登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、融资租赁及担保情况概述 上述担保金额处于公司董事会和股东会审议通过的2025年度对外担保额度预计范围之内，无需再提交公 司董事会和股东会审议。 二、被担保人基本情况 1. 基本情况 ■ 2.主要财务指标如下： ■ 3.中矿资源（江西）锂业有限公司不属于失信被执行人。 为加快推进业务发展，拓宽融资渠道，中矿资源集团股份有限公司（以下简称"公司"或"本公司"）之全 资子公司中矿资源（江西）锂业有限公司（以下简称"江西中矿锂业"）拟作为承租人与远东宏信（天 津）融资租赁有限公司（以下简称"远东租赁"）开展售后回租融资租赁业务，融资额度不超过人民币 22,000.00万元。公司为江西中矿锂业向远东租赁提供不可撤销的连带责任保证担保。 公司于2025年5月15日召开的2024年度股东会审议通过了《关于公司及子公司2025年度对外担保额度预 计的议案》，同意公司为合并报表范围内的各级全资及控股子公司（包含现有及授权期新设立、收购等 方式取得的纳入公司合并报表范围内的各级全 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 9 月 27 日 降息周期开启，推荐关注稀土磁材、钨、钴等 关键金属 [Table_Title2] 有色-能源金属行业周报 评级及分析师信息 [Table_IndustryRank] 行业评级：推荐 [Table_Pic] 行业走势图 -20% -12% -5% 2% 9% 16% 2023/09 2023/12 2024/03 2024/06 2024/09 有色金属 沪深300 [Table_Summary] 报告摘要： ►印尼政府暂停 39 家镍矿企业，或提升市场镍供应偏 紧预期 截止到 9 月 26 日，LME 镍现货结算价报收 15,035 美元/ 吨，较 9 月 19 日下跌 0.66%，LME 镍总库存为 230,124 吨， 较 9 月 19 日增加 0.74%；沪镍报收 12.15 万元/吨，较 9 月 19 日下跌 0.16%，沪镍库存为 29,008 吨，较 9 月 19 日减少 2.77%；截止到 9 月 26 日，硫酸镍报收 28,600 元/吨，较 9 月 19 日价格上涨 1.60%。根据 SMM，本周，当前有一 ...

（编辑 袁冠琳） 证券日报网讯 融捷股份9月25日在互动平台回答投资者提问时表示，公司联营锂盐企业为公司锂矿采选 的配套冶炼工厂，公司按持有的股权比例确认投资收益。公司锂精矿产品优先保障联营锂盐企业的供 应，是符合公司利益最大化的经营策略以及公司集中优势资源发展资源优势的发展战略的。公司关联交 易和非关联交易的定价原则一致，都是参考市场价格进行公允合理的定价，不存在通过关联交易侵害公 司或投资者利益情况。 ...

Core Viewpoint - The company reported a slight decline in revenue and net profit for the first half of 2025, with a focus on increasing iron ore sales and ongoing lithium mining projects [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.972 billion yuan, a year-on-year decrease of 0.07% - The net profit attributable to shareholders was 406 million yuan, down 12.32% year-on-year - The non-recurring net profit was 400 million yuan, a decrease of 12.66% year-on-year - In Q2 2025, revenue was 1.047 billion yuan, a year-on-year decrease of 0.58% but a quarter-on-quarter increase of 13.15% - The net profit attributable to shareholders was 181 million yuan, down 18.18% year-on-year and down 19.59% quarter-on-quarter [1]. Iron Ore Sales and Pricing - Iron ore sales saw a slight increase, with iron concentrate production at 1.8618 million tons and sales at 1.6941 million tons, a year-on-year increase of 12.54% - The average selling price of iron concentrate in H1 2025 was 827 yuan/ton, a decrease of 11.61% year-on-year - The company's gross margin was 49.31%, down 4.29 percentage points year-on-year, with Q2 gross margin at 46.36%, down 4.45 percentage points year-on-year and down 6.27 percentage points quarter-on-quarter [2][3]. Resource Reserves and Lithium Projects - The company has rich resource reserves, with iron ore reserves increasing to 690 million tons and sulfur iron ore reserves at 70.8541 million tons - The lithium mining projects in Hunan and Sichuan have a lithium carbonate equivalent resource of over 4.72 million tons, leading in domestic resource volume with significant future expansion potential [2][3]. Cost Control and Competitive Advantage - The company has a significant cost advantage due to its integrated mining, selection, and smelting operations - In H1 2025, the unit sales cost of iron concentrate was 374.11 yuan/ton, with a gross margin of 54.79%, indicating a strong position in the industry [3][4]. Profit Forecast and Investment Recommendation - The company is expected to gradually release new production capacity from iron ore expansion and lithium mining projects, with projected net profits of 826 million yuan, 899 million yuan, and 1.143 billion yuan for 2025-2027, corresponding to PE ratios of 22, 20, and 16 times, respectively - The recommendation to maintain a "buy" rating reflects confidence in the company's growth potential [4].

