Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company has achieved a turnaround in 2025, with a revenue of 10.346 billion yuan, down 20.80% year-on-year, and a net profit of 463 million yuan, up 105.85% year-on-year. The significant improvement in profitability is attributed to several factors, including reduced pricing mismatch in lithium products, increased investment income from the associate company SQM, decreased asset impairment losses, and favorable currency exchange rates [2][10][9]. - The company has strong production capabilities, with the Greenbush lithium mine producing 1.35 million tons of lithium concentrate in 2025, and plans for further capacity expansion [14][21]. - The company is well-positioned in the lithium market, benefiting from rising lithium prices and having a robust resource base that supports rapid capacity expansion in lithium salt production [4][26]. Financial Performance - In 2025, the company reported a net cash flow from operating activities of 2.961 billion yuan, down 46.70% year-on-year. The fourth quarter of 2025 saw a revenue of 2.949 billion yuan, a slight decrease of 1.66% year-on-year, but a significant increase in net profit of 283 million yuan, up 112.83% year-on-year [2][9]. - The company’s financial forecasts for 2026-2028 indicate substantial growth, with expected revenues of 20.792 billion yuan, 23.238 billion yuan, and 25.684 billion yuan, representing year-on-year growth rates of 101.0%, 11.8%, and 10.5%, respectively [4][26]. - The projected diluted EPS for 2026-2028 is 3.79 yuan, 4.25 yuan, and 4.70 yuan, with corresponding P/E ratios of 15, 13, and 12 [4][26]. Production Capacity and Resources - The company operates five lithium concentrate plants at the Greenbush mine, with a total production capacity of approximately 2.14 million tons per year. The third chemical-grade lithium concentrate plant is expected to ramp up production by the end of January 2026 [3][21]. - The company has established six lithium chemical product production bases with a total capacity of 121,600 tons, including a fully automated battery-grade lithium carbonate plant in Jiangsu [24][25]. - The company holds a 21.90% stake in SQM, which is expected to contribute significantly to its investment income, with SQM's lithium salt sales projected to reach 233,100 tons in 2025, up 13.76% year-on-year [3][26].

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 ...

Company and Industry Summary Company Overview - **Company**: 盐湖股份 (Salt Lake Co.) - **Shareholder Structure**: Significant change in 2025, transitioning from a provincial state-owned enterprise to being controlled by China Salt Lake Group, a joint venture between Qinghai Province and China Minmetals [3] - **Business Layout**: Operates two major salt lake resources: Chaka Salt Lake and Yiliping Salt Lake. Chaka Salt Lake has a potassium fertilizer capacity of 5 million tons and lithium salt capacity of 80,000 tons after the addition of a new 40,000-ton facility in September 2025. Yiliping Salt Lake contributes an additional 18,000 tons of lithium salt capacity [3] Production Capacity and Outlook - **Total Capacity**: By the end of 2025, total potassium fertilizer capacity will reach 5.3 million tons and lithium salt capacity will reach 98,000 tons [2] - **2026 Production Outlook**: Lithium salt production is expected to increase by over 50% year-on-year, with both new and old 40,000-ton facilities achieving 100% capacity. Yiliping is expected to contribute 18,000 tons [2][3] Key Insights - **Cost Advantages**: New lithium salt facility has a total cost of approximately 31,000 yuan/ton compared to 34,000 yuan/ton for the old facility. The cost of lithium extraction from brine is only 28,000 yuan/ton [2] - **Water Consumption**: New facility reduces water consumption to 270-280 cubic meters per ton of lithium carbonate, significantly lower than the old facility's nearly 500 cubic meters [7] - **Sales Strategy**: Lithium salt sales utilize a flexible pricing model, including "prepayment + bi-weekly average price settlement," with monthly shipments reaching 5,000-6,000 tons [2][10] Market Dynamics - **Potassium Fertilizer Market**: The Middle East's geopolitical tensions have tightened potassium fertilizer supply, maintaining prices around 3,100 yuan/ton. The company is utilizing 1 million tons of inventory to ensure supply during the spring farming season [5][6] - **Spring Farming Season**: Typically runs from November to mid-April, with current port inventory between 2.7 million to 2.9 million tons [6] Future Expansion Plans - **Potassium Fertilizer Capacity Goals**: Aiming to double potassium fertilizer capacity to 10 million tons by 2030, with potential expansion through mergers and acquisitions [2][11] - **Lithium Salt Expansion**: Plans to increase lithium salt capacity by 20,000 tons through technological upgrades and resource development [9][11] - **International Projects**: Actively pursuing overseas projects, including a potassium fertilizer exploration project in the Democratic Republic of Congo, with ongoing assessments of potential acquisition targets [11] Additional Considerations - **Supplier Diversity**: The company employs a diversified supplier strategy for its lithium salt business, ensuring stable supply and performance [8] - **Technological Innovations**: Significant improvements in production processes, including the transition from fixed bed to continuous moving bed adsorption, have led to reduced costs and increased efficiency [7][9]

