Report Overview - Report Date: August 29, 2025 [2] - Industry: Non-ferrous Metals (Lithium Carbonate Futures) - Research Team: Non-ferrous Metals Research Team of Jianxin Futures - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The lithium carbonate futures market continued to revolve around upstream mining issues. Although there were uncertainties regarding ore type changes before the end of September, there was support at lower levels. With the approach of the traditional peak season of "Golden September and Silver October", downstream demand had certain rigid support. The decline in futures prices narrowed in the afternoon, and the spot price followed the decline. It was expected that the downward space of lithium carbonate futures was limited under the support of spot prices, and attention should be paid to the support level of 77,000 [9]. - The weekly production of lithium carbonate decreased for two consecutive weeks, and the supply-side pressure showed a slowdown trend. The weekly inventory decreased for three consecutive weeks, and it was judged that the inventory inflection point of lithium carbonate was approaching [9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The lithium carbonate futures declined. The lowest price of the main contract in the morning session was 75,740. The decline narrowed in the afternoon. It was expected that the downward space was limited under the support of spot prices, and attention should be paid to the 77,000 support level [9]. - **Spot Market**: The spot price followed the decline, with the price of electric carbon dropping by 1,600 to 80,000. The market transactions were active, and the point-price and trading activities increased significantly [9]. - **Supply and Demand**: The weekly production of lithium carbonate decreased by 108 to 19,030 tons, with the increase in lithium carbonate production from pyroxene slowing down, and the production from mica and salt lakes continuing to decline. The weekly inventory decreased by 407 to 141,136 tons [9]. 3.2 Industry News - **Fulin Seiko**: In the first half of 2025, the company achieved an operating income of 5.813 billion yuan, a year-on-year increase of 61.7%; the net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 32.41%. The company accelerated its layout in the super-fast charging market, and the high-voltage and high-density lithium iron phosphate 4C ultra-fast charging products entered the high-end passenger car market. With the continuous growth of market and customer demand for high-compaction lithium iron phosphate, the overall production capacity, output, and loading volume of the company's lithium iron phosphate cathode materials would increase significantly [12]. - **Porsche**: Porsche AG announced the cancellation of the production plan of its high-performance battery subsidiary Cellforce. Due to the slowdown in electric vehicle demand and changes in the market environment in China and the United States, it would focus on battery R & D in the future [12].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by its strategic focus on the super fast charging market and the increasing demand for high-voltage lithium iron phosphate products [1] Financial Performance - The company achieved operating revenue of 5.813 billion yuan, representing a year-on-year increase of 61.7% [1] - The net profit attributable to shareholders reached 174 million yuan, with a year-on-year growth of 32.41% [1] - Basic earnings per share were reported at 0.102 yuan [1] Market Strategy - The company is accelerating its layout in the super fast charging market, particularly with its high-voltage lithium iron phosphate 4C supercharging products [1] - The performance advantages of these products have allowed the company to penetrate the high-end passenger car market [1] Production and Supply Chain - There is a continuous growth in market and customer demand for high-voltage lithium iron phosphate, leading to a significant increase in the company's overall production capacity, output, and shipment volume [1] - The company is enhancing its supply chain and promoting cost reduction efforts to improve the profitability of its lithium iron phosphate cathode materials business [1] - The shipment volume for the first half of 2025 has seen a sustained increase, with sales revenue from lithium iron phosphate significantly rising compared to the same period last year [1]