Group 1 - The core viewpoint of the article highlights the poor financial performance of Yongshan Lithium Industry in the first half of 2025, with a significant revenue drop of 28.6% to 2.392 billion yuan and a net loss attributable to shareholders of 144 million yuan, a year-on-year decline of 315.6% [1] - The company's main business segments, lithium salt products and molybdenum products, both underperformed, negatively impacting overall performance. The lithium salt business generated revenue of 617 million yuan, down 19.95% year-on-year, while the molybdenum business earned 1.774 billion yuan, also showing a decline [1] - From 2022 to the first half of 2025, the company reported revenues of 7.061 billion yuan, 7.505 billion yuan, 5.895 billion yuan, and 2.392 billion yuan, with respective changes of 81.58%, 6.29%, -21.45%, and -28.63% [1] Group 2 - The overall lithium carbonate market exhibited a volatile pattern in the first half of 2025, initially rising due to inventory digestion and seasonal demand expectations, but later stabilizing at lower levels [1] - The company's profitability has also declined, with the sales gross margin dropping from 8.89% in the first half of 2023 to 1.58% in the first half of 2025, and the net profit margin turning negative [1] - The operational efficiency of the company has worsened, with a significant decrease in inventory turnover rate and total asset turnover rate [2]

Core Insights - Yongshan Lithium Industry reported a significant decline in revenue and net profit for the first half of 2025, with revenue dropping by 28.6% to 2.392 billion yuan and a net loss of 144 million yuan, a year-on-year decrease of 315.6% [1][3] - The company's two main business segments, molybdenum and lithium, both underperformed due to price pressures, negatively impacting overall performance [1][3] Revenue Performance - The lithium salt business revenue decreased by 19.95% to 617 million yuan, while the molybdenum business revenue fell by 31.23% to 1.774 billion yuan [3] - Revenue figures for the years 2022 to 2025 show a trend of fluctuating performance: 7.061 billion yuan in 2022, 7.505 billion yuan in 2023, 5.895 billion yuan in 2024, and 2.392 billion yuan in the first half of 2025, with respective year-on-year changes of 81.58%, 6.29%, -21.45%, and -28.63% [1] Profitability Analysis - The company's net profit figures indicate a troubling trend: 492 million yuan in 2022, a loss of 337 million yuan in 2023, a profit of 25.42 million yuan in 2024, and a loss of 144 million yuan in the first half of 2025, with year-on-year changes of 2605.67%, -168.52%, 107.54%, and -315.62% [1] - The gross profit margin has been declining, dropping from 8.89% in the first half of 2023 to 1.58% in the first half of 2025, while the net profit margin turned negative, falling from 1.99% in the first half of 2024 to -6.02% in the first half of 2025 [3] Operational Efficiency - The company's inventory turnover rate has significantly decreased, indicating reduced operational efficiency [5] - In the first half of 2025, Yongshan Lithium's inventory turnover rate was 4.34, with inventory turnover days extending to 41.47 days, reflecting a decline in turnover efficiency [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Tianqi Lithium Corporation 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9696） 內幕消息 關於公司原全資子公司增資擴股暨引入戰略投資者的進展公告 本公告乃由天齊鋰業股份有限公司（「本公司」或「公司」，連同其附屬公司統稱「本 集團」）根據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第13.09條及 香港法例第571章《證券及期貨條例》第XIVA部項下內幕消息條文（定義見上市規 則）而作出。 交易概述 2020年12月8日，本公司董事（「董事」）會（「董事會」）審議通過了《關於公司全資 子公司增資擴股暨引入戰略投資者的議案》。根據擬簽署的《投資協議》及相關協 議的約定：公司原全資子公司Tianqi Lithium Energy Australia Pty Ltd（「TLEA」） 擬以增資擴股的方式引入戰略投資者澳大利亞上市公司IGO ...

Core Viewpoint - The report from Credit Lyonnais indicates that Ganfeng Lithium's Q2 performance met expectations, with a net loss of 175 million RMB, while the gross margin of 9.6% fell short of projections. The market is expected to focus on management's outlook for lithium prices, which is anticipated to become more rational in the short term [1]. Group 1 - Ganfeng Lithium reported a net loss of 175 million RMB for Q2 [1]. - The gross margin was 9.6%, which did not meet expectations [1]. - Management expressed optimism that lithium price levels will trend towards rationality in the short term [1]. Group 2 - Credit Lyonnais has raised its lithium price forecasts and adjusted its earnings estimates for Ganfeng Lithium [1]. - The valuation method has shifted to a price-to-earnings basis, extending to 2027 [1]. - The target price for H-shares has been increased from 25 HKD to 35 HKD, and the target price for A-shares has been raised from 37 RMB to 45 RMB [1]. Group 3 - The ratings for both A and H shares have been upgraded from "Hold" to "Outperform" [1].

