Core Viewpoint - Tianqi Lithium's half-year report for 2025 indicates a significant decline in revenue and a notable increase in net profit, reflecting a complex financial landscape for the company amid market fluctuations [1][2]. Financial Performance - The company's operating revenue for the reporting period was approximately 4.83 billion yuan, a decrease of 24.71% compared to the same period last year [1]. - Net profit attributable to shareholders was approximately 84.41 million yuan, marking a 101.62% increase from a loss of over 5.2 billion yuan in the previous year [1]. - The net profit after deducting non-recurring gains and losses was approximately 1.32 million yuan, a 100.03% increase from a loss of over 5.2 billion yuan in the previous year [1]. - The net cash flow from operating activities was approximately 1.82 billion yuan, down 18.58% from the previous year [1]. Earnings Metrics - Basic earnings per share were reported at 0.05 yuan, a significant increase of 101.57% from a loss of 3.18 yuan per share in the previous year [2]. - Diluted earnings per share also stood at 0.05 yuan, reflecting the same percentage increase [2]. - The weighted average return on net assets was 0.20%, down from 10.65% in the previous year [2]. Asset and Equity Position - Total assets at the end of the reporting period were approximately 73.60 billion yuan, an increase of 7.17% from the previous year [2]. - Net assets attributable to shareholders were approximately 41.91 billion yuan, showing a slight increase of 0.04% from the previous year [2]. Shareholder Information - The largest shareholder, Chengdu Tianqi Industrial (Group) Co., Ltd., holds 25.37% of the shares, while HKSCC Nominees Limited holds 10.00% [2]. - The total number of ordinary shareholders at the end of the reporting period was 270,741 for A shares and 44 for H shares [2]. Important Developments - The company has initiated a project to build a production base for battery-grade lithium hydroxide in Zhangjiagang, Jiangsu Province, with a total investment of approximately 3 billion yuan [5]. - The first phase of the project aims to produce 30,000 tons of battery-grade lithium hydroxide annually and is expected to be flexible in switching production between lithium hydroxide and lithium carbonate based on market demand [5]. - The company has also established joint ventures for the construction and management of tailings storage and water supply facilities, enhancing resource utilization and operational efficiency [6][7]. Project Adjustments - The company has decided to terminate the second phase of the lithium hydroxide project due to economic feasibility concerns, after an investment of approximately 2.07 billion yuan [8]. - This decision is aimed at optimizing investment and reducing potential economic losses, reflecting a prudent approach to resource allocation [8].

Core Viewpoint - The lithium carbonate market is experiencing a significant price decline, with the main contract dropping over 5% to a new low since August 8, influenced by cautious purchasing behavior from downstream sectors and supply-side factors affecting prices [1][4]. Supply Side Summary - Lithium carbonate prices continue to decrease, with battery-grade prices at 79,600-83,600 CNY/ton and industrial-grade prices at 78,700-79,900 CNY/ton, both down by 100 CNY/ton from the previous trading day [1]. - The overall supply-demand balance shows improvement, with reduced inventory and production, but uncertainties remain regarding the approval of mining licenses and operational status of mines [2][5]. - Recent data indicates a weekly lithium carbonate production decrease of 842 tons to 19,138 tons, while total inventory stands at 141,543 tons [2]. Demand Side Summary - The market is currently in the traditional peak season ("Golden September, Silver October"), providing some rigid support for demand, although purchasing activity has slowed as buyers await further price declines [3][4]. - Downstream production is expected to maintain growth in September, but the overall purchasing sentiment is cautious due to previous stockpiling [3]. Import and Export Summary - In July, China's lithium carbonate imports totaled approximately 13,845 tons, down 22% month-on-month and 43% year-on-year, with an average import price of about 9,987 USD/ton [3]. - Chile and Argentina remain the primary sources of lithium carbonate imports, with significant reductions in import volumes from both countries [3]. Market Outlook Summary - Analysts suggest that despite the recent price drop, there may still be upward potential for lithium carbonate prices, driven by supply-side disruptions and ongoing demand support [4][5]. - The market is expected to experience wide fluctuations, with a price range forecasted between 75,000 and 82,000 CNY/ton, as participants adjust to changing market conditions [5].

