Report Industry Investment Rating No information provided Core Viewpoints - The cancellation of warehouse receipts is significant, and there is some speculation in the near - month contracts. After the futures market has been at a premium to the spot market for a certain period, the willingness to register warehouse receipts may increase. Short - term, it is advisable to wait and see for near - month contracts and look for opportunities to sell and hedge at high prices for far - month contracts [2]. - In the short term, it is recommended to wait and see for single - sided trading, and choose to sell and hedge at high prices for far - month contracts. There are no suggestions for inter - period, cross - variety, spot - futures, and options trading [4]. Summary by Related Catalogs Market Analysis - On July 15, 2025, the main contract 2509 of lithium carbonate opened at 66,140 yuan/ton and closed at 66,660 yuan/ton, a 0.21% increase from the previous settlement price. The trading volume was 764,028 lots, and the open interest was 342,146 lots, a decrease of 14,015 lots from the previous day. The total open interest of all contracts was 622,936 lots, a decrease of 12,117 lots from the previous day. The total trading volume of contracts decreased by 303,785 lots from the previous day to 926,362 lots, with an overall speculation degree of 1.49. The number of lithium carbonate warehouse receipts was 11,203 lots, a decrease of 1 lot from the previous day [1]. - According to SMM data, on July 15, 2025, the price of battery - grade lithium carbonate was 63,800 - 66,000 yuan/ton, a 250 - yuan increase from the previous day, and the price of industrial - grade lithium carbonate was 62,800 - 63,800 yuan/ton, also a 250 - yuan increase. Downstream enterprises have low acceptance of current market prices due to factors such as long - term contract coverage and high customer - supplied ratios, and procurement demand remains weak. Although upstream lithium salt enterprises have made tentative price adjustments, transactions are mainly concentrated among traders [1]. Strategy - Wait and see for near - month contracts in the short term and look for opportunities to sell and hedge at high prices for far - month contracts [2][4].

Core Viewpoint - The company, Jinjou Yongshan Lithium Industry Co., Ltd., anticipates a significant net loss for the first half of 2025, primarily due to declining lithium salt prices and market conditions [2][3]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between -172.5 million RMB and -116 million RMB for the first half of 2025 [2][3]. - The forecasted net profit, excluding non-recurring gains and losses, is projected to be between -196 million RMB and -132 million RMB [2][3]. Group 2: Previous Year Comparison - In the same period last year, the company reported a total profit of 95.96 million RMB and a net profit attributable to shareholders of the parent company of 66.82 million RMB [5]. - The net profit, after excluding non-recurring gains and losses, was -8.30 million RMB [5]. Group 3: Reasons for Expected Loss - The lithium salt market continues to experience an oversupply, leading to further price declines, which adversely affects the company's operations despite efforts to increase production and optimize costs [7]. - The company faces reduced gross margins and increased inventory impairment risks in its lithium salt segment [7]. Group 4: Non-Recurring Gains and Losses - The expected non-recurring gains and losses for the period are estimated to be between 16 million RMB and 23.5 million RMB, primarily due to benefits from VAT policies and other government subsidies [8]. Group 5: Accounting and Other Influences - The accounting treatment is not expected to have a significant impact on the company's performance forecast [9]. - There are no other significant factors that could materially affect the performance forecast [9].

Core Viewpoint - Zhejiang Kanglongda Special Protective Technology Co., Ltd. is expected to achieve a turnaround in net profit for the first half of 2025, with projected net profit ranging from 85 million to 120 million yuan, compared to a loss in the same period last year [2][3]. Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [2]. - The company anticipates a net profit attributable to shareholders of the parent company between 85 million and 120 million yuan, indicating a significant improvement from the previous year's loss [3]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 10 million and 45 million yuan [3]. Previous Year Performance - In the same period last year, the total profit was -44,955,864.91 yuan, with a net loss attributable to shareholders of -50,129,607.57 yuan [5]. - The net profit after deducting non-recurring gains and losses was -24,007,994.14 yuan, and the earnings per share were -0.31 yuan [5]. Reasons for Profit Turnaround - The hand protection product business has benefited from strategic advantages in the Vietnam base, which has improved production and sales rates, contributing significantly compared to the previous year [5]. - The lithium salt product business continues to face challenges due to low market prices and demand, leading to ongoing inventory impairment provisions [5]. - The transfer of the subsidiary Global Glove and Safety Manufacturing, Inc. to Globus Americas Holdings, LLC has generated substantial investment income [7]. Non-Operating Gains and Losses - The company has a significant volume of foreign exchange settlement business primarily in USD, and previous losses from foreign exchange derivative transactions have been settled, with no major impact on current performance [7].

