港股锂电池股震荡上升，中国石墨(02237.HK)涨超43%，赣锋锂业(01772.HK)涨超4%，比亚迪股份 (01211.HK)、天齐锂业(09696.HK)涨超3%。 ...

Core Viewpoint - Sulfide solid electrolytes are emerging as a promising material for all-solid-state batteries due to their high ionic conductivity, good flexibility, and excellent machinability [1] Production Challenges - The production of lithium sulfide, a key raw material for sulfide solid electrolytes, faces challenges such as complex synthesis processes requiring high temperatures and inert gas protection, leading to increased processing costs [2] - Chemical side reactions between solid electrolytes and battery electrodes may affect the stability of the battery interface [2] Industry Developments - Companies are actively investing in the production of lithium sulfide to meet market demand. For instance, Idemitsu Kosan plans to achieve an annual production of 1,000 tons of lithium sulfide by 2027-2028 [3] - In China, several companies, including Ganfeng Lithium, have made significant progress in this field [3] Company Summaries - **Ganfeng Lithium**: Achieved mass production capability of battery-grade lithium sulfide in 2022 and plans to expand production lines in 2024. Their lithium sulfide products have a purity of 99.9% and D50 ≤ 5μm, meeting the technical requirements for high-conductivity solid electrolyte materials [4] - **Enjie Co., Ltd.**: Since 2021, has been collaborating with Central South University to develop low-cost, high-purity lithium sulfide products. They have established a ton-level pilot line and completed debugging of a hundred-ton intermediate production line [5] - **Tianqi Lithium**: Announced completion of industrialization preparations for lithium sulfide by May 2025, with significant improvements in uniformity and activity of their new battery-grade lithium sulfide micro-powder [6] - **Sichuan Wanbang New Energy**: Established in 2019, has production capabilities for lithium sulfide and plans to build a demonstration line with an annual capacity of 200 tons of high-purity lithium sulfide [7] - **Tianhua New Energy**: Engaged in research and development of sulfide solid electrolytes and low-cost ultra-pure lithium sulfide, with ongoing testing of their products [8] - **Guanghua Technology**: Plans to expand its lithium sulfide production capacity from 300 tons/year to 3,000 tons/year based on market demand [9] - **Xiamen Tungsten**: Developing new synthesis processes for lithium sulfide, showing promising results in pilot tests [10] - **Yanyi New Materials**: Launched lithium sulfide products in August 2024, gaining recognition from leading domestic companies and research teams [11] - **Taihe Technology**: Currently in the small-scale testing phase for lithium sulfide synthesis technology [12]

Core Viewpoint - The global lithium battery industry is undergoing a significant transformation, moving away from a period of rapid growth to a phase of contraction, particularly as it approaches 2024, indicating an unprecedented downturn in the sector [1]. Industry Overview - Over the past two decades, China's lithium battery sector has achieved substantial breakthroughs in technology innovation, globalization, and industry investment, capturing a dominant global market share in various key areas, including approximately 70% of global power battery shipments and over 90% of energy storage battery shipments [1]. - The lithium battery industry is now facing a downturn, with a reported 11.87% decline in overall revenue for 108 Chinese lithium battery companies in 2024 compared to the previous year, alongside a staggering 67.27% drop in net profit [1][3]. Financial Performance - Key financial metrics for 2024 include: - Total assets: 29,092.41 million, up 6.17% year-on-year - Total liabilities: 16,721.07 million, up 7.31% year-on-year - Operating revenue: 13,028.84 million, down 11.87% year-on-year - Net profit attributable to shareholders: 651.92 million, down 67.27% year-on-year - Net financing cash flow: 210.20 million, down 81.91% year-on-year [3]. Market Dynamics - Major players in the industry, including CATL, Ganfeng Lithium, and Tianqi Lithium, are experiencing significant revenue declines, with CATL reporting a 9.7% drop in revenue for 2024, and other companies seeing declines of over 50% in their lithium product revenues [4][5]. - The global lithium battery landscape is shifting, with even leading companies facing severe impacts, as evidenced by the financial struggles of major Korean battery manufacturers and the bankruptcy filing of Ambri Inc. in the U.S. [5][6]. Investment Trends - The investment landscape is changing, with a notable halt or delay in large-scale lithium battery projects. Over 30 lithium battery business terminations have been reported in 2023 alone, involving investments exceeding 100 billion yuan [9]. - The global lithium battery industry is witnessing a retreat from previous aggressive expansion, with significant projects being canceled or postponed, such as LG Group's withdrawal from a planned electric vehicle battery ecosystem in Indonesia [9][10]. Future Outlook - The lithium battery industry is entering a new phase characterized by competition based on technological strength and operational efficiency rather than mere expansion. Companies that can demonstrate continuous innovation, effective capacity management, and strong financial health are likely to thrive in this evolving landscape [11].