21世纪经济报道记者董鹏最新的《财富》世界500强榜单中，紫金矿业的净资产收益率位居全球金属矿 业企业第1位，源于这家公司近两年极强的盈利能力。 8月26日晚间，紫金矿业发布半年报，当期在营业收入增长11.5%的基础上，归母净利润增长54.41%至 233亿元。 紫金矿业已经连续两年盈利大幅增长。2023年、2024年，其归母净利润分别为211亿元、321亿元。而结 合下半年铜、金价格及生产情况来看，紫金矿业今年盈利有望再增百亿规模，突破400亿元。 实际上，紫金矿业半年报发布前，已有少数机构将其全年盈利预期上调到了460亿元以上。 而与前两年不同的是，今年紫金矿业变得更为注重市值管理。 从首次发布市值管理制度、公司董事长陈景河成为第一责任人，到今年4月上旬3天完成10亿元股票回购 计划，再到逐步提高股权激励在薪酬构成占比、高管承诺放弃2025年度部分奖励薪酬，均显现出紫金矿 业对其资本市场表现的重视程度。 加上二季度以来股市的系统性上涨，今年紫金矿业股价大幅上涨。截至8月27日收盘，A股、H股年内涨 幅分别超过51%、78%，当日盘中总市值也成功突破6000亿元。 而紫金矿业的美股同行南方铜业、自由港麦克莫 ...

华友钴业（603799.SH）2025 年半年报点评 业绩持续快速增长，周期成长属性凸显 2025 年 08 月 26 日 ➢ 事件：公司发布 2025 年半年报，业绩继续快速增长。2025H1，公司实现 营收约 372 亿元，同比增长 23.78%，归母净利润 27.11 亿元，同比增加 62.26%；扣非归母净利润 25.87 亿元，同比增加 47.68%。2025Q2，公司实现 营收约 194 亿元，同比增长 28.28%，环比增长 8.48%，实现归母净利润 14.59 亿元，同比增长 27.04%，环比增长 16.51%；扣非归母净利 13.60 亿元，同比 增长 14.89%，环比增长 10.89%。 ➢ 量：镍项目持续稳产超产。1）镍：华飞和华越项目持续超产（超产幅度约 30%），25H1 预计 MHP 产量达 12 万吨，同比增长超 40%，25H1 镍产品出 货量 13.94 万吨，同比增长 83.91%；2）铜：25H1 铜产品同比小幅下降，主 要系自产铜量逐步下滑；3）钴：25H1 钴产品出货量 2.08 万吨，同比下降 9.89%，主要系公司看好钴价后续涨势调整销售策略；4）锂：25H ...

公 华福证券 锂 2025 年 08 月 23 日 买入（维持评级） | 基本数据 | | | --- | --- | | 日期 | 2025-08-22 | | 收盘价： | 22.26 元 | | 总股本/流通股本(百万股) | 521.17/520.80 | | 流通 A 股市值(百万元) | 11,593.02 | | 每股净资产(元) | 5.63 | | 资产负债率(%) | 48.35 | | 一年内最高/最低价(元) | 27.45/16.89 | 一年内股价相对走势 评 公司发布 2025 中报。2025H1 公司实现营收 1.34 亿元，同比-66%， 实现归母净利润-0.15 亿元，同比-114%，扣非净利润 0.23 亿元，同比 -124%。25Q2 营收 0.66 亿元，同比-73%，环比-3%，归母净利润-0.02 亿元，同比-102%，环比+0.11 亿。公司上半年受产品销量和售价下降 影响业绩亏损。 团队成员 分析师： 王保庆(S0210522090001) WBQ3918@hfzq.com.cn 研究助理： 曹钰涵(S0210124050059) cyh30565@hfzq. ...

