1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - In the second quarter, attention should be paid to potential disruptions in overseas resource supply, such as the shipping situation of lithium mines in Australia and Zimbabwe. The vehicle market in the first quarter was affected by policy - driven pre - consumption and the late Spring Festival, but it is expected to improve marginally in the second quarter. The increase in battery capacity can offset some of the negative impact on lithium salt consumption. After excluding individual project interferences, the winning bid prices in the energy storage sector have slightly increased, and price transmission is still ongoing. If overseas supply - side risk events continue to develop, it may lead to a shortage of lithium ore supply, which will push up lithium prices, reduce the actual supply of lithium carbonate, and make the inventory more invisible. In the long - term, the price center will still move up, and it is recommended to consider bottom - fishing [6]. 3. Summary According to the Directory 3.1 Price - In the first quarter, the price of lithium carbonate twice reached above 180,000 yuan/ton and then declined, fluctuating around 150,000 yuan/ton. Factors affecting the price include strong macro - sentiment, mismatch between spot and futures average prices, strong downstream orders and low inventory, pre - festival stocking, concerns about supply shortages due to the suspension of lithium ore shipping in Zimbabwe, slow de - stocking, poor terminal data, and overseas supply disturbances [9][11][12]. 3.2 Inventory - In the first quarter, lithium ore and lithium salts generally showed a continuous de - stocking trend, with the overall de - stocking speed first increasing and then decreasing. By the end of March, the social inventory turnover days decreased to 27.9 days, and there was obvious restocking in the downstream [6][9][25]. 3.3 Theoretical Delivery Profit and Import - Export Profit - Relevant charts show the import profit of lithium carbonate, theoretical delivery profit, theoretical delivery profit of producing lithium carbonate from lithium spodumene and lithium mica, export profit of lithium hydroxide, and外购 production profit [28][29]. 3.4 Lithium Resources - From January to February 2026, the cumulative import of lithium concentrate was 1.074 million tons, a year - on - year increase of 22%. The cumulative export of lithium carbonate from Chile was 49,700 tons, a year - on - year increase of 17%, of which 39,300 tons were exported to China, a year - on - year increase of 26%, accounting for 79% of the export. The cumulative export of lithium sulfate was 39,900 tons, a year - on - year increase of 221%, and almost all were exported to China. The cumulative domestic production of lithium mica was 29,000 tons of LCE, a year - on - year increase of 4%, and the cumulative production of lithium spodumene by sample enterprises was 14,700 tons of LCE, a year - on - year increase of 127%, with a total cumulative production of lithium ore of 43,700 tons of LCE, a year - on - year increase of 28% [31][43][44]. 3.5 Lithium Carbonate - In the first quarter, the cumulative production of lithium carbonate was 287,000 tons, a year - on - year increase of 39.8%. Among them, the production of lithium carbonate from lithium spodumene was 176,000 tons, a year - on - year increase of 55%; from lithium mica was 38,000 tons, a year - on - year decrease of 11.1%; from salt lakes was 46,000 tons, a year - on - year increase of 50.3%; and from recycling was 28,000 tons, a year - on - year increase of 46.9%. From January to February, the cumulative import was 53,000 tons, a year - on - year increase of 64% [4][9][47]. 3.6 Lithium Hydroxide - In the first quarter, the cumulative production of lithium hydroxide was 80,000 tons, a year - on - year increase of 20%. Among them, the smelting production was 69,000 tons, a year - on - year increase of 11%, and the causticizing production was 11,000 tons, a year - on - year increase of 124% [9][55]. 3.7 Lithium Hexafluorophosphate - In the first quarter, the cumulative production of lithium hexafluorophosphate was 75,000 tons, a year - on - year increase of 34% [9][58]. 3.8 Ternary Precursor - In the first quarter, the cumulative production of ternary precursor was 255,000 tons, a year - on - year increase of 31%. The proportion of the 6 - series and 9 - series increased significantly, while the 5 - series decreased. From January to February, the export was 11,900 tons, a year - on - year decrease of 1%, and the import was 200 tons, a year - on - year increase of 17% [9][66]. 3.9 Ternary Material - In the first quarter, the cumulative production of ternary material was 236,000 tons, a year - on - year increase of 47%. The proportion of the 6 - series and 9 - series increased significantly, while the 5 - series decreased. From January to February, the cumulative export was 22,900 tons, a year - on - year increase of 88%, and the import was 11,700 tons, a year - on - year increase of 108% [9][68]. 3.10 Lithium Iron Phosphate - In the first quarter, the cumulative production of lithium iron phosphate was 1.175 million tons, a year - on - year increase of 59% [9][71]. 3.11 Other Materials - In the first quarter, the cumulative production of cobalt - acid lithium was 21,000 tons, a year - on - year decrease of 28%; the cumulative production of manganese - acid lithium was 34,000 tons, a year - on - year increase of 6% [9][74]. 3.12 Lithium Battery - In the first quarter, the cumulative production of lithium batteries was 572 GWh, a year - on - year increase of 51%. Among them, the production of ternary batteries was 90 GWh, a year - on - year decrease of 5%; the production of lithium iron phosphate batteries was 455 GWh, a year - on - year increase of 68%; and the production of other batteries was 27 GWh, a year - on - year increase of 114%. From January to February 2026, the cumulative installed capacity of lithium batteries was 68.3 GWh, a year - on - year decrease of 7%. From January to February 2026, the cumulative export of lithium batteries was 48 GWh, a year - on - year increase of 24% [5][9][77]. 3.13 Terminal - New Energy Vehicles - According to the data of the Passenger Car Association, from January to February, the retail sales of passenger cars were 1.06 million, a year - on - year decrease of 26%; the wholesale sales were 1.59 million, a year - on - year decrease of 8%; the export was 555,000, a year - on - year increase of 116%, and the penetration rate was 42%, a year - on - year decrease of 0.04. In March, the expected retail sales were 900,000, and the expected penetration rate was 52.9%, and the sales of new - energy vehicles in China officially exceeded that of fuel vehicles. From January to February 2026, the average battery capacity per new - energy vehicle was 62.0 kWh, a year - on - year increase of 29.2%. In February, the overall inventory situation improved, and the battery capacity increased significantly. From January to February, the cumulative sales of new - energy heavy trucks were 23,500, a year - on - year increase of 54%; the cumulative sales of domestic new - energy heavy - truck operating licenses were 27,666, a year - on - year increase of 102%. From January to February, the average battery capacity per new - energy vehicle in China was 64.9 kWh, a year - on - year increase of 32.3%. The average battery capacities per vehicle of new - energy passenger cars, trucks, buses, and special vehicles were 54.5 kWh, 223.9 kWh, 211.3 kWh, and 156.8 kWh respectively [5][9][85]. 3.14 Terminal - Energy Storage - From January to February 2026, the tender, winning bid, and installation of energy storage were still greatly affected by the Spring Festival. However, from the perspective of the average winning bid price, the price centers of 2 - hour energy storage and 4 - hour EPC moved up. In terms of installation, it increased significantly compared with previous years, and the installed capacity was basically the same as that in November of the previous year [5][9][100]. 3.15 Supply - Demand Balance - The current balance sheet does not consider the issue of the suspension of lithium ore shipping in Zimbabwe, which may affect the lithium salt supply in late April at the earliest. If it fails to resume, the market will return to a shortage state in May. Attention should be paid to when the shipping can resume and be vigilant against the supply shock caused by the concentrated shipping back to China. There are also concerns about the lithium ore production in Australia at the end of the first quarter. If overseas supply - side risk events continue to develop, the shortage of lithium ore supply will be transmitted to the actual supply of lithium carbonate and further push up prices, and the amplification of stocking and replenishment coefficients may also make the explicit inventory more invisible [6][10][101]. 3.16 Options - Relevant charts show the historical volatility, historical volatility cone, the put - call ratio of option trading volume, and the put - call ratio of option open interest related to lithium carbonate [104][105][106].