1. Report Industry Investment Rating - No information provided in the reports 2. Core Viewpoints - The spot trading of lithium carbonate has shown some improvement and is in a volatile state [1] - The trend strength of lithium carbonate is 0, indicating a neutral outlook [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The 2509 contract's closing price was 79,260 yuan, down 320 yuan from the previous day; its trading volume was 19,572 lots, up 3,687 lots; and its open interest was 34,045 lots, down 10,665 lots. The 2511 contract's closing price was 79,020 yuan, down 360 yuan; its trading volume was 559,599 lots, down 67,317 lots; and its open interest was 349,496 lots, down 19,171 lots [1] - **Warehouse Receipts**: The warehouse receipt volume was 26,690 lots, up 1,060 lots from the previous day [1] - **Basis**: The basis between the spot and the 2509 contract was 2,440 yuan, down 480 yuan; the basis between the spot and the 2511 contract was 2,680 yuan, down 440 yuan; the basis between the 2509 and 2511 contracts was 240 yuan, up 40 yuan [1] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 920 US dollars, down 5 US dollars; the price of lithium mica (2.0% - 2.5%) was 1,970 yuan, down 25 yuan [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 81,700 yuan, down 800 yuan; the price of industrial - grade lithium carbonate was 79,400 yuan, down 800 yuan [1] - **Related Products**: The price of lithium iron phosphate (power type) was 35,620 yuan, down 190 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 114,400 yuan, down 60 yuan [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 81,739 yuan/ton, down 780 yuan/ton from the previous day; the average price of battery - grade lithium carbonate was 81,700 yuan/ton, down 800 yuan/ton; the average price of industrial - grade lithium carbonate was 79,400 yuan/ton, down 800 yuan/ton [2] - Galan Lithium completed its due diligence on August 25 and met all conditions for placing 20 million Australian dollar shares to Clean Elements Fund. The funds will be paid in two installments. Galan will have the funds to complete the first - phase construction of the Hombre Muerto West (HMW) project and start producing the first batch of lithium chloride concentrate in the first half of 2026, with an annual capacity of 4,000 tons LCE [3]

1. Report's Industry Investment Rating - Not provided in the report 2. Report's Core View - The short - term supply and demand of lithium carbonate are both strengthening, with high production, rising downstream demand, and social inventory depletion. The short - term fundamentals change little, but beware of the repeated "reversal" sentiment. It is expected that the lithium carbonate price will fluctuate widely. Operationally, it is recommended to conduct short - term range operations, buy on dips and appropriately purchase options for protection if it drops excessively, or buy straddle options [1] 3. Summary According to Relevant Content 3.1 Lithium Carbonate Futures Market - On August 26, the main contract of lithium carbonate futures fluctuated within a range. The trading volume was 5999 lots (- 67314), and the open interest was 34996 lots (- 1917). The spot market showed a rising trend, and the basis premium decreased [1] - The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts decreased compared with the previous day, while the trading volume and open interest of the active contract decreased, and the inventory decreased [1] 3.2 Lithium - Related Product Prices - The average price of spodumene concentrate (6%, CIF China) decreased, while the prices of lithium mica (different grades), phospho - lithium - aluminum stone (different grades), and most lithium - related products such as lithium carbonate, lithium hydroxide, and ternary materials changed to varying degrees [1] - The price differences between different grades of lithium carbonate, lithium hydroxide, and other products also changed. For example, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 550 [1] 3.3 Lithium Inventory - The SMM lithium carbonate inventory showed different trends in different sectors. The inventory of smelters decreased by 2847 tons, the inventory of downstream increased by 3224 tons, and the inventory of others decreased by 1090 tons. The total inventory decreased by 713 tons [1] 3.4 Industry News - SDIC Xinjiang Lithium Industry Co., Ltd. plans to invest about 800 million yuan to expand its lithium carbonate production capacity in Xinjiang from 500 tons to 10,000 tons. Jiuwu Hi - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement of this expansion project [1] - Australian miner Galan Lithium obtained 20 million Australian dollars (equivalent to 13 million US dollars) in financing for its Hombre Muerto West (HMW) project in Argentina. The project is expected to be put into production in the first half of 2026 and has 7.86 million tons of lithium carbonate equivalent (LCE) resources [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - demand situation of lithium carbonate shows that the supply is relatively abundant, and the demand is expected to strengthen in the next month with potential inventory reduction. The cost - dominated situation has weakened, and the price of lithium carbonate 2511 is expected to fluctuate in the range of 77,640 - 81,120 [8][9]. - The overall situation of the lithium - related industry is affected by factors such as production capacity mismatch, resulting in a situation of strong supply and weak demand, and the downward trend is difficult to change [13]. 