Group 1: Greentown Service (2869.HK) - The company reported a revenue of 9.3 billion yuan, a year-on-year increase of 6.1% [5] - Gross profit reached 1.8 billion yuan, up 8.9% year-on-year, with a gross margin of 19.5%, an increase of 0.5 percentage points [5] - Core operating profit was 1.07 billion yuan, reflecting a year-on-year growth of 25.3% [5] - Net profit attributable to shareholders was 610 million yuan, a year-on-year increase of 22.6% [5] Group 2: Ganfeng Lithium (002460.SZ) - The company achieved a revenue of 8.376 billion yuan, a year-on-year decrease of 12.65% [6] - Net profit attributable to shareholders was -531 million yuan, indicating a reduction in losses compared to the previous year [6] - The improvement in performance was mainly due to a reduction in losses from fair value changes [6] - The company has established partnerships with well-known drone and eVTOL companies for solid-state battery integration [6] Group 3: Puyang Huicheng (300481.SZ) - The company reported a revenue of 721 million yuan, a slight increase of 0.36% year-on-year [7] - Net profit attributable to shareholders was 71 million yuan, a year-on-year decline of 37.22% [7] - In Q2, revenue was 365 million yuan, a year-on-year increase of 0.16% and a quarter-on-quarter increase of 2.49% [7] Group 4: Tongwei Co., Ltd. (600438.SH) - The company achieved a revenue of 40.509 billion yuan in H1 2025, a year-on-year decrease of 7.51% [8] - Net profit attributable to shareholders was -4.955 billion yuan, with losses widening compared to the previous year [8] - In Q2, revenue was 24.575 billion yuan, a year-on-year increase of 1.44% [8] Group 5: TCL Zhonghuan (002129.SZ) - The company reported a revenue of 13.398 billion yuan in H1 2025, a year-on-year decrease of 17.36% [9] - Net profit attributable to shareholders was -4.242 billion yuan, with losses widening compared to the previous year [9] - In Q2, revenue was 7.297 billion yuan, a year-on-year increase of 16.18% [9] Group 6: Guangwei Composites (300699.SZ) - The company achieved a revenue of 1.201 billion yuan in H1 2025, a year-on-year increase of 3.87% [10] - Net profit attributable to shareholders was 269 million yuan, a year-on-year decrease of 26.85% [10] - In Q2, revenue was 635 million yuan, a year-on-year decrease of 1.40% [10] Group 7: iFlytek (002230.SZ) - The company reported a revenue of 10.91 billion yuan in H1 2025, a year-on-year increase of 17.0% [11] - Net profit attributable to shareholders was -239 million yuan, with losses narrowing by 40.4% year-on-year [11] - In Q2, revenue was 6.25 billion yuan, a year-on-year increase of 10.1% [11]

Core Viewpoint - The company reported a significant improvement in its financial performance for the first half of 2025, despite a decline in revenue, primarily due to reduced losses from fair value changes and strategic asset disposals [3][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.376 billion yuan, a year-on-year decrease of 12.65% - The net profit attributable to shareholders was -531 million yuan, indicating a reduction in losses compared to the previous year [3]. Fair Value Changes - The company's fair value change net income was -278 million yuan, showing a substantial reduction in losses year-on-year - The implementation of collar options resulted in a gain of 375 million yuan, contributing positively to the financial results [4]. Asset Management - The company enhanced its investment income through the disposal of certain energy storage plants and joint ventures, generating an investment income of 224 million yuan from the sale of a subsidiary of Shenzhen Yichu Energy Technology Co., Ltd. [4]. Lithium Production Capacity - The company is actively advancing the production ramp-up of the Mariana lithium salt lake project and accelerating the Goulamina lithium spodumene project in Mali, aiming to increase its self-sufficiency in lithium spodumene [5]. - A joint venture with LAR is planned to integrate lithium salt lake assets in Argentina, potentially establishing one of the largest lithium extraction projects globally, with a target of achieving an annual production capacity of no less than 600,000 tons of lithium carbonate equivalent (LCE) by 2030 or earlier [5]. Solid-State Battery Development - The company has established capabilities in key areas of solid-state battery production, including sulfide electrolytes, oxide electrolytes, lithium metal anodes, cells, and battery systems - Successful development of high ionic conductivity sulfide electrolyte powders with room temperature ionic conductivities exceeding 8 mS/cm and 6 mS/cm for different particle sizes [6][7]. Market Outlook - The industry may be entering a phase where lower lithium prices could present buying opportunities, as some domestic and international mines have experienced production halts or reductions since early 2024 - The reset cost method may provide a more accurate reflection of asset values, particularly for companies trading at a discount to their reset costs, indicating potential long-term investment value [8].

