Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 8.376 billion, with a net profit attributable to shareholders of CNY -0.531 billion, and an operating cash flow of CNY 0.3 billion [1] - The business structure consists of 56.78% from lithium chemical segment, 35.52% from lithium battery segment, and 7.70% from other businesses [1] Business Development - The Mariana lithium salt lake project in Argentina has produced its first batch of lithium chloride [2] - The Cauchari-Olaroz lithium salt lake project is operating smoothly and is expected to meet its annual production target in the second half of the year [2] - The Goulamina lithium spodumene project in Mali has shipped its first batch of spodumene to China [2] - The Sichuan Ganfeng's annual production capacity of 50,000 tons of lithium salt project has completed production line debugging and is steadily releasing capacity [2] - The first phase of the Qinghai Ganfeng's annual production of 1,000 tons of metallic lithium project is in trial production [2] Solid-State Battery Business - The company has completed an integrated layout for solid-state battery business and has commercial capabilities [2] - The soft-pack solid-state battery can be applied in passenger vehicles and low-altitude aircraft, with an energy density covering 320Wh/kg to 550Wh/kg and a maximum cycle count of 1,000 [2] - The cylindrical solid-state battery has a capacity of 6Ah to 7.5Ah and an energy density of 330Wh/kg to 420Wh/kg, with production lines under construction [2] Energy Storage Business - The company has successfully completed the delivery and grid connection of energy storage shared power stations through Shenzhen Yichu [2] - The integrated layout of lithium batteries has shown significant results, positively contributing to the group's performance [2] Market Outlook and Strategy - The company remains optimistic about the future demand for lithium and expects further improvement in operational performance as the lithium industry recovers [2] - The company is focusing on cost-effective resource development and prioritizing projects with optimal economic benefits [5] - The overall lithium product inventory is currently at a low level, approximately one week, indicating a positive market trend [5] Debt Management - The company is planning multiple measures to optimize its capital structure, including controlling debt increases and enhancing project equity financing [6] - The debt level is currently manageable, despite an increase due to the higher leverage in the battery segment, which accounts for 35%-40% of sales revenue [6]

Group 1 - The core viewpoint of the news is that Jiangxi Ganfeng Lithium Co., Ltd. has been rated AAA by Oriental Jincheng International Credit Rating Co., Ltd., indicating a stable credit outlook for the company and its upcoming green medium-term notes [1][2] - Jiangxi Ganfeng Lithium operates a vertically integrated business model covering lithium resource development, lithium salt deep processing, lithium metal smelting, lithium battery manufacturing, and comprehensive recycling of lithium batteries, which enhances its synergy and overall strength [2] - The company is a significant global producer of lithium compounds and lithium metal, with abundant resource reserves and large-scale lithium processing capacity, ensuring a complete product supply [2] Group 2 - The sales volume of the company's lithium chemical products has been steadily increasing, supported by stable cooperation with major customers [2] - The revenue and gross profit from the company's lithium battery business, which includes power batteries, consumer batteries, and energy storage batteries, have shown continuous growth in recent years [2] - The company's equity has grown rapidly, significantly enhancing its capital strength [2] Group 3 - The company faces geopolitical and exchange rate fluctuation risks due to its primary lithium resources being located overseas, particularly concerning the potential cancellation of lithium mining concessions in Mexico [2] - The company reported losses for the period from January to September 2024, and the lithium supply-demand situation is expected to remain loose in the short term, putting pressure on profitability [2] - Significant capital expenditure is anticipated for future projects like the Mariana lithium salt lake construction, which may lead to short-term liquidity fluctuations [2]