Business Overview - Ganfeng Lithium is a leading lithium ecological enterprise with over 40 lithium compounds and lithium metal products, providing a comprehensive product offering to meet diverse customer needs [3]. - The company has established a vertically integrated business model covering upstream lithium resource development, midstream lithium compounds processing, and downstream lithium battery production, enhancing operational efficiency and profitability [3]. - Ganfeng Lithium has secured high-quality lithium resources globally, including Australia, Argentina, Ireland, and China, with long-term procurement agreements in place for most resources [6]. - The lithium compounds segment includes battery-grade lithium hydroxide and lithium carbonate, widely used in electric vehicles and portable electronics, serving global leaders in battery manufacturing [6]. - Ganfeng Lithium ranks first globally in lithium metal production capacity, producing various forms of lithium metals for battery anodes and pharmaceutical applications [6]. - The company is actively advancing the research and development of solid-state lithium batteries, aiming for commercial application [6]. - Ganfeng Lithium's lithium battery recycling business addresses the growing demand for decommissioned battery treatment, providing sustainable solutions for battery manufacturers and electric vehicle producers [6]. Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 32,812,017 thousand, representing a decrease of 20.7% compared to the previous year [16]. - Gross profit for the same period was RMB 4,608,922 thousand, reflecting a decline of 77.4% year-over-year [16]. - Profit attributable to owners of the parent was RMB 4,982,547 thousand, down 75.7% from the prior year [16]. - Earnings per share decreased to RMB 2.47, a drop of 75.7% compared to the previous year [16]. - The Group's revenue decreased from RMB 41,370,654 thousand in 2022 to RMB 32,812,017 thousand in 2023, representing a decrease rate of 20.7% [62]. - Gross profit decreased from RMB 20,364,474 thousand to RMB 4,608,922 thousand, representing a decrease rate of 77.4% [62]. - Profit attributable to the owners of the parent decreased by RMB 15,521,368 thousand or 75.7% to RMB 4,982,547 thousand compared to RMB 20,503,915 thousand in 2022 [103]. Market Trends and Demand - The global supply of lithium resources is expected to reach 988,000 tons of LCE in 2023, representing a year-on-year increase of 30.5% [27]. - In 2024, the global supply of lithium resources is projected to increase to 1,314,000 tons of LCE, a year-on-year growth of 33% [27]. - The company reported a year-over-year growth rate of 150% in global energy storage battery shipments [57]. - The cumulative output of motive power batteries and energy storage batteries in China was 778.1 GWh in 2023, representing a year-on-year increase of 42.5% [40]. - The global sales volume of new energy vehicles is expected to increase by 30% in 2023, reaching 15.10 million units [41]. - The demand for energy storage applications is expected to account for 57% of the total energy storage demand in 2023 [58]. Production and Capacity Expansion - The company expanded its production capacity through technical transformation of existing production lines and the establishment of new production lines to meet growing market demand for lithium products [62]. - The annual production capacity expansion project of butyl lithium with 2,000 tons at the 10,000-ton Lithium Salt Plant has been completed [63]. - The lithium hydroxide project with an annual production capacity of 25,000 tons in Fengcheng Ganfeng Phase I has been completed [63]. - The Mount Marion project has completed the expansion construction of 900,000 tons/year spodumene concentrate production capacity, which is currently being gradually released [68]. - The company plans to achieve a total lithium product supply capacity of over 600,000 tons of LCE per year by 2030, including lithium extracted from ore, brine, clay, and recycled batteries [89]. Research and Development - The company continues to invest in research and development for new lithium products and applications [8]. - The company is actively engaged in the research and development of solid-state battery technology, achieving significant technical advancements in high-safety and high-specific energy batteries [90]. - The company is focusing on innovative applications of decommissioned power batteries in energy storage and low-speed electric vehicles [60]. - The company is developing solid electrolytes and anodes for solid-state lithium batteries as part of its R&D efforts [98]. Sustainability and ESG Commitment - The company is committed to sustainable development practices in its operations [11]. - The company aims to strengthen its capabilities in sustainable development, emphasizing ESG as a key differentiator in the market [24]. - The company is committed to integrating ESG practices into its operations to create both environmental and economic benefits [25]. - The company is committed to resource protection and reducing carbon emissions to achieve sustainable growth [100]. Strategic Initiatives - The company is focusing on expanding its market presence and developing new technologies in lithium production [8]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the lithium industry [8]. - The company aims to improve operational efficiency and reduce costs in response to market challenges [8]. - The company plans to hold its annual general meeting on June 25, 2024 [7]. Shareholder and Employee Incentives - The total number of share options granted under the 2021 Share Option Incentive Scheme was adjusted from 15.794 million to 15.754 million, with the number of participants reduced from 407 to 404 [150]. - The exercise price of the share options is set at RMB 96.28 per A Share, allowing participants to purchase shares upon fulfillment of exercise conditions [154]. - The ESOP aims to enhance corporate governance and employee cohesion while ensuring the achievement of the company's strategic objectives [190]. - The vesting schedule for the RSUs includes four vesting periods, each accounting for 25% of the total grant [176].

