赣锋锂业2025年年报

2025年 度 報 告ANNUAL REPORT 目錄CONTENTS Pages 2Company Profile5Definitions8Corporate Information11Financial Highlights13Chairman’s Statement17Management Discussion and Analysis116Profiles of Directors, Supervisors and Senior Management129Report of the Directors159Report of the Supervisors164Corporate Governance Report189Independent Auditor’s Report198Consolidated Statement of Profit or Loss199Consolidated Statement of Comprehensive Income200Consolidated Statement of Financial Position203Consolidated Statement of Changes in Equity205Consolidated Statement of Cash Flows209Notes to Financial Statements376Financial Highlights for the Past Five Financial Years COMPANY PROFILE 40 The Company is the world’s leading lithium ecological enterprise. Weoffer five major categories of more than 40 lithium compounds and lithiummetals products, making us one of the lithium product manufacturers withthe most comprehensive product offerings. Our comprehensive suite ofproduct offerings enables us to effectively address the unique and diverseneeds of our customers. We started as a midstream manufacturer oflithium compounds and lithium metals and have successfully expandedboth upstream and downstream. We have developed a vertically integratedbusiness model, including upstream lithium resources development,midstream lithium compounds and lithium metals processing as well asdownstream lithium batteries production and comprehensive recyclingof retired lithium batteries which are important links of the industrialecological chain. Our business model enables us to gather the latest marketinformation and develop cutting-edge technologies, creates valuablesynergies between our various business lines, thus strengthening ourmarket position, so as to improve our operational efficiency and profitability.Our products are widely used in the manufacturing of electric vehicles,aerospace products, functional materials and pharmaceuticals. Most of ourcustomers are global leaders in their respective industries. The Ganfeng Ecosystem contributes to the constant launches of newproducts and services, which allows us to form the strategic relationshipswith our customers and end-users. The diagram below illustrates ourintegrated supply and production chain and the respective business andtheir inter-relationships within the Ganfeng Ecosystem: Mount Marion Upstream lithium resources: The Company’s worldwide lithium resourcefootprint, including Australia, Argentina, Ireland, and Qinghai and JiangxiProvince in China, enables us to operate several high-quality lithiumresources, which gives us a stable, high-quality and diverse raw materialssupply system. The Company has entered into long-term procurementagreements with regard to a majority of such lithium resources. Lithiumresources currently used by the Company are mainly sourced fromthe Mount Marion Project in Australia. The Company has ensured andcemented the stable supply of high quality upstream lithium raw materialsthrough continuously investing in upstream lithium resource companies andentering into long-term strategic procurement agreements. (1)(2)(3)(4) Lithium compounds: The lithium compounds business segment is thecore of the Ganfeng Ecosystem, mainly including (1) battery-grade lithiumhydroxide; (2) battery-grade lithium carbonate; (3) lithium chloride; (4) lithiumfluoride, etc. Such lithium compounds are widely used as lithium batterymaterials for electric vehicles, portable electronics, as well as in chemicaland pharmaceutical fields. Our customers primarily consist of global batterycathode material manufacturers, battery suppliers and automobile originalequipment manufacturers. (1)(2)(3) Lithium metals: The lithium metals production capacity of the Companyranks first globally. The Company is capable of producing lithium metals inthe form of ingots, foil, rods, particles, alloy powder as well as copper lithiumor lithium aluminum alloy foil in a range of sizes and thickness accordingto the customers’ needs, which are mainly used (1) as lithium batteryanode materials; (2) as pharmaceutical catalysts; and (3) in alloys and otherindustrial product materials. Our customers consist of battery manufacturersand pharmaceutical companies. Raw materials of our lithium metals aremainly lithium chloride from the internal supply of the Company’s lithiumcompounds and lithium battery recycling business segments as well aslithium chloride recycled from the catalyst solution which we recover fromthe pharmaceutical companies. TWS Lithium batteries: The Company produces lithium-ion batteries, mainly usinga majority of anode materials, cathode materials and electrolyte solutionssourced from its customers of the lithium compounds business segment.Such batteries are mainly used in electric vehicles, a variety of energystorage equipment and all kinds of consumer electronic devices, such asmobile phones, tablets, laptops, TWS headsets, etc. Company Profile (continued) Solid-state batteries: The Company h