Behind the fluctuations of the K-line lies the fierce hidden battle between the bulls and bears of lithium carbonate.

Eight lithium-related mining companies, including several listed firms such as CATL (Contemporary Amperex Technology Co. Limited), Gotion High-Tech, Corun New Energy, Tianhua New Energy, and Yongxing Materials, are involved. Among them, CATL's Yichun lithium mine has drawn significant attention due to its mining license expiring on August 9. The market views whether CATL can successfully renew the license as the "referee" in the lithium carbonate bull-bear showdown.

At the time, CATL was undoubtedly the short seller in the lithium carbonate market. On the evening of July 30, a First Financial reporter learned from CATL's 2025 interim earnings briefing that the company remained "optimistic" about the renewal of its Yichun lithium mining rights. It had already submitted the required application materials to the Yichun Natural Resources Bureau in Jiangxi Province, with both provincial and municipal authorities confirming receipt. CATL's application was complete with all necessary documents and content.

Not just CATL, but many industry insiders in the lithium battery supply chain also believed that the renewal of CATL's Yichun lithium mining rights was highly probable.

The chairman of an electrolyte company told the reporter that, from the perspective of the local economy, shutting down the lithium mine would require strong determination from local authorities. The suspension of CATL's Yichun lithium mine was actually "somewhat unexpected."

To get early information on whether CATL's Yichun lithium mine would be temporarily suspended, many investors rushed to the Jianxiawo mining area in Yichun, Jiangxi, to monitor the situation.

According to Securities Times, one investor climbed to the mountaintop via a small path after 9 PM on August 9, reaching the peak by 11 PM. By midnight, all excavators and bulldozers had ceased operations on schedule.

Additionally, market sources revealed that some professional investors dispatched personnel in advance and even used drones to survey the site for better insights into the Yichun lithium mine situation. A futures trader told First Financial that with the high leverage in futures trading, deploying drones was just a basic move. "In this round of lithium carbonate trading, some people lost hundreds of millions of yuan."