1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The report suggests that the lithium carbonate market is in a high - level volatile pattern, and the strategy is mainly to buy on dips [1]. 3. Summary According to Relevant Contents 3.1 Lithium Carbonate Fundamental Data - **Futures Contracts**: The closing prices of the 2605 and 2607 contracts are 171,620 and 171,700 respectively. The trading volume and open interest of the 2605 contract decreased compared to previous periods, while the 2607 contract's open interest increased [2]. - **Basis**: The basis between spot and 2605 contract is - 7,120, and between spot and 2607 contract is - 7,200. The basis between 2605 and 2607 contracts is - 80 [2]. - **Raw Materials and Lithium Salts**: The prices of lithium spodumene concentrate, lithium mica, battery - grade lithium carbonate, and other products have different degrees of changes compared to previous periods. For example, the price of battery - grade lithium carbonate is 164,500, up 6,500 compared to T - 1 [2]. 3.2 Macro and Industry News - Germany's Federal Government has passed the "2026 Climate Protection Plan", which will add 8 billion euros in the next 4 years. It aims to achieve the 2030 emission reduction target through measures such as expanding wind power installation and increasing new - energy vehicle subsidies, and is expected to reduce over 25 million tons of carbon dioxide emissions by 2030 [3]. - The International Civil Aviation Organization has issued a new rule that each civil aviation passenger can carry a maximum of two power banks and cannot charge them during the flight, aiming to enhance passenger and airline safety [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

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 ...

Core Viewpoint - The lithium battery industry is experiencing a recovery in material prices, leading to improved financial performance for several companies in the sector [2][3]. Group 1: Industry Events - The 2026 (Second) Starting Point Lithium Battery Cylindrical Cell Technology Forum and the release of the Top 20 Cylindrical Battery Rankings will take place on April 10, 2026, in Shenzhen [2]. - The event is organized by Starting Point Lithium Battery and Starting Point Research Institute SPIR, with participation from numerous companies in the lithium battery materials sector [2]. Group 2: Financial Performance of Companies - Many companies in the anode and cathode materials sector have reported significant profits, with some achieving net profits in the billions [3]. - WanHua Chemical reported a revenue of 203.235 billion yuan, with a growth rate of 11.62%, but a net profit decrease of 3.88% to 12.527 billion yuan [5]. - Tianhua New Energy's revenue reached 75.49 billion yuan, growing by 14.23%, but its net profit fell by 51.77% to 402 million yuan [5]. - The performance of companies like RuiTaiLai and BeiDaiRui shows strong growth in the anode materials segment, with RuiTaiLai achieving a net profit increase of 98% [5][6]. Group 3: Market Trends - The global shipment of lithium battery cathode materials is projected to reach 4.798 million tons in 2025, a year-on-year increase of 48.5%, driven by the growth in electric vehicles and energy storage markets [11]. - The demand for lithium iron phosphate (LFP) is expected to surge, particularly in large-capacity battery cells [11][12]. - The anode materials segment is also expected to see significant growth, with shipments projected at 2.723 million tons, a 48% increase, primarily driven by artificial graphite [12]. Group 4: Company Strategies - WanHua Chemical is transitioning towards battery materials, aiming for a new business target of 100 billion yuan, having established a closed-loop system from upstream resources to downstream applications [7]. - Tianhua New Energy is focusing on lithium hydroxide and lithium carbonate for battery production, while also exploring next-generation battery technologies [8]. - Cangge Mining has reported a significant revenue increase in Q4, attributed to the recovery in lithium carbonate prices and strong performance in potassium chloride and copper mining [9].

