Core Viewpoint - Tianqi Lithium Industries (09696) has filed a lawsuit in Chile against a decision made by CMF on June 18, 2024, with the court hearing scheduled for May 14, 2025. The court ruling on November 12, 2025, dismissed Tianqi's claims, but this ruling is not final under Chilean law [1]. Group 1 - Tianqi Lithium's wholly-owned subsidiary, Tianqi Chile, initiated legal action in response to a decision made by CMF [1]. - The Chilean court is set to hear the case on May 14, 2025, following the lawsuit filed on July 26, 2024 [1]. - The court's ruling on November 12, 2025, rejected Tianqi's lawsuit, but it is important to note that this is not a final judgment according to Chilean legal standards [1]. Group 2 - SQM signed a partnership agreement with Codelco without approval from its shareholders, which undermined Tianqi Chile's voting rights and related shareholder rights as a shareholder of SQM [1]. - The company will conduct a comprehensive assessment within the legal framework and may consider further actions, including the possibility of an appeal, to protect shareholder interests [1].

關於本公司全資子公司提起訴訟之進展情況的公告 茲提述天齊鋰業股份有限公司（「本公司」或「公司」）日期為2024年6月3日、2024 年6月19日及2024年7月29日之公告（「該等公告」），內容有關本公司重要參股公 司SQM與Codelco簽署合夥協議及本公司全資子公司提起訴訟的事宜。除非文義 另有所指，本公告所用詞彙與該等公告所界定者具有相同涵義。 進展情況 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Tianqi Lithium Corporation 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9696） 本公司全資子公司天齊智利於智利當地時間2024年7月26日就CMF於2024年6月 18日作出的決定向智利法院提起訴訟，智利法院於智利當地時間2025年5月14日 進行開庭審理。2025年11月12日，天齊智利收到智利法院就本次訴訟做出的判決 書，其駁回了天齊智利的訴訟請求。根據智利相關法律規定，該判決非 ...

Core Viewpoint - Tianqi Lithium announced that its wholly-owned subsidiary, Tianqi Chile, received a ruling from a Chilean court on November 12, 2025, rejecting its lawsuit filed on July 26, 2024. The ruling is not final, and the company will conduct a comprehensive assessment, not ruling out further actions [1] Summary by Relevant Sections - **Legal Proceedings** - Tianqi Chile's lawsuit did not specify a monetary amount and is not expected to impact current profits [1] - The ruling is not a final judgment, indicating potential for further legal actions [1] - **Impact on Financials** - The current ruling is anticipated to have no immediate effect on the company's profits [1] - **Market Dynamics** - The collaboration between SQM and Codelco may alter SQM's future earnings, which could subsequently affect Tianqi Lithium's investment returns and equity [1] - The company will continue to evaluate the implications of this partnership on its financial performance [1]

股票代码：002466 股票简称：天齐锂业 公告编号：2025-053 天齐锂业股份有限公司 关于全资子公司提起诉讼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、案件所处的诉讼阶段：2025年11月12日，公司全资子公司Inversiones TLC SpA（以下简 称"天齐智利"）收到智利圣地亚哥上诉法院（以下简称"智利法院"）就本次诉讼作出的判决 书，其驳回了天齐智利于智利当地时间2024年7月26日提交的诉讼请求。根据智利相关法律规定， 该判决非终审判决，公司将在法律允许的范围内全面评估，不排除考虑在确保相关股东利益得到 保障的前提下可能采取进一步行动（包括但不限于提起上诉）。 2、上市公司所处的当事人地位：公司全资子公司天齐智利为本案件的原告。 4、对上市公司损益产生的影响：截至目前，公司针对SQM长期股权投资的减值测试均基于 SQM披露的Partnership Agreement（以下简称"《合伙协议》"）内容及相关信息，本次诉求被 驳回不改变前述减值测试相关假设，因此预计该诉讼判决暂不会对当期利润产生影响。 公司提请广 ...

