[Cathode Material Weekly Report] A Project with Annual Output of 15,000 mt of Lithium Carbonate Lands in Jiangxi! Dazhong Mining Plans to Invest in a Lithium Metal Battery Project

[Company] Surges 248%! Chengdu Company Under Tianqi Lithium Increases Capital to 8.7 Billion Yuan

Qichacha data shows that recently, Chengdu Tianqi Lithium Industries Co., Ltd. underwent a business registration change, with its registered capital increasing from 2.5 billion yuan to 8.7 billion yuan, a surge of 248%.

The company was established in August 2014, with Xia Juncheng as its legal representative. Its business scope includes the sale of metal ores, electronic specialty materials, chemical products, as well as the recycling and second-life application of waste power batteries from NEVs. It is wholly owned by Tianqi Lithium (002466). (Source: CBHA100-Battery.com.cn)

[Update] Total Investment of 2.1 Billion Yuan! 15,000-mt Lithium Carbonate Project Lands in Ganzhou, Jiangxi

Recently, the Administrative Approval Bureau of Ganzhou City issued a public notice on administrative approval, indicating that the environmental impact assessment (EIA) for the 15,000-mt lithium carbonate project (re-submitted) of Jiangxi Xiangnan New Energy Co., Ltd. has been approved.

It is reported that the project is located in the Xinhua Industrial Zone of Dayu Industrial Park, Jiangxi Province, with a total investment of 2.1 billion yuan, including 25 million yuan for environmental protection, accounting for 1.19% of the total investment. The main investments in this project include 90 million yuan for equipment, 50 million yuan for working capital, and 70 million yuan for other purposes (including environmental protection investment). The main product is 15,000 mt/year of battery-grade lithium carbonate, with a by-product of 73,483.25 mt/year of sodium sulfate decahydrate. (Source: CBHA100-Battery.com.cn)

[Highlight] XTC New Energy Materials (Xiamen): Sales of New Energy Material Products Reach Approximately 47,600 mt in the First Five Months

On the evening of June 17, XTC New Energy Materials (Xiamen) (688778) announced that from January to May, the company's new energy material products achieved sales of approximately 47,600 mt, up about 20.95% YoY.

Specifically, as the country includes consumer goods such as mobile phones, tablets, smartwatches, and fitness trackers in the categories supported by the "program of large-scale equipment upgrades and consumer goods trade-ins" policy, and with the continuous innovation of AI applications in 3C products, the demand for XTC New Energy Materials (Xiamen)'s LCO has further increased. From January to May 2025, the company achieved sales of approximately 22,300 mt of LCO, up about 53% YoY.

Meanwhile, the NEV market continued to perform well. According to statistics from the China Association of Automobile Manufacturers (CAAM), from January to May 2025, China's NEV production and sales reached 5.699 million and 5.608 million units respectively, up 45.2% and 44% YoY. XTC New Energy Materials (Xiamen) achieved sales of 23,600 mt of ternary cathode materials (including LFP and others), up about 2% YoY. In addition, the company's LFP shipments reached the thousand-ton level for several consecutive months, with significant YoY growth in sales. (Source: CBHA100-Battery.com.cn)

[Company] Yahua Group to Establish Yahua Lithium Group to Integrate Lithium Business and Achieve Cost Reduction and Efficiency Improvement

On June 17, Yahua Group (002497) announced that it will establish Yahua Lithium Group to coordinate and integrate various resources of the group's lithium industry, fully leverage the business advantages of each company, focus more on the development of the lithium industry, improve the group's resource synergy efficiency, reduce business chain costs, and promote the rapid and high-quality development of Yahua's lithium industry.

The announcement indicates that Yahua Group will use its wholly-owned subsidiary, Sichuan Yahua Lithium Technology Co., Ltd., as a platform, which is proposed to be renamed "Yahua Lithium Group". The equity interests of five subsidiaries involved in lithium business will be transferred to Yahua Lithium Group free of charge.

The aforementioned five companies are Yahua Lithium (Ya'an) Co., Ltd., Ganzi Guangsheng Mining Co., Ltd., Sichuan State Lithium Lithium Materials Co., Ltd., Sichuan Pude Technology Group Co., Ltd., and Sichuan Energy Investment Lithium Industry Co., Ltd. (Source: China Industrial News of Battery Industry - Battery.com.cn)

[Highlight] CATL and Tianqi Lithium Establish a Joint Venture with a Registered Capital of 500 Million Yuan

Qichacha shows that recently, Sichuan Muyunze Mining Co., Ltd. was established, with Kong Ce as its legal representative and a registered capital of 500 million yuan. It is located in Yajiang County, Garzê Tibetan Autonomous Prefecture, Sichuan Province. Its business scope includes ore dressing; sales of non-metallic minerals and products; manufacturing of non-metallic mineral products; environmental protection monitoring; sales of metal ores; and ore washing and processing.