Group 1 - The company plans to apply for a comprehensive credit limit of up to RMB 460 million from China Construction Bank for its wholly-owned subsidiary, Shengwei International [2] - The company also intends to apply for a credit limit of up to RMB 200 million from Industrial and Commercial Bank of China for its subsidiary, Sichuan Zhiyuan Lithium Industry [2] - The total guarantee amount approved for subsidiaries is capped at RMB 11 billion, with specific limits based on the subsidiaries' asset-liability ratios [3] Group 2 - Shengwei International has an asset-liability ratio exceeding 70%, while Sichuan Zhiyuan Lithium Industry has a ratio below 70% [4] - After the new guarantees, the available guarantee limit for Shengwei International will be RMB 38.5 million, and for Sichuan Zhiyuan Lithium Industry, it will be RMB 3.017 billion [4] - The company has provided a total guarantee of RMB 584.0095 million for Shengwei International and RMB 1.0618 billion for Sichuan Zhiyuan Lithium Industry prior to this announcement [4] Group 3 - The company has signed a maximum guarantee contract with China Construction Bank, covering all debts including principal, interest, penalties, and related costs [11] - The guarantee amount for Shengwei International is capped at RMB 460 million, with no counter-guarantee [13] - A similar contract with Industrial and Commercial Bank covers debts related to Sichuan Zhiyuan Lithium Industry, with a guarantee amount of up to RMB 200 million [14] Group 4 - The company maintains control over both subsidiaries, and the financial risks associated with the guarantees are considered manageable [16] - The provision of guarantees is based on the operational needs of the subsidiaries and is not expected to adversely affect the company's normal operations or shareholder interests [16] Group 5 - As of the announcement date, the total external guarantee balance (excluding the new guarantees) is RMB 4.6093141 billion, representing 38.33% of the company's audited net assets [17] - There are no overdue guarantees or guarantees involved in litigation as of the announcement date [17]

Core Viewpoint - The report highlights the projected production capacity and output of lithium salts in China for 2025, indicating significant growth in certain areas while showing a decline in others [1] Group 1: Lithium Carbonate - Lithium carbonate production capacity is expected to reach 1.78 million tons, with an output of 976,000 tons, representing a year-on-year growth of 39.3% [1] Group 2: Lithium Hydroxide - Lithium hydroxide production capacity is projected at 720,000 tons, with an output of 356,000 tons, reflecting a year-on-year decline of 13.9% [1] Group 3: Lithium Chloride - Lithium chloride is anticipated to have a production capacity of 54,000 tons, with an output of 30,000 tons, showing a year-on-year growth of 25% [1]

Group 1 - The core viewpoint of the news is the performance and market position of Shengxin Lithium Energy, which saw a stock price increase of 5.06% to 37.37 CNY per share, with a trading volume of 814 million CNY and a turnover rate of 2.45%, resulting in a total market capitalization of 34.205 billion CNY [1] - Shengxin Lithium Energy, established on December 29, 2001, and listed on May 23, 2008, is located in Shenzhen, Guangdong Province. The company specializes in the production and sales of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, focusing entirely on the new energy and new materials sectors [1] - The company's main business revenue is entirely derived from the new energy sector, indicating a strong focus on this growing industry [1] Group 2 - From the perspective of fund holdings, Huafu Fund has a significant position in Shengxin Lithium Energy, with its Huafu Strategy Selected Mixed A Fund (410006) holding 29,800 shares, accounting for 3.94% of the fund's net value, making it the ninth-largest holding [2] - The Huafu Strategy Selected Mixed A Fund, established on December 24, 2008, has a current scale of 17.5676 million CNY. Year-to-date, it has achieved a return of 1.72%, ranking 7030 out of 8884 in its category, while over the past year, it has returned 42.38%, ranking 2209 out of 8127 [2] - The fund manager, Deng Xiang, has been in charge for 1 year and 316 days, with the fund's total assets amounting to 231 million CNY. During his tenure, the best fund return was 52.16%, while the worst was 4.83% [2]

