Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's profitability is pressured by declining lithium prices, with a focus on the potential growth of small metals and copper resources [4][9]. - In Q2 2025, the company reported a net profit attributable to shareholders of -0.46 billion yuan, a year-on-year decrease of 121% and a quarter-on-quarter decrease of 134% [2][4]. - The company is diversifying its metal resources, with steady development in lithium and rubidium-cesium segments, while accelerating the expansion into gallium, germanium, and copper [9]. Financial Performance - In H1 2025, the company achieved lithium salt sales of 17,900 tons, a year-on-year increase of 6.37%, and began direct sales of self-produced lithium concentrate, with sales of 34,800 tons [9]. - The rubidium-cesium segment generated revenue of 708 million yuan in H1 2025, a year-on-year increase of 50.43%, with a gross profit of approximately 511 million yuan, also up by 50.15% [9]. - The copper smelting business faced a net profit loss of approximately 200 million yuan due to a significant decline in industry processing fees [9]. Future Outlook - The company is advancing its lithium sulfate project in Africa and enhancing resource utilization efficiency at the Tanco mine in Canada [9]. - A lithium salt technical transformation project commenced in June 2025, expected to increase smelting capacity by 5,000 tons while reducing costs [9]. - The copper segment is progressing with the Kitumba copper mine project, with initial design work completed and construction underway [9].

Core Viewpoint - The article discusses the approval of an environmental impact assessment for a lithium battery material project by Fengxin Jiuling Lithium Industry Co., Ltd. in Yichun, Jiangxi Province, highlighting its significance in the lithium battery industry [1]. Group 1: Project Overview - The project aims to produce 50,000 tons of lithium battery materials annually, with the first phase focusing on the production of 20,000 tons of lithium carbonate and associated rubidium and cesium salts [1]. - The project will be located in the southern area of the high-tech industrial park in Fengxin County, Yichun City [1]. Group 2: Financial Aspects - The total investment for the project is 100 million yuan, with approximately 12 million yuan allocated for environmental protection, accounting for about 1.2% of the total investment [1].