1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The supply - demand imbalance in the lithium carbonate market persists, with over - supply and weak demand due to capacity mismatch, making it difficult to reverse the downward trend [8][9][14]. - The lithium carbonate 2511 contract is expected to fluctuate in the range of 71,040 - 74,220 [9]. - There are both positive and negative factors in the market. Positive factors include manufacturers' shutdown and production - cut plans, a decline in lithium carbonate imports from Chile, and a decrease in lithium spodumene imports. Negative factors are the high - level supply from ore and salt lake sources with limited decline and the insufficient willingness of the power battery sector to take delivery [12][13]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply**: Last week, the lithium carbonate production was 19,030 tons, a 0.56% week - on - week decrease, higher than the historical average. In August 2025, the production was 85,240 tons, and the predicted production for next month is 86,730 tons, a 1.75% increase. The August import volume was 17,000 tons, and the predicted import volume for next month is 19,500 tons, a 14.71% increase [8][9]. - **Demand**: Last week, the inventory of lithium iron phosphate sample enterprises was 94,493 tons, a 0.91% week - on - week increase, and the inventory of ternary material sample enterprises was 17,832 tons, a 1.22% week - on - week increase. The demand is expected to strengthen next month, and inventory may be reduced [8][9]. - **Cost**: The cost of purchased lithium spodumene concentrate is 76,333 yuan/ton, a 0.89% daily decrease, with a production profit of 50 yuan/ton. The cost of purchased lithium mica is 80,138 yuan/ton, a 0.85% daily decrease, with a production loss of 5,811 yuan/ton. The production cost of the recycling end is close to that of the ore end, with average production scheduling enthusiasm. The quarterly cash production cost of the salt lake end is 31,745 yuan/ton, with sufficient profit margins and strong production scheduling motivation [9]. - **Other Indicators**: - **Fundamentals**: Neutral [9]. - **Basis**: On September 2, the spot price of battery - grade lithium carbonate was 77,500 yuan/ton, and the basis of the 11 - contract was 4,880 yuan/ton, with the spot at a premium to the futures, indicating a bullish signal [9]. - **Inventory**: The smelter inventory was 43,336 tons, a 7.49% week - on - week decrease, lower than the historical average. The downstream inventory was 52,800 tons, a 2.51% week - on - week increase, higher than the historical average. The total inventory was 141,136 tons, a 0.28% week - on - week decrease, higher than the historical average [9][11]. - **Market Chart**: The MA20 is upward, and the price of the 11 - contract closed below the MA20, showing a neutral signal [11]. - **Main Position**: The main position is net short, with an increase in short positions, indicating a bearish signal [9]. 3.2 Carbonate Lithium Market Overview - **Price and Basis**: The futures closing prices of various contracts decreased, with a decline range of 2.99% - 3.89%. The basis of various contracts increased, with an increase range of 37.72% - 74.91%. The registered warehouse receipts increased by 2.60% [17]. - **Upstream Prices**: The price of lithium spodumene (6%) decreased by 1.22% to 887 dollars/ton, and the price of lithium mica concentrate (2% - 2.5%) decreased by 1.54% to 1,920 yuan/ton. The price of battery - grade lithium carbonate decreased by 1.08% to 77,500 yuan/ton, and the price of industrial - grade lithium carbonate decreased by 1.12% to 75,200 yuan/ton [17]. - **Supply - side Data**: The weekly operating rate was 66.41%, unchanged from the previous period. The monthly production of lithium carbonate in August 2025 was 85,240 tons, a 4.55% increase from the previous month. The monthly import volume of lithium concentrate was 576,138 tons, a 34.73% increase [19]. - **Demand - side Data**: The monthly production of lithium iron phosphate was 264,720 tons, a 4.96% increase. The monthly production of lithium iron phosphate lithium was 316,400 tons, an 8.84% increase. The monthly production of ternary precursor was 73,440 tons, a 6.99% increase [19]. 