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to domestic new - energy vehicle countryside promotion and 618 promotion policies, the domestic lithium carbonate social inventory has been continuously decreasing. However, because of the decreasing domestic lithium carbonate production cost and the loosening supply - demand expectation, the lithium carbonate price may be strong first and then weak. It is recommended that investors mainly conduct range operations, paying attention to the support level around 55,000 - 58,000 and the pressure level around 63,000 - 65,000 [1][4] - The lithium carbonate basis is positive and the monthly spread is positive, and both are basically in a reasonable range. This is due to the promotion of new - energy vehicles in the countryside in China, the initial decline of domestic lithium carbonate social inventory, the decreasing lithium ore price leading to the downward shift of production cost, and the loose supply - demand expectation of domestic lithium carbonate in June. It is recommended that investors temporarily wait and see the arbitrage opportunities of lithium carbonate basis and monthly spread [5][7] 3. Summary According to Related Catalogs Supply Side Lithium Ore and Lithium Concentrate - The price of domestic (imported) lithium ore has been oscillating downward (decreasing). Tianqi Lithium's Greenbushes lithium mine's 520,000 - ton wet - process project may be put into production in October 2025, and the total capacity will reach 2.14 million tons/year, which will lead to the oscillating decline (decrease) of the price of domestic (imported) lithium ore. The domestic lithium concentrate production (import) volume in June may increase (decrease) month - on - month [8][10][13] Lithium Carbonate - The production volume of domestic lithium carbonate (industrial and battery - grade) in June may increase (both increase) month - on - month, and the supply expectation is loose. Yabao's Chengdu lithium salt production line will start maintenance before June 2025. Guangdong Haohai Lithium's 6,000 - ton battery - grade lithium carbonate production capacity may be put into production in July 2025, and Zijin Liyuan's 25,000 - ton production capacity for preparing battery - grade lithium carbonate from crude carbon will be completed and put into production in December 2025. The import window is closed, but Ganfeng Lithium's 20,000 - ton lithium chloride production capacity project in the Mariana lithium salt lake in Argentina was officially put into production in February, which may lead to the month - on - month increase of China's lithium carbonate import volume in June [3][29][36] - The cash production cost of producing lithium carbonate from imported lithium spodumene and lithium mica concentrate is about 65,500 and 65,600 yuan/ton respectively, resulting in negative production profit. The quarterly production profit of producing lithium carbonate from lithium mica/lithium spodumene/salt lake integration is negative/positive/positive. The daily theoretical delivery and import profit of Chinese lithium carbonate are both negative [21][23][25] - The capacity utilization rate (production volume) of Chinese lithium carbonate has increased (increased) compared with last week, and the social inventory of Chinese lithium carbonate has decreased compared with last week. The daily theoretical delivery profit of Chinese lithium carbonate is negative, which makes the inventory of Guangzhou Futures Exchange's lithium carbonate decrease compared with last week [27][30][32] Lithium Hydroxide - The daily cash production cost of Chinese smelting (causticizing) method lithium hydroxide is 58,600 (64,600) yuan/ton, and the production profit is positive (negative). The monthly processing fee from coarse - grained to micron - sized lithium hydroxide has decreased. Hainan Mining's 20,000 - ton lithium hydroxide smelting capacity passed the sampling inspection of the first batch of products in May, and Yahua Group plans to build a 30,000 - ton lithium hydroxide production line before the end of 2025. The production volume of Chinese lithium hydroxide (smelting and causticizing methods) in June may decrease (decrease for smelting, increase for causticizing) month - on - month, the inventory (of smelters and downstream) in June may increase (increase for smelters, decrease for downstream) month - on - month, and the export volume in June may increase month - on - month because the daily export profit is negative [38][40][49] Demand Side Downstream Products of Lithium - The monthly average production cost of Chinese iron phosphate is 11,000 - 13,000 yuan/ton. The production volume (inventory) of Chinese iron phosphate in June may increase (decrease) month - on - month. The monthly average