3. Summary According to the Directory 3.1 Daily Viewpoint - **Supply Side**: Last week, the lithium carbonate production was 19,138 tons, a 4.21% decrease from the previous week but higher than the historical average. In July 2025, the production was 81,530 tons, and the predicted production for next month is 84,200 tons, a 3.27% increase. The import volume in July was 13,845 tons, and the predicted import volume for next month is 18,500 tons, a 33.62% increase [8][9]. - **Demand Side**: Last week, the inventory of sample enterprises of lithium iron phosphate was 93,640 tons, a 1.51% decrease from the previous week, and the inventory of sample enterprises of ternary materials was 17,617 tons, a 1.86% increase. It is expected that the demand will strengthen next month, and the inventory may be reduced [8][9]. - **Cost Side**: The daily -环比 cost of 6% concentrate CIF decreased, lower than the historical average. The cost of purchased spodumene concentrate is 78,817 yuan/ton, a 0.89% daily decrease, with a profit of 2,516 yuan/ton; the cost of purchased lepidolite is 81,868 yuan/ton, a 3.53% daily decrease, with a loss of 5,641 yuan/ton. The cost of the recycling end is generally higher than that of the ore end, and the production enthusiasm is low. The quarterly cash production cost of the salt - lake end is 31,745 yuan/ton, with sufficient profit margins and strong production motivation [9][10]. - **Market Situation**: The basis of the 11 - contract is 3,120 yuan/ton, with the spot price higher than the futures price. The overall inventory is 141,543 tons, a 0.50% decrease from the previous week, higher than the historical average. The main position is net short, and the short position increases. The MA20 of the disk is upward, and the futures price of the 11 - contract closes above the MA20 [10]. - **Leverage Factors**: Positive factors include manufacturers' production suspension and reduction plans, a decrease in the import volume of lithium carbonate from Chile, and a decline in the import volume of spodumene. Negative factors include the continuous high supply at the ore/salt - lake end with limited decline, and the insufficient willingness of the power - battery end to take delivery [11][12]. 3.2 Carbonate Lithium Market Overview - **Price Changes**: The prices of various lithium - related products such as lithium ore, lithium salt, cathode materials, and lithium batteries have different degrees of changes, including increases and decreases [16]. - **Supply - Demand Data**: The weekly and monthly production, import, export, inventory, and other data of lithium carbonate and related products show different trends of increase and decrease [19]. 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore shows a certain trend of change, and the production of Chinese sample spodumene mines and domestic lepidolite has different levels of production in different months and years [26]. - **Import and Self - Sufficiency Rate**: The monthly import volume of lithium concentrate has increased, and the self - sufficiency rate of lithium ore has also changed [26]. - **Supply - Demand Balance**: The supply - demand balance of domestic lithium ore shows different surpluses and deficits in different months from 2024 to 2025 [29]. 3.4 Supply - Lithium Carbonate - **Production and Capacity**: The weekly and monthly production and capacity of lithium carbonate from different sources (lithium辉石, lithium mica, salt lake, recycling) show different trends [32]. - **Import and Export**: The monthly import and export volume of lithium carbonate has changed, and the export volume from Chile to China has also shown a downward trend [32][35]. - **Supply - Demand Balance**: The supply - demand balance of lithium carbonate shows different surpluses and deficits in different months from 2024 to 2025 [38]. 3.5 Supply - Lithium Hydroxide - **Production and Capacity Utilization**: The weekly capacity utilization rate and monthly production of lithium hydroxide from different sources (causticization, smelting) show different trends [41]. - **Export**: The export volume of lithium hydroxide has changed in different months and years [41]. - **Supply - Demand Balance**: The supply - demand balance of lithium hydroxide shows different surpluses and deficits in different months from 2024 to 2025 [43]. 