股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002460 | 說明 | A股 (深圳證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | 1 RMB | | 1,613,593,699 | | 2. 股份分 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17]. Core Views - The company reported a significant decline in revenue and net profit due to falling lithium prices and losses from fair value changes of its Pilbara holdings. The revenue for 2024 was 18.906 billion yuan, down 42.66% year-on-year, and the net profit was a loss of 2.074 billion yuan, down 141.93% year-on-year. Despite the downturn in the lithium industry, the company's lithium product production increased by 24.94% year-on-year to 130,300 tons LCE [1][6][8]. - The company is expected to see revenue growth in the coming years, with projections of 23.846 billion yuan in 2025, 30.290 billion yuan in 2026, and 37.871 billion yuan in 2027, representing year-on-year growth rates of 26.1%, 27.0%, and 25.0% respectively [17][18]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 18.906 billion yuan, a decrease of 42.66% year-on-year. The net profit was a loss of 2.074 billion yuan, down 141.93% year-on-year. The operating cash flow was 5.161 billion yuan, an increase of 3423.52% year-on-year [1][6][9]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling approximately 303 million yuan [9]. Production and Sales Data - The company produced 130,300 tons of lithium products in 2024, an increase of 24.94% year-on-year, with sales of 129,700 tons, up 27.41% year-on-year. The inventory level was approximately 7,765 tons, up 7.25% year-on-year [1][8][12]. Lithium Resource Development - The company has made significant progress in lithium resource projects, including the Mt Marion project in Australia and the Cauchari salt lake project in Argentina, which is expected to reach a production of 25,400 tons LCE in 2024 [2][12][13]. - The total lithium salt production capacity has exceeded 200,000 tons LCE, with ongoing expansions in various projects [13][14]. Financial Projections - The company forecasts revenues of 23.846 billion yuan in 2025, 30.290 billion yuan in 2026, and 37.871 billion yuan in 2027, with corresponding net profits of 1.957 billion yuan, 3.206 billion yuan, and 4.224 billion yuan respectively [17][18].

证券研究报告·公司点评报告·能源金属 赣锋锂业（002460） 2024 年年报点评：资源布局步入收获期，后 续盈利有望好转 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 32972 | 18906 | 20802 | 24842 | 29087 | | 同比（%） | (21.16) | (42.66) | 10.03 | 19.42 | 17.09 | | 归母净利润（百万元） | 4947 | (2074) | 1184 | 1585 | 2456 | | 同比（%） | (75.87) | (141.93) | 157.09 | 33.87 | 54.93 | | EPS-最新摊薄（元/股） | 2.45 | (1.03) | 0.59 | 0.79 | 1.22 | | P/E（现价&最新摊薄） | 13.83 | (32.99) | 57.78 | 43.16 | 27.86 | [Table_Ta ...

在最近的一次采访中，李良彬称目前行业正处于下行周期，要顺周期而为，已经暂停了上游买矿扩张的 动作，精力将聚焦在储能等下游业务上。 弯道超车，并购成就"锂王" 长江商报消息 ●长江商报记者 潘瑞冬 锂业周期低谷中，行业龙头也不好过。 3月28日晚间，赣锋锂业（002460.SZ）发布2024年年报，报告期，公司营业收入同比下降42.66%，归母 净利润为-20.74亿元，遭遇上市以来首次亏损。期末，公司的负债率达52.8%，较2023年末剧增近10个 百分点。 赣锋锂业的创始人李良彬，曾靠着多次对于行业准确的判断，通过在全球买矿打通上游，将赣锋锂业送 上"锂矿双雄"这一高位。2021年，李良彬的财富达到545亿元高点，成为江西首富。近几年，随着锂业 下行，赣锋锂业股价下跌，他的财富也随之缩水。根据胡润百富榜，2024年，他的财富为130亿元，3年 时间跌了415亿元。 1988年，21岁的李良彬从宜春学院化学系毕业，分配到江西锂盐厂，从事锂盐产品的研制和开发。九年 间，他从一名普通技术员成长为科研所所长、溴化锂分厂厂长。 技术出身的李良彬，对技术的发展也保持着敏感。当看到智利锂矿工业龙头SQM实现了更低成本的卤 ...