Core Viewpoint - The article highlights the significant growth and strategic developments of Tianhua New Energy in the lithium battery materials sector, particularly focusing on the company's financial performance, product innovations, and resource acquisition strategies. Financial Performance - In 2025, Tianhua New Energy reported a revenue of 7.549 billion yuan, marking a year-on-year increase of 14.23%. However, the net profit attributable to shareholders was 402 million yuan, reflecting a decrease of 51.77% compared to the previous year. Notably, in Q4 2025, the company achieved a net profit of 369 million yuan, accounting for 91.79% of the annual net profit [3][4]. Product Revenue Breakdown - The revenue from lithium battery materials reached 6.498 billion yuan in 2025, representing a year-on-year growth of 12.93%, and constituted 86.08% of the total revenue [4]. Lithium Price Trends - In 2025, lithium salt prices exhibited a "stable then declining, followed by an increase" trend. The price of lithium hydroxide saw a decline in the first half of the year due to cost reductions and insufficient demand, before rising again in August as prices for upstream lithium ore and carbonate increased [4]. Technological Innovations - Tianhua New Energy is actively exploring next-generation battery technologies, including solid-state and flow battery systems. The company has established a comprehensive platform for research and testing of various cathode materials, including high-nickel ternary and lithium-rich manganese-based materials [6]. Resource Acquisition Strategy - The company has been focusing on acquiring high-quality lithium resources globally to enhance its self-sufficiency in lithium supply. Recent acquisitions include a 75% stake in Suzhou Tianhua Times New Energy and mining rights in Jiangxi and Sichuan provinces [7]. Global Lithium Resource Layout - As of December 31, 2025, Tianhua New Energy's lithium resource layout spans across Africa, South America, Oceania, and Asia, covering multiple core lithium-rich regions [8]. Ion Exchange Membrane Technology - The company has developed ion exchange membrane technology that has passed validation tests with several well-known flow battery enterprises. This technology has potential applications in hydrogen production and fuel cells [8].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The supply and demand of lithium carbonate are tight, and the market focuses more on the actual demand. It is recommended to wait for the callback to the low level for layout. The supply side is at a high level, and the shipping volume of overseas Australian mines and Chilean lithium salts increases. The demand side maintains a high - level operation in March, and the downstream continues to replenish inventory. The fundamentals will support the bottom of the market, and it is advisable to buy on dips. The price range of the futures main contract is expected to be 140,000 - 180,000 yuan/ton. There is no recommendation for inter - period trading, and upstream and downstream enterprises are advised to use options tools for hedging [6][7] Summary by Relevant Catalogs 1. Price Trends This Week - Lithium carbonate futures prices declined. The 2605 contract closed at 152,080 yuan/ton, a week - on - week decrease of 4,080 yuan/ton; the 2607 contract closed at 151,400 yuan/ton, a week - on - week decrease of 5,020 yuan/ton. The spot price increased by 3,750 yuan/ton to 159,000 yuan/ton. The SMM spot - futures basis (2605 contract) strengthened by 2,240 yuan/ton to - 4,950 yuan/ton, and the Fubao trader's premium/discount quotation was - 730 yuan/ton, a week - on - week strengthening of 35 yuan/ton. The spread between the 2605 - 2607 contracts was + 680 yuan/ton, a week - on - week strengthening of 940 yuan/ton [2] 2. Supply and Demand Fundamentals Supply - The weekly production of domestic lithium salt plants increased, and the shipping volume of Australian mines increased. The weekly production of domestic lithium carbonate increased slightly, mainly concentrated in the spodumene and mica sectors. The shipping volume of Australian mines and Chilean lithium salts increased, which will supplement the domestic raw material imports. Zimbabwe has suspended the export of unprocessed minerals and lithium concentrates. In 2025, China imported 6209000 tons of lithium concentrates, of which 1191000 tons were from Zimbabwe, accounting for 19.1%. In 2026, Zimbabwe is expected to provide 177000 tons of LCE, accounting for 8.1% of global resources. The current weekly production of domestic lithium carbonate is 23426 tons, an increase of 836 tons from last week [3] Demand - Short - term demand is strong, and the market focuses on the sales volume of electric vehicles in March. Energy storage is less affected by geopolitical events. With the rise of oil and gas prices, the demand for lithium batteries will further increase. However, the sulfur transportation problem in the Middle East will affect the production of downstream cathode materials and suppress the lithium price. According to the latest adjusted data from consulting firms, the production schedule of cathode material plants in