永兴材料（002756.SZ）8月23日在投资者互动平台表示，公司锂电新能源业务目前产能为3万吨/年，其 中1万吨产线正在进行绿色智能高效提锂综合技改项目，该项目按计划有序推进中，预计按期投入使 用。 每经AI快讯，有投资者在投资者互动平台提问：计划扩产是2025年底完成，目前看能否顺利完成？安 全生产许可证何时到期？ （文章来源：每日经济新闻） ...

Core Viewpoint - Ganfeng Lithium is planning to integrate and develop lithium brine assets in Argentina through a joint venture with Lithium Argentina AG, aiming to enhance its resource supply chain amid a downturn in the lithium industry [1][3]. Group 1: Asset Integration - Ganfeng Lithium's subsidiary, Ganfeng International, will collaborate with LAR to integrate Millennial Lithium Corp, injecting three lithium brine assets into a joint venture called the PPGS lithium brine project [1][2]. - After the integration, Ganfeng International and LAR will hold 67% and 33% of Millennial, respectively, and will jointly manage the PPGS project, which aims for an annual production capacity of 150,000 tons of lithium carbonate equivalent (LCE) [2]. Group 2: Financial Support and Sales Agreement - As part of the transaction, Ganfeng Lithium may provide up to $130 million in financial support to LAR, secured by LAR's equity in the integrated Millennial [2]. - LAR will commit to an annual sales agreement, providing Ganfeng Lithium with 50% of its sales rights or 6,000 tons of LCE, whichever is lower [2]. Group 3: Industry Performance and Company Outlook - The lithium industry has entered a downturn, with Ganfeng Lithium experiencing significant revenue declines, reporting a 21.16% drop in revenue to 32.972 billion yuan and a 75.87% decrease in net profit to 4.947 billion yuan in 2023 [4]. - In 2025, Ganfeng Lithium anticipates a net loss of 300 million to 550 million yuan, a reduction in losses compared to the previous year [4][5]. - The company attributes its losses primarily to falling sales prices of lithium salts and lithium battery products, which have impacted overall performance [5]. Group 4: Industry Self-Regulation - The China Nonferrous Metals Industry Association's lithium division has called for self-regulation within the industry to prevent unhealthy competition and ensure a stable supply chain [6].

Group 1 - Ganfeng Lithium's wholly-owned subsidiary, Ganfeng International, is collaborating with LAR to develop the Pozuelos-Pastos Grandes salt lake basin in Argentina, integrating the PPG lithium salt lake project and other joint projects under Millennial [1] - After the integration, Ganfeng International and LAR will hold 67% and 33% of Millennial, respectively, and jointly own the PPGS lithium salt lake project [1] - As part of the transaction, Ganfeng will provide financial support of up to $130 million to LAR, secured by LAR's equity in the integrated Millennial [1] Group 2 - The integration of the PPGS lithium salt lake project aims to create a global, large-scale, efficient, and sustainable lithium product production supply chain [2] - This initiative is expected to enhance project potential and value, improve resource utilization, accelerate project implementation, and increase capital efficiency [2] - The strategy aligns with the company's integrated development approach, enhancing its core competitiveness and creating value for shareholders [2]

Group 1 - GFL International and Lithium Argentina have agreed to merge their interests in lithium projects in Argentina, specifically the PPG, PG, and Puna projects, into a joint venture, with GFL International holding 67% and Lithium Argentina holding 33% [1][2] - A new debt financing arrangement will provide Lithium Argentina with $130 million to support its funding needs, including the development of the merged projects [2][3] - The board believes that merging high-quality assets under a unified development plan will create a large-scale, efficient, and sustainable lithium product supply chain, enhancing the group's competitive edge and ultimately creating shareholder value [3] Group 2 - The feasibility study aims for a maximum annual production capacity of 150,000 tons of lithium carbonate equivalent (LCE), developed in three phases of 50,000 tons each [2] - GFL International will have the right to purchase all chemical products produced from the merged project in proportion to its ownership share, and Lithium Argentina will allocate up to 50% of its initial sales volume to GFL International at market prices [2][3] - The financial support provided to Lithium Argentina is a prerequisite for the asset merger, and it is expected to generate additional interest income for the group while not significantly impacting its working capital [3]

