manganate in January is expected to reach 11,920 tons, a month - on - month decrease of 4% [63] - Electrolyte: The price of lithium hexafluorophosphate decreased by 9,000 yuan/ton to 146,000 yuan/ton last week, a week - on - week decrease of 5.8%. The output of lithium hexafluorophosphate in January is expected to reach 27,100 tons, a month - on - month decrease of 6%. The output of electrolyte in January is expected to reach 213,130 tons, a month - on - month decrease of 6%. The upstream and downstream inventory days of lithium hexafluorophosphate are 9.7 and 9.8 days respectively, an increase of 0.5 and 0.8 days compared with the previous period [65] 3.5 Batteries - Production: The total domestic battery output in December 2025 reached 206.77 GWh, a month - on - month increase of 6.9 GWh. In January 2026, the total battery output is expected to reach 194.53 GWh, a month - on - month decrease of 6% [71] - Inventory: As of December 2025, the domestic power and energy - storage battery inventories were 145.4 and 35.3 GWh respectively, a month - on - month increase of 0.6 GWh and a decrease of 4.6 GWh. The inventory - to - sales ratios of power ternary, power lithium iron phosphate, and energy - storage batteries increased by 0.21, 0.02, and decreased by 0.14 months respectively to 1.61, 0.97, and 0.53 months [74]