March increased month - on - month. The production schedule of lithium iron phosphate cathode increased by 18%, and that of ternary cathode increased by 21%. With the release of the demand for rush - export at the end of March, the overall production is expected to remain at a high level. In the domestic energy storage terminal, last week, there were 28 projects winning bids in the energy storage market, with a total winning bid scale of 2.40GW/6.16GWh, a week - on - week increase of 33.87% and a year - on - year increase of 136%. In addition, procurement projects of several companies were implemented, with a total scale of 10.60GWh. The price of 2 - hour energy storage system EPC is in the range of 0.17 - 1.14 yuan/Wh, and that of 4 - hour energy storage system EPC is 0.65 yuan/Wh [4] Inventory - This week, lithium carbonate continued to destock, with the destocking amplitude narrowing. The industry inventory was 98959 tons, a destocking of 414 tons compared with last week. The downstream placed orders at low points. A total of 458 futures warehouse receipts were cancelled this week, with a total of 36403 lots [5] 3. Market Outlook and Investment Suggestions Market Outlook - On the supply side, domestic supply is at a high level, and the shipping volume of overseas Australian mines and Chilean lithium salts increases, which may marginally boost subsequent raw material imports. The market focuses on the approval progress of Zimbabwe at the end of March. However, the production capacity of lithium sulfate production lines in Zimbabwe is limited, and even if the approval is passed, the actual export volume of lithium sulfate is still low. The Chilean government signed a critical minerals agreement with the United States on March 12, and there are still potential supply - side disturbances. On the demand side, the production schedule in March maintains a high - level operation. When the market declined this week, the downstream continued to replenish inventory and is currently stocked up until mid - March. With low inventory, there will still be restocking plans in the future. The market currently focuses more on the changes in the demand side. According to the data of the China Association of Automobile Manufacturers in February, the total sales volume of new energy vehicles from January to February was 1.71 million, a year - on - year decrease of 6.9%. However, according to the statistics of information providers, the average battery capacity per electric vehicle from January to February was about 65 kWh, a year - on - year increase of 32.2%, which partially offsets the expected reduction in demand caused by the decline in electric vehicle sales [6][7] Investment Suggestions - Unilateral trading: Buy on dips. The price range of the futures main contract is expected to be 140,000 - 180,000 yuan/ton. - Inter - period trading: No recommendation. - Hedging: Due to large fluctuations, upstream and downstream enterprises are advised to use options tools for hedging at an appropriate time [7]

1. Report Industry Investment Rating - No information provided. 2. Core View of the Report - The short - term market for lithium carbonate is mainly affected by sentiment disturbances [1]. 3. Summary by Relevant Catalogs 3.1 Lithium Carbonate Fundamental Data - For the 2605 contract, the closing price is 155,860, the volume is 300,505, and the open interest is 332,374. Compared with different time points (T - 1, T - 5, etc.), there are corresponding price, volume, and open - interest changes [2]. - For the 2607 contract, the closing price is 155,700, the volume is 41,592, and the open interest is 92,979, with corresponding changes compared to other time points [2]. - The basis data shows differences between spot and futures contracts, and between different futures contracts, such as the spot - 2605 being 140, and the 2605 - 2607 being 160 [2]. - In the raw material section, the price of lithium spodumene concentrate (6%, CIF China) is 2,155, and that of lithium mica (2.0% - 2.5%) is 5,190 [2]. - In the lithium salt section, the price of battery - grade lithium carbonate is 156,000, and industrial - grade lithium carbonate is 152,500 [2]. - In the consumption - related products section, the price of ternary material 523 (polycrystalline/consumer - type) is 190,500, and that of six - fluorophosphate lithium is 119,500 [2]. 3.2 Macro and Industry News - The Fujian Provincial Department of Industry and Information Technology and other five departments have issued the "Fujian Provincial Electric Ship Industry Development Action Plan (2026 - 2028)". By 2028, the annual manufacturing capacity of electric ships will reach 50, with a cumulative operation of 150 ships, and the full - industry chain scale will reach 5 billion yuan [3][4]. - In November 2025, Envision AESC Technology (Jiangsu) Co., Ltd. and Envision Ruitai Power Technology (Shanghai) Co., Ltd. applied for a patent related to the preparation method of solid - state electrolyte, solid - state electrolyte, and all - solid - state battery [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, with a range of [-2, 2] for the value, representing a neutral view [4].

