Core Viewpoint - The company plans to acquire a 21% stake in Sichuan Qicheng Mining Co., Ltd. for 1.456 billion yuan, which will increase its ownership in Qicheng Mining to 70% and consolidate its financials with its subsidiary Huirong Mining [1] Group 1: Acquisition Details - The acquisition will be conducted through the company's wholly-owned subsidiary, Sichuan Shengtun Lithium Industry Co., Ltd. [1] - After the acquisition, the company will control both Qicheng Mining and its subsidiary Huirong Mining, which holds mining rights for the Muzhong Lithium Mine [1] Group 2: Resource and Production Information - The Muzhong Lithium Mine has a confirmed Li2O resource of 989,600 tons with an average grade of 1.62%, making it one of the highest-grade lithium mines in Sichuan [1] - The production capacity of the Muzhong Lithium Mine is 3 million tons per year, and development is actively progressing [1] Group 3: Strategic Implications - The acquisition will enable the company to leverage its experience in developing lithium mining projects in high-altitude regions of Sichuan [1] - The company aims to significantly enhance its lithium resource self-sufficiency and establish a stable and reliable resource supply system [1]

启成矿业为公司全资子公司盛屯锂业的参股公司，盛屯锂业和泰宸矿业分别持有启成矿业49%和51%股 权。启成矿业控股子公司惠绒矿业拥有木绒锂矿的采矿权证，木绒锂矿已查明Li2O资源量98.96万吨， 平均品位1.62%，为四川地区锂矿品位最高的矿山之一，生产规模为300万吨/年，目前正在积极推进矿 山开发建设。 格隆汇9月22日丨盛新锂能(002240.SZ)公布，公司拟通过全资子公司四川盛屯锂业有限公司（简称"盛 屯锂业"）以现金人民币145,600.00万元收购四川启成矿业有限公司（简称"启成矿业"或"标的公司"） 21%股权，本次交易完成后，公司将直接持有启成矿业70%股权，启成矿业及其控股子公司雅江县惠绒 矿业有限责任公司（简称"惠绒矿业"）将纳入公司合并报表范围。 ...

Core Viewpoint - The company intends to enhance its lithium resource supply capability and increase the self-sufficiency rate of lithium raw materials through the acquisition of a 21% stake in Sichuan Qicheng Mining Co., Ltd. for 1.456 billion yuan [1] Group 1 - The acquisition will allow the company to directly hold a 70% stake in Qicheng Mining after the transaction is completed [1] - Qicheng Mining and its subsidiary, Yajiang Huirong Mining Co., Ltd., will be included in the company's consolidated financial statements [1] - The transaction is aimed at strengthening the company's lithium resource supply assurance capabilities [1]