Investment Rating - The report maintains a "Recommended" rating for the company [6][54]. Core Insights - The company's revenue for H1 2025 was 1.972 billion yuan, a slight decrease of 0.07% year-on-year, while the net profit attributable to shareholders was 406 million yuan, down 12.32% year-on-year [1][10]. - The company is experiencing a decline in profit margins due to falling iron ore prices, despite an increase in sales volume [2][17]. - The company is accelerating the construction of lithium mining projects, with significant resource reserves and technological advancements in lithium extraction [3][47]. Summary by Sections Event Overview - The company released its H1 2025 report, showing a revenue of 1.972 billion yuan and a net profit of 406 million yuan, both reflecting year-on-year declines [1][10]. Performance Review - Iron ore sales volume increased by 12.54% year-on-year, but the average selling price of iron concentrate fell by 11.61%, leading to a decrease in gross margin [2][17]. - In Q2 2025, the company reported a revenue of 1.047 billion yuan, a year-on-year decrease of 0.58%, and a net profit of 181 million yuan, down 18.18% year-on-year [1][10]. Future Core Highlights - The company has rich resource reserves, with iron ore reserves increasing to 690 million tons and lithium resources amounting to over 472 million tons of lithium carbonate equivalent [3][49]. - The construction of the Hunan Jijieshan lithium mine is progressing, with significant advancements in lithium extraction technology, achieving a lithium recovery rate of 90% [3][47]. - The company benefits from a vertically integrated production model, which enhances cost control and profitability [4][40]. Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 826 million yuan, 899 million yuan, and 1.143 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22, 20, and 16 [5][54].

Core Viewpoint - Tianqi Lithium Corporation reported a significant decrease in revenue for the first half of 2025, with total revenue of 4.83 billion yuan, a decline of 24.71% year-on-year, while net profit attributable to shareholders increased by 101.62% to 84.41 million yuan, indicating a recovery from previous losses [3][4]. Company Overview and Financial Highlights - Tianqi Lithium is a leading new energy materials company focused on lithium, listed on both the Shenzhen Stock Exchange and the Hong Kong Stock Exchange [3]. - The company achieved total revenue of 4.83 billion yuan in the first half of 2025, down from 6.42 billion yuan in the same period last year [3]. - Net profit attributable to shareholders was 84.41 million yuan, a significant recovery from a loss of 5.21 billion yuan in the previous year [3]. - The company reported a net cash flow from operating activities of 1.82 billion yuan, a decrease of 18.58% compared to the previous year [3]. Business Operations - The company operates in the lithium industry, covering key stages of the lithium supply chain, including the development of hard rock lithium resources, production and sales of lithium concentrate, and lithium chemical products [4][6]. - Tianqi Lithium has established a vertically integrated business model, ensuring 100% self-sufficiency in lithium resources through its operations in Australia and China [4][6]. - The company owns the Greenbushes lithium spodumene mine in Australia, which is expected to be the largest lithium project globally in terms of output [4][6]. Product and Market Position - The company's main products include lithium concentrate and lithium chemical products, which are widely used in electric vehicles, electronics, and energy storage [4][8]. - Tianqi Lithium has built long-term relationships with major global customers, including battery manufacturers and electric vehicle companies, enhancing its market position [4][8]. - The company has a planned lithium chemical production capacity of 122,600 tons per year, with existing capacity of 91,600 tons per year [8]. Strategic Initiatives - The company is actively pursuing opportunities in the new energy value chain, including collaborations in next-generation battery technologies and investments in electric vehicles and energy storage [10]. - Tianqi Lithium is focused on enhancing its supply chain management, implementing advanced inventory management systems to optimize logistics and reduce costs [12].

Group 1 - The company Chuaneng Power (000155.SZ) announced on August 25 that its Lijiagou lithium mine project has produced qualified lithium concentrate and is currently in the capacity ramp-up phase [1] - An investor inquired on the investor interaction platform about the mining status of the Lijiagou lithium mine [2]