赣锋锂业（002460.SZ）2024 年年报点评 公允价值变动损失拖累业绩，期待自有资源放量 2025 年 03 月 30 日 ➢ 事件：公司发布 2024 年年报。1）业绩：2024 年公司实现营收 189.1 亿 元，同比-42.7%，归母净利-20.7 亿元，同比由盈转亏，扣非归母净利-8.9 亿元， 同比由盈转亏。单季度看，24Q4 实现营收 49.8 亿元，同比-31.7%，环比+14.9%， 归母净利-14.3 亿元，同比亏损增加 3.7 亿元，环比由盈转亏，扣非归母净利-5.3 亿元，同比亏损减少 11.5 亿元，环比亏损增加 3.3 亿元；2）分红：2024 年拟 每 10 股派发现金股利 1.5 元（含税），合计现金分红 3.0 亿元。 ➢ 产销稳步增长，价格下行拖累业绩。锂盐板块：1）量：24 年公司锂盐产量 13.0 万吨，同比+24.9%，销量 13.0 万吨，同比+27.4%；2）价：24 年国内电 池级碳酸锂均价 9.0 万元，同比-64.6%，其中 24Q4 电池级碳酸锂均价 7.6 万 元，环比-4.8%，锂价下行拖累锂盐板块业绩；3）利：24 年锂盐毛利率 10.5%， 同 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 22.62 and RMB 37.01, maintaining the "Buy" rating [7]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at RMB 18.906 billion (down 42.66% year-on-year) and a net loss of RMB 2.074 billion (down 141.93% year-on-year). The performance aligns with the company's profit warning [1][2]. - Despite the downturn, the company is expanding its upstream resources and midstream refining capacity, positioning itself for potential recovery when industry conditions improve [1][4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of RMB 49.81 billion (down 31.67% year-on-year, up 14.87% quarter-on-quarter) and a net loss of RMB 14.34 billion (down 34.86% year-on-year, down 1294.81% quarter-on-quarter) [1]. - The lithium price has significantly decreased, with a reported 65% year-on-year drop in lithium carbonate prices, impacting profitability despite increased sales volume [2]. Production Expansion - The company is ramping up production at various projects, including the Cauchari-Olaroz project, which reached approximately 85% of its nominal design capacity in Q4 2024, and the Mariana lithium salt lake project, which commenced production in February 2025 [3]. - The Goulamina spodumene project is also progressing, with an initial capacity of 506,000 tons of lithium concentrate expected to be gradually released in 2025 [3]. Earnings Forecast and Valuation - Due to the unexpected decline in lithium prices, the earnings forecast for 2025-2027 has been revised downwards, with expected EPS of RMB 0.32, RMB 0.90, and RMB 1.71 for the respective years [4][6]. - The company is assigned a price-to-book (PB) ratio of 1.77 for 2025, with a book value per share (BPS) of RMB 20.88, reflecting a premium of 78% over the average A/H share price in the last three months [4].

Core Viewpoint - The lithium industry has undergone significant adjustments over the past year, with Ganfeng Lithium reporting its first annual loss since its listing, and a revenue decline of over 40% in 2024 [1][4]. Financial Performance - Ganfeng Lithium's 2024 revenue was 18.91 billion yuan, a year-on-year decrease of 42.66% from 32.97 billion yuan in 2023 [4][6]. - The net profit attributable to shareholders was -2.07 billion yuan, down 141.93% from a profit of 4.95 billion yuan in the previous year [4][6]. - The company's total liabilities reached 53.24 billion yuan, a 35.20% increase compared to the previous year [5][6]. - The asset-liability ratio stood at 52.80%, with total assets of 100.83 billion yuan, reflecting a 9.96% increase from the beginning of the year [4][5]. Market Conditions - The price of lithium carbonate has shown a downward trend, dropping from 101,000 yuan per ton at the beginning of 2024 to 75,000 yuan per ton, a decline of 25.74% [7]. - The average selling price of lithium chemical materials decreased by 21.04% in the second half of 2024 compared to the first half, while lithium battery products saw a 10% price drop [8]. Production Capacity and Expansion Plans - Despite the losses in 2024, Ganfeng Lithium continues to expand its production capacity, aiming to achieve an annual production capacity of no less than 600,000 tons of lithium products by 2030 [9]. - The company has several projects in progress, including a 25,000-ton lithium hydroxide project in Fengcheng and a 50,000-ton lithium salt project in Sichuan, expected to be operational by the end of 2024 [10]. Production Facilities - Ganfeng Lithium operates multiple production bases with significant design capacities, including: - 81,000 tons/year of lithium hydroxide in Xinyu, Jiangxi - 40,000 tons/year of lithium carbonate in Argentina [11].