Core Viewpoint - The "Critical Minerals Ministerial Meeting" hosted by the U.S. aims to establish a coalition against China's dominance in the rare earth and critical minerals sector, despite the apparent focus on technical cooperation among participating countries [3][5][18]. Group 1: U.S. Strategy and Objectives - The U.S. emphasizes "supply chain security" and proposes the creation of a "Critical Minerals Preferential Trade Group" to set price floors and implement adjustable tariffs for resource extraction and refining [3][5]. - The U.S. has allocated $100 billion in loan authority to entice countries to join this coalition, which includes both traditional allies and resource-rich nations [5]. - The U.S. is heavily reliant on imports for critical minerals, with nearly 70% of rare earth compounds sourced from abroad, particularly from China, making the goal of supply chain independence challenging [7][18]. Group 2: Argentina's Position - Argentina's Foreign Minister publicly stated that the agreement with the U.S. does not exclude Chinese investment in Argentine minerals, challenging the notion of a U.S.-led exclusive alliance [9][11]. - Argentina's relationship with China is crucial, as it is a significant lithium resource country and China's second-largest trading partner, with substantial Chinese investments in local energy and infrastructure [11][13]. - The Argentine stance reflects a broader sentiment among participating countries, indicating a desire to balance relationships rather than fully align with the U.S. against China [15][25]. Group 3: Global Supply Chain Dynamics - The global supply chain for rare earths is highly interdependent, with countries seeking to maximize their economic benefits rather than strictly choosing sides [17][25]. - China's dominance in the rare earth sector is underscored by its control over 34% of global resources and 92% of refining capacity, creating significant barriers for the U.S. to replicate this industrial ecosystem [18][20]. - The U.S. attempts to manipulate market dynamics through political means, such as price floors and tariffs, which may disrupt the established supply chains tied to high-tech industries [23][27].

Core Viewpoint - Ganfeng Lithium is expected to turn a profit in 2025, with a projected net profit of 1.1 billion to 1.65 billion yuan, recovering from a loss of 2.074 billion yuan in the previous year [2][5]. Financial Performance - In 2024, Ganfeng Lithium reported a revenue of 18.906 billion yuan, a decrease of 42.66% year-on-year, and a net loss of 2.074 billion yuan, marking a 141.92% decline from profit [7]. - For the first half of 2025, the company achieved total revenue of 8.376 billion yuan, a year-on-year decline of 12.65%, with a net profit attributable to shareholders of -531 million yuan, an increase of 30.13% in losses compared to the previous year [7]. - The third quarter of 2025 showed a significant recovery, with revenue of 6.249 billion yuan, a year-on-year increase of 44.10%, and a net profit of 557 million yuan, up 364.02% year-on-year [8]. - The estimated profit range for the fourth quarter of 2025 is between 1.074 billion and 1.624 billion yuan, with a potential quarter-on-quarter increase of nearly 300% [8]. Key Drivers of Performance - The turnaround in performance is attributed to three main factors: an increase in the fair value of PLS stock holdings, the transfer of equity in a subsidiary to strategic investors, and losses from the fair value changes of convertible bonds due to stock price increases [5].

Group 1 - The Chongqing Tongliang district launched 66 projects with a total investment of 12.26 billion yuan, focusing on industrial development, infrastructure, and social welfare [1] - The Tianrun Honglin Logistics Cold Chain Processing Center project, with an investment of 800 million yuan, aims to enhance the agricultural supply chain in Tongliang and the surrounding region [1] - The Chongqing Tianqi Lithium New Materials Co., Ltd. is set to add 1,000 tons/year of battery-grade lithium and 6,500 tons/year of lithium chloride production capacity, projected to generate annual sales revenue of 1 billion yuan [1] Group 2 - The Minglida Phase II project, with a total investment of 200 million yuan, focuses on the production of magnesium-aluminum alloy precision structural parts and is expected to commence production by late February [2] - In the past year, Tongliang district signed 102 projects with a total investment of 42.35 billion yuan, marking a 30.7% increase, with 79 projects already under construction [2] - The district has implemented reforms to streamline business processes, reducing approval times by 80% and overall costs by 45%, fostering a more favorable business environment [2] Group 3 - The modern manufacturing cluster in Tongliang is rapidly developing, with the new energy storage industry recognized as a national-level characteristic industry cluster [3] - The Chongqing Aima Electric Vehicle sales account for 10% of the national market, with the local supply rate exceeding 80% [3] - The combined output value of the new energy storage and intelligent connected electric vehicle parts industries reached 32.2 billion yuan, reflecting a growth of 25.6% [3]

Group 1 - The core point of the news is that Shengxin Lithium Energy has seen a significant stock price increase, rising 5.76% to 39.48 CNY per share, with a total market capitalization of 36.136 billion CNY and a cumulative increase of 12.68% over three days [1] - Shengxin Lithium Energy, established on December 29, 2001, and listed on May 23, 2008, operates in the production and sales of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, with 100% of its revenue coming from the new energy sector [1] - The trading volume for Shengxin Lithium Energy reached 1.738 billion CNY, with a turnover rate of 4.97% [1] Group 2 - Chang'an Fund has a significant holding in Shengxin Lithium Energy through its Chang'an Xinxin Mixed A fund, which reduced its holdings by 690,000 shares to 662,900 shares, representing 4.81% of the fund's net value [2] - The fund has generated a floating profit of approximately 1.4252 million CNY today and a total of 2.7842 million CNY during the three-day stock price increase [2] - Chang'an Xinxin Mixed A fund was established on February 7, 2018, with a current scale of 64.3917 million CNY and has achieved a year-to-date return of 6.4% [2]