在全球能源转型与产业格局重构的关键时期，江西赣锋锂业集 团股份有限公司（以下简称"公司"）以前瞻性技术布局与全链路 业务协同优势，成为具备固态电池上下游一体化能力的企业。公司 围绕固态电池核心环节展开深度研发，在材料、电芯、系统集成及 商业化应用上取得显著进展，为新能源汽车、低空经济、消费电子 等领域提供高安全、高比能的下一代电池解决方案。 一、固态电池研发进展 证券代码：002460 证券简称：赣锋锂业 编号：临2025-051 江西赣锋锂业集团股份有限公司 关于公司固态电池项目研发进展的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，无 虚假记载、误导性陈述或者重大遗漏。 圆柱封装与高比能电池技术，开发21700圆柱电芯能量密度覆盖 330-400Wh/kg，兼具高比能与结构稳定性，为轻量化设备提供高效动 力支持。 公司已形成固态电池全链路布局，在硫化物电解质及原材料、氧 化物电解质、金属锂负极、电芯、电池系统等固态电池关键环节具备 了研发、生产能力，并加快推动固态电池商业化应用。 1、技术突破与产品矩阵双向发力 公司同步推进硅基与锂金属负极双路线突破产业化门槛，以金属 锂负极技术为核心，推动 ...

Group 1: Sodium-ion Battery Industry - The general manager of Zhongke Haina, Li Shujun, predicts that the sodium-ion battery industry is approaching a critical breakthrough phase, despite being perceived as currently in a low point [1] - Zhongke Haina, established in 2017, is one of the earliest companies in China to develop and manufacture sodium-ion batteries, founded by prominent researchers from the Chinese Academy of Sciences [1] - Sodium-ion batteries are considered an important technological route in battery research, offering advantages such as longer lifespan, faster charging, and wider operating temperature range compared to lithium-ion batteries, although they lag in energy density [1] Group 2: Ganfeng Lithium Industry Developments - Ganfeng Lithium announced the launch of a long-lasting battery solution for all-terrain robots, featuring high energy density cells and a discharge capability of 7C, allowing for over 3 hours of continuous discharge and a range of 15 km [2] - The battery solution is customized for all-terrain robots, with Ganfeng's team collaborating with multiple domestic robot manufacturers to meet specific customer needs, with a customization time reduced to 2 months and mass production expected within six months [2] - Currently, Ganfeng's New Energy Electronics can produce 600 sets of robot batteries per day [2] Group 3: Samsung SDI Production Milestone - Samsung SDI has commenced mass production of the 46 series cylindrical batteries at its Vietnam facility, with 4,695 modules already shipped, marking a significant production milestone [3] - The battery cells are produced in South Korea and assembled into modules in Vietnam, with the first batch intended for U.S. customers for use in micro mobile devices [3] - Samsung SDI has become the first Korean manufacturer to supply the 46 series batteries to overseas customers, achieving this production plan over a year ahead of schedule [3]

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on April 28, 2025, with specific voting times outlined for both on-site and online participation [1][2] - A-share shareholders must register by April 22, 2025, to be eligible to attend the meeting [2] Voting Procedures - A-share shareholders can vote either in person or online, but must choose one method only [1][2] - H-share shareholders can participate through on-site or proxy voting [2] - The voting process includes both non-cumulative and cumulative voting proposals, with specific requirements for each [3][4] Agenda Items - The meeting will discuss the election of the sixth board of directors and the supervisory board, including the election of non-independent directors and supervisors [2][9] - Proposals require a two-thirds majority for approval, and cumulative voting will be used for certain positions [3][4] Registration and Attendance - Shareholders must provide identification and relevant documents for registration [4] - No gifts or securities will be distributed at the meeting, and attendees are responsible for their own travel and accommodation costs [4]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-048 江西赣锋锂业集团股份有限公司 关于担保调剂及为控股子公司提供担保的进展公告 本公司及其董事会全体成员保证公告内容的真实、准确和完 整，无虚假记载、误导性陈述或者重大遗漏。 一、担保情况概述 1、江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第五届董事会第七十五次会议、于 2024 年 6 月 25 日召开 2023 年年度股东大会审议通过了《关于公司及子公司对外担 保额度预计的议案》。同意公司向子公司提供连带责任保证担保额度 合计人民币 1,355,000 万元，同意子公司向子公司提供连带责任保证 担保额度 705,000 万元，两项合计担保总额 2,060,000 万元（已抵消 原有的担保）。本次担保额度在公司股东大会审议通过此议案之日起 12 个月内有效。授权公司经营层在本议案额度内代表公司办理相关 手续，并签署相关法律文件。（详见公告：2024-018、2024-051） 公司于 2024 年 10 月 30 日召开第五届董事会第八十五次会议、 于 2024 年 11 月 25 日召开 2024 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 江西赣锋锂业集团股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露了《江 西赣锋锂业集团股份有限公司 2024 年年度报告》。 证券代码：002460 证券简称：赣锋锂业 编号：临2025-049 江西赣锋锂业集团股份有限公司 关于召开2024年度网上业绩说明会的公告 敬请广大投资者积极参与。 特此公告。 为便于广大投资者进一步了解公司 2024 年年度经营情况，公司 定于 2025 年 04 月 15 日（星期二）下午 15:00 至 17:00 时在"投关易" 小程序举行 2024 年度网上业绩说明会。本次网上业绩说明会将采用 网络远程的方式举行，投资者可登陆"投关易"小程序参与互动交流。 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问通道 自发出公告之日起开放。 江西赣锋锂业集团股份有限公司 参与方式一：在微信小程序中搜索"投关易"，输入"赣锋锂业" 参与交流； 董事会 参与方式二：微信扫一扫以下二维码： 投资者 ...