3.6 Lithium Compound Cost - Profit - **Cost and Profit of Different Raw Materials**: The production cost and profit of lithium compounds from different raw materials (spodumene concentrate, lepidolite concentrate, recycled materials) show different trends [46][49]. - **Processing and Purification Profit**: The processing profit between different types of lithium hydroxide and the purification profit of industrial - grade lithium carbonate also show different trends [49][52]. 3.7 Inventory - **Carbonate Lithium Inventory**: The weekly and monthly inventory of lithium carbonate from different sources (smelter, downstream, other) shows different trends of increase and decrease [19][54]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide from different sources (smelter, downstream) shows different trends [54]. 3.8 Demand - Lithium Battery - **Price and Production**: The price, production, and shipment volume of lithium batteries show different trends, and the export volume of lithium batteries also changes in different years [58]. - **Cost**: The cost of lithium - battery cells shows different trends [58]. 3.9 Demand - Ternary Precursor - **Price and Cost - Profit**: The price of ternary precursor shows a certain trend of change, and the cost - profit situation of different types of ternary precursors also shows different trends [63]. - **Production and Capacity Utilization**: The monthly production and capacity utilization rate of ternary precursors show different trends [63]. - **Supply - Demand Balance**: The supply - demand balance of ternary precursors shows different surpluses and deficits in different months from 2024 to 2025 [66]. 3.10 Demand - Ternary Material - **Price and Cost - Profit**: The price of ternary materials shows a certain trend of change, and the cost - profit situation of different types of ternary materials also shows different trends [69]. - **Production and Inventory**: The production and weekly inventory of ternary materials show different trends [69][71]. 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price and Cost - Profit**: The price of iron phosphate/iron phosphate lithium shows a certain trend of change, and the cost - profit situation of iron phosphate lithium also shows different trends [73]. - **Production and Export**: The monthly production and export volume of iron phosphate and iron phosphate lithium show different trends [76]. - **Inventory**: The weekly inventory of iron phosphate lithium shows different trends [78]. 3.12 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, and export volume of new energy vehicles show different trends, and the sales penetration rate also changes [81][82]. - **Retail - Wholesale Ratio and Inventory Index**: The retail - wholesale ratio of hybrid and pure - electric new energy vehicles and the inventory warning index and inventory index of dealers show different trends [85].

Core Viewpoint - The company's 1H25 performance fell short of expectations, with significant declines in revenue and net profit due to falling lithium prices and increased financial costs [1][2]. Financial Performance - In 1H25, the company reported revenue of 8.376 billion yuan, a year-on-year decrease of 12.65%, and a net profit attributable to shareholders of -531 million yuan, down 30.13% year-on-year. The non-recurring net profit was -913 million yuan [1]. - For 2Q25, the company achieved revenue of 4.604 billion yuan, a year-on-year increase of 1.62% and a quarter-on-quarter increase of 22.07%. However, the net profit was -175 million yuan, and the non-recurring net profit was -671 million yuan, reflecting a significant year-on-year decline of 814.98% and a quarter-on-quarter increase of 176.91% [1]. - The decline in lithium prices led to a decrease in profits and investment income, with domestic battery-grade lithium carbonate prices at 70,000 yuan per ton, down 32% year-on-year. The gross profit from lithium business was 400 million yuan, down 48% year-on-year [1]. - Financial expenses increased to 720 million yuan, a year-on-year rise of 23%, primarily due to increased borrowings, resulting in a debt-to-asset ratio of 58.6%, up 12.23 percentage points year-on-year [2]. Business Segments - The lithium battery business showed growth, achieving a gross profit of 420 million yuan, up 57.7% year-on-year, with a gross margin of 14.17%, an increase of 4.29 percentage points year-on-year. This growth supported overall performance [1]. Development Trends - The integration of Argentine salt lake projects is progressing, with the company planning to develop the Pozuelos-PastoesGrandes salt lake basin through a joint venture with LAR, holding 67% and 33% stakes respectively [3]. - The Goulamina lithium mine in Mali is expected to be a significant source of hard rock lithium, with the first phase producing 506,000 tons of concentrate annually now in operation [3]. Profit Forecast and Valuation - The company maintains its profit forecast, with the current stock price corresponding to a 2026 P/E of 41.0 times for A-shares and 29.2 times for H-shares. The target prices for A-shares and H-shares have been raised by 8% and 29% to 41.60 yuan and 32.16 HKD, respectively, indicating an upside potential of 6% and 4% compared to current prices [4].