Core Insights - JPMorgan has reversed its bearish stance on the lithium industry, acknowledging a significant underestimation of the explosive demand in the energy storage (ESS) market [1][3] - The bank upgraded its ratings for Tianqi Lithium and Ganfeng Lithium from "Underweight" to "Neutral," indicating a major correction in its outlook on the lithium market fundamentals [1][3] - JPMorgan expects a supply shortage in the global lithium market in 2025 and 2026, prompting a substantial increase in its lithium price forecast for 2026 from RMB 70,000 per ton to RMB 90,000 per ton, a nearly 30% increase [1][6] Energy Storage Demand - The surge in energy storage demand is identified as a key driver of stock prices, outweighing the negative impacts of supply factors such as the resumption of operations at CATL's mines [3][4] - Energy storage batteries accounted for over 25% of global battery production since June, with 40% of lithium iron phosphate (LFP) battery production attributed to this segment [4] - JPMorgan forecasts a 30% year-on-year increase in global energy storage battery shipments by 2026, reaching approximately 770 GWh, driven by policy incentives and ongoing deployment of grid-level projects [4] Supply Dynamics - The resumption of production at CATL's Jiangxi mine, with an annual capacity of approximately 45,000 to 50,000 tons of lithium carbonate equivalent (LCE), is expected to provide some relief to the current market tightness, but it will not be sufficient to fill the significant supply gap [5][6] - Even with the inclusion of the Jiangxi mine's output, the market is anticipated to remain in a state of shortage in 2025 and 2026 [6] - JPMorgan's supply forecasts remain largely unchanged, with slight increases in projections for 2029/2030, while noting that expansions in Australia and Chile may not fully offset delays in Brazil due to financing constraints [6] Price Target Adjustments - JPMorgan has raised its price targets for Ganfeng Lithium and Tianqi Lithium significantly, with Ganfeng's A-shares target increased from RMB 30 to RMB 65, and H-shares from HKD 22 to HKD 48 [6] - Tianqi Lithium's A-shares target has been adjusted from RMB 30 to RMB 54, and H-shares from HKD 28 to HKD 50, reflecting the revised outlook on lithium prices and market conditions [6]

Group 1 - Tianqi Lithium Industries experienced a decline of 3.81% on November 11, with a trading volume of 4.801 billion yuan. The net financing buy was -39.82 million yuan, with a total financing and securities balance of 3.236 billion yuan as of the same date [1] - The company had a financing buy of 530 million yuan on November 11, with a financing balance of 3.226 billion yuan, representing 3.95% of the circulating market value, which is above the 90th percentile level over the past year [1] - On the same day, the company repaid 10,500 shares in securities lending and sold 1,000 shares, with a selling amount of 55,300 yuan. The remaining securities lending volume was 188,200 shares, with a balance of 10.4112 million yuan, also above the 90th percentile level over the past year [1] Group 2 - As of September 30, the number of shareholders of Tianqi Lithium reached 310,100, an increase of 14.52%, while the average circulating shares per person decreased by 12.68% to 4,759 shares [2] - For the period from January to September 2025, the company reported operating revenue of 7.397 billion yuan, a year-on-year decrease of 26.50%, while the net profit attributable to shareholders increased by 103.16% to 180 million yuan [2] - Since its A-share listing, Tianqi Lithium has distributed a total of 7.868 billion yuan in dividends, with 7.137 billion yuan distributed over the past three years [3] Group 3 - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 68.1591 million shares, an increase of 3.3416 million shares from the previous period [3] - China Securities Finance Corporation held 27.8536 million shares, remaining unchanged, while several ETFs saw a decrease in holdings, including Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF [3] - The Oriental New Energy Theme Mixed Fund exited the top ten circulating shareholders list [3]

