Group 1 - The Jiangxi Xinyu Market Supervision Administration is actively promoting the construction of a low-carbon, green ecological, and civilized "Beautiful Xinyu" brand by leveraging its measurement and standardization functions [1] - The administration encourages companies like Ganfeng Lithium and Tianqi Lithium to participate in the establishment of greenhouse gas emission accounting standards for the lithium salt industry, promoting low-carbon development [1] - A special campaign against excessive packaging of goods has been launched, focusing on products such as mooncakes, rice dumplings, and tea, to effectively curb excessive packaging practices [1] Group 2 - The city has taken the lead in formulating green ecological standards for tourism services, receiving the first "Jiangxi Green Ecology" certification, and successfully passing the first batch of brand construction pilot project inspections [2] - Over 20 green standards have been developed or participated in by local enterprises since the start of the 14th Five-Year Plan, covering areas such as green manufacturing and lithium-ion battery recycling [2] - Ganfeng Lithium's standard for evaluating green factories in the lithium salt processing industry has been recognized as a typical case for application promotion by the Ministry of Industry and Information Technology in 2024 [2] Group 3 - The administration is enhancing the management of restaurant oil smoke by requiring new restaurants to install oil smoke purification devices, with 864 new establishments complying this year [3] - A total of over 20 small biomass boilers have been eliminated in the city to support air quality improvement efforts [3] - The "Clean Plate Campaign" is being promoted in schools and restaurants to encourage waste reduction, with over 50,000 promotional posters distributed to restaurants [3]

Core Insights - The article highlights the remarkable journey of Jiang Weiping, known as the "Lithium King," who transformed Tianqi Lithium from a small company into a global lithium giant over a decade [2][11] Group 1: Strategic Decisions - In 2012, Jiang Weiping took decisive action to prevent Rockwood from acquiring Talison, a major lithium supplier, which would have severely impacted China's lithium resource supply [3][4] - Jiang leveraged his entire fortune and borrowed extensively to acquire 19.99% of Talison, becoming its second-largest shareholder and successfully blocking the acquisition [4][6] Group 2: Global Expansion - After securing Talison, Jiang set his sights on SQM, a leading lithium producer in Chile, and in 2017, he acquired 23.77% of SQM for $4.066 billion (approximately 259 billion RMB) [6][7] - The acquisition of SQM significantly enhanced Tianqi Lithium's global influence in the lithium market, despite the financial risks involved [6][7] Group 3: Crisis Management - Following a downturn in lithium prices and financial difficulties, Tianqi Lithium faced severe challenges, including a loss of nearly 60 billion RMB in 2019 [7][8] - Jiang demonstrated resilience by exploring various financing options and successfully brought in IGO as a strategic investor, allowing the company to stabilize [8][10] Group 4: Long-term Vision - Jiang's acquisitions were not only reactive but also strategic, aimed at securing China's long-term lithium resource needs amid growing demand in the renewable energy sector [10][11] - His foresight and ability to navigate through adversity exemplify the spirit of entrepreneurship, contributing significantly to the development of China's lithium industry [11]

Financial Performance - The company reported a revenue of 13.1 billion in 2024, a year-on-year decrease of 68%, with a net profit attributable to shareholders of -7.9 billion, a year-on-year decline of 208% [1] - In Q4 2024, the revenue was 3 billion, down 58% quarter-on-quarter and 18% year-on-year, with a net profit of -2.2 billion, reflecting a quarter-on-quarter decline of 175% and a year-on-year decline of 345% [1] - For Q1 2025, the company achieved a revenue of 2.584 billion, a slight year-on-year decrease of 0.02%, while the net profit attributable to shareholders was 104 million, a year-on-year increase of 102.68% [1] Operational Developments - The company has expanded its lithium chemical product capacity to over 120,000 tons, with Greenbushes currently having a total lithium concentrate capacity of approximately 1.62 million tons per year [2] - In 2024, the company produced 1.41 million tons of lithium concentrate, including 1.353 million tons of chemical-grade lithium concentrate and 57,000 tons of technical-grade lithium concentrate [2] - The construction of key projects is progressing steadily, with the chemical-grade plant No. 3's dry processing facility completed, and the wet processing facility construction is set to advance in the first half of 2025 [2] Investment Outlook - The company forecasts net profits attributable to shareholders of 1.768 billion, 3.176 billion, and 5.150 billion for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 27, 15, and 9 times [3]