Investment Rating - Maintains an "Overweight" rating [3][4] Core Views - The company's performance was impacted by the decline in lithium prices, but the long-term growth prospects of the new energy industry remain strong, supporting the "Overweight" rating [3] - The company is a leader in the industry and continues to expand its global lithium resource layout and advance its integrated industrial chain [3] Financial Performance - 2023 revenue: HKD 36.384 billion, a year-on-year decrease of 22.29% [3] - 2023 net profit: HKD 5.459 billion, a year-on-year decrease of 76.00% [3] - Q4 2023 revenue: HKD 8.044 billion, a year-on-year decrease of 49.44% and a quarter-on-quarter decrease of 2.06% [3] - Q4 2023 net profit: HKD -1.173 billion [3] - Lithium salt product gross margin: 12.53%, a year-on-year decrease of 43.58 percentage points [3] - Lithium battery product gross margin: 17.96%, a year-on-year increase of 0.11 percentage points [3] Production and Sales - Lithium salt product production: 104,300 tons LCE, a year-on-year increase of 7.25% [3] - Lithium salt product sales: 101,800 tons LCE, a year-on-year increase of 4.57% [3] - Lithium salt product inventory: 7,200 tons LCE, a year-on-year increase of 50.76% [3] - Power and energy storage lithium battery production: 10.62 GWh, a year-on-year increase of 56.46% [3] - Power and energy storage lithium battery sales: 8.20 GWh, a year-on-year increase of 20.38% [3] - Power and energy storage lithium battery inventory: 3.29 GWh, a year-on-year increase of 278.08% [3] Global Resource Expansion - Subscribed to no less than 14.8% of the shares of Argentina's salt lake lithium mining company PGCO [3] - Increased lithium spodumene supply from Australian miner Pilbara to 260,000-310,000 tons annually for the next three years [3] - Increased equity stake in Mali Lithium's Goulamina project to 55% through subsidiary Ganfeng International [3] Integrated Industrial Chain Development - Signed a long-term supply agreement with Hyundai Motor Company for battery-grade lithium hydroxide [3] - Invested in the construction of a 5GWh lithium battery production base in Nanchang [3] - Signed a framework agreement with Hohhot government for a 20GWh lithium battery production project [3] - Established Jiangxi Ganfeng Environmental Protection Co Ltd to promote the recycling of lithium smelting slag [3] Market Data - Current stock price: HKD 23.95 [4] - 52-week price range: HKD 19.62-58.40 [5] - Current shares outstanding: 2,017 million [5] - Current market capitalization: HKD 48,311 million [5]

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 32,812,017 thousand, an increase from RMB 28,203,095 thousand in 2022, representing a growth of approximately 16.5%[2] - The gross profit for the year was RMB 4,608,922 thousand, down from RMB 20,364,474 thousand in the previous year, indicating a significant decline of about 77.4%[2] - The net profit for the year was RMB 4,610,985 thousand, compared to RMB 20,460,964 thousand in 2022, reflecting a decrease of approximately 77.5%[2] - The basic earnings per share for the year was RMB 2.47, a decrease from RMB 10.18 in 2022, representing a decline of about 75.7%[2] - The company's pre-tax profit for the year was RMB 5,294,455,000, down from RMB 22,779,081,000 in the previous year, indicating a significant decrease of approximately 76.8%[22] - The company's revenue decreased from RMB 41,370,654 thousand in 2022 to RMB 32,812,017 thousand in 2023, a reduction of 20.7%[96] - Gross profit fell from RMB 20,364,474 thousand in 2022 to RMB 4,608,922 thousand in 2023, a decline of 77.4%[96] - Net profit attributable to shareholders decreased from RMB 20,503,915 thousand in 2022 to RMB 4,982,547 thousand in 2023, a drop of 75.7%[96] Assets and Liabilities - Total non-current assets increased to RMB 63,513,503 thousand in 2023 from RMB 47,193,874 thousand in 2022, marking an increase of approximately 34.5%[4] - Current liabilities rose to RMB 20,271,297 thousand in 2023 from RMB 18,654,925 thousand in 2022, an increase of about 8.7%[5] - Total assets less current liabilities amounted to RMB 71,426,604 thousand in 2023, up from RMB 60,504,985 thousand in 2022, indicating a growth of approximately 17.5%[5] - The total liability of RMB 39,382,039,000 as of December 31, 2023, compared to RMB 