Group 1 - The core viewpoint of the article highlights the significant investment and development in lithium battery materials, particularly focusing on the construction of a new lithium production facility in Sichuan, China, which is expected to enhance the region's capabilities in the new energy materials sector [1][2]. Group 2 - The Sichuan Tianhua Times New Energy Lithium Battery Materials Phase II project has officially commenced construction with a total investment of 3 billion yuan, aimed at producing battery-grade lithium carbonate with an annual capacity of 60,000 tons [1]. - The facility will also have a flexible production capacity of 60,000 tons per year of battery-grade lithium hydroxide, which can be converted to 53,000 tons of battery-grade lithium carbonate, allowing it to adapt to market demands for various lithium battery cathode materials [2]. - This development is expected to inject strong momentum into the construction of a new energy materials manufacturing base in the Chengdu-Chongqing region [2].

Core Viewpoint - The article highlights the transition of the Chinese energy storage industry from "scale frenzy" to "value selection," with over twenty lithium battery and energy storage companies updating their listing dynamics in both Hong Kong and A-share markets [2]. Group 1: Company Developments - Tianhua New Energy plans to issue overseas listed shares (H shares) and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its capital strength [3][4]. - The company has formed a deep partnership with CATL, with CATL becoming the second-largest shareholder with a 13.54% stake, creating synergies in both equity and supply chain [5]. - Tianhua New Energy's total market capitalization is reported at 37.425 billion yuan, with a stock price of 45.05 yuan as of the latest closing [4]. Group 2: Financial Performance - The company has faced significant impacts from the lithium price cycle, with a projected revenue of 6.61 billion yuan in 2024, a year-on-year decline of 36.87%, and a net profit of 850 million yuan, down 48.9% [5]. - In the first three quarters of 2025, the company's revenues were 1.688 billion yuan, 3.458 billion yuan, and 5.571 billion yuan, with net profits showing a recovery trend after a loss in the second quarter [5]. Group 3: Production Capacity and Expansion - Tianhua New Energy has established production bases in Yibin, Meishan, and Yichun, with a total lithium salt production capacity of 165,000 tons per year, including 135,000 tons of lithium hydroxide and 30,000 tons of lithium carbonate [5]. - The company plans to expand its total lithium salt production capacity to 250,000-260,000 tons per year, with a new project in Meishan expected to add 60,000 tons of battery-grade lithium hydroxide and lithium carbonate by the end of 2026 [6]. Group 4: Product Development and Innovation - The core products include battery-grade lithium hydroxide and lithium carbonate, with plans to produce solid-state battery materials with a capacity of 15,000 tons by 2026 [6][7]. - The company is also advancing the development of lithium-sulfur electrolytes, aiming for high purity and low-cost production methods [7].

