Core Viewpoint - Ganfeng Lithium has faced its first loss since its listing in 2010, with a significant decline in revenue and net profit due to plummeting lithium prices and challenges in its core business segments [1][3]. Financial Performance - In 2024, Ganfeng Lithium reported revenue of 18.906 billion yuan, a year-on-year decrease of 42.66% [1]. - The company experienced a net loss of 2.074 billion yuan, marking a year-on-year decline of 141.92% [1]. - The gross margins for lithium salt and lithium battery sales were 10.47% and 11.66%, respectively, down by 2.06 and 6.30 percentage points year-on-year [3]. Business Segments - The lithium chemical materials segment contributed 60% of the company's revenue, while lithium batteries and cells accounted for 30% [1]. - Ganfeng Lithium is actively expanding its energy storage business, which is expected to support its lithium battery cell operations [1][4]. Market Trends - The price of lithium carbonate has dropped from nearly 600,000 yuan per ton in 2022 to around 70,000 yuan per ton in 2024, representing a decline of nearly 90% [3]. - The energy storage market is experiencing significant growth, with Ganfeng Lithium focusing on both grid-side and user-side energy storage solutions [4][5]. Strategic Initiatives - The company is pursuing the commercialization of solid-state batteries and has signed a joint development agreement with a leading international automotive company [6][7]. - Ganfeng Lithium is investing in next-generation battery technologies, particularly in metal lithium products for solid-state battery applications [6][7]. Future Outlook - Ganfeng Lithium's management remains optimistic about the long-term growth potential in the lithium battery and energy storage sectors, despite current market challenges [7]. - The company aims to achieve profitability by 2025 through a diversified approach across lithium chemicals, batteries, and energy storage [7].