高盛发表研究报告指，赣锋锂业上半年净亏损5.36亿元，较去年同期亏损7.59亿元有所收窄。若剔除一 次性项目，经常性净亏损为4.42亿元，而去年同期则录得经常性盈利。该行指业绩逊于预期，主要因锂 化学品利润低于预期。公司今年亦未有宣派中期股息。 该行将2025年经常性盈利预测下调28%，以反映氢氧化锂实现平均售价低于预期，以及上半年锂销量减 少，但将2026至27年经常性盈利上调12%至44%，因部分项目生产成本较预期低等因素。该行维持对其 H股"中性"评级，目标价由19港元上调至28港元，维持A股"沽售"评级，目标价由21.4元上调至30.5元。 ...

Core Viewpoint - Yongshan Lithium Industry (603399) reported disappointing financial results for the first half of 2025, with significant declines in revenue and profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 2.392 billion yuan, a decrease of 28.63% year-on-year [1] - Net profit attributable to shareholders was -144 million yuan, down 315.62% year-on-year [1] - In Q2 2025, total revenue was 1.297 billion yuan, a decline of 31.73% year-on-year [1] - Q2 net profit attributable to shareholders was -115 million yuan, a decrease of 2363.31% year-on-year [1] - Gross margin was 1.58%, down 60.63% year-on-year, while net margin was -6.54%, a drop of 376.49% [1] Key Financial Metrics - The company's receivables were notably high, with accounts receivable accounting for 854.71% of the latest annual net profit [1] - Total cash and cash equivalents decreased by 62.22% to 332 million yuan [1] - Interest-bearing liabilities increased by 33.09% to 919 million yuan [1] - The ratio of selling, administrative, and financial expenses to revenue rose by 68.94% to 2.91% [1] - Earnings per share were -0.28 yuan, a decrease of 315.38% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 45.93% due to raw material purchases in the lithium sector [3] - Trade receivables decreased by 37.03% due to a reduction in commercial acceptance bills received [5] - Prepayments increased by 185.08% due to higher raw material procurement prepayments [6] - Fixed assets increased by 72.5% due to the capitalization of the 45,000-ton lithium salt project phase II [8] - Short-term borrowings increased by 75.87% to meet operational needs [13] Operational Insights - The company’s return on invested capital (ROIC) was 2.21%, indicating weak capital returns [18] - The net profit margin was 0.54%, suggesting low added value in products or services [18] - The company has experienced four years of losses since its listing, indicating a generally weak financial history [18] Business Model - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers [19] Cash Flow and Debt Status - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 50.59% [20] - The interest-bearing asset-liability ratio has reached 27.8%, indicating potential debt concerns [20] - The accounts receivable to profit ratio is at 854.71%, highlighting significant credit risk [21]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For copper, the fundamentals remain unchanged, demand is at the end of the off - season, and there is no upward driving force. With short - term large - scale fluctuations being unlikely, it is advisable to focus on range trading [9] - For lithium carbonate, the market is close to the peak season, with demand providing support at the bottom and limited decline. However, it is easily affected by industry news, so cautious operation is recommended [11] - For crude oil, although the price has rebounded, the subsequent consumption peak season is ending, and OPEC+ is accelerating production increases. It is recommended to sell on rallies [12] - For asphalt, with both supply and demand being weak and the cost - side support strengthening, the asphalt futures are expected to fluctuate in the near term [14] - For PP, it is expected to fluctuate in the near term. It is recommended to take profit on the 09 - 01 reverse spread [15][16] - For plastic, it is expected to fluctuate in the near term [17] - For PVC, it is expected to fluctuate downward due to its own fundamental pressure [19] - For coking coal, the market sentiment is volatile, and the fundamentals have no significant changes, with the price oscillating at a high level [20] - For urea, it is in a weak consolidation stage. It is advisable to short on rebounds in the short term, and there is support at the bottom [22] Summaries by Related Catalogs Futures Market Overview - As of the close on August 26, most domestic futures main contracts declined. Peanut, log, and 20 - gauge rubber rose slightly. Alumina and coking coal dropped by over 3%, while industrial silicon, container shipping to Europe, coke, and polysilicon dropped by over 2%. Glass, soda ash, and styrene dropped nearly 2%. Among stock index futures, IF dropped 0.22%, IH dropped 0.40%, IC rose 0.17%, and IM dropped 0.10%. Among treasury bond futures, TS rose 0.01%, TF rose 0.04%, T rose 0.06%, and TL rose 0.47% [6] Capital Flow - As of 15:18 on August 26, in terms of capital inflow in domestic futures main contracts, alumina 2601 had an inflow of 373 million, Shanghai copper 2510 had an inflow of 332 million, and 30 - year treasury bond 2512 had an inflow of 196 million. In terms of capital outflow, CSI 300 2509 had an outflow of 4.638 billion, CSI 1000 2509 had an outflow of 4.034 billion, and CSI 500 2509 had an outflow of 3.377 billion [7] Analysis of Specific Varieties Copper - Supply: Codelco adjusted its production target downward. The port inventory of refined copper ore has decreased, and the TC/RC fees are rising. The sulfuric acid price is high, supporting smelter profits. The production of refined copper is expected to remain stable in the short term, but there may be production cuts in the later third quarter [9] - Demand: Downstream demand is lukewarm, with new orders increasing but market trading volume decreasing. The real estate sector is a drag, but the power grid and new energy bring demand resilience [9] - Inventory: The inventory at the Shanghai Futures Exchange has increased this week, indicating weak short - term demand [9] Lithium Carbonate - Price: The average price of battery - grade lithium carbonate is 81,700 yuan/ton, down 800 yuan/ton from the previous trading day [10] - Supply: The production from August to September is expected to decline by 15% year - on - year. Yichun Yinli has resumed production, but CATL has not [11] - Demand: After the price correction, downstream purchasing sentiment has been stimulated, and there is support at the bottom [11] Crude Oil - Inventory: EIA data shows that the inventory of crude oil and gasoline has decreased more than expected [12] - Production: OPEC+ plans to increase production by 547,000 barrels per day in September [12] - Price: Saudi Aramco has raised the official selling price of Arab Light crude oil for Asia in September [12] Asphalt - Supply: The asphalt production rate has decreased, and the planned production in August is 2.413 million tons, a decrease of 5.1% from the previous month [14] - Demand: Affected by factors such as funds, rainfall, and high temperatures, the demand is weak [14] PP - Supply: The new capacity of CNOOC Ningbo Daxie PP is planned to be put into production in August, and the number of maintenance devices has decreased slightly [15] - Demand: The downstream demand is weak, but there may be an improvement during the peak season [15] Plastic - Supply: The new capacity of Jilin Petrochemical's HDPE was put into operation at the end of July, and the plastic production rate has increased [17] - Demand: The agricultural film is gradually emerging from the off - season, but the raw material replenishment is not strong [17] PVC - Supply: The PVC production rate has decreased, and new capacities are being put into production [18][19] - Demand: The downstream demand is weak, and the export outlook is not optimistic [18][19] Coking Coal - Supply: The import volume in July increased significantly, and the domestic production has rebounded [20] - Demand: The downstream coke production enthusiasm has improved, but the steel mill profits have weakened [20] Urea - Supply: The daily production is around 190,000 tons, and there are maintenance plans this week, with production expected to decrease [21] - Demand: The industrial demand has some resilience, but is affected by environmental protection restrictions. The inventory is at a high level [21][22]