（图片来源：网络） 出品｜搜狐财经 作者｜冯圆圆 日前，锂云母四小龙之一的九岭锂业，向上交所递交了上市申请。 近年来，伴随着新能源行业的周期性波动，九岭锂业的业绩犹如一面镜子，折射出原材料碳酸锂玩家在不同时间段的生存状态。 随着碳酸锂价格的起伏，九岭锂业的业绩也如同"过山车"般的起起伏伏。 如今，九岭锂业的业绩较巅峰时已然砍半，旗下矿产资源"紧张"，在强敌环伺的锂盐矿行业，九岭锂业未来扩张成长之路或困难重重。 此次，九岭锂业计划募资31.35亿，拟用于新能源材料生产项目及研发中心综合大楼建设项目。 "暴涨暴跌"的业绩 日前，江西九岭锂业股份有限公司（下称"九岭锂业"）再次向主板发起冲击。 九岭锂业成立于2011年，曾经和江西特种电机股份有限公司（下称"江特电机"）、江西南氏锂电新材料有限公司、永兴特种材料科技股份有限公司（下 称"永兴材料"）并称为锂云母"四小龙"，拥有全球首条万吨级锂云母提锂产线，实力不容小觑。 早期，锂盐生产多靠锂辉石，天齐锂业、赣锋锂业便是代表。但锂辉石多分布在国外，国内储量有限，存在"卡脖子"风险。因此盐湖提锂、锂云母提锂这两 条国产替代路线应运而生。 公开资料显示，锂云母虽氧化锂含量 ...

Summary of Key Points Core Viewpoint - The company intends to temporarily use part of its idle raised funds to supplement working capital, ensuring that this does not affect the implementation of its fundraising investment projects [1][4][6]. Group 1: Fundraising Overview - The company raised a total of RMB 894,999,954.16, with a net amount of RMB 875,792,998.29 after deducting related expenses [1][2]. - The funds were raised through the issuance of 96,030,038 shares at a price of RMB 9.32 per share, approved by the China Securities Regulatory Commission on June 26, 2023 [1]. Group 2: Fund Management and Usage - The company has established a fundraising supervision account and signed a tripartite/four-party supervision agreement with the sponsor and relevant banks [2]. - As of July 1, 2025, the company has used RMB 69,363.46 million of the raised funds, leaving RMB 18,985.96 million (including interest and net cash management income) unutilized [2]. Group 3: Temporary Fund Usage - The company plans to use up to RMB 17,500 million of idle funds to temporarily supplement working capital, with a usage period of up to 12 months from the board's approval [4][5]. - This temporary use of funds is expected to save approximately RMB 5.25 million in financial costs based on the current one-year loan market quotation rate of 3% [4]. Group 4: Compliance and Approval - The board and supervisory committee have approved the use of idle funds, confirming that it will not affect the normal progress of fundraising investment projects [6]. - The sponsor has verified that the company's actions comply with relevant regulations and do not change the intended use of the raised funds [6].

Group 1: Lithium Carbonate Market Dynamics - On June 24, lithium carbonate futures prices experienced a rebound after a prolonged decline, raising questions about a potential turning point in pricing [1] - The lithium carbonate industry is facing significant operational disruptions, with a near 50% shutdown rate; as of June 19, the weekly operating rate was 48.16%, with the smelting sector at 53.64% [1] - There is a clear division within the industry, where leading smelting companies maintain higher operating rates due to better order conditions, while many smaller firms with less cost advantage have ceased operations for months [1] Group 2: Supply and Demand Factors - The supply-demand balance for leading smelting enterprises remains stable or slightly oversupplied, performing better than the overall industry, despite weakening cost support due to falling mineral prices and hedging operations [1] - In the first five months of 2025, lithium iron phosphate battery production surged to 476.03 GWh, a 75.64% year-on-year increase, significantly boosting the operating rate of the lithium iron phosphate industry [2] - However, with the traditional off-season approaching in July and August, battery manufacturers plan to reduce production, while the lithium carbonate sector is expected to maintain high supply levels, leading to downward pressure on prices [2] Group 3: Import Trends and Price Outlook - In May, lithium spodumene imports totaled approximately 605,000 tons, a slight month-on-month decrease of 2.9%, but imports from Australia and South America increased by over 20% [2] - Conversely, lithium carbonate imports fell significantly, with 21,145 tons imported in May, a 25.37% month-on-month decline, attributed to Chilean lithium salt producers pausing shipments and renegotiating prices [2] - Recent financial policies aimed at boosting consumer spending have positively impacted market sentiment, contributing to a slight rebound in lithium prices, although the overall supply remains excessive, leading to cautious optimism regarding the sustainability of this rebound [3]

