Report Summary 1) Report Industry Investment Rating - The investment rating for the lithium carbonate industry is "Stronger Operation" [1] 2) Core View of the Report - The lithium carbonate market is expected to operate strongly, with a trend strength of 1 on a scale from -2 (most bearish) to 2 (most bullish) [1][5] 3) Summary by Related Catalogs **A. Fundamental Data of Lithium Carbonate** - **Futures Contracts**: For the 2509 contract, the closing price was 80,560, the volume was 16,374, and the open interest was 148,084. For the 2511 contract, the closing price was 81,000, the volume was 38,071, and the open interest was 317,676 [3] - **Warehouse Receipts**: The warehouse receipt volume was 19,389 hands [3] - **Basis**: The spot - 2509 basis was -6,060, and the spot - 2511 basis was -6,500 [3] - **Raw Materials and Lithium Salts**: The price of lithium spodumene concentrate (6%, CIF China) was 840, battery - grade lithium carbonate was 74,500, and industrial - grade lithium carbonate was 72,300 [3] - **Downstream Consumption**: The prices of various downstream products such as lithium iron phosphate and ternary materials are also provided [3] **B. Macro and Industry News** - **Lithium Carbonate Price**: The SMM battery - grade lithium carbonate index price was 74,567 yuan/ton, up 2,606 yuan/ton from the previous workday. Battery - grade lithium carbonate was 73,000 - 76,000 yuan/ton, with an average of 74,500 yuan/ton, up 2,600 yuan/ton. Industrial - grade lithium carbonate was 71,600 - 73,000 yuan/ton, with an average of 72,300 yuan/ton, up 2,600 yuan/ton [4] - **Company News**: CATL suspended mining operations at its Yichun project after the mining license expired on August 9 and is applying for a renewal, with little impact on its overall operations [5] - **New Energy Vehicle Market**: In July, the retail penetration rate of new energy vehicles in the domestic passenger vehicle market was 54.0%, up 2.7 percentage points year - on - year. New forces' share was 21.4%, up 2 percentage points year - on - year, while Tesla's share was 4.1%, down 1.1 percentage points year - on - year [5]

Summary of Key Points Core Viewpoint - The company, Jiangxi Ganfeng Lithium Co., Ltd., has approved a total guarantee amount of RMB 3,635 million for its subsidiaries to support their development and operational needs, with specific allocations based on their debt ratios [1][12]. Group 1: Guarantee Overview - The company has agreed to provide a joint liability guarantee of RMB 2,521 million to its subsidiaries and an additional RMB 1,114 million for inter-subsidiary guarantees, totaling RMB 3,635 million [1]. - The guarantee is valid for 12 months from the date of approval by the shareholders' meeting, allowing for adjustments among the guarantee amounts [1]. Group 2: Financial Data of Minera Exar S.A. - Minera Exar S.A., an Argentine mining and exploration company, is 46.67% owned by the company through its wholly-owned subsidiary [3]. - As of the announcement date, Minera Exar's audited total assets are USD 194,860.78 million, with total liabilities of USD 145,149.54 million, resulting in a net asset of USD 49,711.24 million [4][5]. - The company's debt ratio is reported at 77.50% as of March 31, 2025 [5]. Group 3: Financial Data of Subsidiaries - Xinyu Ganfeng Lithium Co., Ltd. has total assets of RMB 97,087.27 million and total liabilities of RMB 76,910.84 million, with a net asset of RMB 20,176.43 million [6]. - Jiangxi Ganfeng Recycling Technology Co., Ltd. has total assets of RMB 160,974.90 million and total liabilities of RMB 92,061.69 million, resulting in a net asset of RMB 68,913.21 million [8]. - Jiangxi Ganfeng Lithium Battery Technology Co., Ltd. has total assets of RMB 1,811,957.66 million and total liabilities of RMB 1,076,984.64 million, with a net asset of RMB 734,973.02 million [9]. Group 4: Guarantee Contracts - The company has signed a maximum guarantee contract with Postal Savings Bank for RMB 50 million for its subsidiary Xinyu Ganfeng [10]. - A supplementary guarantee contract with Pudong Development Bank extends the guarantee period for Jiangxi Ganfeng Recycling Technology Co., Ltd. for RMB 50 million [11]. - A guarantee contract with Bank of China for RMB 60 million is established for Jiangxi Ganfeng Lithium Battery Technology Co., Ltd. [11]. Group 5: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the operational funding of the subsidiaries and are within the approved limits by the shareholders' meeting [12]. - The company maintains that the guarantees will not affect its ongoing operational capabilities and do not harm the interests of investors, particularly minority shareholders [12].