Group 1: Report Overview - Report Title: Carbonate Lithium Weekly Report [1] - Report Date: September 22, 2025 [3] - Core Theme: Resource Disturbance and Game Intensify, Lithium Price Fluctuates Widely [3] Group 2: Core Views and Strategies - Last Week's Review: Due to the unclear final ruling of Jiangxi mines, the market took a break after a long - term game. With the return of the logic of over - capacity governance, the price slightly increased. However, both bulls and bears lacked confidence in the future of Jiangxi mines on September 30, and the price remained stable during the week [4] - Future Views: This week is the end of the month, and whether Jiangxi lithium mines can continue production will be gradually revealed. The bulls and bears will intensively game under various information, leading to wide - range fluctuations in lithium prices. Fundamentally, although lithium prices have dropped significantly, the supply side is less sensitive to price drops under the protection of upstream salt factory hedging orders, and production remains at a high level. The energy - storage market continues to be hot, with saturated export orders and strong demand for photovoltaic glass. The energy - storage peak season is approaching, indicating good consumption resilience. The power terminal faces slow - down pressure in growth due to a high base. There is a structural contradiction between the subsidy funds tilting upwards and the sinking of terminal consumption, which may not effectively drive significant growth in the consumption peak season, but the consumption increment expectation can still continue. Overall, carbonate lithium may still be affected by the situation of Jiangxi resources, and the actual driving force of fundamentals is limited, with lithium prices likely to fluctuate widely [4][14] Group 3: Market Data - Imported Lithium Ore (1.3% - 2.2%): The price on September 19, 2025, was $136/ton, down $2 or 1.45% from September 12 [5] - Imported Lithium Concentrate (5.5% - 6%): The price on September 19, 2025, was $812/ton, down $9 or 1.10% from September 12 [5] - Domestic Lithium Concentrate (5.5% - 6%): The price on September 19, 2025, was 812 yuan/ton, down 9 yuan or 1.10% from September 12 [5] - Spot Price of Battery - Grade Carbonate Lithium: On September 19, 2025, it was 74,000 yuan/ton, up 2,800 yuan or 3.93% from September 12 [5] - Spot Price of Industrial - Grade Carbonate Lithium: On September 19, 2025, it was 70,900 yuan/ton, up 200 yuan or 0.28% from September 12 [5] - Main Contract Price of Carbonate Lithium: On September 19, 2025, it was 73,800 yuan/ton, up 2,600 yuan or 3.62% from September 12 [5] - Battery - Grade Lithium Hydroxide (Coarse): On September 19, 2025, it was 73,900 yuan/ton, down 100 yuan or 0.14% from September 12 [5] - Battery - Grade Lithium Hydroxide (Fine): On September 19, 2025, it was 78,900 yuan/ton, down 100 yuan or 0.13% from September 12 [5] - Total Carbonate Lithium Inventory: As of September 19, it was 130,446 tons, up 280 tons or 0.22% from the previous period [5][13] - Lithium Iron Phosphate Price: On September 19, 2025, it was 33,900 yuan/ton, up 100 yuan or 0.30% from September 12 [5] - Lithium Cobalt Oxide Price: On September 19, 2025, it was 219,000 yuan/ton, up 4,000 yuan or 1.86% from September 12 [5] - Ternary Material Price (811): On September 19, 2025, it was 145,000 yuan/ton, unchanged from September 12 [5] - Ternary Material Price (622): On September 19, 2025, it was 124,500 yuan/ton, unchanged from September 12 [5] Group 4: Market Analysis and Outlook Last Week's Market Analysis - Supervision and Delivery: As of September 19, 2025, the warehouse - receipt scale of Guangzhou Futures Exchange was 39,484 tons, with the latest matching transaction price of 74,700 yuan/ton. The position scale of the main contract 2511 was 281,200 lots [7] - Supply Side: As of September 19, the weekly carbonate lithium production was 21,125 tons, an increase of 125 tons from the previous period. Recently, new production capacities have been released from salt lakes at home and abroad, and the mica - based lithium extraction in Jiangxi, China, shows signs of recovery. The overall supply side is stable. Although the decline in lithium prices has shifted from boosting to dragging down lithium concentrate, the price decline of imported lithium concentrate is similar to that of mica, and the relative economic advantage of lithium concentrate still exists, which may support the continued popularity of spodumene - based lithium extraction. Without a significant decline in lithium prices, lithium salt supply may remain at a high level in the medium - to - long term [7] - Lithium Salt Import: In July, the carbonate lithium import volume was about 13,800 tons, a month - on - month decrease of 21.8% and a year - on - year decrease of 42.7%. Among them, about 8,584 tons were imported from Chile, a month - on - month decrease of 27.6%, accounting for about 62.2%. 3,950 tons were imported from Argentina, a month - on - month decrease of 22.5%, accounting for about 28.6%. Chile's carbonate lithium export volume in July was about 20,900 tons, a year - on - year and month - on - month increase of 4% and 43% respectively. The scale of carbonate lithium exported to China was about 13,600 tons, a year - on - year decrease of 13% and a month - on - month increase of 33%, accounting for about 65.07% of Chile's total exports [8] - Lithium Ore Import: In July, the total lithium ore import volume was about 750,700 tons, a month - on - month increase of 30.3%. Among them, 427,000 tons were imported from Australia, a month - on - month increase of 67.2%, accounting for about 56.88%; about 64,000 tons were imported from Zimbabwe, a month - on - month decrease of 36.2%, accounting for about 8.5%; about 106,000 tons were imported from South Africa, a month - on - month increase of 8.1%, accounting for 14.1%; and about 116,000 tons were imported from Nigeria, a month - on - month increase of 47.3%. The significant increase in the import volume of spodumene concentrate in July was mainly due to the significant increase in mica ore prices, which made the relative economic benefits of spodumene ore more obvious, leading to a significant increase in the operating rate of spodumene - based lithium extraction capacity and thus boosting the demand for lithium ore [9][10] - Demand - Downstream Cathode Materials: As of September 19, the total lithium iron phosphate production was about 78,226 tons, with an operating rate of 68.84%, a decrease of 0.06 percentage points from the previous period, and the inventory was 50,450 tons, an increase of 900 tons from the previous period. The total ternary material production was about 17,960 tons, with an operating rate of 47%, an increase of 0.27 percentage points from the previous period, and the inventory was 12,825 tons, a decrease of 50 tons from the previous period. In terms of price, as of September 19, the ternary material price was relatively stable, with the 6 - series ternary price remaining at 141,700 yuan/ton and the 8 - series price at 147,400 yuan/ton. The price of lithium iron phosphate for power increased from 34,700 yuan/ton to 34,800 yuan/ton, and the price for energy - storage increased from 34,050 yuan/ton to 34,200 