今年以来锂价不断探底，效率提升成为行业主旋律。 雅化集团（002497）6月17日宣布，将组建雅化锂业集团整合锂业务，即以全资子公司四川雅化锂业科 技有限公司为平台，拟更名为"雅化锂业集团"，并将涉及锂业务的5家子公司股权一并无偿划转至雅化 锂业集团。雅化集团目标借此提升集团锂产业各公司业务运营效率，降低业务协同成本。 具体来看，五家公司中既包括雅化集团主要的锂盐产品生产基地，即雅安锂业、国理公司，两家公司去 年分别实现营收33.52亿元，5.29亿元，合计几乎占雅化集团的半壁江山；也包括雅化集团直接持有的能 投锂业37.25%股权，该公司拥有目前探明并取得采矿权证的亚洲最大单体锂辉石矿—四川省金川县李 家沟锂辉石矿，生产精矿18万吨/年。 天齐锂业（002466）明确表示，已将"降本增效"列为当前及未来阶段的重点工作方向之一。2024年，天 齐锂业设立"成本管理部"，进一步完善内部控制机制，强化成本支出管理，提升盈利能力。公司持续推 进管理体系升级，引入六西格玛管理工具，推动精细化、数据化决策与质量成本控制。 加速自有项目开发也是降低成本的普遍思路。赣锋锂业（002460）方面介绍，公司目前已经有多个自有 ...

Core Insights - The rapid development of China's new energy industry has led to a significant increase in overseas resource mergers and acquisitions by Chinese mining companies, enhancing their global presence and resource security [2][3] - Companies like Luoyang Molybdenum and Tianqi Lithium have emerged as leaders in the cobalt and lithium markets, respectively, showcasing the potential for growth and strategic acquisitions in the mining sector [3][9] Group 1: Industry Overview - The distribution of mineral resources, such as cobalt, is highly uneven globally, with the Democratic Republic of Congo accounting for 70% of the world's cobalt production, highlighting the strategic importance of overseas acquisitions for Chinese companies [1][2] - The domestic demand for lithium and cobalt has surged alongside the growth of the new energy vehicle market, with lithium carbonate prices reaching historical highs of 170,000 yuan/ton in 2017 [5][8] Group 2: Company Performance - Luoyang Molybdenum has become the world's largest cobalt producer in 2023, with production increasing from 1.5-2 million tons to 5.55 million tons in 2023, and projected to reach 11.42 million tons in 2024 [10][12] - Tianqi Lithium's revenue and net profit skyrocketed from 1.3 billion yuan and 14 billion yuan in 2013 to 40 billion yuan and 24 billion yuan in 2022, respectively, due to strategic acquisitions and market demand [4][8] Group 3: Strategic Acquisitions - Tianqi Lithium's acquisition of a 23.77% stake in Chile's SQM for $4.066 billion in 2018 was a pivotal move, allowing it to secure access to one of the world's highest-quality lithium resources [7][9] - Luoyang Molybdenum's acquisition of the TFM and KFM projects in the Democratic Republic of Congo has positioned it as a key player in the global cobalt market, with significant production increases expected [10][12] Group 4: Market Dynamics - The global cobalt market is relatively small compared to other industrial metals, with Luoyang Molybdenum projected to account for 39.4% of global cobalt production by 2024, indicating its influence on price fluctuations [12][13] - The copper market is also seeing significant contributions from Chinese companies, with domestic copper production expected to grow significantly, driven by companies like Zijin Mining and Luoyang Molybdenum [16][19] Group 5: Globalization and Challenges - Chinese mining companies are increasingly facing challenges in their global operations, including regulatory issues and geopolitical risks, as seen in Luoyang Molybdenum's disputes in the Democratic Republic of Congo [22][25] - Diversification in resource acquisition is becoming essential for mitigating risks, with companies like Zijin Mining and Luoyang Molybdenum expanding their operations across multiple countries and mineral types [26]

Core Viewpoint - The company is issuing A-shares to specific investors, which may dilute immediate returns for existing shareholders, but aims to enhance its financial structure and support future growth initiatives [1][5][9]. Group 1: Impact of A-Share Issuance - The issuance is expected to dilute the company's earnings per share (EPS) and return on equity (ROE) due to an increase in total share capital [5][9]. - Under three scenarios of net profit growth (0%, 20%, and 40%), the basic and diluted EPS will be affected, with potential declines in immediate returns [2][4][3]. Group 2: Necessity and Rationale for Issuance - The issuance will supplement working capital, supporting technology research and supply chain development amidst a competitive lithium market [5]. - It aims to convey a positive signal to the market, reinforcing the controlling shareholder's commitment to the company's future [6]. - The financial structure will be optimized, alleviating short-term cash flow pressures and enhancing financial stability [6]. Group 3: Measures to Mitigate Dilution Risks - The company will implement strict management of the raised funds to ensure they are used effectively and in accordance with regulations [7]. - Efforts will be made to enhance core competitiveness through improved supply chain management and increased R&D investment [8]. - The governance structure will be strengthened to ensure shareholder rights are protected and to maintain effective oversight [8]. Group 4: Commitments from Stakeholders - The controlling shareholder and management have made commitments to uphold measures that will mitigate the dilution of immediate returns and protect investor interests [10][11].