Report Information - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: August 25, 2025 [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of carbonate lithium was affected by mine shutdowns and permit reviews, while overseas imports showed mixed trends. The cost of some manufacturers was under pressure, and the demand showed an upward trend in August. The inventory was in a destocking state. It is expected that the price of carbonate lithium will be supported in the short term but will continue to fluctuate widely, and cautious trading is recommended [5][6] Summary by Directory 1. Weekly Viewpoint Supply - Last week, the output of carbonate lithium increased by 345 tons to 20,438 tons, and the output in July increased by 5.8% to 85,690 tons. The Ningde Jianxiawo mine was confirmed to be shut down for 3 months, and manufacturers in Yichun and Qinghai received notices for mine - right transfer reviews. The cost - reduction space of Australian mines is limited, and most have reduced their capital expenditure for fiscal year 25. In July 2025, China's lithium ore imports were 751,000 tons, a month - on - month increase of 30.3%. The imports from Australia were about 427,000 tons, a month - on - month increase of 67% and a year - on - year increase of 12.8%. The imports from Zimbabwe decreased by 36% month - on - month, and those from Nigeria increased by 47% month - on - month. The imports of carbonate lithium in July were 14,000 tons, a month - on - month decrease of 22%, and 9,000 tons were imported from Chile, accounting for 62% [5] Cost - The CIF price of imported lithium spodumene concentrate increased week - on - week, causing cost inversion for some manufacturers using purchased lithium ore. Manufacturers with their own ore and salt lakes had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5] Demand - The overall production schedule in August increased month - on - month, with large battery cell manufacturers' production schedules increasing by 7% month - on - month. In July, the total output of power and other batteries in China was 133.8 GWh, a month - on - month increase of 3.6% and a year - on - year increase of 44.3%. The total export was 23.2 GWh, a month - on - month decrease of 4.7% but a year - on - year increase of 35.4%. The sales volume was 127.2 GWh, a month - on - month decrease of 3.2% but a year - on - year increase of 47.8%. Policies are expected to support the sales growth of new energy vehicles in China [6] Inventory - This week, the inventory of carbonate lithium was in a destocking state, with factory inventory decreasing by 1,590 tons, market inventory decreasing by 591 tons, and futures inventory increasing by 1,505 tons [6] Strategy Suggestion - It is expected that South American lithium salt imports will supplement the supply. The terminal demand for energy storage is good, but there are still risks in mine certificates, and the cost center has shifted upward. The proportion of long - term contracts and customer - supplied products for battery manufacturers has increased. It is expected that the price of carbonate lithium will be supported in the short term but will continue to fluctuate widely. Cautious trading is recommended, and attention should be paid to the production reduction of upstream enterprises and the production schedules of cathode material manufacturers [6] 2. Key Data Tracking - The report provides multiple data charts, including the spot tax - included average price of carbonate lithium, weekly and monthly production, weekly and monthly inventory, average production cost, production and output - loading volume differences of power batteries, production of different cathode materials, import volume of lithium spodumene and carbonate lithium, and market prices of related materials [8][10][12] - In July 2024, the production of carbonate lithium from different raw materials accounted for 22.56% from salt lakes, 22.05% from lithium mica, and 43.87% from lithium spodumene [20][21]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The price of lithium carbonate is expected to experience wide - range fluctuations [1]. - The trend strength