1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current direction of lithium prices is determined by whether the low inventory of lithium ore collides with the resumption of production expectations and resonates with the downstream. The market has three major variables: lithium ore inventory, the resumption of production at Jianxiaowo, and the downstream production schedule in November. Whether the resumption of production at Jianxiaowo in November can resonate with the downstream production schedule is the key to the unilateral price movement [3][4]. 3. Summary According to Relevant Catalogs 3.1 Weekly Report Summary - **Fundamentals**: Domestic lithium concentrate inventory remains low, and the price of spodumene has risen significantly in the past week. The resumption of production at Jianxiaowo is uncertain. After the expiration of the LC2510 contract, lithium carbonate warehouse receipts have flowed out, and the basis has weakened. The social inventory is still high, and the spot market is relatively calm. In the case of tight upstream lithium ore, the production schedule in November is crucial [3]. - **Market Summary**: The market was strong last week. The futures contract price is at an important pressure level, and it is difficult to digest the upward selling pressure without significant marginal changes. The futures market sentiment is high, but the spot price is calm. The basis has weakened significantly, presenting a short - term opportunity in the term market. The unilateral price can go up or down, mainly depending on whether the resumption of production at Jianxiaowo in November can resonate with the downstream production schedule [4]. 3.2 Supply - Demand Balance Sheet - **Lithium Carbonate Balance Sheet**: In September 2025, the supply was 87,260 tons, the demand was 116,801 tons, the import volume was 20,000 tons, the export volume was 410 tons, and the inventory decreased by 9,951 tons. There was an inventory increase in August and significant inventory reduction in September [6][8]. - **Lithium Hydroxide Balance Sheet**: In September 2025, the supply was 27,470 tons, the demand was 24,715 tons, the import volume was 800 tons, the export volume was 7,200 tons, and the inventory decreased by 3,645 tons [9][11]. 3.3 Upstream Ore Supply, Demand, and Price - **Spodumene Import**: In September 2025, the total import volume was 520,514 tons, with an average import price of $684 per ton. Australia was the main source of imports, with an import volume of 347,215 tons and an average price of $734 per ton [13][17]. - **Chinese Lithium Ore**: In September 2025, the output of lithium mica was 8,150 tons, a month - on - month decrease of 9.24%, and the output of spodumene was 6,800 tons, a month - on - month increase of 1.95%. The lithium mica end still has uncertainties [18][23]. 3.4 Lithium Salt Supply, Demand, and Price - **Lithium Salt Spot and Futures Prices**: In the short term, the improvement in demand has boosted the futures price. As of October 24, 2025, the price of battery - grade lithium carbonate was 78,500 yuan per ton, and the price of industrial - grade lithium carbonate was 77,000 yuan per ton [26][28]. - **Production Cost and Profit**: The import ore price has risen significantly recently. As of October 24, 2025, the production cost of lithium carbonate from spodumene was 68,855 yuan per ton, and the production profit was 9,645 yuan per ton [39][43]. - **Lithium Carbonate Production**: In September 2025, the total production of lithium carbonate was 87,260 tons, a year - on - year increase of 52% and a month - on - month increase of 2%. Lithium辉石 was the main raw material for production [44][53]. - **Capacity Utilization Rate**: The next important node is the resumption of production at Jianxiaowo in November. As of September 2025, the overall capacity utilization rate of lithium salt was 55%, and the capacity utilization rate of lithium carbonate from spodumene was 68% [54][58]. - **Lithium Carbonate Monthly Import Volume**: In September 2025, the total import volume of lithium carbonate was 19,597 tons, with 6,948 tons from Argentina and 10,797 tons from Chile [59][63]. - **Lithium Carbonate Inventory**: After the expiration of the LC2510 contract, lithium carbonate warehouse receipts have flowed out, but the overall social inventory is still high [3][64]. 