GANFENG LITHIUM(002460) 每日经济新闻·2025-03-29 04:26Core 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]