Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a net profit attributable to shareholders of -175 million yuan in Q2 2025, which is a 51% increase quarter-on-quarter; however, the non-recurring net profit attributable to shareholders was -671 million yuan, reflecting a 177% decrease quarter-on-quarter [2][4]. - The company is expected to see an increase in self-supply rates and improvements in production costs as it enters a phase of accelerated resource release [9]. - The lithium price has been declining, which has pressured the company's profitability, with a gross margin of 9.65% in Q2 2025, down 3.3 percentage points quarter-on-quarter [9]. Summary by Sections Financial Performance - In H1 2025, the company's lithium salt business gross margin was 8.36%, down 3.39 percentage points year-on-year, while the lithium battery business gross margin was 14.17%, up 4.29 percentage points year-on-year [9]. - The company recorded a non-recurring income of 382 million yuan in H1 2025, primarily from the disposal of non-current assets and government subsidies [9]. - In Q2 2025, the average price of battery-grade lithium carbonate was 65,300 yuan/ton, down 14% quarter-on-quarter, and the average price of battery-grade lithium hydroxide was 64,800 yuan/ton, down 8% quarter-on-quarter [9]. Production and Cost Outlook - The company plans to produce 30,000-35,000 tons of lithium carbonate equivalent (LCE) in 2025, with a long-term operating cost expected to reach 65,430 USD/ton LCE (approximately 47,000 yuan/ton LCE) [9]. - The Goulamina lithium concentrate project is expected to commence production in December 2024, with promising profitability due to its resource scale and quality advantages [9]. - The Mariana salt lake project has already commenced production, with expectations for stable supply of lithium chloride products in H2 2025 [9]. Market Position and Future Prospects - The company is positioned as a leading resource player with a faster increase in self-supply rates and continuous cost optimization, which is expected to gradually improve profitability [9]. - The company is also increasing its focus on battery business, with the largest global capacity for lithium metal, indicating significant growth potential in the future [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to gradually increase its own resource output, with significant performance elasticity contributed by lithium price increases in the second half of the year [1] - The company's Q2 performance met expectations, with a revenue of 8.38 billion yuan, down 12.6% year-on-year, and a net profit attributable to shareholders of -530 million yuan, up 30.1% year-on-year [9] - The company anticipates lithium salt sales to reach 160,000 to 180,000 tons in 2025, a year-on-year increase of approximately 30% [9] - The Goulamina lithium project in Mali is expected to contribute additional output in the second half of the year, while the Mariana project is gradually ramping up production [9] - The company forecasts a net profit attributable to shareholders of 434 million yuan in 2025, with a year-on-year growth of 120.93% [1][9] Financial Summary - Total revenue for 2023 is projected at 32.972 billion yuan, with a year-on-year decrease of 21.16% [1] - The net profit attributable to shareholders for 2025 is estimated at 434.1 million yuan, with a significant recovery from a loss of 2.074 billion yuan in 2024 [1] - The earnings per share (EPS) for 2025 is expected to be 0.22 yuan, recovering from -1.03 yuan in 2024 [1] - The company’s total assets are projected to reach 100.832 billion yuan in 2024, increasing to 118.668 billion yuan by 2027 [10]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Overseas, the US economic structural resilience is reflected in the manufacturing PMI falling below the boom-bust line while the service sector maintains high expansion. Market bets on the Fed's interest rate cut have decreased, and the EU has passed a 93 billion euro anti - tariff plan against the US. Currently, the impact of the overseas market on A - shares is limited [1][5]. - Domestically, on Thursday, the market showed a rebound in both indices and individual stocks. The focus is on stabilizing the economy and anti - involution policies, with high expectations for the Politburo meeting at the end of the month. The market is dominated by bulls, and the index is expected to fluctuate upward. Attention should be paid to brokerage and technology growth sectors [2][11]. Summary by Directory 1. Market Analysis 1.1 Overseas Overnight - The preliminary value of the US S&P Global Manufacturing PMI in July was 49.5, lower than the expected 52.7 and the previous value of 52.9. The preliminary value of the service sector was 55.2, higher than the expected 53 and the previous value of 52.9. The probability of the Fed starting to cut interest rates in September has dropped to 58.4%. The EU has passed a 93 billion euro anti - tariff plan against the US, which will take effect on August 7 if no agreement is reached. Overnight, the US dollar rose slightly, the US bond yield fell, gold dropped, and the three major US stock indices showed mixed trends [1][5]. 1.2 Domestic Market Review - On Thursday, the broader market opened lower, fluctuated, and then rose 0.65%. The Shenzhen Component Index rose 1.21%, and the ChiNext Index rose 1.5%. Beauty care, non - ferrous metals, steel, and other sectors led the gains, while banks, communications, and public utilities declined. Jiangte Motor and Zhongkuang Resources have carried out maintenance and technological transformation, and regions like Jiangxi and Qinghai are standardizing lithium - related resource production. Anti - involution will be a key driver for the medium - to long - term profit restoration of the new energy industry [2][6]. 1.3 Important News - Tariffs: The EU has passed a 93 billion euro anti - tariff plan against the US; India is confident of reaching a trade agreement with the US and has signed a free - trade agreement with the UK [7]. - "Firing Powell" incident: Trump pressured Powell to cut interest rates, and Trump's ally sued Powell [7][8]. - Thailand - Cambodia conflict: There was a cross - fire in the disputed border area, and Thailand dispatched 4 F - 16 fighter jets [8]. - The European Central Bank maintained key interest rates, and traders reduced bets on the ECB's interest rate cut [8]. - Other news: President Xi Jinping met with European leaders; the State - owned Assets Supervision and Administration Commission emphasized anti - involution; the central bank will conduct a 400 billion yuan MLF operation; the market supervision department will carry out a quality safety rectification of power banks [9][10]. 1.4 Today's Strategy - The game between Trump and the Fed continues, and market expectations for the Fed's interest rate cut have cooled. Domestically, the focus is on stabilizing the economy and anti - involution policies. The market is dominated by bulls, and the index is expected to fluctuate upward. Attention should be paid to brokerage and technology growth sectors [11]. 2. Futures Market Tracking - Data on the closing price, settlement price, price change, price change rate, basis, and other indicators of various futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 are provided, as well as data on trading volume, turnover, open interest, and the positions of the top 20 members [13][14]. 3. Spot Market Tracking - The current points, daily, weekly, monthly, and annual price changes, and trading volume of various indices such as the Wind All - A, Shanghai Composite Index, and Shenzhen Component Index are presented. Different sectors show different performance and valuation levels [36][37]. 4. Liquidity Tracking - The report provides charts on the central bank's open - market operations and the Shibor interest rate level, which can be used to track market liquidity [50][51]