3.5 Lithium Salt Downstream Production and Demand - **Lithium Iron Phosphate**: In September 2025, the production of lithium iron phosphate was 356,750 tons, a year - on - year increase of 43.00% and a month - on - month increase of 12.75%. The capacity utilization rate was 65.00% [70][74]. - **Ternary Materials Production and Capacity Utilization Rate**: In September 2025, the production of ternary materials was 75,360 tons, a year - on - year increase of 31.50% and a month - on - month increase of 2.60%. The capacity utilization rate was not provided for this month, but in August it was 48% [75][79]. - **Ternary Materials Import and Export Volume**: In August 2025, the import volume of ternary materials was 5,567 tons, the export volume was 13,352 tons, and the net import volume was - 7,785 tons [80][84]. - **New Energy Vehicle Production and Sales**: The report provides data on the production of new energy vehicles, including pure - electric vehicles and plug - in hybrid vehicles, but specific analysis is not provided [85].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The strategy is to sell high, with an operating range of 71,000 - 85,000. Supply expectations are volatile, but actual production continues to grow. After the price increase, downstream purchasing is weak, inventory - building slows down, and power demand may peak. It is expected that the upside space for lithium carbonate is limited [5][89] 3. Summary According to Relevant Catalogs 1.1 Carbonate Lithium Market Review - Last week, lithium carbonate fluctuated upward, with a weekly increase of 4.96%. Trading volume reached 1.85 million lots (+440,000), and open interest reached 431,200 lots (+272,200). The basis was at a discount of 4,120 yuan/ton [6][9] 1.2 Supply Side Lithium Ore - In September, China's lithium spodumene production was 6,800 tons of LCE, a month - on - month increase of 1.9%; lithium mica production was 8,150 tons of LCE, a month - on - month decrease of 9.2%. Lithium concentrate imports reached 520,500 tons, a month - on - month increase of 10.6% and a year - on - year increase of 38.0%. In August, the volume of lithium spodumene shipped from Port Hedland to China rose to 128,000 tons, a month - on - month increase of 44.3% and a year - on - year increase of 26.6% [13][17][21] Lithium Battery Recycling - In October, the expected recycling volume of waste lithium batteries was 27,934 tons, flat month - on - month and a year - on - year increase of 30.1% [25] Carbonate Lithium - Last week, lithium carbonate production was 21,308 tons, a month - on - month increase of 1.1%. In September, lithium carbonate imports dropped to 19,597 tons, a month - on - month decrease of 10.3% and a year - on - year increase of 20.5%. In September, Chile's exports of lithium carbonate to China were 11,101 tons, a month - on - month decrease of 14.5% and a year - on - year decrease of 33.1% [30][32] Lithium Hydroxide - In October, the operating rate of lithium hydroxide was 40%, and the output was 27,020 tons, a month - on - month decrease of 1.6% and a year - on - year decrease of 11.8%. In September, lithium hydroxide exports were 6,526 tons, a month - on - month increase of 15.0% and a year - on - year decrease of 48.7% [39] 1.3 Downstream Demand Lithium Iron Phosphate - Last week, lithium iron phosphate production was 86,303 tons, a month - on - month increase of 1.5%. In October, the scheduled production of iron phosphate was 329,270 tons, a month - on - month increase of 6% and a year - on - year increase of 58% [42] Ternary Materials - Last week, ternary material production was 17,766 tons, a month - on - month increase of 3.0%. In September, imports increased and exports decreased [43] Ternary Precursors - In October, the operating rate of ternary precursors was 48%, and the output was 90,540 tons, a month - on - month increase of 16.2% and a year - on - year increase of 2.8%. In September, exports increased slightly [52] Manganese Acid Lithium and Cobalt Acid Lithium - In October, the operating rate of manganese acid lithium was 33%, and the output was 12,124 tons, a month - on - month increase of 1% and a year - on - year decrease of 4%. The operating rate of cobalt acid lithium was 69%, and the output was 12,880 tons, a month - on - month increase of 2% and a year - on - year increase of 72% [53] Electrolyte - In October, electrolyte production was 200,180 tons, a month - on - month increase of 1% and a year - on - year increase of 30%. In September, exports of lithium hexafluorophosphate increased [61] 1.4 Terminal Demand Power Batteries - In September, power battery production was 151.2 GWh, a month - on - month increase of 8.3% and a year - on - year increase of 35.8%. Power