Core Insights - Yongshan Lithium Industry (603399.SH) released its semi-annual report for 2025 on August 26, 2025, highlighting key ownership changes among institutional investors [1] Institutional Ownership - As of August 25, 2025, three institutional investors disclosed holdings in Yongshan Lithium, totaling 223 million shares, which represents 43.60% of the company's total share capital [1] - The institutional investors include Pingtan Yongrong Zhisheng Investment Co., Ltd., Ningbo Jutai Investment Management Co., Ltd., and Shanghai Gangshi Equity Investment Co., Ltd. [1] - Compared to the previous quarter, the total institutional ownership percentage decreased by 0.51 percentage points [1]

证券代码：603399 证券简称：永杉锂业 公告编号：2025-052 锦州永杉锂业股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 召开的日期时间：2025 年 9 月 10 日 14 点 00 分 召开地点：主会场位于辽宁省凌海市大有乡双庙农场公司会议室，分会场位 于湖南省长沙市望城区大泽湖·海归小镇研发中心 1 期 3B 栋 7 楼公司会议 室 (五)网络投票的系统、起止日期和投票时间。 (七)涉及公开征集股东投票权 无 二、 会议审议事项 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 10 日 至2025 年 9 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账 ...

第五届董事会第三十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 锦州永杉锂业股份有限公司（以下简称"公司"）第五届董事会第三十六次 会议于 2025 年 8 月 25 日在公司会议室以现场表决结合通讯表决方式召开。本次 董事会会议通知已于 2025 年 8 月 20 日分别以专人送达、电子邮件或传真等方式 发出，会议应出席董事 7 人，实际出席 7 人，会议由董事长杨希龙先生主持。会 议召集及召开程序符合《中华人民共和国公司法》 （以下简称" 证 券 代 码：603399 证 券简 称：永杉锂业 公告 编 号： 2025-048 锦州永杉锂业股份有限公司 《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）等法律法规和《锦州永杉锂业 股份有限公司章程》的有关规定。会议审议并通过了以下决议： 一、审议通过《关于 2025 年半年度报告及半年报摘要的议案》 根据《公司法》《证券法》等法律法规及《公司章程》的规定，结合公司实 际经营状况，公司编制了《2025 年半年度报告》及《2025 年半 ...