30,293,602,000 in 2022, an increase of approximately 30.5%[22] - Total assets as of December 31, 2023, were RMB 91,697,901,000, compared to RMB 79,159,910,000 in 2022, reflecting an increase of about 15.9%[22] Income and Expenses - The company reported other income and gains of RMB 3,059,567 thousand, significantly higher than RMB 1,272,183 thousand in 2022, representing an increase of approximately 140.3%[2] - The financing costs for the year were RMB 784,312 thousand, up from RMB 407,329 thousand in 2022, indicating an increase of about 92.4%[2] - The total other expenses for 2023 amounted to RMB 2,006,111 thousand, a significant increase from RMB 247,400 thousand in 2022, reflecting an increase of approximately 707.5%[41] - Research and development expenses for the year amounted to RMB 1,250,990 thousand, up from RMB 1,007,487 thousand in 2022, indicating an increase of about 24.1%[39] - The current income tax expense for 2023 was RMB 501,634 thousand, a decrease from RMB 2,181,462 thousand in 2022, showing a reduction of about 77.0%[43] Market and Sales Performance - Sales to external customers in the lithium metal and lithium mining resources segment amounted to RMB 25,101,211,000, while lithium compounds and lithium batteries generated RMB 7,710,806,000[25] - Revenue from major customers was approximately RMB 5,943,005,000, down from RMB 7,762,100,000 in 2022, indicating a decline of around 23.4%[26] - The revenue from the Chinese market was RMB 21,831,668,000 in 2023, down from RMB 27,146,039,000 in 2022, a decrease of about 19.5%[25] - The overseas sales segment contributed RMB 10,980,349 thousand, accounting for 33.5% of total revenue[136] Dividends and Shareholder Returns - The proposed final dividend for 2023 is RMB 0.80 per share, down from RMB 1.00 per share in 2022, representing a decrease of 20%[47] - The company intends to distribute a cash dividend of 8 RMB per 10 shares to all shareholders, totaling 2.081 billion RMB from retained earnings[63] - The board proposed a cash dividend of RMB 8 per 10 shares to all shareholders, subject to approval at the annual general meeting[169] Regulatory and Compliance - The group adopted new and revised International Financial Reporting Standards (IFRS) for the financial statements, impacting accounting policies and disclosures[10] - The amendments to IAS 1 require entities to disclose significant accounting policy information, enhancing transparency in financial reporting[11] - The group will disclose known or reasonably estimable information related to Pillar Two tax risks in the consolidated financial statements[12] - The company has not applied any newly issued but not yet effective IFRS in the current financial statements, planning to adopt them when applicable[13] Strategic Initiatives and Future Plans - The company plans to focus on expanding its market presence and investing in new technologies to enhance product offerings and operational efficiency[27] - The company plans to expand production capacity through technological upgrades and new production lines to meet the growing market demand for lithium products[97] - The company aims to secure high-quality and stable lithium resources globally to ensure long-term stable development[120] - The company is actively participating in the development of high-safety, high-energy lithium batteries, including solid-liquid hybrid lithium batteries[123] Research and Development - The company has a professional team of 1,265 researchers, including 5 national-level talents and 176 master's and doctoral graduates, ensuring strong technical innovation capabilities[118] - The company is enhancing its R&D capabilities by collaborating with domestic and international universities and research institutions to develop new products and technologies[127] - The company is leading a national key R&D project focused on the circular economy, expanding the recycling concept from retired lithium batteries to the entire lithium industry chain, promoting green and high-quality development[115] Stock Options and Incentives - The total number of stock options granted under the 2021 Stock Option Incentive Plan was adjusted from 15.794 million to 15.754 million, with the number of participants reduced from 407 to 404[178] - The stock option incentive plan has a maximum validity