production cost of Chinese iron phosphate lithium from different production processes is 32,000 - 41,000 yuan/ton, and the inventory of Chinese iron phosphate lithium factories has decreased compared with last week. The production volume of Chinese iron phosphate lithium (iron manganese phosphate lithium) in June may increase (both increase) month - on - month [55][65][69] - The monthly production cost of producing nickel sulfate from MHP/high - grade nickel matte integration in Indonesia is 114,500/121,800 yuan/ton of nickel, and the production profit is positive. The production (import) volume of Chinese nickel sulfate in June may increase (decrease) month - on - month. The production volume of Chinese cobalt - acid lithium in June may decrease month - on - month, and the production volume of Chinese manganese - acid lithium in June may increase month - on - month [4][72][74] - The monthly production cost of producing ternary precursor from externally purchased raw materials is 83,000 yuan/ton, and the production profit is negative. The production volume of Chinese ternary precursor in June may decrease month - on - month, and the export volume may increase month - on - month. The monthly processing fee of Chinese ternary materials has decreased month - on - month. The monthly average production cost of polycrystalline consumer - type 5 - series ternary materials is 114,300 yuan/ton, and the production profit is negative. The inventory of Chinese ternary material factories has decreased compared with last week, which may lead to the month - on - month increase of the production volume of Chinese ternary materials in June [84][95][98] - The daily production profit of producing solid - state lithium hexafluorophosphate from externally purchased lithium fluoride is negative. The production (export) volume of Chinese lithium hexafluorophosphate in June may increase (both increase) month - on - month [104][106][108] Batteries and New - Energy Vehicles - The weekly production cost of various types of Chinese battery cells has decreased. The production (shipment and inventory) volume of Chinese energy - storage battery cells in June may increase (all increase) month - on - month, and the production (shipment and inventory) volume of Chinese power battery cells in June may increase (all increase) month - on - month. Zhejiang Jiaxing Aolifu Photovoltaic Technology's 2GWh iron phosphate lithium energy - storage battery manufacturing project in Heilongjiang may be put into production at the end of October 2025 [112][115][117] - The production (sales) volume of Chinese new - energy vehicles in June may increase (both increase) month - on - month [127][129]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年5月31日 | | | | | 狀態: | 新提交 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | | | | 公司名稱: | 天齊鋰業股份有限公司 | | | | | | | | | | 呈交日期: | 2025年6月3日 | | | | | | | | | | I. 法定/註冊股本變動 | 不適用 | | | | | | | | | | 股份分類 1. | 普通股 | 股份類別 | H | | 於香港聯交所上市 | (註1) | 是 | | + | | 證券代號 (如上市) | 09696 | 說明 | | | | | | | | | 增加多櫃檯證券代號 | | | | | | | | | | | 手動填寫 | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | | 上月底結存 | | | 164,122,200 | R ...

Core Viewpoint - The new materials industry in China is experiencing rapid growth driven by policy support, market demand, and technological innovation, with a projected total output value of 8.48 trillion yuan in 2024, maintaining double-digit growth for 14 consecutive years [1][3][20]. Group 1: Industry Definition and Classification - New materials refer to recently developed or developing structural and functional materials with superior properties. They can be classified into structural materials and functional materials based on their usage, and further categorized into four types: metal materials, inorganic non-metal materials, organic polymer materials, and advanced composite materials [1]. Group 2: Current Development Status - The new materials industry has expanded significantly, with the government focusing on electronic information materials, aerospace materials, new energy materials, and environmentally friendly materials. National high-tech industrial bases for new materials have been established in seven cities [3][5]. Group 3: Market Size and Structure - In 2024, the chemical new materials market is expected to account for approximately 22.08% of the total new materials market in China, while battery new materials will represent about 6.66%. By 2025, these figures are projected to be 21.75% and 6.97%, respectively [7]. Group 4: Competitive Landscape - Major companies in the new materials sector include Lens Technology, Antai Technology, China National Materials, and others, which are enhancing their international competitiveness through technological innovation and market expansion [12][16]. Group 5: Development Trends - The demand for new materials is increasing due to the rapid development of downstream industries such as information technology and new energy. The industry is transitioning towards low-carbon and green development, supported by significant technological advancements [20][23].