Group 1: Financial Performance - In the first half of 2025, the company reported operating revenue of 975 million yuan, a year-on-year increase of 35.85%, but a net profit attributable to the parent company of -114 million yuan, a decline of 78.24% [1] - The lithium mining and lithium salt manufacturing segment achieved operating revenue of 460 million yuan, a year-on-year increase of 115.91% [2] - The company's motor business generated operating revenue of 486 million yuan, a year-on-year increase of 0.76%, with industrial motors contributing 327 million yuan, up 25.03% [3] Group 2: Market Position and Resources - The company is a leading player in lithium extraction from mica, with significant lithium resources in Yichun, Jiangxi, which holds the largest lithium mica reserves in Asia [1][2] - The company controls over 10 million tons of lithium resources, ranking among the top in China [1] - The company has developed an integrated industrial chain covering lithium mining, sorting, and deep processing [1] Group 3: Industry Trends and Pricing - The price of lithium carbonate has shown a downward trend, dropping to around 58,000 yuan per ton, leading to increased losses for the company [2] - However, since July, there has been a rebound in lithium carbonate prices, with futures contracts nearing 90,000 yuan per ton, driven by expectations of reduced production from key mines [2] - The company noted that rapid growth in downstream demand, particularly from the electric vehicle and energy storage markets, is expected to support the long-term fundamentals of the lithium salt industry [2] Group 4: Diversification and Innovation - In addition to lithium salt, the company is involved in the motor industry, with products in various segments such as construction machinery motors and servo motors, maintaining a leading position in several niche markets [3] - The company is actively developing high-precision, fast-response, lightweight, and compact motors for robotics applications, indicating a focus on innovation and future market trends [3]

Report Summary 1. Industry Investment Rating - Not provided in the content 2. Core View - The spot trading of lithium carbonate is sluggish, and it is operating in a weak and volatile manner. The trend strength of lithium carbonate is -1, indicating a bearish view [1][3] 3. Summary by Relevant Catalogs Fundamental Tracking - **Futures Contracts**: For the 2507 contract, the closing price is 62,980, the volume is 955, and the open interest is 10,845. For the 2509 contract, the closing price is 62,780, the volume is 398,387, and the open interest is 326,676 [1] - **Basis and Other Data**: The basis between the spot and 2507 contract is -1,680, and between the spot and 2509 contract is -1,480. The difference between battery - grade and industrial - grade lithium carbonate is 1,600 [1] - **Raw Materials and Lithium Salts**: The price of spodumene concentrate (6%, CIF China) is 625, and battery - grade lithium carbonate is 61,300. Other lithium salts and related products also have corresponding price data [1] Macro and Industry News - SMM's battery - grade lithium carbonate index price is 61,332 yuan/ton, down 61 yuan/ton from the previous working day. Battery - grade and industrial - grade lithium carbonate prices remained flat compared to the previous working day [1] - Hainan Mining signed a spodumene off - take agreement with LMLB. Starting from January 1, 2026, LMLB will sell all the spodumene produced in the first phase of the Bugoni lithium mine project to Hainan Mining, which is an important step in its industrial layout [3]

Core Viewpoint - The credit rating agency has maintained an AA rating for the company, indicating strong operational capabilities and significant resource advantages in iron ore and lithium mining, despite facing challenges related to capital expenditure and market conditions [2][4]. Company Overview - The company is a leading player in iron ore mining in China, with substantial production capacity and cost advantages, ranking high in profitability and operational efficiency [2][4]. - As of the end of 2024, the company's iron ore reserves have increased significantly, with lithium resources also ranking among the top in the industry, indicating strong growth potential [3][16]. Financial Performance - The company's total assets reached 158.11 billion yuan, with equity attributable to shareholders at 65.12 billion yuan, and total debt at 75.55 billion yuan, reflecting a year-on-year increase [2][3]. - The operating income for the company was 40.58 billion yuan, with a net profit of 2.25 billion yuan, indicating a decline compared to previous periods [3][4]. - The EBITDA margin was reported at 44.57%, showcasing the company's ability to maintain profitability despite market pressures [3][4]. Market Conditions - The iron ore market is expected to face downward pressure due to weak demand from the steel industry, with iron ore prices likely to decline further [4][9]. - The company is experiencing challenges in the downstream steel market, with reduced demand for its products, particularly pellets, leading to lower production utilization rates [4][11]. Investment and Capital Expenditure - The company is under significant capital expenditure pressure due to ongoing mining projects, particularly in the lithium sector, which require substantial investment and have long construction periods [4][6]. - The company has adjusted its fundraising plans to allocate more resources to lithium projects, indicating a strategic shift towards diversifying its resource base [6][8]. Competitive Position - The company maintains a competitive edge in the iron ore sector, with a strong resource base and established relationships with major steel manufacturers [4][16]. - The company’s lithium resources are positioned to become a significant part of its portfolio, enhancing its market position in the growing battery materials sector [16][18]. Future Outlook - The credit rating agency has a stable outlook for the company, anticipating continued operational strength and cash flow stability, despite the challenges posed by market conditions [4][9]. - The company is expected to leverage its resource advantages to navigate the competitive landscape effectively, with a focus on enhancing production efficiency and expanding its market share [4][16].