3.3 Supply - Lithium Ore - **Price**: The price of lithium ore has shown a certain downward trend, with the price of lithium spodumene (6%) at 887 dollars/ton, a 1.22% decrease [17]. - **Production**: The production of domestic lithium ore has changed, with the production of lithium spodumene and lithium mica showing different trends. The monthly production of lithium concentrate in August 2025 was 533,30 tons, a 19.01% increase, and the production of lithium mica was 13,700 tons, a 23.89% decrease [19]. - **Import**: The monthly import volume of lithium concentrate in August 2025 was 576,138 tons, a 34.73% increase, and the import volume from Australia was 427,301 tons, a 67.24% increase [19]. - **Supply - demand Balance**: The domestic lithium ore supply - demand balance shows a deficit in most months, with the balance in August 2025 at - 2,815 tons [27]. 3.4 Supply - Carbonate Lithium - **Operating Rate**: The weekly operating rate of lithium carbonate has changed, with different trends for different raw material sources. The overall operating rate shows a certain fluctuation [30]. - **Production**: The monthly production of lithium carbonate has increased, with the production in August 2025 at 85,240 tons, a 4.55% increase [19]. - **Import and Export**: The monthly import volume of lithium carbonate in August 2025 was 17,000 tons, and the export volume was 307 tons. The supply - demand balance in August 2025 was - 2,090 tons [36]. 3.5 Supply - Lithium Hydroxide - **Capacity Utilization**: The weekly capacity utilization rate of domestic lithium hydroxide has changed, with different trends for causticization and smelting [38][40]. - **Production**: The monthly production of lithium hydroxide has changed, with the production in August 2025 at 21,820 tons, a 13.31% decrease [19]. - **Import and Export**: The monthly export volume of lithium hydroxide in August 2025 was 4,000 tons, and the import volume was 350 tons. The supply - demand balance in August 2025 was - 6,061 tons [45]. 3.6 Lithium Compound Cost and Profit - **Lithium Spodumene and Lithium Mica**: The cost of purchased lithium spodumene concentrate and lithium mica has decreased, and the profit situation is different. The production of lithium spodumene has a profit of 50 yuan/ton, while the production of lithium mica has a loss of 5,811 yuan/ton [9]. - **Recycling**: The cost of recycling to produce lithium carbonate is close to that of the ore end, with average production enthusiasm [9]. - **Import and Other Processing**: The import profit of lithium carbonate, the profit of purifying industrial - grade lithium carbonate, and the profit of carbonizing lithium hydroxide to lithium carbonate have all changed [48][50][53]. 3.7 Inventory - **Lithium Carbonate**: The weekly inventory of lithium carbonate has changed, with the smelter inventory decreasing by 7.49% to 43,336 tons, and the downstream inventory increasing by 2.51% to 52,800 tons. The total inventory was 141,136 tons, a 0.28% decrease [9][11]. - **Lithium Hydroxide**: The monthly inventory of lithium hydroxide has changed, with the downstream and smelter inventories showing different trends [55]. 3.8 Demand - Lithium Battery - **Price**: The price of lithium batteries has changed, with different trends for different types of batteries [59]. - **Production and Sales**: The monthly production and sales volume of lithium batteries have changed, with the monthly production of power batteries showing a certain increase, and the export volume also increasing [59]. 3.9 Demand - Ternary Precursor - **Price**: The price of ternary precursor has changed, with different trends for different series [64]. - **Production and Supply - demand Balance**: The monthly production of ternary precursor has increased, with the production in August 2025 at 73,440 tons, a 6.99% increase. The supply - demand balance in August 2025 was - 4,154 tons [19][67]. 3.10 Demand - Ternary Material - **Price**: The price of ternary material has changed, with different trends for different series [70]. - **Production and Inventory**: The monthly production of ternary material has changed, and the weekly inventory has also changed [70][72]. 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price**: The price of iron phosphate and iron phosphate lithium has changed, with different trends for different types [74]. - **Production and Export**: The monthly production of iron phosphate and iron phosphate lithium has increased, and the monthly export volume of iron phosphate lithium has also increased [74][77]. 3.12 Demand - New Energy Vehicle - **Production, Sales and Export**: The production, sales and export volume of new energy vehicles have changed, with the production and sales showing a certain increase, and the export volume also increasing [82]. - **Penetration Rate and Other Indicators**: The sales penetration rate of new energy vehicles has increased, and the retail - wholesale ratio and inventory warning index have also changed [83][86].