battery installation volume was 76 GWh, a month - on - month increase of 21.6% and a year - on - year increase of 39.4% [64] New Energy Vehicles - In September, new energy vehicle production was 1.617 million, a month - on - month increase of 16.3% and a year - on - year increase of 23.7%. Sales were 1.604 million, a month - on - month increase of 15.0% and a year - on - year increase of 24.6% [67] Energy Storage - In October, energy - storage battery production was 53.1 GWh, a month - on - month increase of 0.8% and a year - on - year increase of 40.1%. In September, the energy - storage winning bid power scale was 6.45 GW, a month - on - month decrease of 3.7% and a year - on - year increase of 25.0%; the winning bid capacity scale was 16.34 GWh, a month - on - month decrease of 12.4% and a year - on - year increase of 46.3% [72] Consumer Electronics - In September, China's smartphone production was 122.75 million units, a month - on - month increase of 22.3% and a year - on - year increase of 0.2%. China's micro - computer production was 30.98 million units, a month - on - month increase of 11.9% and a year - on - year decrease of 5.2% [75] 1.5 Cost - Lithium ore prices rose. The price of 6% lithium spodumene concentrate increased by 35 dollars/ton, and the price of lithium mica increased by 115 yuan/ton [80] 1.6 Inventory - Total lithium carbonate inventory decreased by 2,292 tons. Structurally, smelter inventory decreased by 602 tons, downstream inventory decreased by 2,460 tons, and other inventory increased by 770 tons. Last week, lithium iron phosphate inventory increased by 1,529 tons, and ternary material inventory increased by 629 tons [85][86] 1.7 Market Outlook - The strategy is to sell high, with an operating range of 71,000 - 85,000. Supply expectations are volatile, but actual production continues to grow. After the price increase, downstream purchasing is weak, inventory - building slows down, and power demand may peak. It is expected that the upside space for lithium carbonate is limited [89]

Group 1 - A-shares have reached a new high, breaking the 10-year record and approaching 4000 points, indicating a strong upward trend in the market [1] - The lithium and silicon materials sectors continue to rise, with lithium stabilizing and potentially gaining upward momentum similar to early August [1] - The Chinese medicine sector has experienced a slight decline, particularly among leading companies, which is attributed to fundamental issues and is not expected to reverse quickly [3] Group 2 - The securities sector opened higher due to positive external news, which has boosted market sentiment, although there is a preference to wait for lower entry points [4] - The overall market direction has been chosen, but there is a cautionary approach to avoid investments outside of one's expertise [5]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The lithium carbonate market is experiencing a phased improvement in fundamentals, but there is selling pressure above. The traditional peak - off - peak season transition may be delayed. Attention should be paid to industrial hedging and supply elasticity release, as well as the quarterly reports of mining companies and the fulfillment of demand expectations [1][3][15] Group 3: Summary of Each Section 1. Fundamental Phased Repair - In the context of the peak production season for lithium - battery downstream industries, the lithium carbonate market has shifted from oversupply to phased supply - demand tightness. Since October, the Guangzhou Futures Exchange lithium carbonate futures index has risen 9.01%, and the average premium of lithium carbonate in the trading market has increased from - 200 yuan to + 150 yuan [3] - On the demand side, energy - storage demand has grown explosively, and the pre - demand effect of new energy vehicles is significant. In Q3 2025, China's energy - storage lithium - battery shipments were about 165GWh, a year - on - year increase of 65%. The full - year shipments are expected to reach 580GWh, with an annual growth rate of over 75%. The domestic sales of new energy vehicles in the first three quarters increased by 24.6% year - on - year, and the lithium carbonate consumption per vehicle increased by about 10 - 15%. The traditional peak - off - peak season transition may be delayed [3] - On the supply side, the growth has slowed, and there is a structural contraction, accelerating inventory depletion. Domestic lithium carbonate production has hit new highs since early September, but the