yuan/ton. Overall, there is a slight structural differentiation in the cathode material market, mainly because the energy - storage consumption is hot while the power terminal is relatively stable. Since domestic energy - storage projects are prohibited from using ternary batteries, the price of lithium iron phosphate materials is relatively strong, and the ternary price has remained stable recently. In the future, due to the structural contradiction in the power terminal, the demand intensity of the energy - storage market may still be better than that of the power market, and the price resilience of lithium iron phosphate may be stronger than that of ternary materials [11] - New - Energy Vehicles: From September 1 - 14, the retail volume of the national new - energy passenger vehicle market was 438,000 vehicles, a year - on - year increase of 6% compared with the same period in September last year and a month - on - month increase of 10%. The retail penetration rate of the national new - energy passenger vehicle market was 59.8%, and the cumulative retail volume since the beginning of this year was 8.008 million vehicles, a year - on - year increase of 25%. From high - frequency data, the consumption growth rate of new - energy vehicles has turned positive, and the retail market has marginally recovered. According to the data from the Passenger Car Association, the inventory of the passenger vehicle market at the end of August has dropped to 3.16 million vehicles, a decrease of about 240,000 vehicles from the high of 3.5 million vehicles in April. This shows that both car manufacturers and channels have actively reduced inventory. From the production of new - energy vehicles, since March this year, the production has been almost flat, and the production - sales ratio has continued to rise, indicating that vehicle manufacturers have a clear intention to reduce inventory. On the one hand, it is to relieve the pressure on cash flow from the 60 - day accounts - payable period, and on the other hand, it may be due to a cautious expectation of the future market. The Passenger Car Association predicts that the new subsidy policy is more inclined to high - end models, while the current social purchasing power has shifted downwards. The mismatch between the consumption structure and the subsidy structure may limit the driving force of the subsidy policy on demand [12] - Inventory: As of September 19, the total carbonate lithium inventory was 130,446 tons, a cumulative increase of about 280 tons from the previous period. Among them, the factory inventory was 26,095 tons, a decrease of about 460 tons from the previous period; the market inventory was 64,867 tons, a decrease of about 119 tons from the previous period; and the exchange inventory was 39,484 tons, an increase of 859 tons from the previous week [13] This Week's Outlook - This week is the end of the month, and whether Jiangxi lithium mines can continue production will be gradually revealed. The bulls and bears will intensively game under various information, leading to wide - range fluctuations in lithium prices. Fundamentally, although lithium prices have dropped significantly, the supply side is less sensitive to price drops under the protection of upstream salt factory hedging orders, and production remains at a high level. The energy - storage market continues to be hot, with saturated export orders and strong demand for photovoltaic glass. The energy - storage peak season is approaching, indicating good consumption resilience. The power terminal faces slow - down pressure in growth due to a high base. There is a structural contradiction between the subsidy funds tilting upwards and the sinking of terminal consumption, which may not effectively drive significant growth in the consumption peak season, but the consumption increment expectation can still continue. Overall, carbonate lithium may still be affected by the situation of Jiangxi resources, and the actual driving force of fundamentals is limited, with lithium prices likely to fluctuate widely [14] Group 5: Industry News - Tianqi Lithium Industry: The company's pilot project for an annual production of 50 tons of lithium sulfide has been officially launched. On September 16, Tianqi Lithium Industry stated on the interactive platform that in the research field of key materials for next - generation high - performance lithium batteries, the new electrolytic preparation technology has completed experimental - level verification, and the construction of the pilot line is being actively promoted; the experimental platform for the development of stable - state alloy anodes has been improved, with the ability to develop from "gram - level to kilogram - level to hundred - kilogram - level", and five types of binary lithium - alloy anode materials have entered the verification stage by battery cell customers; a stable production capacity of 300 - mm wide lithium strips has been established, and the preparation of ultra - thin composite strips has been achieved; in terms of sulfide solid - state electrolyte materials, based on the preparation work for the industrialization of lithium sulfide, the company's pilot project for an annual production of 50 tons of lithium sulfide has been officially launched in response to the demand for lithium sulfide from downstream sulfide solid - state electrolytes. The project uses self - developed new technologies and equipment for lithium sulfide preparation, with low - risk and rapid mass - production capabilities [15] - Zijin Mining: The 20,000 - ton - per - year carbonate lithium project in Argentina has been put into production. On September 14, according to Zijin Mining, on September 12 local time in Argentina, the commissioning ceremony of the 20,000 - ton - per - year carbonate lithium project of Lithium Kesi 3Q Lithium Salt Lake, a subsidiary of Zijin Mining, was held in Fiambala City, Catamarca Province. Currently, the pre - work such as the permit approval for the second - phase project is being carried out in an orderly manner, with a planned carbonate lithium production capacity of 40,000 tons/year. After the full operation of both phases, the annual production capacity is expected to reach 60,000 - 80,000 tons [15] - Hubei Liyuan: The production capacity of lithium iron phosphate has been upgraded and put into production. Hubei Liyuan, a subsidiary of Longpan Technology, announced that after more than a month of production - line upgrading and transformation, the A and B lines of the iron phosphate workshop have been fully put into production, with the production capacity steadily increasing and exceeding expectations, and the quality parameters of the offline products meeting the standards. The total investment of this project is 3 billion yuan, including a production base with an annual output of 100,000 tons of lithium iron phosphate and 50,000 tons of iron phosphate, mainly supplying to leading enterprises such as Tesla and CATL [15] Group 6: Related Charts - The report includes multiple charts showing the prices, production, and import volume of carbonate lithium, lithium hydroxide, lithium iron phosphate, ternary materials, and battery production, with data sources from iFinD, Antaike, and Tongguan Jinyuan Futures [17][19][21]

