近日，赣锋锂业发布2025年半年度报告，该公司营业收入为83.76亿元，同比减少12.65%。 归属于上市公司股东的净亏损为5.31亿元，同 比收窄30.13%。 其中 锂电池业务 表现相对较好， 覆盖固态锂电池、动力电池、消费类电池、聚合物锂电池、储能电池及储能系统等五大类， 营业收入 29.75亿元，同比增长9.89%，占比提升至35.52%。 报告期内，四川赣锋年产5万吨锂盐项目在上半年完成生产线调试，产能逐步释放；青海赣锋一期年产1,000吨金属锂项目处于试生产阶段， 生产线爬坡至最优状态，计划今年9月申请安全验收，预计年底达产；公司电池级硫化锂产线逐步释放产能，赣锋硫化锂产品主含量 ≥99.9%、D50≤5μm，凭借高纯度、低杂质含量及优异的一致性，可满足高导电性固态电解质材料技术要求，目前已通过客户质量认证，已 向多家下游客户供货。 储能端， 587Ah大容量储能电芯 已实现规模化量产，并与多家行业头部企业建立长期稳定供应合作。 最新推出的6.25MWh储能系统，实现 了高效、长寿、安全三重突破，例如其高效热管理系统通过智能控温算法精准调节温差，电池寿命全面提升；C5级防腐设计，不少于15000 ...

Core Viewpoint - The global lithium salt industry is undergoing significant adjustments in the first half of 2025, with a decline in lithium product prices due to changes in supply and demand dynamics, yet Ganfeng Lithium has managed to substantially reduce its losses during this period [1] Group 1: Financial Performance - Ganfeng Lithium reported a revenue of 8.376 billion yuan in the first half of 2025, with a net loss attributable to shareholders of 531 million yuan, a significant reduction from a loss of 760 million yuan in the same period last year [1] - The gross margin for lithium compounds remained positive at 8.36%, despite the overall downward trend in lithium compound prices, which fell from $850-$900 per ton at the beginning of the year to $620-$640 per ton by June, representing a decline of 25% to 31% [2][3] Group 2: Market Dynamics - The lithium compound prices have been affected by supply-demand mismatches, with increased production of lithium salts and declining prices of Australian lithium ore contributing to the downward price trend [2] - Ganfeng Lithium's vertical integration across the lithium value chain—from upstream resource development to downstream battery manufacturing—has enhanced operational efficiency and profitability [2] Group 3: Resource Management - The company has established a stable and diversified raw material supply system by securing high-quality lithium resources globally, including spodumene, lithium brine, and lithium mica [3] - Ganfeng Lithium's self-sufficiency in lithium resources is expected to exceed 50% in 2025, which is above the industry average, thereby improving cost control and profitability [3] Group 4: Battery Business Growth - The lithium battery segment of Ganfeng Lithium achieved a revenue of 2.975 billion yuan in the first half of 2025, marking a year-on-year growth of 9.89%, and accounting for 35.52% of total revenue [4] - The company has successfully scaled up the production of its 587Ah large-capacity energy storage cell, which has become a benchmark product in the large-scale energy storage sector due to its long cycle life and high energy density [4] Group 5: Technological Advancements - Ganfeng Lithium has made significant progress in solid-state battery technology, completing the development of a 304Ah square solid-state energy storage battery that outperforms traditional liquid batteries in key safety and performance metrics [5] - The company is also collaborating with well-known drone and eVTOL companies to develop high-energy batteries, with products already passing regulatory compliance checks [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 363.69 CNY [2][8]. Core Insights - The company reported a total revenue of 178.9 billion CNY for the first half of 2025, representing a year-on-year growth of 7%. The net profit attributable to shareholders was 30.5 billion CNY, up 33% year-on-year, while the net profit excluding non-recurring items reached 27.2 billion CNY, growing by 36% year-on-year [2][8]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 362,013 million CNY - 2025E: 452,472 million CNY (25% growth) - 2026E: 534,949 million CNY (18.2% growth) - 2027E: 629,480 million CNY (17.7% growth) [4] - **Net Profit Forecasts**: - 2024A: 50,745 million CNY - 2025E: 66,327 million CNY (30.7% growth) - 2026E: 79,045 million CNY (19.2% growth) - 2027E: 92,083 million CNY (16.5% growth) [4] - **Earnings Per Share (EPS)**: - 2024A: 11.13 CNY - 2025E: 14.55 CNY - 2026E: 17.34 CNY - 2027E: 20.20 CNY [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios for 2025E, 2026E, and 2027E are projected at 18, 15, and 13 respectively [4]. Market Position and Strategy - The company achieved a battery system production of 310 GWh in the first half of 2025, with a capacity utilization rate of 89.86%. The total output of power batteries and energy storage batteries reached nearly 150 GWh, with a year-on-year growth exceeding 30% [8]. - The company continues to lead the global market with a 38.1% share in power battery usage from January to May 2025, marking a 0.6 percentage point increase year-on-year [8]. - The company is actively enhancing its battery ecosystem, with over 400 battery swap stations for passenger vehicles established by the end of July 2025, aiming for a total of 1,000 stations by year-end [8]. Innovation and Product Development - The company has launched several innovative products, including the second-generation supercharging battery and sodium-ion batteries, demonstrating strong R&D capabilities [8]. - In the solid-state battery technology sector, the company is making significant investments, with expectations for small-scale production by 2027 [8].

中创新航与小鹏汇天深化战略合作 ◆ 电池 ◆ 比亚迪公布锌离子电池专利 01 近日，比亚迪股份有限公司申请的"锌离子电池负极集流体及其制备方法和应用"专利公布。具体 公开了一种锌离子电池负极集流体及其制备方法、锌离子电池负极片、锌离子电池和用电装置。 该锌离子电池负极集流体包括：导电基体；金属沉积层，位于所述导电基体的至少一侧表面上，包 括金属沉积材料，所述金属沉积材料包括金属氟化物和金属硫化物中的至少一种，所述金属沉积材 料中的金属包括铟、铋、锡、铜、镍中的至少一种。采用该锌离子电池负极集流体的锌离子电池具 有较高的循环稳定性和利用率。 宁德时代推出 587Ah大容量储能电芯 02 在近日举办的第十三届储能国际峰会暨展览会上，宁德时代展出了集成于新型储能系统"天恒"的 587Ah大容量电芯。据悉，宁德时代587Ah电芯在实现430Wh/L超高能量密度的同时，安全性能 可以做到比小电芯更优。同时，该电芯引入了仿生SEI膜技术可降低活性锂的消耗，可保证电池全 寿命周期的可吞吐电量较上一代提升48%。 03 4月11日，中创新航与广东汇天航空航天科技有限公司签署深化战略合作协议。此前，中创新航已 为陆地航母X3独 ...