证 券 代 码：603399 证 券简 称：永 杉 锂 业 公告 编 号： 2025-049 锦州永杉锂业股份有限公司 第五届监事会第三十一次会议决议公告 本公司监事会及全体监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"）第五届监事会第三十一次会议 于 2025 年 8 月 25 日在公司会议室召开，应参加会议监事 3 人，实际参加会议监事 （以 下简称" 《公司法》"）和《锦州永杉锂业股份有限公司章程》 一、审议《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 年半年度报告摘要》。 应参加表决监事 3 人，实际参加表决监事 3 人，3 票赞成，0 票反对，0 票弃权。 二、审议《关于取消监事会的议案》 根据 2024 年 7 月 1 日起实施的《公司法》，中国证监会于 2024 年 12 月 27 日发 布的《关于新 <公司法> 配套制度规则实施相关过渡期安排 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2025/8/25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 79,380.00 | +420.00↑ 前20名净持仓（日，手） | -132,250.00 | +6209.00↑ | | | 主力合约持仓量（日，手） | 368,667.00 | +6413.00↑ 近远月合约价差（日，元/吨） | 540.00 | -20.00↓ | | | 广期所仓单（日，手/吨） | 24,990.00 | +670. ...

智利矿业化工二季度营收同比下降19%至10亿雷亚尔。EBITDA同比下降25%至3.08亿美元，利润率降 至29.5%（同比收缩2.4个百分点）。锂业务部门持续承压，尽管销量保持相对稳定达5.31万吨（同比 +1%），但营收同比下降33%至4.45亿美元。 智通财经APP获悉，由于锂价持续疲软，全球顶尖的锂矿生产商之一智利矿业化工(SQM.US)第二季度 业绩表现不佳，美银认为，尽管杠杆率有所上升，智利矿业化工仍保持强劲的资产负债表——其极具竞 争力的锂生产成本优势使公司能够吸收锂市场的疲软，而不会出现重大的信用恶化，给予其34年期债 券"增持"评级。 中国或成为锂价短期企稳的关键变量。美银指出，中国已明确今年将"有序出清"10万吨锂云母产能，若 全部落实，理论可重新锚定2万美元/吨的边际成本定价。尽管执行节奏仍取决于地方，但政策信号已令 市场空头趋于谨慎。考虑到智利矿业化工现金成本全球最低（约4千美元/吨），即便价格反弹至1.2–1.4 万美元/吨区间，其吨毛利仍能维持70%以上，盈利弹性显著优于高成本矿山。 该行对34年期债券给予"增持"评级，反映了其相对于同业和智利其他资产的吸引力估值。对29年期和33 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The report indicates that the cost reduction measures in the Australian lithium mining sector have reached a bottleneck, with companies now focusing on more nuanced strategies to manage costs rather than broad cuts [2][22] - Australian lithium production in Q2 2025 increased by 12% to 940,000 tons (equivalent to SC6), with expectations for FY26 production to rise by 6.4% year-on-year to 3.888 million tons [1][13] - The report highlights a significant drop in lithium prices, which has pressured profit margins, yet companies maintain a certain level of cash flow resilience [3][41] Summary by Sections Production - In Q2 2025, Australian lithium production was boosted by the successful ramp-up of the Pilbara P1000 project and increased output from Wodgina, leading to a 12% quarter-on-quarter increase [1][11] - The total sales volume of Australian lithium concentrate in Q2 2025 was 989,000 tons, reflecting a 16% increase from the previous quarter, despite a 10% year-on-year decline [11] Cost Analysis - Cost reduction strategies have become more selective, with companies weighing the relationship between stripping ratios, recovery rates, and costs [2][22] - The report notes that the average cash costs for Kathleen Valley have approached critical levels, while Pilbara and Wodgina have managed to lower costs through efficiency improvements [19][20] Financial Performance - The gross profit margins for major Australian lithium mines have significantly decreased, with Greenbushes maintaining a margin of 62%, while others like Pilbara and Marion saw margins drop to between 15% and 22% [43] - Operating cash flows for companies like Pilbara improved due to increased sales volumes and cost reductions, while others like IGO faced cash flow pressures [46][47] Strategic Decisions - Most Australian mining companies are currently unable to provide price guidance, reflecting a shift from broad cost-cutting measures to more refined operational strategies [54][55] - Companies are focusing on enhancing operational efficiency and management capabilities rather than aggressive workforce reductions [2][54]

碳酸锂周报 2024 年 8 月 25 日 情绪扰动降温 锂价震荡偏弱 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com. cn 从业资格号：F03112296 投资咨询号：20021040 敬请参阅最后一页免责声明 1 / 9 ⚫ 上周回顾：周初受江西某大型锂盐厂旗下锂矿安全生产许 可证到期预期扰动，锂价大幅高开，但价格绝对高位缺乏 政策面及基本面支撑，多头表现较为保守。随之周中又出 某大型盐厂宣布复产，多头避险离场，盘中大幅减仓回落。 但产量恢复需要时间，公司表示8月实际落地产量有限。 回顾来看，上周锂价整体 ...