resumption of large lithium - mica mines has not been realized, and the pressure of overseas lithium carbonate imports has eased. The monthly output of lithium - mica - extracted lithium has dropped to 1.1 - 1.2 million tons, only 60% of the monthly peak this year. The total direct import of lithium carbonate in the first three quarters was about 173,000 tons, with a year - on - year increase of only 5.2%. The domestic social inventory of lithium carbonate has continued to decline, and the Guangzhou Futures Exchange lithium carbonate warehouse receipts decreased by 13,000 tons (- 31.2%) in October [4] 2. There is Selling Pressure Above, and Attention Should Be Paid to the Fulfillment of Demand Expectations - Under a neutral forecast, the global lithium supply surplus in 2026 is expected to be about 11%, similar to 2024 and 2025. There is a co - existence of peak - season support and long - term supply looseness in the lithium carbonate market, and market pessimism has not been completely eliminated [15] - There is significant selling pressure on rising lithium prices. From October 20 to October 24, 2025, the lithium carbonate futures positions increased by 106,000 lots, a weekly increase of 15.1%. The net short positions of the top ten seats increased from 146,000 lots to 191,000 lots. The price increase has opened up short - selling opportunities, attracting many holders to hedge, and there is significant selling pressure at the 80,000 - yuan/ton mark [15] - The release of high - cost resources may accelerate. Since July, the lithium - price center has risen, and the supply of high - cost hard - rock mines in Australia, Africa, etc., has steadily increased. In September, China imported 521,000 tons of lithium concentrates, a year - on - year increase of 38.0% and a month - on - month increase of 10.6%. The supply pressure of high - cost hard - rock mines has eased, and the concentrates previously held back by mining companies are gradually being released. Attention should be paid to the quarterly reports of overseas mining companies [16] - Attention should be paid to the fulfillment of consumption expectations. In 2026, the new energy vehicle purchase tax subsidy in China will be adjusted from full exemption to half exemption, and there are different views on the impact on the demand side. In an optimistic scenario, the high - growth trend of lithium - battery demand will continue, while in a pessimistic scenario, the industry may face destocking in the first half of 2026. Currently, the vehicle and energy - storage markets are in a year - end rush period, and subsequent attention should be paid to the capital game around the first - quarter operating expectations of the lithium - battery industry [17]

Core Viewpoint - The lithium mining sector experienced significant gains on the 27th, with notable increases in stock prices for several companies, driven by strong demand for energy storage and power batteries in China [1] Industry Summary - From January to September 2025, China's production of power and energy storage batteries reached 1121.9 GWh, marking a year-on-year increase of 62.7%, significantly higher than the growth rate in 2024 [1] - Energy storage battery sales during the same period saw a year-on-year growth of 75.5%, with tender capacity increasing by 178% [1] - According to CITIC Securities, the demand for energy storage batteries is expected to exceed expectations due to policy support, with improvements in battery capacity and trade-in policies boosting demand for power batteries [1] Supply and Demand Outlook - The peak investment period in the lithium industry has passed, with future growth primarily coming from increased production or ramp-up of existing projects, leading to a gradual decline in the growth rate of lithium resource supply [1] - As of September, the inventory-to-sales ratio for lithium salt refineries dropped to 28%, reaching levels seen in 2022, indicating that lithium salt inventory levels are at their limit [1] - Forecasts suggest global lithium supply surplus from 2025 to 2028 will be 101,000 tons, 78,000 tons, 29,000 tons, and 11,000 tons respectively, indicating a gradual shift towards a balanced supply-demand scenario [1] - Lithium prices are expected to stabilize at a range of 80,000 to 100,000 yuan per ton by 2026, with potential for price recovery as the market adjusts [1] Investment Recommendations - Companies with low-cost operations and high-quality mining assets are recommended for attention as they may benefit from the rebound in lithium prices [1]