period of 60 months from the date of grant, with a waiting period before options can be exercised[179] - The exercise price for the stock options granted under the 2021 stock option incentive plan is set at RMB 96.28 per share[181] - A total of 483,000 stock options were canceled due to 12 incentive recipients resigning during the reporting period[182] Legal and Regulatory Challenges - In August 2023, the Mexican mining authority issued a cancellation notice for 9 mining concessions related to the Sonora project, which the company is contesting through administrative review and potential international arbitration[177] - The company plans to seek additional remedies under Mexican or international law, including international arbitration or administrative litigation, following the Mexican Ministry of Economy's decision to uphold the cancellation[177] - In January 2024, the Mexican subsidiary filed an administrative lawsuit to revoke the cancellation of the 9 lithium mining concessions, with the final decision to be made by the Federal Court[177]

Core Viewpoint - Ganfeng Lithium's stock has declined nearly 4%, with a current price of HKD 21.15, following the announcement of a significant expected drop in net profit for 2023, attributed to industry cyclicality and falling lithium prices [1] Financial Performance - The company expects net profit attributable to shareholders for 2023 to be in the range of RMB 4.2 billion to 6.2 billion, representing a year-on-year decline of approximately 69.76% to 79.52% [1] - The expected non-GAAP net profit is projected to be around RMB 2.3 billion to 3.4 billion, indicating a year-on-year decrease of about 82.96% to 88.47% [1] - Basic earnings per share are forecasted to be between RMB 2.09 and 3.08 [1] Industry Context - The decline in performance is primarily due to the cyclical nature of the lithium industry, with a slowdown in terminal demand growth and a significant drop in lithium salt product prices [1] - The price drop of lithium ore, which serves as a raw material for lithium salts and downstream products, has been less severe than that of lithium salts and downstream products, leading to a decrease in the company's gross margin [1] - The company has also made provisions for asset impairment according to accounting standards, contributing to the substantial year-on-year decline in performance [1]

Financial Performance - The company's operating revenue for the third quarter was RMB 7,536,725,354.55, a decrease of 42.77% compared to the same period last year[2]. - Net profit attributable to shareholders was RMB 159,660,470.78, down 97.88% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 239,136,661.31, a decline of 95.91% compared to the previous year[2]. - The basic earnings per share were RMB 0.08, a decrease of 97.87% year-on-year[2]. - The company reported a 74.24% increase in operating costs to $21.21 billion, driven by higher initial raw material inventory levels[8]. - The total revenue for the current period was approximately 6.51 billion, a decrease from 17.23 billion in the previous period, representing a decline of about 62.2%[34]. - Net profit for the current period is approximately 5.88 billion, down from 14.99 billion in the previous period, indicating a decrease of around 60.8%[34]. - The operating profit for the current period is approximately 6.29 billion, compared to 17.21 billion in the previous period, reflecting a decline of about 63.5%[34]. - The total comprehensive income for the current period is approximately 6.82 billion, a decrease from 16.92 billion in the previous period, indicating a decline of around 59.7%[37]. Assets and Liabilities - The company's total assets as of September 30, 2023, were RMB 92,862,318,954.04, representing a 17.31% increase from the end of the previous year[2]. - Total liabilities increased significantly, with short-term borrowings rising by 211.53% to $6.57 billion, reflecting new short-term loans for production operations[6]. - Long-term borrowings increased by 69.13% to $15.45 billion, attributed to new long-term loans for PPG and other projects[7]. - Total liabilities amounted to ¥38.78 billion, up from ¥30.29 billion, indicating a rise of about 28.5%[28]. - The total equity attributable to shareholders reached ¥48.51 billion, up from ¥44.04 