Core Viewpoint - The article highlights the significance of Zhang Wenyu's role in Tianqi Lithium's governance and internationalization strategy, emphasizing his expertise in legal compliance, risk management, and investor relations as key drivers for the company's growth and stability in a volatile market environment [1][9][20]. Group 1: Zhang Wenyu's Background and Achievements - Zhang Wenyu serves as the Secretary of the Board, General Counsel, Senior Vice President, and Joint Company Secretary for Tianqi Lithium, with over 20 years of experience in governance, management, and legal compliance [3][4]. - He has been recognized as a New Fortune Gold Medal Secretary for three consecutive years (2023-2025) and has received awards for best capital operation and ESG information disclosure [3][6]. - His educational background includes multiple degrees in law and business, along with various professional qualifications such as CFA and CMA, enhancing his capability in corporate governance and compliance [4]. Group 2: Tianqi Lithium's IPO and Governance Enhancements - Tianqi Lithium successfully listed on the Hong Kong Stock Exchange on July 13, 2022, raising approximately HKD 13.4 billion, marking it as one of the largest IPOs in the first half of 2022 [6][7]. - Zhang Wenyu played a crucial role in the IPO process, coordinating internal and external teams to ensure efficient governance and compliance throughout the listing [6][7]. - The IPO improved the company's financial structure and reduced leverage, providing a solid foundation for future expansion in the lithium industry [7][19]. Group 3: Legal and Compliance Integration - In late 2024, Zhang Wenyu began overseeing the company's legal, risk, and compliance functions, reflecting the company's commitment to robust governance in a complex market [9][10]. - His legal expertise has enhanced Tianqi Lithium's risk management capabilities, integrating legal compliance into the core governance framework [9][10]. - The company aims to achieve a higher level of governance precision by consolidating key functions under Zhang Wenyu's leadership, ensuring legal perspectives are considered in strategic decisions [10]. Group 4: Investor Relations and Communication Strategies - Zhang Wenyu emphasizes the importance of investor relations, facilitating hundreds of communications with domestic and international investors through various platforms [12][14]. - The company has adopted innovative communication methods, achieving significant online engagement during earnings presentations, with viewership exceeding 200,000 for some events [12][14]. - By participating in international roadshows and enhancing investor outreach, Tianqi Lithium aims to build trust and optimize its investor structure [13][14]. Group 5: Strategic Focus and Future Outlook - Tianqi Lithium's future strategy revolves around a triad of resources, technology, and globalization, with ongoing projects aimed at deepening its global lithium resource footprint [18][19]. - The company is committed to integrating ESG principles into its operations, moving beyond mere compliance to embedding sustainability into its core business practices [18][19]. - The management's ability to maintain strategic focus amid market fluctuations will be crucial for the company's long-term value realization [20].

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" and is maintained [6]. Core Views - The company's performance in 2024 was significantly impacted by high inventory costs, tax accounting issues related to SQM, and substantial asset impairment losses due to the termination of the Kwinana Phase II project. However, as lithium prices stabilize and high-cost inventory is gradually consumed, the company's low-cost advantages are expected to become more apparent, leading to a substantial improvement in operational performance [10]. Financial Performance Summary - In 2024, the company achieved operating revenue of 13.063 billion yuan, a year-on-year decrease of 67.75%. The net profit attributable to the parent company was -7.905 billion yuan, a year-on-year decline of 208.32%. The non-recurring net profit attributable to the parent company was -7.923 billion yuan, a year-on-year decrease of 210.4% [2][4]. - In Q4 2024, the company reported operating revenue of 2.999 billion yuan, a year-on-year decrease of 57.79% and a quarter-on-quarter decrease of 17.76%. The net profit attributable to the parent company was -2.203 billion yuan, a year-on-year decline of 174.98% and a quarter-on-quarter decline of 344.51% [2][4]. Production and Sales Summary - In 2024, the company's lithium concentrate sales were 740,000 tons, a year-on-year decrease of 12.5%, while production was 1.41 million tons, a year-on-year decrease of 7.35%. By the end of 2024, inventory levels dropped to 300,000 tons from 410,000 tons at the end of 2023. The company saw a significant increase in lithium salt sales, with sales reaching 102,800 tons, a year-on-year increase of 81.46%, and production at 70,700 tons, a year-on-year increase of 39.44% [10]. Investment Income and Asset Impairment - The investment income from SQM significantly dragged down the company's performance, contributing -0.885 billion yuan in 2024. SQM's net profit was -2.885 billion yuan, primarily due to a substantial tax expense recognized in Q1 2024. The company decided to terminate the Kwinana Phase II project, leading to a total asset impairment loss of 2.114 billion yuan in 2024, which included 1.412 billion yuan related to the Kwinana project [10].