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" and is maintained [6]. Core Views - The report indicates that the company's total revenue for the first half of 2025 was 4.833 billion yuan, a year-on-year decrease of 24.71%. However, the net profit attributable to shareholders was 84 million yuan, showing a significant increase of 101.62% year-on-year. The net profit after deducting non-recurring items was 1.32 million yuan, also up by 100.03% year-on-year [2][4]. - In the second quarter of 2025, the company reported revenue of 2.248 billion yuan, a quarter-on-quarter decline of 12.99%, and a net loss attributable to shareholders of 20 million yuan, a significant decrease of 119.05% quarter-on-quarter. The net profit after deducting non-recurring items was a loss of 4.3 million yuan, down 197% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - In the first half of 2025, Tianqi Lithium achieved total revenue of 4.833 billion yuan, down 24.71% year-on-year. The net profit attributable to shareholders was 84 million yuan, up 101.62% year-on-year, while the net profit after deducting non-recurring items was 1.32 million yuan, up 100.03% year-on-year [2][4]. - For the second quarter of 2025, the company reported revenue of 2.248 billion yuan, a decrease of 12.99% from the previous quarter. The net profit attributable to shareholders was a loss of 20 million yuan, down 119.05% quarter-on-quarter, and the net profit after deducting non-recurring items was a loss of 4.3 million yuan, down 197% quarter-on-quarter [2][4]. Market Conditions - The report highlights that lithium prices have been declining rapidly, which has increased the company's profitability pressure. The average price of battery-grade lithium carbonate in the second quarter of 2025 was 65,300 yuan per ton, a decrease of 14% quarter-on-quarter [11]. - The report also notes that the Greenbush project contributed a net profit of 584 million yuan to Tianqi Lithium in the first half of 2025, with a production volume of 340,000 tons of lithium concentrate in the second quarter, which remained stable [11]. Future Outlook - The report suggests that the company may see an operational turning point in the third quarter of 2025, as the lithium prices are expected to rebound from the current low levels [11]. - The completion of the CGP3 plant is anticipated to be delayed until December 2025, which will increase the company's lithium concentrate production capacity to 2.14 million tons per year [11].