证券代码：002460 证券简称：赣锋锂业 编号：临 2025-047 江西赣锋锂业集团股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召集、召开程序 符合有关法律、行政法规、部门规章、规范性文件和公司章程等的规 定。 4、现场会议召开时间：2025年4月28日(星期一) 14:00 网络投票时间：公司A股股东通过深圳证券交易所交易系统进行 网络投票的具体时间为2025年4月28日(星期一)上午9:15—9:25，9:30 —11:30，下午13:00—15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为2025年4月28日(星期一)上午9:15至2025年4月28日 (星期一)下午15:00。 5、会议的召开方式：现场表决与网络投票相结合的方式 公司A股股东可以参与现场投票，也可以通过网络进行投票。公 司A股股东投票表决时，同一股东账户只能选择现 ...

Summary of Ganfeng Lithium (1772.HK) Conference Call Company Overview - **Company**: Ganfeng Lithium - **Ticker**: 1772.HK - **Market Cap**: HK$67,370 million (US$8,661 million) [4] Financial Performance - **4Q24 Net Loss**: Rmb1.4 billion, impacted by fair value loss from PLS stake (estimated at ~Rmb1.1 billion) and share of loss from associates (~Rmb300 million) [1] - **Core Business Performance**: Barely break-even in 4Q24, showing little change quarter-over-quarter [1] - **Balance Sheet Deterioration**: Interest-bearing debt increased by 30% YoY to Rmb32 billion (up from Rmb25 billion in 2024 and Rmb13 billion in 2023) [1] - **Free Cash Flow**: Free cash outflow of Rmb1,118 million in 4Q24, compared to Rmb2.3 billion in 3Q24 [3] - **Net Gearing Ratio**: Increased to 53% in 4Q24 from 44% in 3Q24 and 30% in 4Q23 [3] Segment Performance - **Lithium Compound vs. Battery Segment**: Lithium segment gross profit margin (GpM) was ~10% in FY24, down 3 percentage points YoY, while battery segment GpM averaged 12% in FY24, down from 18% in FY23 [2] Market Conditions - **Lithium Prices**: Significant decline in lithium benchmark prices, with battery-grade lithium carbonate prices down 65% YoY and lithium hydroxide prices down 70% YoY [8] - **Sales Performance**: Gross revenue decreased by 43% YoY to Rmb18.906 billion in 2024 [8] Valuation and Recommendations - **Target Price**: HK$26.00, representing a 19.8% expected return from the current price of HK$21.70 [4] - **Expected Total Return**: 20.0%, including a 0.1% expected dividend yield [4] Risks - **Key Risks**: 1. Increased supply of lithium compounds leading to lower prices for lithium carbonate and hydroxide [11] 2. Weaker-than-expected demand for electric vehicles (EVs) [11] 3. Spodumene concentrate prices declining less than anticipated [11] Additional Insights - **Investment Factors**: The increase in debt is attributed to overseas expansion and share repurchase activities, indicating potential financial cost pressures in the near future [1] - **Analyst Valuation**: Ganfeng-H shares are valued at a 30% discount to Ganfeng-A shares, consistent with historical averages since 2019 [10]