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company reported an improvement in profitability in Q1, with ongoing expansion in resource capacity [1] - For 2024, the company expects revenue of 13.1 billion yuan, a year-on-year decrease of 68%, and a net profit attributable to shareholders of -7.9 billion yuan, a year-on-year decrease of 208% [1] - The main reasons for the profitability improvement include a shortened pricing cycle for lithium ore and the resolution of tax disputes impacting net profit [1] - The company is expanding its resource capacity, with planned lithium chemical product capacity exceeding 120,000 tons [2] - The company is expected to achieve net profits of 1.768 billion yuan in 2025, with corresponding P/E ratios of 27, 15, and 9 for the years 2025, 2026, and 2027 respectively [3] Financial Performance Summary - For 2024, the company anticipates revenue of 13.063 billion yuan, with a year-on-year decline of 67.7% [5] - The net profit attributable to shareholders is projected to be -7.905 billion yuan for 2024, with a year-on-year decline of 208.3% [5] - The gross margin is expected to be 46.1% in 2024, improving to 50.2% by 2027 [5] - The company’s return on equity (ROE) is projected to recover from -18.9% in 2024 to 9.9% in 2027 [5] - Earnings per share (EPS) is expected to turn positive, reaching 3.14 yuan by 2027 [5]

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company reported an improvement in profitability in Q1, with continued expansion on the resource side [1] - For 2024, the company expects revenue of 13.1 billion yuan, a year-on-year decrease of 68%, and a net profit attributable to shareholders of -7.9 billion yuan, a year-on-year decrease of 208% [1] - The main reasons for the improvement in profitability include a shortened pricing cycle for lithium ore and the resolution of tax disputes impacting net profit [1] - The company plans to expand its lithium chemical product capacity to over 120,000 tons [2] - The projected net profits for 2025-2027 are 1.768 billion, 3.176 billion, and 5.150 billion yuan, respectively, with corresponding PE ratios of 27, 15, and 9 [3] Financial Performance Summary - For 2024, the company expects revenue of 13.063 billion yuan, with a year-on-year decline of 67.7% [5] - The net profit attributable to shareholders is projected to be -7.905 billion yuan for 2024, with a year-on-year decline of 208.3% [5] - The gross margin is expected to be 46.1% in 2024, improving to 50.2% by 2027 [5] - The company anticipates a return on equity (ROE) of -18.9% in 2024, improving to 9.9% by 2027 [5] - The earnings per share (EPS) is projected to be -4.82 yuan in 2024, increasing to 3.14 yuan by 2027 [5]

Summary of Tianqi Lithium's Conference Call Company Overview - **Company**: Tianqi Lithium - **Industry**: Lithium Industry Key Points and Arguments Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 104 million yuan, a year-on-year increase of 102.68% [3] - The operating cash flow reached 952 million yuan, indicating robust cash flow performance [3] - The company's net profit after deducting non-recurring items was 44.42 million yuan [2][3] Factors Contributing to Performance Improvement - The improvement in performance is attributed to optimized supply chain management and a shortened lithium ore pricing cycle, which mitigated the impact of pricing mechanism mismatches [2][4] - The cost of chemical-grade lithium concentrate has approached the latest procurement prices due to new lithium spodumene purchases and inventory digestion [2][4] - The production capacity ramp-up and technological upgrades at self-owned factories contributed to a year-on-year increase in lithium compounds and derivatives production and sales [2][5] SQM Investment Impact - The tax dispute resolution with SQM has been confirmed for the 2024 fiscal year, with a positive impact on Tianqi's profits due to increased investment returns from SQM [2][6] Procurement and Pricing Strategy - The current procurement price for lithium ore from Talison is approximately 700 to 750 yuan, based on a weighted average of data from four pricing agencies [2][7] - Despite recent declines in lithium ore prices, Talison's cost advantages remain significant, with cash costs showing little change [2][8] Inventory and Sales Strategy - The average inventory cost has decreased to around 700 to 800 yuan, aligning with current market procurement prices [2][9] - The company employs a long-term sales strategy, maintaining good relationships with downstream customers and adjusting pricing based on market conditions [2][13][14] Industry Challenges and Opportunities - The lithium industry is facing challenges due to lower prices, but domestic production remains stable, with Talison maintaining cost advantages [2][21] - The decline in lithium prices may accelerate market clearing, benefiting cost-advantaged companies [2][22] Future Production Expectations - Overall production is expected to increase steadily, with new projects anticipated to ramp up significantly by 2026 [2][18] - The first phase of the Kwinana project has seen some production improvements, but overall capacity utilization has not yet met expectations [2][19] Strategic Focus - The company continues to focus on strengthening upstream resources while maintaining a balanced approach across upstream, midstream, and downstream operations [2][31][33] - There is an emphasis on enhancing downstream strategies due to perceived weaknesses in that area over the past few years [2][33] Market Outlook - The company remains focused on long-term demand and industry growth, despite short-term price fluctuations influenced by external factors [2][34] - The company is prepared for potential futures trading but is waiting for favorable market conditions to proceed [2][24] Additional Notes - The company has no immediate plans for production maintenance during the Spring Festival, but regular safety inspections are conducted annually [2][35]

| 截至月份: | 2025年4月30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5月6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 | 是 (註1) | | + | | 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 | RMB | | 1 RMB | | 164,122,200 | | 增加 / 減少 (-) | | | | 0 | | RMB | ...