Group 1 - Ganfeng Lithium (002460) has completed a placement of 40.0256 million new H-shares at a price of HKD 29.28 per share, representing 9.02% of the enlarged issued H-shares [1] - The total amount raised from the placement is approximately HKD 1.172 billion, with a net amount of about HKD 1.1685 billion after deducting commissions and estimated expenses [1] - The placement was made to no less than six independent professional or institutional investors, with no major shareholders emerging post-placement [1] Group 2 - The initial conversion price for the bonds is set at HKD 33.67 per H-share, which is subject to adjustment [2] - If the bonds are fully converted at the initial conversion price, they will convert into approximately 40.689 million H-shares, representing about 9.17% of the enlarged issued H-shares and 1.98% of the total issued shares [2] - After full conversion of the bonds, the total number of issued H-shares will increase by approximately 8.40% and the total issued share capital by about 1.94% [2]

Report Title - Carbonate Lithium Daily Review 20250902: Still High Volatility, Pay Attention to Protect Positions [2] Report Industry Investment Rating - Not provided Core View - On September 1, the main contract of lithium carbonate futures declined. The spot market trading was okay, and the basis premium widened. In the cost - end, the price of lithium pegmatite concentrate increased, while the mica price decreased. The lithium carbonate production decreased slightly last week, and the production of lithium carbonate from different raw materials changed little. The production of lithium iron phosphate and ternary materials increased last week. In September, the production scheduling of lithium cobaltate and lithium manganate increased, and the production of power batteries increased last week. The year - on - year growth rate of new energy vehicle production and sales continued in July, but the sales decreased month - on - month. The 3C shipments were average, and the production scheduling of energy - storage batteries increased in September. The inventory of registered warrants increased, and the social inventory decreased. The short - term supply and demand both strengthened. The fundamentals changed little in the short term, and the market was still easily affected by news. It is expected that the lithium carbonate price will fluctuate within a range. It is recommended to conduct short - term range trading, and buy options to protect positions or buy straddle options [3]. Summary by Related Data Futures Market Data - **Prices**: On September 1, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts were 75,540.00, 75,540.00, 75,420.00, and 75,420.00 respectively, showing a decline compared to August 29. The overall closing price was 75,560.00, down 1,620.00 from the previous day [3]. - **Volume and Open Interest**: The trading volume of lithium carbonate futures was 540,295.00 hands (+50,237), and the open interest of the active contract was 339,133.00 hands (-7,472) [3]. - **Inventory**: The inventory was 31,197.00 tons (+1,310) [3]. - **Spreads**: The spread between near - month and continuous - one was 0.00 (+240), between continuous - one and continuous - two was 120.00 (-200), and between continuous - two and continuous - three was 0.00. The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 2,790.00 (+320) [3]. Spot Market Data - **Lithium Ore**: The average price of lithium pegmatite concentrate (6%, CIF China) was 898.00 dollars/ton (+4.00), while the prices of various types of lithium mica and phospho - lithium - aluminum stone decreased [3]. - **Lithium Compounds**: The average prices of battery - grade and industrial - grade lithium carbonate decreased by 1,300.00 yuan/ton. The average price of battery - grade lithium hydroxide in some types decreased, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 1,050.00 [3]. - **Other Lithium - Related Materials**: The prices of some ternary precursors increased, while the prices of most ternary materials remained stable or decreased slightly. The prices of different types of lithium iron phosphate decreased, and the price of lithium cobaltate decreased by 400.00 yuan/ton [3]. - **Other Materials**: The prices of some electrolytes remained stable, and the prices of cobalt - related products such as electrolytic cobalt and cobalt sulfate increased [3]. Inventory Data - The SMM lithium carbonate inventory of smelters decreased by 3,510 tons, while that of downstream and other sectors increased by 1,293 tons and 1,810 tons respectively. The total inventory decreased by 407 tons [3]. Company News - On the afternoon of September 1, Tianqi Lithium (002460) stated in its 2025 semi - annual performance briefing that it had completed the industrialization preparation for lithium sulfide, a core raw material for next - generation all - solid - state batteries. Its 50 - ton/year pilot project for lithium sulfide had started construction in Meishan, Sichuan, using self - developed new technologies and equipment [3].