of lithium carbonate is 0, indicating a neutral outlook [4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The 2509 contract's closing price was 79,180 yuan, down 3,820 yuan from T - 1; its trading volume was 23,175 lots, down 7,397 lots; and its open interest was 51,084 lots, down 5,986 lots. The 2511 contract's closing price was 78,960 yuan, down 3,800 yuan; its trading volume was 932,675 lots, up 154,848 lots; and its open interest was 362,254 lots, down 27,815 lots [2]. - **Warehouse Receipts**: The warehouse receipt volume was 24,990 lots, up 670 lots from T - 1 [2]. - **Basis**: The basis of spot - 2509 was 4,720 yuan, up 2,520 yuan; the basis of 2509 - 2511 was 220 yuan, down 20 yuan [2]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 934 dollars, down 14 dollars; the price of lepidolite (2.0% - 2.5%) was 2,055 yuan, down 55 yuan [2]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 83,900 yuan, down 1,300 yuan; the price of industrial - grade lithium carbonate was 81,600 yuan, down 1,300 yuan [2]. - **Related Products**: The price of lithium iron phosphate (power type) was 36,150 yuan, down 265 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 114,460 yuan, down 100 yuan [2]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 83,925 yuan/ton, down 1,299 yuan/ton from the previous trading day. The average price of battery - grade lithium carbonate was 83,900 yuan/ton, down 1,300 yuan/ton, and that of industrial - grade lithium carbonate was 81,600 yuan/ton, down 1,300 yuan/ton [3]. - Zhongwei Co., Ltd. (300919.SZ) is involved in salt - lake lithium mines in Argentina through holding and participating in projects. It controls over 10 million tons of LCE, and the value of its lithium resources has increased with the rising lithium carbonate price [4].

Core Viewpoint - Jiangxi Ganfeng Lithium Co., Ltd. held a performance briefing on August 22, attracting participation from 145 institutions, including Citigroup and Huaxi Securities, to discuss the company's operational performance and business progress for the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, Ganfeng Lithium achieved operating revenue of 8.376 billion yuan, with a net profit attributable to shareholders of -531 million yuan, and operating cash flow of 300 million yuan [2] Group 2: Business Segment Progress - Upstream lithium resources: The Mariana lithium salt lake project in Argentina produced its first batch of lithium chloride; the Cauchari-Olaroz lithium salt lake project is operating smoothly and is expected to meet annual targets; the Goulamina spodumene project in Mali is in normal operation with shipments ongoing [3] - Lithium salt segment: The Sichuan Ganfeng lithium salt project completed production line debugging, steadily releasing capacity; the first phase of the Qinghai Ganfeng project is in trial production [3] - Lithium battery segment: The business structure has been optimized, significantly improving profitability; solid-state battery business has achieved integrated upstream and downstream layout with commercial capabilities [3] Group 3: Project Planning and Market Response - Mali project impact: Despite complex political situations, the Goulamina project has not faced direct disruptions, with security upgrades and local support being pursued [4] - Cost reduction and planning: Significant cost reduction effects from the Cauchari-Olaroz project; the Mt Marion lithium mine in Australia is expected to enhance yield and reduce costs through ore selection technology [4] - Solid-state battery capacity: The company is developing lithium sulfide and sulfide electrolyte materials, with lithium sulfide products already certified by customers [4]

Group 1 - The company, Yongxing Materials, currently has a lithium battery production capacity of 30,000 tons per year, with 10,000 tons undergoing a green and intelligent upgrading project [2] - The upgrading project is progressing as planned and is expected to be operational on schedule by the end of 2025 [2] - The company has been asked about the expiration of its safety production license, indicating ongoing regulatory considerations [2]