Core Viewpoint - The A-share non-ferrous metal industry shows a positive trend in earnings forecasts for the first half of 2025, with over 80% of the companies expected to be profitable, despite some companies facing significant losses due to market fluctuations in lithium products [1][2][7]. Group 1: Earnings Forecast Overview - A total of 141 companies are classified under the non-ferrous metal industry, with 54 companies having released their earnings forecasts for the first half of 2025 [1]. - Among the 54 companies, 44 are expected to be profitable, representing over 80% of the total [1][3]. - The companies with the highest projected net profits include Zijin Mining, with an expected profit of 232 billion yuan, and Luoyang Molybdenum, with a forecasted profit between 82 billion to 91 billion yuan [5][6]. Group 2: Positive Earnings Forecasts - Out of the 54 companies, 40 are categorized as having positive earnings forecasts, which includes 24 companies expecting profit increases and 4 companies anticipating slight increases [2][3]. - Zijin Mining's net profit is projected to grow by 54% compared to the same period last year, driven by rising sales prices of gold, copper, zinc, and silver [5][6]. - Luoyang Molybdenum expects a profit increase of 51.37% to 67.98%, attributed to higher copper and cobalt prices and increased production and sales [6]. Group 3: Negative Earnings Forecasts - Ten companies are expected to report losses, with the largest projected losses from Shengxin Lithium Energy and Ganfeng Lithium [7][10]. - Shengxin Lithium Energy anticipates a loss of 720 million to 850 million yuan, citing declining lithium product prices and increased asset impairment provisions as key factors [10]. - Ganfeng Lithium is expected to report a loss between 300 million to 550 million yuan, also impacted by falling prices of lithium salts and battery products [10].

资金方面，8月4日主力资金净流出1134.07万元，近五个交易日累计净流出4.49亿元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月4日收盘，赣锋锂业股价报35.91元，较前一交易日下跌0.27元，跌幅0.75%。当日成交量 为266853手，成交额达9.52亿元，振幅2.21%。 赣锋锂业主要从事锂资源开发、锂产品深加工及锂电池制造业务，覆盖锂产业链上游至下游。公司产品 广泛应用于新能源汽车、储能及消费电子等领域。 消息面上，赣锋锂业近期在新能源领域动作频频。旗下江西赣锋锂电科技股份有限公司参股成立广东麦 格度汇储科技有限公司，持股29%，该公司注册资本2000万元，业务涵盖太阳能发电技术服务、储能技 术等。此外，赣锋锂业全资子公司深圳易储能源科技有限公司在深圳成立合邦新能源有限公司，注册资 本1.55亿元，聚焦新兴能源技术研发及光伏设备制造。 ...

Group 1 - The stock price of Shengxin Lithium Energy as of July 31, 2025, is 15.52 yuan, down by 0.79 yuan or 4.84% from the previous trading day's closing price [1] - The company operates in the energy metals sector, focusing on lithium ore resource development, lithium product production, and sales, including lithium mining, lithium salt processing, and lithium product R&D [1] - Shengxin Lithium Energy announced a share buyback of 9,752,800 shares, representing 1.07% of the total share capital, with a total buyback amount of 156 million yuan at a price range of 15.46 yuan to 16.52 yuan per share [1] Group 2 - The controlling shareholder's action, Xiamen Tunlan, has released the pledge on 2.07 million shares, which is 10.01% of its holdings and 0.23% of the company's total share capital [1] - As of the announcement date, Xiamen Tunlan has pledged a total of 13.26 million shares, accounting for 64.27% of its total holdings [1] - On July 31, 2025, the net outflow of main funds for Shengxin Lithium Energy was 94.52 million yuan, representing 0.7% of the market capitalization [1]