Summary of Ganfeng Lithium Co. Ltd. Conference Call Company Overview - **Company**: Ganfeng Lithium Co. Ltd. - **Industry**: Lithium Chemicals - **Market Cap**: Rmb62,756 million - **Current Stock Price**: HK$21.70 (as of March 28, 2025) - **Price Target**: HK$27.00, indicating a 24% upside potential Key Financial Results - **2024 Net Loss**: Rmb2.1 billion, at the low end of the preliminary loss range of Rmb1.4-2.1 billion [10] - **4Q24 Net Loss**: Rmb1.6 billion, with a recurring loss of Rmb530 million [10] - **Revenue for 2024**: Rmb18,201 million, with an estimated increase to Rmb20,927 million in 2025 [7] - **Lithium Chemicals Shipment Volume**: Grew 27% YoY to 130kt LCE in 2024 [10] - **Lithium Gross Profit Margin (GPM)**: Decreased by 2.1 percentage points YoY to 10.5% due to lower prices [4] Production and Inventory - **Lithium Chemicals Production**: Increased by 25% YoY [4] - **EV/ESS Battery Production**: Remained flat, with shipments up 8% YoY; inventory increased by 3.2 GWh to 6.5 GWh, representing ~80% of sales [4] - **Battery Segment GPM**: Declined by 6.3 percentage points YoY to 11.7% [4] Upstream Resource Updates - **CO Project**: Produced 25.4kt LCE in 2024, with plans to produce 30-35kt LCE in 2025 [5] - **Mariana Project**: Commenced production in February 2025, expected to supply LiCl from 2H25 [5] - **Goulamina Project**: Phase 1 (506kt SC) has commenced and is ramping up [5] - **Gabus Project**: Expected to ramp up gradually in 2025 [5] - **Potassic Salt Ore Project in Congo**: Under construction, with production expected to start by 2027 [5] Market Conditions and Challenges - **Lithium Prices**: Remain weak, with 1Q25 average at Rmb76k/t, down 0.2% QoQ and 24.5% YoY [3] - **Investment in Pilbara**: Fair value change loss impacted 4Q24 results, despite risk mitigation strategies [3] - **Headwinds**: Expected to continue into 1Q25 due to declining share prices of Pilbara and ongoing low lithium prices [3] Analyst Ratings and Outlook - **Stock Rating**: Overweight [7] - **Industry View**: Attractive [7] - **EPS Estimates**: Expected to recover from a loss of Rmb0.11 in 2024 to Rmb0.82 in 2025 [7] - **Valuation Methodology**: Base case 2025 P/E of 30.6x, in line with average of China lithium peers [11] Risks - **Upside Risks**: Shortages of lithium raw materials could constrain production, and EV market growth may exceed expectations [13] - **Downside Risks**: EV market demand could fall below expectations, and faster-than-expected global lithium supply growth may impact profitability [13] Conclusion Ganfeng Lithium Co. Ltd. is navigating a challenging market environment characterized by low lithium prices and production headwinds. However, the company is actively ramping up upstream resources, which may provide cost support in the future. The stock is rated as overweight, reflecting a positive outlook despite current challenges.

| | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 18,906,402,940.11 | 32.971.680.169.96 | -42.66% | 41,822,508.877.50 | | 归属于上市公司股东 | -2.074.013.392.07 | 4.946,809.503.79 | -141.93% | 20.503.567.858.85 | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | -887.309.059.28 | 2.675.926.152.58 | -133.16% | 19.952.341.491.27 | | 的净利润(元) | | | | | | 经营活动产生的现金 | 5.161.271.999.89 | 146.480.693.21 | 3.423.52% | 12.490.633.286.43 | | 流量净额(元) | | | | | | 基本每股收益(元/ | -1.03 | 2.46 | -141.87% | ...

Group 1: Lithium Prices and Market Outlook - As of April 1, the battery-grade lithium carbonate index price is 74,200 CNY/ton, with a week-on-week increase of 760 CNY/ton [1] - Battery-grade lithium carbonate prices range from 73,400 CNY/ton to 74,800 CNY/ton, averaging 74,100 CNY/ton, reflecting a week-on-week increase of 1,000 CNY/ton [1] - Industrial-grade lithium carbonate prices range from 71,650 CNY/ton to 72,650 CNY/ton, averaging 72,150 CNY/ton, also showing a week-on-week increase of 1,000 CNY/ton [1] - Industry experts suggest that the lithium carbonate price is unlikely to decline further due to multiple Australian mines ceasing operations, signaling industry consolidation in the second half of 2024 [1] Group 2: Ganfeng Lithium's Strategic Developments - Ganfeng Lithium is optimistic about achieving profitability by 2025 through cost reduction and operational efficiency improvements across its lithium chemical, battery, and energy storage segments [2] - The company is accelerating the extraction of low-cost lithium mines, including the Mariana lithium salt lake project and the Goulamina spodumene project, which is expected to have a competitive production cost compared to most Australian mines [2] - Ganfeng Lithium anticipates a lithium resource self-sufficiency rate of 50%-60% this year, with further increases expected as production ramps up at the Goulamina project [2] Group 3: Global Lithium Demand Projections - Global lithium resource demand is projected to reach 1.19 million tons of LCE (lithium carbonate equivalent) in 2024, with electric vehicles accounting for 61% and energy storage for 17% of the demand [3] - By 2025, global lithium resource demand is expected to increase to 1.45 million tons of LCE, with the share of electric vehicles rising to 62% and energy storage to 19% [3] Group 4: Technological Innovations and Product Development - Ganfeng Lithium employs a vertically integrated business model that spans upstream lithium resource development, midstream lithium salt processing, and downstream battery manufacturing and recycling [4] - The company focuses on technological innovation, having developed capabilities in solid-state battery components, including sulfide electrolytes and lithium metal anodes, with plans to expand production capacity in 2024 [4] - Ganfeng Lithium has also developed high-energy density and high-power battery products for various applications, with energy densities ranging from 320 Wh/kg to 500 Wh/kg, and plans to deliver the first batch of samples by 2025 [4] Group 5: Battery Recycling Capabilities - Ganfeng Lithium has established a comprehensive recycling capacity of 20,000 tons for retired lithium-ion batteries and metal waste, achieving a lithium recovery rate of over 90% and a nickel-cobalt recovery rate of 95% [5] - The company's recycling capabilities rank among the top in the industry, highlighting its commitment to sustainability and resource efficiency [5]