Core Viewpoint - Ganfeng Lithium has made progress on its Sierra Leone lithium project, expecting an annual production capacity of approximately 2 million tons, with plans to commence production next year and establish a stable supply [1] Group 1: Project Development - The Sierra Leone lithium project has received government support and has been granted mining rights [1] - The Goulamina spodumene has a very high grade, providing significant cost advantages [1] Group 2: Operational Stability - The Goulamina lithium project utilizes energy from local and neighboring African countries, minimizing exposure to disruptions from the Strait of Hormuz and the Middle East oil crisis [1] - Security conditions are manageable with support from the Malian government, and there have been no reported safety incidents, ensuring smooth production and transportation [1]

Group 1 - The core viewpoint of the article highlights that Ganfeng Lithium's Mount Marion lithium spodumene project primarily relies on the power grid for electricity, resulting in low dependence on diesel for power generation [1] - However, the company still requires diesel for transportation and mining operations, indicating that fluctuations in oil prices could impact logistics and transportation costs across the industry in the long term [1]

Group 1 - The core strategy of the company for 2025 is to maintain prudent expansion and focus on high-quality assets, leading to a significant decrease in capital expenditure [1] - The company will continue to develop core projects that are low-cost and high-return, with a focus on advancing the Goulamina Phase II, Cauchari-Olaroz Phase II, and PPGS projects [1] - The Goulamina project is noted for its self-financing capability, which can cover part of the capital expenditure needed for expansion [1] Group 2 - The PPGS project will address its funding needs through market-based financing methods [1]