Report Title - Carbonate Lithium Daily Review 20250901: High Volatility, Protect Positions [2] Report Industry Investment Rating - Not provided Core View - On August 29, the main contract of carbonate lithium futures fluctuated within a range. The spot market trading was weak, and the premium widened. In the short - term, both supply and demand strengthened, the fundamentals changed little, and the market was still easily affected by news. It is expected that the price of carbonate lithium will fluctuate widely. It is recommended to conduct short - term range operations, protect positions by buying appropriate call options, or buy straddle options [3]. Summary by Related Catalogs 1. Market Data - **Futures Prices**: On August 29, the closing prices of near - month, continuous - one, continuous - two, continuous - three contracts and other contracts decreased compared with August 28, with decreases ranging from $780 - 1140$ yuan/ton [3]. - **Trading Volume and Open Interest**: The trading volume of carbonate lithium futures was 490,058 hands (- 315,527), and the open interest of active contracts was 346,605 hands (- 458) [3]. - **Inventory**: The inventory was 29,887 tons, an increase of 930 tons compared with August 28 [3]. - **Price Spreads**: The spreads between different contracts and different types of lithium products changed. For example, the spread between near - month and continuous - one contracts decreased by 140 yuan/ton [3]. - **Raw Material Prices**: The average prices of lithium spodumene concentrate and lithium mica increased, with increases of $5 - 150$ dollars/ton or yuan/ton [3]. - **Lithium Product Prices**: The average prices of most lithium products decreased, such as battery - grade carbonate lithium (- 350 yuan/ton) and battery - grade hydroxide lithium (- 80 yuan/ton) [3]. 2. Industry News - **IGO and Tianqi Lithium**: After incurring a loss of AUD 955 million (equivalent to USD 622 million) in the fiscal year ending June 2025, Australian producer IGO is negotiating with Tianqi Lithium about the future of their 24,000 - ton/year hydroxide lithium refinery in Kwinana, Australia. The two companies stopped the proposed 24,000 - ton/year refinery expansion project in January. The joint venture plans to produce 9,000 - 11,000 tons of hydroxide lithium in the 2025 - 26 fiscal year, higher than 6,782 tons in 2024 - 25 [3]. - **Codelco and SQM**: Chile's new economy minister Alvaro Garcia said that Codelco and local miner SQM are expected to finalize an important lithium cooperation agreement before the current government's term ends in 2026. The partnership will give Codelco majority control of SQM's lithium production business in the Atacama Salt Flats [3]. 3. Supply and Demand Analysis - **Supply**: Last week, the production of carbonate lithium decreased slightly, and the production of carbonate lithium from different raw materials changed little. The production capacity expansion of Greenbushes lithium spodumene concentrate is approaching completion, and the planned production in the 2025 - 26 fiscal year is 1.5 - 1.65 million tons, higher than 1.48 million tons in the previous year [3]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In August, the production schedule of cobalt - acid lithium decreased, and the production of manganese - acid lithium increased. The production of power batteries increased last week. In July, the year - on - year growth rate of new energy vehicle sales continued, but the month - on - month sales declined. The 3C shipments were average, and the production schedule of energy - storage batteries increased in August [3]. 4. Inventory Situation - The registered warehouse receipts were 29,887 tons (+ 930 tons), and social inventory was destocked. Refineries destocked, while downstream and other inventories were tight [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply of lithium carbonate is affected by factors such as mine shutdowns and license reviews, while demand is supported by increased production schedules in August. The market is expected to remain in a tight - balance state, with prices likely to continue wide - range fluctuations. It is recommended to trade cautiously and keep an eye on upstream production cuts and cathode material plant production schedules [5][6] 3. Summary by Relevant Catalogs 3.1 Week - on - Week Viewpoint Supply - Last week, lithium carbonate production decreased