billion, reflecting an increase of about 10.6%[28]. Cash Flow - Cash flow from operating activities was negative at RMB -1,369,100,406.14, a decrease of 117.20% compared to the same period last year[2]. - Operating cash flow decreased by 117.20% to -$1.37 billion, primarily due to increased cash payments for goods and related taxes[10]. - The cash flow from operating activities shows a net outflow of approximately 1.37 billion, contrasting with a net inflow of 7.96 billion in the previous period[40]. - Cash flow from investing activities resulted in a net outflow of approximately 7.18 billion, compared to a net outflow of 5.30 billion in the previous period[41]. - Cash flow from financing activities generated a net inflow of approximately 8.13 billion, an increase from 3.94 billion in the previous period[41]. Investments and Acquisitions - The company approved an investment agreement with the local government to develop a lithium battery production project in July 2023[18]. - In July 2023, the company agreed to acquire 70% of the equity of Mengjin Mining, enhancing its resource portfolio[18]. - The company plans to increase its stake in Mali Lithium B.V. with an investment of up to USD 138 million, focusing on mining rights investment[19]. - A cash investment of RMB 1 billion is planned for the acquisition of new registered capital in Chongqing Ruichi Automobile[20]. - The company is implementing an employee stock ownership plan for 2023, aiming to align employee interests with company performance[20]. Other Financial Metrics - The weighted average return on net assets was 0.35%, down 24.34% year-on-year[2]. - The company recorded a government subsidy of RMB 436,627,080.78 during the reporting period, contributing to its financial performance[3]. - Other income surged by 1,261.60% to $990.93 million, mainly due to an increase in government subsidies received[8]. - The company’s other comprehensive income rose by 123.26% to $1.56 billion, mainly due to foreign currency translation differences from exchange rate fluctuations[7]. - The company reported a significant increase in cash received from sales of goods and services, totaling approximately 26.79 billion, compared to 24.89 billion in the previous period, reflecting an increase of about 7.6%[38]. Shareholder Information - The top ten unrestricted shareholders hold a total of 430,520,506 shares, representing a significant portion of the company's equity[15]. - The company has a total of 16,349,805 shares held by Huang Wen, accounting for 0.81% of the total shares[14].

江西贛鋒鋰業集團股份有限公司 Ganfeng Lithium Group Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) (A joint stock company incorporated in the People’s Republic of China with limited liability) 股份代號Stock Code: 1772 中 期 報 告 2023 INTERIM REPORT 目錄 CONTENTS 2 公司資料 Corporate Information 5 釋義 Definitions 8 財務摘要 Financial Highlights 11 管理層討論及分析 Management Discussion and Analysis 67 補充資料 Supplementary Information 71 中期簡明綜合損益表 Interim Condensed Consolidated Statement of Profit or Loss 72 中期簡明綜合全面收益表 Interim Condensed Consolidated Statement of Co ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告 江西贛鋒鋰業集團股份有限公司（「本公司」或「公司」）董事（「董事」）會（「董 事會」）謹此公佈本公司及其附屬公司（統稱「本集團」）截至2023年6月30日 止六個月（「報告期」）之簡明綜合未經審計中期業績。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 有 關 截 至2022年12月31日 止 年 度 之 年 度 報 告 補 充 公 告 茲提述江西贛鋒鋰業集團股份有限公司（「本公司」，連同其附屬公司，「本 集團」）截至2022年12月31日止年度之年度報告（「2022年報」）。除另有界定 者外，本公告所用之詞彙與2022年報所載者具相同涵義。 採 納 受 限 制 股 份 單 位 計 劃 茲提述2022年報「管理層討論及分析」章節下標題為「報告期間其他重大事項— 採 納 受 限 制 股 份 單 位 計 劃」一 節。董 事 會 謹 此 根 據 香 港 上 市 規 則 第17.09 條 提 供 以 下 有 關 股 東 於2022年6月15日 舉 行 的 本 公 司2021年 股 東 周 年 大 會通過的採納受限制股份單位計劃之概述的額外資料： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 內 幕 消 息╱海 外 監 管 公 告 2023年 第 一 季 度 報 告 本 公 告 乃 根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.09(2)條 及第13.10B條的披露義務而作出。 重 要 內 容 提 示： 1. 江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司（「公 司」或「本 公 司」）董 事 會（「董 事 會」）、監 事 會 及 其 董 事、監 事、高 級 管 理 人 員 保 證 季 度 報 告 信 息 的 真 實、準 確、完 整，不 存 在 虛 假 記 載、誤 導 性 陳 述 或 重 大 遺 漏，並 就 ...

江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司 Ganfeng Lithium Group Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) (A joint stock company incorporated in the People’s Republic of China with limited liability) 股份代號Stock Code: 1772 Ganfeng 江 西 贛 Lithium 鋒 鋰 業 Group 集 團 ...