Group 1 - The core viewpoint of the article highlights that Ganfeng Lithium plans to produce 330,000 tons of lithium concentrate from the Goulamina spodumene project by 2025, with most of the ore being transported domestically and transportation being smooth [1] - The Goulamina spodumene project is noted for its significant cost advantages, with plans to reach full production status by 2026 [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current situation of lithium carbonate is not as optimistic as expected. The supply - side disturbances may ease, and the rise in lithium carbonate prices may suppress the yield of energy - storage projects and inhibit demand growth. The price center of lithium carbonate in 2026 is expected to move up, with the main operating range of 100,000 - 200,000 yuan/ton. Low - buying has the highest cost - performance ratio, and blind chasing of rising prices is not recommended [18]. Summary According to the Directory 1. Market Contradiction Focus: Supply "Black Swan" and Demand "Double - Edged Sword" Supply - side Disturbances - New disturbance: Australian mining production faces potential production - cut risks due to regional diesel shortages. Australia's lithium carbonate production in 2025 accounted for 31% of the global total supply, meaning about 30% of the global lithium ore supply is at risk of production cuts [3]. - Existing risks intensify: The export ban on lithium concentrate in Zimbabwe has been escalating, and the resumption of exports may be delayed until June. The resumption of lithium mines in Yichun, Jiangxi is also slower than expected, with the earliest resumption possibly postponed to the third quarter [4]. Demand - side - Energy - storage demand: It has become the core growth pole of lithium carbonate consumption. In March 2026, the total production schedule of the lithium - battery market was about 219GWh, a 16.5% month - on - month increase, with energy - storage cell production accounting for 40.6%. From January to February 2026, the domestic energy - storage cell production increased by 91% year - on - year. However, rising lithium carbonate prices may suppress the overall profitability of energy - storage projects [5]. - New - energy vehicle demand: It shows a structurally differentiated feature. From January to February 2026, the domestic sales of new - energy vehicles decreased by 27.5% year - on - year, while exports increased by 110%. The average battery capacity per vehicle increased by 32.3% year - on - year. Overall, battery demand still faces some pressure [6][7]. 2. Micro - analysis: Game between Technical and Capital Aspects Technical Aspect - The lithium carbonate 2605 contract has shifted from a strong unilateral upward trend to a high - level shock consolidation pattern. The current price is near the mid - axis of the shock range, with roughly equal probabilities of upward and downward breakthroughs, and low direction certainty [10][11]. Capital Aspect - On March 27, when lithium carbonate prices rose sharply, the market capital inflow was 6.428 billion yuan, with lithium carbonate having a net inflow of 3.831 billion yuan. However, the short - selling force was stronger, with net short positions increasing by 14,732 lots to 109,600 lots, an increase of 15.5%. On the day of the sharp rise, contract positions mainly increased in the 09 contract, and short - position increases were more than long - position increases [13]. 3. Summary and Outlook - The price center of lithium carbonate in 2026 is expected to move up, with the main operating range of 100,000 - 200,000 yuan/ton. It is recommended to place long orders at the lower edge of the range (140,000 - 150,000 yuan/ton) with a stop - loss below 135,000 yuan/ton. If the price breaks through 180,000 yuan/ton, wait for confirmation before entering the market. Do not blindly chase rising prices [18].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 刊 發。 根據中華人民共和國的有關法例規定，江西贛鋒鋰業集團股份有限公司（「本 公 司」）在 深 圳 證 券 交 易 所 網 站(http://www.szse.cn/）刊 發 了 以 下 公 告。茲 載 列 如 下，僅 供 參 閱。 承董事會命 江西贛鋒鋰業集團股份有限公司 董事長 李良彬 中國‧ 江 西 二 零 二 六 年 三 月 三 十 一 日 江西赣锋锂业集团股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公 ...

Group 1 - The core point of the article is that Ganfeng Lithium has approved several key reports during its board meeting, including the 2025 annual work report for the CEO and the board [1] - The company held its 14th meeting of the 6th board of directors on March 30, where multiple proposals were reviewed and approved [1] - The approved documents include the 2025 annual report, annual report summary, and performance announcement [1]

Core Viewpoint - Ganfeng Lithium is projected to achieve a revenue of 23.08 billion RMB in 2025, representing a year-on-year growth of 22.08%, and a net profit of 1.61 billion RMB, reflecting a significant year-on-year increase of 177.77% [1] Financial Performance - Revenue forecast for 2025 is 23.08 billion RMB, indicating a growth of 22.08% compared to previous periods [1] - Net profit is expected to reach 1.61 billion RMB, which is a remarkable increase of 177.77% year-on-year [1]

Group 1 - The core viewpoint of the article is that Daiwa has upgraded Ganfeng Lithium's investment rating from "underperform" to "outperform" due to improvements in the global lithium supply-demand landscape, with a target price increase from HKD 53 to HKD 85 [1] - Daiwa anticipates a global lithium supply shortage in 2026, primarily due to the early implementation of Zimbabwe's lithium mine export ban and slower-than-expected recovery of CATL's lithium mica mines [1] - The brokerage has raised its earnings per share forecast for Ganfeng Lithium for 2026-2027 by 213% to 583%, reflecting an increase in lithium prices [1] Group 2 - Daiwa has adopted a price-to-earnings (P/E) valuation method, assigning a target P/E of 17.3 times, which is lower than the 20 times for Ganfeng Lithium's A-shares, to account for lower liquidity in H-shares [1] - The firm predicts lithium prices for 2026-2027 to be between RMB 130,000 and RMB 145,000 per ton, which is conservative compared to the market's optimistic expectation of RMB 200,000 per ton, mainly due to concerns over rising production in Africa and China [1]