1. Report Industry Investment Ratings - Not provided in the document. 2. Core Views of the Report - The report provides investment outlooks for various commodities, including metals, energy, and agricultural products. It also covers macro - economic and industry news that may impact these markets. Key events such as the Sino - US economic and trade consultations and US economic data (e.g., CPI) are analyzed for their potential market impacts [7][15]. 3. Summaries by Related Catalogs 3.1所长首推 (Director's Top Picks) - **Pure Benzene**: Despite low absolute valuation, the fundamental drivers are downward. It faces triple pressures of weak downstream demand, poor procurement willingness, and returning supply. Short - term bottom - fishing is not recommended. However, the impact of the easing of the Sino - US trade war on actual orders should be monitored [8]. - **Industrial Silicon**: With the reduction of warehouse receipts, the futures price has support at the bottom. The supply is expected to decrease in November, and the market will shift from inventory accumulation in November to destocking in December. A strategy of buying on dips is advisable [10]. 3.2商品研究晨报 (Commodity Research Morning Report) - **Precious Metals**: Gold is affected by the easing of the Russia - Ukraine crisis, and silver shows a volatile rebound. The trend intensity of both is - 1, indicating a weak outlook [12][15][18]. - **Base Metals**: - **Copper**: Macro - sentiment improvement drives price increases. The trend intensity is 1, suggesting a positive outlook [12][20][22]. - **Zinc**: It is in a range - bound oscillation, with a neutral trend intensity of 0 [12][23][24]. - **Lead**: Inventory reduction supports the price, and the trend intensity is 0 [12][26]. - **Tin**: Attention should be paid to macro - impacts, and the trend intensity is 0 [12][28][31]. - **Aluminum**: The price center moves up. Alumina's production reduction is not sustainable, and cast aluminum alloy follows electrolytic aluminum. The trend intensity of all three is 0 [12][32][33]. - **Nickel and Stainless Steel**: Nickel prices show a narrow - range oscillation due to the game between smelting inventory accumulation and nickel ore concerns. Stainless steel has limited downward potential and lacks upward drivers. The trend intensity of both is 0 [12][35][37]. - **Energy and Chemicals**: - **Carbonate Lithium**: It shows a relatively strong oscillation, and the results of Sino - US consultations should be monitored [12][38]. - **Industrial Silicon and Polysilicon**: Industrial silicon has support at the bottom due to warehouse receipt destocking. Polysilicon requires attention to policy implementation. The trend intensity of both is 1 [12][41][44]. - **Iron Ore**: It oscillates repeatedly, with a neutral trend intensity of 0 [12][45][46]. - **Rebar and Hot - Rolled Coil**: Their apparent demand improves month - on - month, and they show wide - range oscillations. The trend intensity of both is 0 [12][47][50]. - **Silicon Ferrosilicon and Manganese Silicide**: They oscillate widely due to sector - wide sentiment resonance. The trend intensity of both is 0 [12][51][54]. - **Coke and Coking Coal**: Their prices oscillate widely with repeated expectations. The trend intensity of both is 1 [12][55][57]. - **Log**: It oscillates repeatedly, with a neutral trend intensity of 0 [12][58][61]. - **Para - Xylene, PTA, and MEG**: Para - xylene rebounds following oil prices, and PXN should be shorted on rallies. PTA recommends a strategy of going long on PX and short on PTA, with a unilateral upward trend. MEG is expected to rebound in the short - term due to improved demand expectations. The trend intensity of all three is 1 [12][62][65]. - **Agricultural Products**: - **Palm Oil**: The inventory reduction in the producing areas is slow, and attention should be paid to the lower - level support [12][14]. - **Soybean Oil**: The production situation in South America is favorable, and the Sino - US economic and trade relations should be monitored [12][14]. - **Soybean Meal**: It rebounds and oscillates, waiting for guidance from Sino - US economic and trade talks [12][14]. - **Corn**: It oscillates [12][14]. - **Sugar**: It shows a weak trend [12][14]. - **Cotton**: The increase in the cost of new cotton supports the futures price [12][14]. - **Egg**: It oscillates and adjusts [12][14]. - **Live Pig**: The spot price has short - term support [12][14]. - **Peanut**: Attention should be paid to the spot market [12][14].