锂：旺季需求下锂盐有望去库，锂价持续回升。本周碳酸锂价格上涨1.45%至8.4万元/ 吨，锂辉石精矿下跌0.64%至934美元/吨。本周碳酸锂期货主力合约2511下跌9.14%至7.9万 元/吨。供给端，本周碳酸锂产量1.9万吨，环比减少4.2%。SMM周度库存14.2万吨，环比减 少0.5%。本周碳酸锂现货价格持续回升，金九银十旺季即将到来，下游备库需求增加，叠 加前期部分矿端和冶炼厂减停产，碳酸锂有望迎来去库，锂价短期具备向上动能。锂价回升 背景下，权益板块短期有望迎来反弹，我们建议关注具备第二增长曲线的低估值标的和仍具 备锂自给率提升和降本空间标的：雅化集团（锂+民爆）、中矿资源（锂+小金属+铜）、天 齐锂业、赣锋锂业。 钴：7月钴原料进口量持续下滑，原料库存有望加速消化，钴价后续有望迎来上行。本 周国内电钴价格下跌0.38%至26.1万元/吨。6月21日，刚果金宣布将钴出口临时禁令再延长3 个月，以遏制钴国际市场供应过剩。7月中国钴湿法冶炼中间产品进口量为1.4万吨（折合 0.41万吨金属钴），环比下降27%，同比下降73%。出口禁令延长将加速钴原料库存去化， Q4或出现原料紧缺情况，钴价后续有望持续 ...

期货日报记者了解到，上周市场利空消息较多：宜春银锂宣布近期将复工复产、7月锂矿进口量环比增 长超30%等。从市场供需格局来看，上述消息对碳酸锂实际供需影响较为有限。"虽然这类消息对实际 供需影响并不大，但综合到一起就容易将市场焦点拉回碳酸锂供给端。"张维鑫解释，在当前的市场格 局下，没有新的利多消息驱动时，利空消息就容易成为碳酸锂市场的主要驱动因素，从而影响碳酸锂价 格。 中信期货有色与新材料组研究员王美丹也认为，碳酸锂期货价格大幅回调的主要原因是市场看空情绪升 温。"虽然宜春银锂恢复生产等消息符合市场预期，但在一定程度上缓解了市场对'供应持续收缩'的担 忧。"王美丹表示，此前价格上涨的核心驱动是供应收缩预期，而复产消息打破了市场对供应收缩的期 望，在一定程度上"浇灭"了看多情绪。 从基本面来看，8月碳酸锂市场仍呈现供需双增的紧平衡格局。据SMM数据，截至8月21日当周，碳酸 锂总产量约为1.91万吨，环比减少842吨。据悉，供应减量主要来自锂云母端和盐湖端，锂辉石端和回 收端产量则有所增加。库存方面，数据显示，截至8月21日当周，碳酸锂社会库存维持去化态势，环比 减少713吨，至14.15万吨左右。其中，冶 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of the year, with revenue at 3.693 billion yuan, down 17.78% year-on-year, and net profit attributable to shareholders at 401 million yuan, down 47.84% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 1.905 billion yuan in Q2 2025, a year-on-year decrease of 13% [1] - The net profit for the first half of the year was 401 million yuan, reflecting a year-on-year decline of 47.84% [1] - The non-recurring net profit was 326 million yuan, down 45.96% year-on-year [1] Group 2: Lithium Battery New Energy Business - In the first half of the year, the company sold 12,050 tons of lithium carbonate, with a single-ton operating cost estimated at around 50,000 yuan [1] - The lowest price for domestic battery-grade lithium carbonate in Q2 dropped to 60,000 yuan per ton [1] Group 3: Key Projects in Lithium Battery New Energy Business - The Huqiao Mining project has completed the change of mining rights registration, increasing the recorded production capacity from 3 million tons per year to 9 million tons per year [1] - The raw ore transportation project has completed its establishment [1] Group 4: Special Steel New Materials Business - The company focused on cost control, improving single-ton gross profit, and increasing market share in the special steel new materials business during the first half of the year [1] Group 5: Profit Distribution Plan - The company plans to distribute a cash dividend of 3 yuan per 10 shares to all shareholders, totaling approximately 159 million yuan, which accounts for 39.66% of the net profit attributable to shareholders for the first half of the year [1]