Core Viewpoint - The company Zhongmin Resources (002738) announced a comprehensive technological upgrade and transformation of its subsidiary Zhongmin Lithium's lithium salt production line, with a total investment of 121 million yuan [1] Group 1: Project Details - The project aims to upgrade the existing lithium salt production line with an annual capacity of 25,000 tons to a new high-purity lithium salt project with an annual capacity of 30,000 tons [1] - The funding for the project will come from Zhongmin Lithium's own funds or self-raised funds [1] - The expected duration for the shutdown and technical upgrade is approximately 6 months [1] Group 2: Environmental and Technical Standards - The production process technology level, energy consumption, and raw material consumption will meet the advanced standards of similar domestic facilities [1] - The pollutant emissions from the project will comply with national relevant standards [1] Group 3: Capacity and Competitive Advantage - Upon completion, the company will have a total annual production capacity of 71,000 tons of battery-grade lithium salt [1] - The comprehensive competitiveness of the company's lithium salt business will be further enhanced [1]

Group 1: Company Overview - Sichuan Yahua Industrial Group is a leading producer of lithium salt products, particularly battery-grade lithium hydroxide, with industry-leading production technology and equipment [2][3] - The company has achieved full automation in production lines, enhancing efficiency and product quality, with standards exceeding national benchmarks [3] Group 2: Market Position - Yahua is a top player in the lithium salt market, recognized as a core supplier for major global automotive and battery manufacturers [3] - In the civil explosives sector, Yahua is one of China's leading companies, actively pursuing industry consolidation and expanding its mining service business [3] Group 3: Customer Structure - The company primarily relies on long-term agreements with key clients, including international firms like TESLA and LGES, and domestic companies such as CATL and Zhongtai [4] - As of 2024, revenue from top clients accounts for 90% of total sales, with a significant portion of orders coming from international customers [4] Group 4: Lithium Resource Assurance - Yahua has established a diversified lithium resource supply chain, combining self-controlled and purchased mines [5] - The Kamativi lithium mine in Zimbabwe has a processing capacity of 2.3 million tons of raw ore annually, with products being shipped back to China for production [5] Group 5: Market Response Strategies - The company is actively expanding its domestic and international lithium salt customer base while optimizing its customer structure [6] - Yahua is increasing its supply of self-owned lithium concentrate and enhancing procurement management for purchased lithium concentrates to optimize costs [6] - Efforts are being made to improve operational efficiency across various departments, including production, finance, and procurement [6]

策略 受消息面影响，碳酸锂盘面反弹 新能源及有色金属日报 | 2025-06-25 市场分析 2025年6月24日，碳酸锂主力合约2509开于58940元/吨，收于60700元/吨，当日收盘价较昨日结算价收涨3.06%。当 日成交量为681747手，持仓量为343564手，较前一交易日减少13390手，根据SMM现货报价，目前期货升水电碳800 元/吨。所有合约总持仓631536手，较前一交易日减少25081手。当日合约总成交量较前一交易日增加503296手，成 交量860946，整体投机度为1.36。当日碳酸锂仓单22375手，较上个交易日减少4404手。 碳酸锂现货：根据SMM数据，2025年6月24日电池级碳酸锂报价5.93-6.05万元/吨，较前一交易日下跌0.005万元/吨， 工业级碳酸锂报价5.78-5.88万元/吨，较前一交易日下跌0.005万元/吨。碳酸锂现货成交价格重心持续下移。当前碳 酸锂市场仍延续供大于求的基本格局，供需矛盾依然突出。从供应端看，市场可流通货源充足，库存压力尚未得 到有效缓解；需求侧则未有明显增量预期，下游正极材料企业维持谨慎采购策略，仅以刚需采购为主。今日市场 流传多则 ...

Group 1: Market Trends - Lithium carbonate main contract hit a historical low of 58,400 yuan/ton but rebounded to 61,640 yuan/ton during the day, closing at 60,700 yuan/ton, a 3.06% increase [1] - The spot price of battery-grade lithium carbonate averaged 59,900 yuan/ton, while industrial-grade averaged 58,300 yuan/ton, with a decrease of 50 yuan/ton [1] - The trading volume of warehouse receipts decreased to 22,375 lots, down 4,404 lots from the previous day, indicating strong buying intent [1] Group 2: Supply and Demand Dynamics - The lithium carbonate market remains in a state of oversupply, with abundant circulating sources and low purchasing willingness from downstream material companies [1][2] - Major lithium salt companies maintain firm pricing due to high long-term contract orders, while smaller companies face price reductions due to inventory pressure [2] - The demand for ternary materials is weak, with companies facing losses due to high costs of raw materials [2] Group 3: Future Price Outlook - New Lake Futures suggests that the recent price rebound is unlikely to be sustained, with overall supply pressure remaining high and no significant demand improvement expected [3] - Jinrui Futures indicates that the expectation of oversupply has not changed, with insufficient upward drivers for prices [4] - Dadi Futures warns that without significant supply disruptions, it is hard to believe lithium prices will stop falling or recover [5][6]