Core Insights - On October 24, Yahua Group's stock rose by 10.03%, with a trading volume of 2.266 billion yuan [1] - The company reported a financing buy-in of 254 million yuan and a net financing buy of 7.93 million yuan on the same day [1] - As of October 24, the total balance of margin trading for Yahua Group was 711 million yuan, indicating a high level of financing activity [1] Financing Summary - On October 24, Yahua Group had a financing buy-in of 254 million yuan, with a current financing balance of 704 million yuan, accounting for 3.42% of its market capitalization [1] - The financing balance is above the 60th percentile of the past year, indicating a relatively high level of financing [1] - In terms of securities lending, 700 shares were repaid, while 25,900 shares were sold short, with a total short selling amounting to 463,100 yuan [1] Business Performance - As of October 20, Yahua Group had 118,000 shareholders, a decrease of 9.23% from the previous period, while the average circulating shares per person increased by 10.17% to 8,970 shares [2] - For the first half of 2025, the company reported a revenue of 3.423 billion yuan, a year-on-year decrease of 13.04%, while the net profit attributable to shareholders increased by 32.87% to 136 million yuan [2] Dividend and Shareholding Structure - Since its A-share listing, Yahua Group has distributed a total of 1.24 billion yuan in dividends, with 622 million yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 4.7384 million shares to 14.782 million shares [3] - New entrants among the top ten shareholders include Southern CSI 1000 ETF and Fuguo Research Selected Flexible Allocation Mixed A, holding 10.634 million shares and 10.3716 million shares, respectively [3]

周度报告—碳酸锂 旺季强现实驱动，盘面增仓上行 | 走势评级 | | --- | [Table_Summary] ★旺季强现实驱动，盘面增仓上行 上周锂盐价格偏强运行。LC2511 收盘价环比+4.3%至 7.89 万元/ 吨，LC2601 收盘价环比+4.9%至 7.95 万元/吨；SMM 电池级及工 业级碳酸锂现货均价环比+2.8%、2.9%至 7.54、7.32 万元/吨。氢 氧化锂价格企稳，SMM 粗颗粒及微粉型电池级氢氧化锂均价环 比+0.8%至 7.37、7.87 万元/吨。电工价差环比持平于 0.23 万元/ 吨。电池级氢氧化锂较电池级碳酸锂价格贴水环比走阔 0.15 万 元至 0.17 万元/吨。 有 色 金 属 上周碳酸锂增仓上行，主力合约 LC2601 录得近 5%的周涨幅， 同时持仓量环比增加 16 万手至 43 万手、创品种上市以来新高。 究其原因，我们认为是旺季内去库的强现实吸引部分增量资金涌 入。据 SMM，中国碳酸锂库存环比去化 0.23 万吨至 13.0 万吨， 周去库节奏有所加速。此外，前期停产的江西云母项目仍未给出 明确的复产时间点，近期市场传言项目复产或仍有不确定性。 向 ...

——锂矿库存偏紧，上方空间略有想象 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 2025年10月25日 第一章 核心矛盾及策略建议 1.1 核心矛盾 本周碳酸锂市场运行态势震荡走强，符合之前预期。展望未来一个月，碳酸锂期货价格的核心驱动逻辑将聚 焦于这些方面："国内锂矿紧张程度"、"十一月份枧下窝复产情况"和"下游11月份排产节奏"，上述因 素将主导后续市场情绪。 南华期货碳酸锂产业周报 锂矿端，若国内可流通的锂精矿库存持续维持低位，那么市场原料端的紧张格局将有进一步加深的可能性， 并通过产业链传导逐步推升碳酸锂价格；供给方面，盐湖产能释放将持续为锂盐市场补充供给，而"枧下窝 复产速度"是关键变量，若其复产进度超市场预期，将直接扩大锂盐供给规模，对价格形成潜在压制。需求 端当前表现强劲，磷酸铁锂、三元材料、六氟磷酸锂等核心电池材料价格持续上行，直观反映出市场对碳酸 锂的需求韧性；若下游11月排产延续高景气度，锂盐需求将维持强势格局，进而反向加剧锂矿的供需错配情 况。此外，从 ...

Core Viewpoint - The company has reported significant changes in its financial metrics for the third quarter, indicating both growth in certain areas and challenges in others, particularly in cash flow and investment activities [3][7]. Financial Data Summary - The company experienced a 78.78% increase in cash and cash equivalents compared to the end of the previous year, attributed to operational accumulation [6]. - Accounts receivable increased by 169.79%, reflecting a rise in credit limits [6]. - The company reported a 370.87% increase in investment income, primarily due to higher earnings from equity method accounting for a subsidiary [6][7]. - The company’s total liabilities saw a significant increase in accounts payable, which rose by 409.25% due to increased purchases of raw materials [6]. Non-Recurring Gains and Losses - The company reported non-recurring gains primarily from tax refunds and VAT reductions, although specific amounts were not detailed [4]. Shareholder Information - As of September 30, 2025, the company’s repurchase account held 41,483,448 shares, representing 2.75% of total shares, making it one of the top ten shareholders [8]. Other Important Matters - The company’s wholly-owned subsidiary obtained a mining license for the Zhouyoufang Iron Mine, increasing its production capacity from 450 million tons to 650 million tons per year, marking a significant advancement in its iron ore expansion efforts [9]. - A change in the board of directors occurred with the election of a new vice chairman following the resignation of a previous director [10]. - The company paid interest on its convertible bonds on August 18, 2025, with a coupon rate of 1.00% [11].