Group 1 - The company, Dazhong Mining, announced its acquisition decision for the Sichuan Jiada Lithium Mine is based on long-term strategic planning and rigorous technical-economic assessments [2] - The first mining area has a recorded resource amount of 148.42 thousand tons of lithium carbonate equivalent, with an average lithium oxide grade of 1.38% [2] - The exploration area for the Sichuan Jiada Lithium Mine is 21.2247 square kilometers, with the currently recorded first mining area only covering 2.056 square kilometers, indicating significant future resource expansion potential [2] Group 2 - The company holds 100% ownership of the exploration rights for the Jijia Mountain Lithium Mine, with no additional payment obligations [2]

Core Viewpoint - The company is making significant progress in the construction of the Jijia Mountain lithium mine in Hunan, aiming for full-scale operations by the first half of 2025, with various approvals and advancements already achieved [2]. Group 1: Project Development - The company has completed the resource reserve assessment for the Jijia Mountain lithium mine, which is recognized as the largest lithium mine in terms of lithium carbonate equivalent approved by the Ministry of Natural Resources [2]. - The company has also completed the review and approval of the "Mineral Resource Development and Utilization Plan," with a mining scale of 20 million tons per year, marking it as the largest raw ore mining scale approved by the Ministry [2]. - The geological environmental protection and land reclamation plan has been reviewed and approved, and the transition from exploration to mining is currently under review by the Ministry [2]. Group 2: Mining and Transportation - The company has determined the mining development system and transportation plan, successfully completing a 7.3-kilometer shield tunneling transportation corridor and access roads for mining, providing a foundational guarantee for subsequent mining construction [2]. Group 3: Processing and Recovery - The company has obtained planning permission for construction land and is concurrently processing other necessary construction permits [2]. - A technical team has been established to complete the pilot test of the new lithium extraction process using sulfuric acid, achieving breakthroughs in environmental compliance for lithium extraction from lepidolite and significantly improving lithium recovery rates to 90% [2]. - The comprehensive recovery of valuable elements has substantially reduced production costs [2].

Core Viewpoint - The company, Dazhong Mining, has significant iron ore and lithium mining operations, with substantial reserves and production capacity projected for the near future [1] Group 1: Iron Ore Operations - The company has reported an increase in iron ore reserves to 690 million tons as of June 2025, based on the latest exploration results [1] - The iron ore production capacity is set at 14.8 million tons [1] - The company has been operating in the iron ore industry for over 20 years, indicating established expertise and stability in this sector [1] Group 2: Lithium Mining Operations - The company has lithium mining operations in Hunan and Sichuan, with registered lithium carbonate equivalent reserves exceeding 4.72 million tons [1] - The lithium resource reserves are ranked among the top in the country, suggesting a strong competitive position in the lithium market [1] - The lithium mining sector is currently in the construction phase, with specific production timelines to be announced in future company announcements [1]

Core Insights - The company Dazhong Mining (001203) announced that the resource quantity of the Sichuan Gada Lithium Mine's first mining area has been approved by the Ministry of Natural Resources, with a total ore quantity of 43.436 million tons and a Li2O mineral quantity of 600.9 thousand tons, exceeding the company's expectations [1] Group 1 - The lithium ore resource quantity is 43.436 million tons, with an average grade of 1.38%, equivalent to approximately 148.42 thousand tons of lithium carbonate [1] - The company is advancing the procedures for exploration to mining transition and is conducting exploration outside the first mining area [1] - As of August 20, the company has completed 15,100 meters of drilling with a mineral discovery rate of 95% [1] Group 2 - The company has deployed two shield machines for simultaneous construction of exploration tunnels and shafts to facilitate subsequent engineering [1] - The company has determined the process flow for heavy flotation and combined selection in the beneficiation aspect [1] - Preliminary design and safety facility design for the tailings pond have been completed and reviewed by external experts [1]

Core Viewpoint - The company is actively working on obtaining production-related licenses and completing foundational work for its Hunan Jijia Mountain lithium mine, which has not yet commenced production [1] Group 1 - The company has not yet established any intentions to form a joint venture with Fudi Battery [1] - The company plans to collaborate with high-quality downstream enterprises based on the production status of the project [1] - Currently, there are no confirmed downstream customers for the lithium mine [1]