Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for future performance [5]. Core Insights - The lithium salt sales reached 72,900 tons in Q3 2025, marking a year-on-year increase of 42% and a quarter-on-quarter increase of 37%, driven by strong demand from the electric vehicle and battery storage sectors [1][19]. - The average selling price of lithium salt was approximately $8.8 per kilogram, reflecting a 3.5% increase from the previous quarter, signaling a price turning point in a volatile market [1]. - The overall revenue for the company in Q3 2025 was $1.173 billion, a 9% increase year-on-year and a 12% increase quarter-on-quarter [7]. Summary by Sections Lithium Salt Business - Q3 2025 lithium salt sales were 72,900 tons, up 42% year-on-year and 37% quarter-on-quarter [1]. - The average realized price for lithium salt was $8,281 per ton, down 15% year-on-year and 1% quarter-on-quarter [2]. - The unit sales cost for lithium salt was $6,050 per ton, down 24% year-on-year and 15% quarter-on-quarter [2]. - The unit gross profit for lithium salt was $2,231 per ton, up 24% year-on-year and 75% quarter-on-quarter [2]. Specialty Plant Nutrition (SNP) - Q3 2025 SNP sales were 277,800 tons, a 2% increase year-on-year and a 5% increase quarter-on-quarter [3]. - The average realized price for SNP was $935 per ton, up 3% year-on-year but down 5% quarter-on-quarter [3]. - The unit sales cost for SNP was $800 per ton, up 8% year-on-year but down 7% quarter-on-quarter [3]. - The unit gross profit for SNP was $135 per ton, down 19% year-on-year but up 6% quarter-on-quarter [3]. Iodine and Derivatives - Q3 2025 iodine and derivatives sales were 3,400 tons, unchanged year-on-year and down 11% quarter-on-quarter [4]. - The average realized price for iodine was $71,941 per ton, up 5% year-on-year and 1% quarter-on-quarter [4]. - The unit sales cost for iodine was $33,038 per ton, up 5% year-on-year but down 2% quarter-on-quarter [4]. - The unit gross profit for iodine was $38,903 per ton, up 5% year-on-year and 3% quarter-on-quarter [4]. Potassium Fertilizer - Q3 2025 potassium fertilizer sales were 66,800 tons, down 62% year-on-year and 22% quarter-on-quarter [6]. - The average realized price for potassium fertilizer was $506 per ton, up 30% year-on-year and 7% quarter-on-quarter [6]. - The unit sales cost for potassium fertilizer was $496 per ton, up 57% year-on-year and 15% quarter-on-quarter [6]. - The unit gross profit for potassium fertilizer was $10 per ton, down 86% year-on-year and 76% quarter-on-quarter [6]. Financial Performance - The company's gross profit for Q3 2025 was $345.8 million, a 23% increase year-on-year and a 36% increase quarter-on-quarter [9]. - The pre-tax profit for Q3 2025 was $265.6 million, a 37% increase year-on-year and an 81% increase quarter-on-quarter [10]. - The net profit after tax for Q3 2025 was $178.4 million, a 33% increase year-on-year and a 102% increase quarter-on-quarter [12]. Outlook - The company expects to maintain strong sales momentum in Q4 2025, particularly in lithium spodumene concentrate, with the Kwinana lithium plant projected to reach rated capacity by the end of 2026 [19].

Investment Rating - The industry is rated as "Recommended" [5] Core Insights - In Q2 2025, lithium sales volume increased by 2% year-on-year to 53,100 tons, while the average price decreased by 34% year-on-year to $8,384 per ton [1] - The company expects significant increases in lithium sales volume in the second half of 2025, with an updated annual sales guidance of approximately 20,000 tons LCE [11][12] Summary by Sections Lithium Business - Q2 2025 lithium sales volume was 53,100 tons, a 2% increase year-on-year but a 3% decrease quarter-on-quarter [1] - Average realized price for lithium was $8,384 per ton, down 34% year-on-year and 8% quarter-on-quarter [1] - Unit sales cost for lithium was $7,112 per ton, down 24% year-on-year and nearly flat quarter-on-quarter [1] - Unit gross profit for lithium was $1,272 per ton, down 62% year-on-year and 38% quarter-on-quarter [1] Specialty Plant Nutrition (SNP) - Q2 2025 SNP sales volume was 264,800 tons, a 1% decrease year-on-year and a 22% increase quarter-on-quarter [2] - Average realized price for SNP was $983 per ton, up 1% year-on-year and quarter-on-quarter [2] - Unit sales cost for SNP was $856 per ton, up 7% year-on-year and 6% quarter-on-quarter [2] - Unit gross profit for SNP was $127 per ton, down 28% year-on-year and 26% quarter-on-quarter [2] Iodine and Derivatives - Q2 2025 iodine and derivatives sales volume was 3,800 tons, a 7% decrease year-on-year and a 6% increase quarter-on-quarter [3] - Average realized price for iodine was $71,395 per ton, up 9% year-on-year and 1% quarter-on-quarter [3] - Unit sales cost for iodine was $33,724 per ton, up 11% year-on-year and 6% quarter-on-quarter [3] - Unit gross profit for iodine was $37,671 per ton, up 7% year-on-year but down 3% quarter-on-quarter [3] Potash - Q2 2025 potash sales volume was 85,300 tons, a 55% decrease year-on-year and a 15% decrease quarter-on-quarter [4] - Average realized price for potash was $474 per ton, up 23% year-on-year and 12% quarter-on-quarter [4] - Unit sales cost for potash was $433 per ton, up 25% year-on-year and 16% quarter-on-quarter [4] - Unit gross profit for potash was $41 per ton, up 1% year-on-year but down 15% quarter-on-quarter [4] Financial Performance - In Q2 2025, total revenue was $1.0427 billion, a 19% decrease year-on-year but a 1% increase quarter-on-quarter [6] - Sales cost was $789.1 million, down 13% year-on-year and up 8% quarter-on-quarter [6] - Gross profit was $253.6 million, down 34% year-on-year and 17% quarter-on-quarter [6] - Pre-tax profit was $147 million, down 49% year-on-year and 31% quarter-on-quarter [6][7] - Net income after tax was $88.4 million, down 59% year-on-year and 36% quarter-on-quarter [7]