Group 1 - The core theme of the article revolves around the significant developments in the lithium battery industry, particularly focusing on the launch of the second Lithium Battery Cylindrical Cell Technology Forum and the ranking of the top 20 cylindrical battery companies [1] - The Sichuan Tianhua Times New Energy Lithium Battery Materials Phase II project has commenced construction with a total investment of 3 billion yuan, aiming for an annual production capacity of 60,000 tons of battery-grade lithium carbonate by the first quarter of 2027 [2][3] - The project is expected to generate an additional annual sales revenue of 5.8 billion yuan and provide approximately 650 jobs, reinforcing Tianhua's strategic position in the southwestern region of China [2] Group 2 - Recent data indicates a strong upward trend in lithium carbonate prices, with spot prices rising from 152,000 yuan per ton to 172,300 yuan per ton between February 24 and February 27, marking an increase of 6.86% [3] - The futures market also reflects this trend, with the main contract for lithium carbonate reaching 173,700 yuan per ton, up over 11% during the same period, driven by supply disruptions and improved demand expectations [3] - Tianhua New Energy has established a stable supply chain through partnerships with lithium mines in Brazil, Zimbabwe, and Australia, with production bases in Yibin, Meishan, and Yichun, totaling capacities of 75,000 tons, 60,000 tons, and 30,000 tons respectively [3] Group 3 - Tianhua New Energy has a strong partnership with CATL, with joint investments in a lithium company and strategic collaborations for lithium carbonate projects, enhancing their market position [4][5] - The company's performance is projected to recover in 2026, with expected net profits ranging from 365 million to 435 million yuan, despite a significant decline in 2025 due to falling lithium prices [5][6] - The new production capacity from the Meishan project is anticipated to increase the proportion of lithium carbonate in Tianhua's product mix, mitigating risks associated with price fluctuations of single products [2][6] Group 4 - The company is focusing on next-generation battery materials, particularly solid-state battery materials, aiming for over 30% of revenue contribution by 2027, transitioning from a traditional lithium salt producer to a comprehensive new energy materials platform [6][7] - Tianhua's solid-state materials strategy includes partnerships for production capacity and technology development, indicating a robust pipeline for future growth [7][8] - Overall, the company is positioned for significant performance recovery in 2026, driven by the release of lithium salt capacity and a rebound in lithium prices, with solid-state materials serving as a long-term growth engine [8]

Market Overview - The main contract for lithium carbonate futures closed at 173,660 yuan/ton, with a day-on-day increase of 4.31% [1][4] - Trading volume reached 402,400 lots, up 24.71% day-on-day; open interest was 375,200 lots, down 1,800 lots [1][4] - The price difference between LC2605 and LC2609 contracts was in a Contango structure, decreasing by 700 yuan/ton day-on-day [1][4] - Total warehouse receipts amounted to 38,451 lots, down 74 lots day-on-day [1][4] Industry Performance - The spot market prices in the lithium battery supply chain have risen, but actual transactions remain moderate with many inquiries on hold [1][4] - The lithium ore market price has stabilized, with the CIF price of 6% lithium concentrate from Australia increasing by 6.01% [1][4] - The lithium salt market prices have also stabilized, with battery-grade lithium carbonate priced at 173,000 yuan/ton and battery-grade lithium hydroxide at 163,000 yuan/ton [1][4] - Prices for downstream cathode materials have stabilized, with lithium iron phosphate increasing by 4.84% and ternary materials by 1.2% [1][4] Market News - The Zimbabwe Ministry of Mines has announced an immediate suspension of all raw ore and lithium concentrate exports [2][5] - Companies such as Shengxin Lithium Energy, Zhongmin Resources, Tianhua New Energy, and Yahua Group have lithium mining operations in Zimbabwe [2][5] - Zhongmin Resources stated that all Chinese exports of lithium concentrate from Zimbabwe are halted, awaiting further policy details [2][5] - Huayou Cobalt indicated that the ban mainly targets regulatory compliance for illegal exports, and the impact on their operations is currently uncertain [2][5] - Yahua Group confirmed that they had already shipped all lithium concentrate produced in Zimbabwe prior to the export suspension, thus not affecting their production [2][5] Insights - Post-Spring Festival, the speculative sentiment in the lithium carbonate futures market is strong, with an overall bullish atmosphere [2][5] - The current supply-demand dynamics for lithium ore remain tight, providing strong support for spot prices [2][5] - Upstream lithium ore profits are relatively high, with a need to monitor the resumption of lithium ore production and import increases [2][5] - Downstream battery cell profits are being squeezed by rising lithium carbonate prices, necessitating tracking of battery cell prices and demand capacity [2][5] - The technical analysis indicates a standard head-and-shoulders pattern in market trends [2][5] - The medium to long-term price forecast for lithium carbonate is estimated to reach 200,000 to 230,000 yuan/ton, while short-term price increases may be limited [2][5]