| THE BELL | | | 碳 锌 8 评20250506:国内碳酸锂5月供给预期偏松,三元材料厂库存量较上周减少 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 交易日期(日) | 2025-04-30 | 2025-04-29 | 2025-04-24 | 较昨日变化 | 近两周走势 | | | 近月合约 | 收盘价 | 65680.00 | 66100.00 | 68380.00 | -420.00 | | | | 连一合约 | 收盘价 | 65880.00 | 66240.00 | 68340.00 | -360.00 | | | | 连二合约 | 收盘价 | 67060.00 | 67460.00 | 68300.00 | -400.00 | | | | 连三合约 | 收盘价 | 67060.00 | 67460.00 | 69400.00 | -400.00 | | | | | 收盘价 | 65960.00 | 66260.00 | 68300.00 | -300.00 | | | 砖酸包期货 | 活跃合约 ...

Core Viewpoint - The lithium industry is experiencing significant fluctuations, with Tianqi Lithium achieving a turnaround in Q1 2024 while Ganfeng Lithium continues to face losses, highlighting divergent strategies in a challenging market environment [1][2][10][11]. Group 1: Company Performance - Tianqi Lithium reported Q1 2024 revenue of 2.584 billion yuan, a slight decrease of 0.02% year-on-year, and a net profit of 104 million yuan, marking a turnaround from a loss of 3.897 billion yuan in the same period last year [1]. - Ganfeng Lithium's Q1 2024 revenue was 3.772 billion yuan, down 25.43% year-on-year, with a net loss of 356 million yuan, although the loss narrowed from 439 million yuan in the previous year [1][5]. - In 2023, Tianqi Lithium faced a significant revenue drop of 67.75%, with a net loss of 7.905 billion yuan, while Ganfeng Lithium's revenue decreased by 42.66%, resulting in a net loss of 2.074 billion yuan, marking its first annual loss since 2010 [2]. Group 2: Factors Influencing Performance - Tianqi Lithium's Q1 2024 performance improvement is attributed to the resolution of several adverse factors affecting its 2024 results, including better pricing mechanisms for lithium concentrate and reduced production costs [3][4]. - The company also benefited from increased investment income from its associate SQM, which is expected to show year-on-year growth [4]. - Ganfeng Lithium did not disclose specific reasons for its continued losses in Q1 2024, but it indicated that the current lithium prices are likely at a relatively low point [5][6]. Group 3: Market Conditions - The lithium market is currently facing oversupply issues, with lithium prices continuing to decline, impacting the financial health of lithium salt manufacturers [7][9]. - As of April 30, 2024, the average price of battery-grade lithium carbonate fell to 67,900 yuan per ton, a drop of over 9% since the beginning of the year, which has affected cash flow for companies like Ganfeng Lithium [8]. - The industry is expected to see continued oversupply, with significant production increases anticipated in 2025, further pressuring prices [9]. Group 4: Strategic Directions - Tianqi Lithium is focusing on a long-term strategy of strengthening its upstream resources and expanding its midstream production capabilities, aiming for vertical integration in the lithium supply chain [10]. - Ganfeng Lithium is shifting its revenue focus towards lithium battery manufacturing, with a notable increase in the contribution of battery products to its overall revenue [11]. - The company is currently emphasizing its energy storage segment, which faces challenges due to significant overcapacity in the market [12].

| 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 02 日│中国内地/中国香港 | 稀有金属 | 天齐锂业发布一季报，2025 年 Q1 实现营收 25.84 亿元（yoy-0.02%、 qoq-13.82%），归母净利 1.04 亿元（yoy+102.68%、qoq+104.73%），扣 非净利 4442.55 万元（yoy+101.13%）。存货错配影响减弱,公司一季度业绩 修复明显,考虑公司 24 年存在的不利因素已逐步消除,且公司旗下资源禀赋 优异,未来矿端成本优势依旧突出,我们维持增持评级. 成本错配情况明显缓解，公司一季度盈利能力环比明显修复 证券研究报告 天齐锂业 (9696 HK/002466 CH) 公司一季度业绩实现明显修复 25Q1 公司综合毛利率、净利率分别为 44.31%/30.28%，同比分别-4.08pct、 +62.41pct，环比分别+8.16pct/+89.08pct。毛利率和净利率环比提升主因公 司控股子公司锂矿定价周期缩短，成本错配影响大幅减弱，且锂化合物及衍 生品产销量同比增长，联营公司投资收 ...