Group 1: Market Reactions and Political Developments - The market anticipates favorable policies from the Lujiazui Forum, reflected in a 0.60% increase in the Hang Seng Index [1] - The election of Lee Jae-myung as South Korea's president led to a 2.66% rise in the KOSPI index, entering a technical bull market, with a target of 5000 points set by Lee [1] - Lee's political agenda includes promoting cryptocurrency ETF legalization and establishing a regulatory framework for stablecoins, benefiting companies like OSL Group [1] Group 2: Rare Earth Export Controls and Automotive Industry - China's rare earth export controls have raised concerns among global automakers about potential production delays, prompting urgent discussions for alternative solutions [2] - Jinli Permanent Magnet reported a 14.19% year-on-year revenue increase to 1.754 billion yuan and a 57.85% rise in net profit, with expectations of a 20-30% production increase this year [2] - Lithium resource stocks, including Longpan Technology and Tianqi Lithium, saw gains exceeding 4% [2] Group 3: Energy Sector Developments - Meta signed a 20-year contract with Constellation Energy to purchase nuclear power starting mid-2027, highlighting the shift towards low-carbon energy sources [3] - China General Nuclear Power's stock surged over 28% following a uranium sales agreement with its parent company, indicating strong market interest in nuclear energy [3] - Other green energy stocks, such as Shankai Holdings, also experienced significant gains [3] Group 4: Biotechnology and Clinical Research - Innovent Biologics presented promising Phase I clinical trial data for its dual-specific antibody IBI363 at the ASCO annual meeting, leading to a stock increase of over 14% [4] - Other biotech firms, including Junshi Biosciences and Innovent, reached annual highs, indicating strong investor interest in the sector [4] Group 5: Consumer Market Trends - TOPTOY, a trendy toy platform, is preparing for an IPO, capitalizing on the booming market for collectible toys [5] - Other consumer stocks, such as Mixue Group and Maogeping, also saw significant increases, reflecting a collective bullish sentiment in the consumer sector [5] - The new regulations on e-cigarette production in China are expected to enhance investor confidence in the industry, with related stocks like Smoore International rising over 13% [5] Group 6: Data Center Industry Insights - Neway Network Group is positioned to benefit from the doubling demand for data centers in the Asia-Pacific region, driven by AI and digital transformation [8] - The company is expanding its data center capacity significantly, with projects like MEGAIDC expected to enhance its operational capabilities [9][10] - The firm has established itself as a leading interconnection hub in Asia, with major clients including Amazon AWS and Alibaba [10]

Group 1 - The US government is pressuring countries to submit their best trade negotiation proposals by June 4, including tariffs and quotas for purchasing US agricultural products, or face punitive measures [1] - The Chinese government is tightening controls to prevent illegal outflow of strategic minerals, with various provinces enhancing regulatory measures [2] - The weakening of the US dollar is becoming a consensus among Wall Street banks, with the ICE dollar index down 8.9% year-to-date, leading to a rise in gold prices [3] Group 2 - Circle, a major stablecoin company, is set to go public on June 5, marking the first IPO in the stablecoin sector, which has positively impacted related stocks [4] - The Chinese government has issued new policies to improve the electricity service environment, which is expected to lower costs for small private enterprises and benefit power equipment companies [7] - Pharmaron, a leading CRO, is expanding its reach into overseas markets by investing in a healthcare fund, with a significant increase in revenue and new orders reported [8][10]

Core Viewpoint - The article discusses the significant challenges faced by Tianqi Lithium Corporation, which reported a record loss of 7.9 billion yuan for the year, marking its worst performance since going public. This year also marks the first full year of leadership under the founder's daughter, Jiang Anqi [2][10]. Leadership Transition - Investors have raised concerns regarding the leadership transition to Jiang Anqi, the daughter of founder Jiang Weiping, who took over as chairman in April 2023. Jiang Weiping, now 70, continues to serve on the board and various committees [3][4]. - Jiang Weiping expressed confidence in Jiang Anqi's ability to lead, citing her experience and understanding of the company's culture and governance as key factors for a successful transition [5][6]. Performance and Challenges - The company reported a revenue of 13.063 billion yuan for 2024, a decrease of 67.75% year-on-year, and a net profit attributable to shareholders of -7.905 billion yuan, a decline of 208.32% [10]. - The stock price of Tianqi Lithium has dropped nearly 65% since its IPO, from an opening price of 69.725 HKD per share to 24.45 HKD, with market capitalization shrinking from over 110 billion HKD to around 40 billion HKD [10]. Future Outlook - Jiang Weiping acknowledged that 2024 is expected to be a challenging year for the lithium industry, but he believes it will also serve as a valuable experience for the new leadership [7][8]. - The management team is actively considering strategies to mitigate the impact of cyclical changes on the company [7].