Report Industry Investment Rating No information provided on the industry investment rating. Core View of the Report The domestic lithium carbonate supply in May 2025 is expected to be loose, and the social inventory of domestic lithium carbonate has decreased month - on - month. Due to the cost and supply - demand expectations, the lithium carbonate price may remain weak. It is recommended that investors mainly lay out short positions when the price rebounds, and pay attention to the support level around 53,000 - 60,000 and the pressure level around 66,000 - 70,000 [1][6]. Summary by Related Catalogs Lithium Carbonate Futures Market - On May 26, 2025, the closing prices of the near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures decreased compared with May 23, 2025, with decreases of 720 yuan/ton, 860 yuan/ton, 1,000 yuan/ton, and 860 yuan/ton respectively. The trading volume decreased by 32,588 lots, and the open interest increased by 7,966 lots. The inventory decreased by 794 tons [1]. - The spreads between different contracts and the basis also changed. For example, the spread between the near - month and continuous - one contracts increased by 140 yuan/ton [1]. Lithium Spot Price - The average prices of various lithium - related products such as lithium ore, lithium carbonate, and lithium hydroxide decreased compared with the previous period. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) decreased by 550 yuan/ton [1]. - The price differences between different grades of lithium products also changed. For example, the price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 1,600 yuan/ton [1]. Lithium - Related Company News - Dazhong Mining, a domestic mining enterprise, has made important breakthroughs in its "iron ore + lithium ore" dual - wheel drive strategy. Its Hunan lithium ore project has rapid progress, with a proven reserve of 3.044 million tons in December 2024 [1]. - Sijie Co., Ltd. released new sulfide products at the 2025 China International Battery Technology Exchange Conference. It has achieved leading - level production indicators in terms of purity, particle size control, and ion conductivity of sulfide solid - state electrolytes. It has also reached a procurement framework agreement with Beijing Weilan New Energy [2]. - Hainan Mining's 20,000 - ton battery - grade lithium hydroxide project has achieved full - process connectivity, marking a phased achievement in its industrial transformation and upgrading strategy [3]. - Rio Tinto will form a joint venture with the Chilean National Mining Company to develop and operate the Maricunga Salt Lake project in Chile, with a planned investment of up to $900 million [3]. Supply - Demand Situation Supply - Tianqi Lithium's Greenbushes lithium mine project may increase the total annual production capacity to 2.01 million tons after being put into operation in October 2025, which may lead to a decline in the price of domestic lithium concentrate and an increase in the domestic production (import) volume of lithium concentrate in May. The production capacity utilization rate and production volume of domestic lithium carbonate decreased last week, and the supply in May is expected to be loose [4]. - The import window of lithium carbonate is closed, and the theoretical delivery profit is negative, resulting in a decrease in the inventory of Guangzhou Futures Exchange and a decrease in the social inventory of lithium carbonate [4]. - The monthly cash production cost of lithium hydroxide by some domestic methods is positive or negative in terms of profit. Some companies' production line construction plans may increase the production volume and inventory of lithium hydroxide in May, while the export profit is negative, which may lead to an increase in the export volume [4]. Demand - The average production cost of phosphoric acid iron and lithium iron phosphate by different domestic production processes is within a certain range. The production volume and inventory of phosphoric acid iron and lithium iron phosphate may increase in May. Some companies' project plans will also affect the production and inventory of related products [5]. - The production (import) volume of various lithium - related products such as cobalt sulfate, electrolytic manganese dioxide, ternary precursors, ternary materials, and hexafluorophosphate lithium may change in May due to factors such as production cost and profit [6]. - Some new energy - related projects are expected to be put into operation, which may increase the production, shipment, and inventory of energy - storage cells, power cells, and lithium - ion batteries in May, as well as the production and sales volume of new energy vehicles [6].

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