Core Insights - The lithium industry has undergone significant adjustments over the past year, with Ganfeng Lithium (002460.SZ) reporting its first annual loss since its listing, with a net loss of 2.074 billion yuan and a revenue decline of 42.66% to 18.906 billion yuan [1] - The global lithium salt market experienced a dramatic shift in supply and demand in 2024, with lithium carbonate prices dropping from 101,000 yuan/ton at the beginning of the year to 75,000 yuan/ton by year-end, a decrease of 25.74% [1] - Ganfeng Lithium's core business was directly impacted by falling prices, as lithium series products accounted for 63.56% of revenue and battery products accounted for 31.19%, leading to a revenue drop of over 40% [1] Resource Development - Ganfeng Lithium has established a global resource network through a four-dimensional lithium extraction technology involving "ore + brine + clay + recycling" [1] - The Goulamina lithium spodumene project is set to commence production in 2024, while the Cauchari-Olaroz salt lake project is entering a ramp-up phase, and the Mariana salt lake project is expected to start production in early 2025 [1] - These projects are anticipated to gradually release capacity, with an expected annual supply capacity of no less than 600,000 tons of LCE (lithium salt equivalent) by 2030, covering the entire lifecycle of lithium resources [1] Challenges and Legal Issues - The competition for global lithium resources is intensifying, with policy changes in resource-rich regions like Australia and South America posing challenges for Chinese enterprises [2] - Ganfeng Lithium is diversifying its resource layout, such as the Goulamina project in Mali, to mitigate risks, but its overseas projects still face geopolitical and environmental compliance pressures [2] - In August 2023, Ganfeng Lithium's Sonora project in Mexico had nine mining concessions canceled by the Mexican mining authority, affecting project development due to a new mining law that nationalizes lithium resources [2] - In June 2024, Ganfeng Lithium announced that its subsidiary Shanghai Ganfeng, Bacanora, and Sonora filed for arbitration with the International Centre for Settlement of Investment Disputes (ICSID) regarding the cancellation of mining concessions, which has been officially registered by ICSID [2]

Group 1 - Ganfeng Lithium (002460.SZ) released its 2024 annual report on March 29, 2025, indicating that as of March 28, 2025, 170 institutional investors disclosed holding a total of 194 million shares, accounting for 9.63% of Ganfeng Lithium's total share capital [1] - The top ten institutional investors collectively held 7.75% of the shares, with a decrease of 0.69 percentage points compared to the previous quarter [1] - Major institutional investors include Hong Kong Central Clearing Limited, Industrial and Commercial Bank of China - Huatai-PB CSI 300 ETF, and China Construction Bank - E Fund CSI 300 ETF among others [1] Group 2 - In the public fund sector, five funds increased their holdings, while 16 funds decreased their holdings, with a reduction rate of 0.23% [2] - A total of 101 new public funds were disclosed this period, including Silver Hua Value Selection Mixed and China Ocean Environmental New Energy Mixed [2] - 37 public funds were not disclosed this period, including Huaxia Energy Innovation Stock A and Southern CSI Shenwan Nonferrous Metals ETF [2] Group 3 - One new foreign institutional investor was disclosed this period, namely Hong Kong Central Clearing Limited [3]

Core Viewpoint - Jiangxi Ganfeng Lithium Co., Ltd. plans to issue domestic and foreign debt financing instruments to meet business development needs and reduce financing costs, with a total issuance limit of up to RMB 10 billion or equivalent foreign currency [1][2]. Group 1: Issuance Details - The types of debt financing instruments include but are not limited to short-term financing bonds, medium-term notes, corporate bonds, and perpetual bonds [1][2]. - The issuance scale is capped at RMB 10 billion or equivalent foreign currency, which can be issued in one or multiple tranches within the authorized period [2][3]. - The issuance currency may be in RMB or foreign currency, depending on market conditions [2][3]. Group 2: Terms and Conditions - The maximum term for the debt financing instruments is 15 years, with the possibility of various term combinations; there are no restrictions on the term for perpetual debt instruments [2][3]. - The funds raised will be used for daily operational needs, loan repayments, working capital supplementation, and potential investments or acquisitions [3][4]. - The specific issuance price and interest rates will be determined by the board or authorized personnel based on market conditions [2][3]. Group 3: Authorization and Execution - The board of directors is authorized to decide on all matters related to the issuance of debt financing instruments, including the selection of issuance methods, pricing, and market timing [4][5]. - The authorization for issuing debt financing instruments is valid from the approval of the annual general meeting in 2024 until the annual general meeting in 2025 [5][6]. - If the board or authorized personnel decide to proceed with the issuance within the authorized period, they can complete the issuance upon obtaining necessary regulatory approvals [6].