by 88 tons to 20,350 tons, and July production increased by 5.8% month - on - month to 85,690 tons. The Ningde Jianxiawo mine will be shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for mine - right transfer reviews. In Q1, Australian mines achieved cost control, and there is limited room for further cost reduction. Most mainstream Australian mines have reduced their capital expenditure for FY25. In July 2025, China imported 751,000 tons of lithium ore, a 30.3% month - on - month increase. The top three importing countries were Australia, Nigeria, and South Africa. The import volume from Australia was about 427,000 tons, a 67% month - on - month and 12.8% year - on - year increase. The import volume from Zimbabwe decreased by 36% month - on - month to about 64,000 tons, and from Nigeria it increased by 47% month - on - month to 116,000 tons. The import volume of lithium carbonate in July was 14,000 tons, a 22% month - on - month decrease, with 9,000 tons from Chile, accounting for 62% [5] - The CIF price of imported lithium spodumene concentrate increased week - on - week, causing cost inversion for some lithium carbonate manufacturers using purchased lithium ore. Enterprises with their own ore and salt lakes have some profit support, while lithium hydroxide manufacturers face greater cost pressure [5] Demand - In August, the overall production schedule increased month - on - month, with large battery cell manufacturers' production schedules increasing by 7% month - on - month. In July, the total production of power and other batteries in China was 133.8 GWh, a 3.6% month - on - month and 44.3% year - on - year increase. The total export of power and other batteries was 23.2 GWh, a 4.7% month - on - month decrease but a 35.4% year - on - year increase. The sales volume of power and other batteries was 127.2 GWh, a 3.2% month - on - month decrease but a 47.8% year - on - year increase. The trade - in policy and the extension of the new energy vehicle purchase tax are expected to support the sales growth of the new energy vehicle market in China [6] Inventory - This week, lithium carbonate inventory decreased. Factory inventory decreased by 590 tons, market inventory decreased by 4,631 tons, and futures inventory increased by 4,897 tons [6] Strategy Suggestion - Considering the supply side, with the Ningde Jianxiawo mine shutdown and the mine - right review in Yichun and Qinghai, the supply is affected. Although July domestic lithium carbonate production increased month - on - month and lithium concentrate imports also rose, lithium salt imports decreased. It is expected that South American lithium salt imports will supplement the supply. On the demand side, the terminal demand for energy storage is good, and the production schedule of large battery cell manufacturers increased in August. Due to the uncertainty of the mining license issue in Yichun, Jiangxi, and the frequent impact of mine - end production cuts on the overall supply, downstream purchases of lithium carbonate are relatively cautious. It is expected that the price will continue to fluctuate widely, and it is recommended to trade cautiously and pay attention to upstream enterprise production cuts and cathode material plant production schedules [6] 3.2 Key Data Tracking - The content mainly presents various data charts related to lithium carbonate, including historical price trends, weekly and monthly production, weekly and monthly inventory, average prices of lithium concentrate and related products, production and import volumes of lithium - related products, etc. These data cover different time periods from 2019 to 2025, providing a comprehensive view of the lithium carbonate market's historical and current situation [9][10][11][12][13][14][15][18][19][20][21][22][24][25][26][27][28][29][31][32][33][34][35][36][37][38][40][41][42][43][44][45][46]

