Lithium mining companies' half-year reports indicate that 2025 industry trends are focused on resource competition, particularly for low-cost salt lake resources. In terms of performance, the lithium mining sector performed slightly better than the same period in 2024, though differentiation among companies was evident, with Salt Lake Co., Ltd. and Tibet Summit Mining showing year-over-year net profit growth and leading market capitalizations.
Lithium prices followed a "high opening, low closing" pattern that impacted performance, while salt lake lithium extraction maintained profitability due to low-cost advantages. Industry insiders indicate that the current major trend in the lithium industry is the competition for low-cost salt lakes - including those in China's Qinghai and Tibet provinces, as well as South American regions, with various companies currently scrambling to secure salt lake resources.
Sources familiar with the lithium industry suggest that despite some companies "losing money while persisting" in the first half of the year, as "anti-involution" trends deepen into the lithium battery materials industry, "the most difficult days for lithium mining companies should be coming to an end."
Recently, the shutdown of CATL's Jiangxi lithium mine has significantly raised expectations for lithium carbonate supply contraction. This development has driven coordinated increases in both lithium carbonate futures and spot prices, with prices once rising above 80,000 yuan per ton. Market participants directly state that the rise in lithium carbonate prices will directly impact the mining ecosystem and may indirectly drive profit recovery and supply response among miners.
Research reports indicate that domestic lithium carbonate production reached a new high in August, breaking through 85,000 tons, representing a 5% month-over-month increase and 39% year-over-year growth. Mica lithium extraction and salt lake lithium extraction output declined significantly, while spodumene lithium extraction production grew notably. Downstream demand is entering the traditional peak season with positive expectations, providing support for lithium prices.
Related Hong Kong-listed lithium mining companies include: Tianqi Lithium (09696) and Ganfeng Lithium (01772).