Core Insights - The lithium carbonate market is experiencing a strong rebound due to surging demand for energy storage, supply uncertainties, and ongoing inventory depletion [1] - The price of battery-grade lithium carbonate has shown significant volatility, reaching a low of 59,900 yuan/ton in June 2023 and rebounding to 82,400 yuan/ton by November 11, 2023, marking a 37.59% increase [1] Price Trends - The price of battery-grade lithium carbonate has fluctuated dramatically over the past five years, peaking at 567,600 yuan/ton in November 2022 before a prolonged decline [1] - The current price stabilization follows a "roller coaster" trend, with supply-demand mismatches and inventory adjustments contributing to price volatility [1] Industry Performance - Major lithium companies like Ganfeng Lithium and Tianqi Lithium have reported a return to profitability in Q3 2023, with Ganfeng Lithium's net profit at 557 million yuan and Tianqi Lithium's at 95.485 million yuan [2] - The average breakeven price for lithium carbonate is considered to be around 70,000 yuan/ton, with current prices providing support for cost-advantaged companies [2] Future Outlook - Short-term demand from downstream battery manufacturers is expected to support lithium carbonate prices [2] - Long-term projections suggest prices may fluctuate between 70,000 yuan/ton and 100,000 yuan/ton, with the upper limit reflecting the need for new capital investment in Australian mines [2] Strategic Initiatives - Companies are actively seizing opportunities during this upward price cycle, with initiatives such as Qinghai Salt Lake Industry's new lithium salt project and Ganfeng Lithium's expansion in lithium resource acquisition and processing capacity [2][3] - Emphasis on technological innovation and efficient resource utilization is crucial for the industry's transformation and upgrading [3]

Core Viewpoint - Tianqi Lithium Industries has confirmed that its lithium concentrate production capacity primarily comes from the Greenbushes lithium spodumene mine, which currently has a total production capacity of 1.62 million tons per year [1] Group 1: Production Capacity - The Greenbushes lithium spodumene mine has four lithium concentrate processing plants, with a total established capacity of 1.62 million tons per year [1] - The company is currently constructing the third chemical-grade lithium concentrate plant, which is expected to be completed by December 2025 [1] - Once the third chemical-grade lithium concentrate plant is operational, the total production capacity of the Greenbushes lithium concentrate project will reach approximately 2.14 million tons per year [1] Group 2: Lithium Chemical Products - The company has six operational lithium chemical product production bases located in Sichuan, Chongqing, Jiangsu, Australia, and Sichuan, with a combined lithium chemical product capacity of 121,600 tons per year [1]

Core Viewpoint - Tianqi Lithium Industry announced on November 11 that as of October 31, 2025, the number of A-share shareholders will be 282,648 [2] Summary by Category - Company Information - Tianqi Lithium Industry has confirmed that the number of A-share shareholders is projected to reach 282,648 by October 31, 2025 [2] - Industry Context - The announcement reflects the growing interest and participation in the lithium sector, which is critical for electric vehicle and battery production [2]

Market Overview - The energy metals sector experienced a decline of 1.71% on November 11, with Tianqi Lithium leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Shengxin Lithium Energy (002240) closed at 28.86, up 1.51% with a trading volume of 876,100 shares and a turnover of 2.568 billion [1] - Tianqi Lithium (002466) closed at 55.32, down 3.81% with a trading volume of 852,600 shares and a turnover of 4.801 billion [2] - Ganfeng Lithium (002460) closed at 67.74, down 2.34% with a trading volume of 771,400 shares and a turnover of 5.323 billion [2] - Huayou Cobalt (603799) closed at 61.87, down 2.15% with a trading volume of 570,500 shares and a turnover of 3.578 billion [2] Capital Flow Analysis - The energy metals sector saw a net outflow of 2.128 billion from institutional investors, while retail investors had a net inflow of 1.609 billion [2][3] - Tianqi Lithium experienced a net outflow of 763 million from institutional investors, accounting for 15.89% of its trading volume [3] - Ganfeng Lithium had a net outflow of 608 million from institutional investors, representing 11.42% of its trading volume [3]