Core Insights - The company reported a net profit attributable to the parent company of 84.41 million yuan for the first half of 2025, marking a turnaround from loss to profit with a growth rate of 101.62% compared to the previous year [1] Financial Performance - The improvement in performance is primarily attributed to the optimization of lithium concentrate pricing mechanisms, increased profitability from joint venture SQM, and foreign exchange gains from the appreciation of the Australian dollar [1] Production Capacity - Lithium concentrate production capacity reached 1.62 million tons per year, with a mid-term target of 2.14 million tons per year - Lithium chemical product capacity is currently at 91,600 tons, with plans to expand to 122,600 tons - The Greenbushes chemical-grade lithium concentrate plant No. 3 is expected to be completed by the end of the year, while the Zhangjiagang 30,000-ton lithium hydroxide project has completed trial operations, and the Chongqing Tongliang 1,000-ton metallic lithium expansion is progressing simultaneously [1] Technological Innovation - The company is focusing on four major areas for technological innovation: high-value utilization of lithium slag, development of lithium extraction adsorbents from salt lakes, initiation of lithium sulfide pilot projects, and upgrading of waste battery recycling processes - The Innovation Research Institute has commenced operations and is deepening industry-university-research cooperation with institutions such as Harbin Institute of Technology and Beijing University of Science and Technology [1] Digital Governance and ESG Performance - The company has achieved significant results in digital governance, with comprehensive upgrades in smart manufacturing, integration of finance and operations, and risk control systems - The company's ESG performance has gained international recognition, being included in the S&P Global ESG Index series and receiving the Sedex Supply Chain "Environmental Contribution Award" [1]

Core Viewpoint - Tianqi Lithium Industries reported a significant turnaround in its financial performance for the first half of 2025, achieving a net profit of 84.41 million yuan compared to a loss of 5.206 billion yuan in the same period last year, despite a decline in revenue and lithium product prices [1] Financial Performance - The company achieved total revenue of 4.833 billion yuan in the first half of 2025, a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders was 84.41 million yuan, a significant recovery from a loss of 5.206 billion yuan in the previous year [1] - The non-recurring net profit was 132,000 yuan, compared to a loss of 52.21 million yuan in the same period last year [1] Product Pricing and Sales - The mainstream spot prices for lithium carbonate and lithium hydroxide ranged from 60,000 to 80,000 yuan per ton in the first half of 2025, with an overall downward trend despite a slight increase in January [1] - Revenue from lithium ore was 2.38 billion yuan, down 7.43% year-on-year, with a gross margin of 54.23%, a decrease of 11.41 percentage points [2] - Revenue from lithium compounds and derivatives was 2.442 billion yuan, a year-on-year decrease of 25.58%, with a gross margin of 25.58%, down 16.98 percentage points [2] Mining Operations - Tianqi Lithium holds mining rights for the world's largest lithium mine, the Greenbushes spodumene mine, which had a total ore extraction of 2.6941 million tons in the reporting period [2] - The average grade of chemical-grade ore was 1.89%, while the technical-grade ore had an average grade of 3.85% [2] - The total production capacity of lithium concentrate is approximately 1.62 million tons per year, with a planned capacity of 2.14 million tons per year [2] Strategic Investments - The company owns approximately 22.16% of SQM, which operates the world's largest lithium salt lake at the Salar de Atacama in Chile, known for its high lithium concentration and low operating costs [3] - Tianqi Lithium has established five lithium chemical product production bases in China and Australia, with a current production capacity of about 91,600 tons per year [3] Production Projects - The first phase of the lithium hydroxide project in Kwinana is currently ramping up, achieving an operational rate of 50% or more [3] - The Jiangsu Zhangjiagang project, with an annual production capacity of 30,000 tons of lithium hydroxide, has been completed and is in the trial operation phase [3] - An expansion project in Chongqing for the production of 1,000 tons of metallic lithium is underway, which will increase the company's total lithium chemical product capacity to 122,600 tons per year upon completion [3] Market Outlook - Starting from July 2025, macro policies have released positive signals, and lithium salt prices have rebounded due to supply disruptions caused by compliance issues in some regions [4]

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]