2025Q4 锂精矿（化学和技术级）的平均实现价格为 850 美元/吨（澳大利亚离岸价），环比上涨 16%。 [Table_Title] Greenbushes 锂矿 2025Q4 产销量分别环比+10%、 +9%至 35.2 万吨、32.8 万吨，2025Q4 单位现金生 产成本环比下降 4%至 373 澳元/吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►锂业务 1、Greenbushes 锂矿（100%基础） 2025Q4 锂精矿生产量为 35.2 万吨，环比增长 10%，同比 减少 10%。 2025Q4 锂精矿销售量为 32.8 万吨，环比增长 9%，同比增 长 5%。 证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 4 日 2025Q4 单位现金生产成本为 373 澳元/吨，环比下跌 4%，同比上涨 15%。 2025Q4 资本支出为 1.178 亿澳元（2025Q3：1.211 亿澳 元 ）。 CGP3 于 2025 年 12 月 18 日按照调试计划处理了第一批矿 石。目前已完成一些小型附加工程，重点是提高产能 ...

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [5]. Core Insights - The lithium business, particularly the Greenbushes lithium mine, showed a production volume of 340,000 tons in Q2 2025, reflecting a 2% year-on-year increase, while sales volume decreased by 22% to 412,000 tons [1][3]. - The average realized price for lithium concentrate was $725 per ton, down 8% from the previous quarter [1]. - The Kwinana lithium hydroxide plant produced 2,126 tons in Q2 2025, a 36% increase quarter-on-quarter and a 60% increase year-on-year, although sales volume decreased by 25% [4][6]. - The nickel business at the Nova project reported a production of 5,107 tons in Q2 2025, a 22% increase quarter-on-quarter, but a 20% decrease year-on-year [8]. Summary by Sections Lithium Business - Greenbushes lithium mine produced 340,000 tons in Q2 2025, with a cash production cost of A$366 per ton, up 8% year-on-year [1][3]. - Kwinana hydroxide plant's production was 2,126 tons, with a conversion cost of A$17,215 per ton, down 20% from the previous quarter [4][7]. Nickel Business - Nova project achieved a nickel production of 5,107 tons in Q2 2025, with a cash cost of A$3.97 per pound, down 23% quarter-on-quarter [8]. - The average realized price for nickel decreased to A$23,261 per ton, a 7% decline from the previous quarter [8]. Financial Performance - The company's revenue for Q2 2025 was A$126.9 million, a 15% increase quarter-on-quarter but a 46% decrease year-on-year [10]. - The underlying EBITDA for Q2 2025 was A$62.3 million, compared to A$34 million in the same quarter last year [11]. Production Guidance - For FY25, the Greenbushes lithium production guidance is set at 1,350,000 to 1,550,000 tons, with a cash cost guidance of A$320 to A$380 per ton [19]. - The Kwinana refinery's production guidance for FY25 is 7,000 to 8,000 tons of lithium hydroxide [19].

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The lithium business, particularly the Greenbushes lithium mine, has shown significant growth in sales volume, with a 100% year-on-year increase in Q1 2025 [1]. - The average realized price for lithium concentrate increased by 7.47% quarter-on-quarter, reaching 791 USD/ton [1]. - The Kwinana lithium hydroxide plant's production volume increased by 64% year-on-year, although it only operated at 26% of its nominal capacity due to unplanned downtime [6][8]. - The nickel production from the Nova project saw a 23% quarter-on-quarter increase, although it experienced a 9% year-on-year decrease [9]. Summary by Sections Lithium Business - Greenbushes lithium mine produced 341,000 tons of spodumene in Q1 2025, a 22% year-on-year increase, but a 13% decrease from the previous quarter [1]. - The sales volume of lithium concentrate reached 366,000 tons, reflecting a 100% year-on-year growth and a 17% quarter-on-quarter increase [1]. - The unit cash production cost for lithium was 341 AUD/ton, a 12% decrease year-on-year but a 5% increase quarter-on-quarter [2]. Kwinana Lithium Hydroxide Plant - The plant produced 1,562 tons of lithium hydroxide in Q1 2025, a 64% year-on-year increase but a 2% decrease from the previous quarter [6]. - Sales volume for lithium hydroxide was 2,304 tons, marking a 178% quarter-on-quarter increase [7]. - The processing cost per ton decreased by 29% to 21,585 AUD, influenced by reduced expenditures and previous maintenance costs [7]. Nickel Business - Nova Project - Nickel production in Q1 2025 was 4,179 tons, a 23% increase from the previous quarter but a 9% decrease year-on-year [9]. - The average realized nickel price increased by 4% to 25,067 AUD/ton, contributing to an 8% increase in sales revenue to 109.8 million AUD [11]. - The unit cash cost for nickel was 5.12 AUD/pound, a 30% decrease quarter-on-quarter [9]. Financial Performance - The company's revenue for Q1 2025 was 110.7 million AUD, a 16% decrease quarter-on-quarter and a 31% decrease year-on-year [14]. - The underlying EBITDA improved to 34 million AUD from a loss of 79 million AUD in the previous quarter [14]. - The cash balance at the end of Q1 2025 was 284.3 million AUD, an increase from 246.6 million AUD at the end of Q4 2024 [14].