Equity penetration reveals that the company is jointly held by Sichuan Tianqi Shenghe Lithium Industry Co., Ltd. and Yajiang County Snowfield Mining Development Co., Ltd., a subsidiary of CATL (300750), with shareholding ratios of 60% and 40%, respectively.

Sichuan Tianqi Shenghe Lithium Industry Co., Ltd. is held by Tianqi Lithium (Shehong) Co., Ltd., Tianqi Lithium (002466), and Zijin Lithium (Hainan) Co., Ltd., with shareholding ratios of 40.80%, 39.20%, and 20%, respectively. (Source: China Industrial News of Battery Industry - Battery.com.cn)

[Investment] 1 Billion Yuan! 3,000 mt! Dazhong Mining Plans to Invest in and Construct a New Material Project for Lithium Metal Batteries in Hunan

On the evening of June 18, Dazhong Mining (001203) issued an announcement stating that the company plans to construct a "New Material Project for Lithium Metal Batteries with an Annual Output of 3,000 mt" in Linwu County, Chenzhou City, Hunan Province. The total investment for the project is 1 billion yuan. Meanwhile, the company's Deputy General Manager is authorized to sign the "Investment Agreement".

The project will construct a production line for new materials of lithium metal batteries in three phases: Phase I is the scientific research stage, during which the R&D, pilot-scale testing, and medium-scale testing of new materials for lithium metal batteries will be completed in 2025; Phase II plans to construct a production line for new materials of lithium metal batteries with an annual output of 1,000 mt, with construction scheduled to commence in April 2026 and production to commence by the end of 2027; Phase III plans to construct a production line for new materials of lithium metal batteries with an annual output of 2,000 mt, with construction scheduled to commence in June 2027 and production to commence by the end of 2028. (Source: China Industrial News of Battery Industry - Battery.com.cn)

[Company] Malion New Materials: Plans to Purchase Some Minority Equity Interests in Its Holding Subsidiary

On the evening of June 18, Malion New Materials (300586) issued an announcement stating that the company plans to purchase a 0.1% equity interest (equivalent to a capital contribution of 500,000 yuan) in its holding subsidiary, Liaoning Meicai New Materials Co., Ltd. (hereinafter referred to as "Meicai New Materials"), held by its related party Liu Zhixun, at a price of 2.5 yuan per unit of capital contribution, with a total amount of 1.25 million yuan. Upon completion of the transaction, the company's equity stake in Meicai New Materials increased from 51% to 51.1%. This transaction is based on the company's judgment of the future development prospects of the sodium-ion battery cathode material industry. After the transaction, the company's equity stake in Meicai New Materials will increase, which is conducive to further implementing the strategic layout of the new energy industry. (Source: China Battery Industry Association - Battery China)

[Highlights] Salt Lake Potash: Total Investment Optimization Rate for 40,000 mt Lithium Chemicals Project Reaches Approximately 14.58%

Salt Lake Potash (000792) stated at the 2025 Qinghai Region Publicly Listed Firms' Investor Collective Reception Day and 2024 Annual Performance Briefing that the company's 40,000 mt lithium chemicals project achieved a total investment optimization rate of approximately 14.58%. Currently, the company's newly constructed 40,000 mt integrated basic lithium chemicals project has made key progress, with the core adsorption lithium extraction device successfully completing intermediate delivery. According to the plan at the beginning of the year, the project will achieve a production target of 3,000 mt within the year. (Source: China Battery Industry Association - Battery China)

[Data] China's Lithium Chemicals Production in May Reached Approximately 99,000 mt LCE, with Lithium Concentrates Imports at 605,000 mt

According to the Lithium Branch of the China Nonferrous Metals Industry Association, in May 2025, lithium carbonate production slightly decreased as some production lines of enterprises were shut down for maintenance, while lithium hydroxide production remained basically flat. On the demand side, the production and sales of new energy vehicles continued to grow rapidly, and power battery installations increased YoY.

In May 2025, nationwide lithium carbonate production reached approximately 65,000 mt, down 1.6% MoM; nationwide lithium hydroxide production reached approximately 37,000 mt, up 0.3% MoM; nationwide lithium chloride production reached approximately 1,710 mt; nationwide lithium metal production reached approximately 133 mt. In May, nationwide lithium chemicals production, converted to lithium carbonate equivalent (LCE), reached approximately 99,000 mt, down 1.0% MoM.

In terms of imports, in May, China's spodumene concentrate imports decreased MoM, and lithium carbonate imports also decreased MoM. Spodumene imports mainly came from Australia, Zimbabwe, and Nigeria. In May, China's lithium concentrates imports reached 605,000 mt, down 2.9% MoM. The top three countries in terms of import volume were Australia, Zimbabwe, and Nigeria.

In terms of exports, in May, China exported 6,000 mt of lithium hydroxide, up 32.3% MoM, mainly to South Korea and Japan. The average export price of lithium hydroxide in May was 87,000 yuan/mt, down 14.9% MoM. (Source: China Battery Industry Association - Battery China)