Core Viewpoint - Tianqi Lithium has reported a significant turnaround in its financial performance for Q1 2025, projecting a profit of 82 million to 123 million RMB, compared to a loss of 3.897 billion RMB in the same period last year, indicating a substantial recovery from its "darkest hour" in 2024 [1][3][4] Financial Performance - In 2024, Tianqi Lithium recorded a revenue of 13.063 billion RMB, a decline of 67.75% year-on-year, and a net loss of 7.905 billion RMB, marking a drastic increase in losses by 208.32% compared to the previous year [3][4] - The company’s Q1 2025 performance shows a projected non-GAAP net profit of 32 million to 48 million RMB, a stark contrast to the 3.917 billion RMB loss in Q1 2024 [1][4] Market Reaction - Following the announcement of the Q1 earnings forecast, Tianqi Lithium's AH shares experienced a strong rally, with H shares rising over 10% at one point and closing up 2.52% on April 24, 2025 [1][3] Industry Context - The lithium market has faced downward pressure due to falling lithium prices, with the average spot price for battery-grade lithium carbonate in 2024 dropping by 65% to 93,000 RMB per ton [4][8] - Despite the challenges, the demand for lithium remains optimistic, driven by the growth in the electric vehicle sector, with a projected 19% increase in lithium carbonate demand in 2025 [8][14] Strategic Outlook - Tianqi Lithium aims to enhance production capacity and accelerate technological transformation in 2025, focusing on various research directions including resource utilization and new battery materials [15][16] - The company has a robust resource base, with over 55 million tons of lithium carbonate equivalent (LCE) and plans to expand its production capabilities significantly [15][16]

Economic Development - The GDP growth rate of Yajiang County has ranked first in the state for four consecutive years, earning titles such as "Fastest Progress County" and "Significant Progress in High-Quality Development" in the province [1] - Yajiang County is rich in resources, with over 10 million kilowatts of hydropower potential and the largest spodumene lithium mine in Asia [1] Clean Energy Initiatives - Yajiang is leveraging its resource advantages by integrating clean energy with computing power and energy storage, following a "1+1>2" strategy [1] - The county has a planned photovoltaic capacity of 12 million kilowatts and hydropower capacity of 10 million kilowatts, with 5.3 million kilowatts already installed and 2.5 million kilowatts under construction [1] Agricultural Development - Yajiang is known as the "Hometown of Matsutake" and is expanding its mushroom industry by developing various products, including Matsutake sashimi and pizza, enhancing its agricultural tourism [2] - The county aims for a transaction volume of 1,530 tons and a value of 450 million yuan for edible mushrooms in 2024, with a digital platform for Matsutake that ensures freshness delivery nationwide within 48 hours [2] Mining Industry - Yajiang is focusing on developing its lithium mining sector into a "billion-dollar leading industry" while balancing economic growth with environmental protection [2] - The county has established partnerships with major companies like CATL and Tianqi Lithium to enhance its lithium processing capabilities [3]

记者4月27日获悉，四川省甘孜州雅江县已探明锂矿资源2.2亿吨。雅江县人民政府县长钟色表示，雅江 锂矿资源丰富，属于甲基卡稀有金属矿田的核心组成部分，已探明伟晶岩型锂矿资源储量居全球第一。 目前，雅江县已探明2.2亿吨锂辉石资源原矿，306万吨氧化锂资源量。在锂矿资源开发方面，钟色透 露，雅江已"牵手"宁德时代、天齐锂业、盛屯三家行业巨头，"宁德时代斯诺威、盛屯木绒锂矿取得采 矿权，天齐措拉锂矿全面复工。"（中新网） ...

◆ 材料 ◆ 龙蟠科技印尼工厂二期项目开工 01 日前，在中国与印尼双方深化新能源产业合作的战略背景下，龙蟠科技旗下印尼锂源年产12万吨磷酸铁锂正极材料生产基地（二期）项目于印尼三 宝垄举行开工仪式。消息显示，印尼锂源项目自2021年启动以来便备受瞩目，一期3万吨磷酸铁锂产线于2024年建成投产，并于2025年1月实现首 批产品出货。 天齐锂业一季度净利扭亏为盈 ◆ 电池 ◆ 南都电源筹划港股上市 01 4月23日，南都电源发布筹划在香港联合交易所有限公司上市的公告。南都电源成立于1994年9月，2010年4月在A股创业板上市。公司总部位于浙 江，主要从事新型电力储能、工业储能和民用储能等领域的系统解决方案及运营服务。 02 天齐锂业公告称，预计2025年第一季度归属于上市公司股东的净利润为8200万元至1.23亿元，上年同期为亏损38.97亿元。随着国内新购锂精矿陆 续入库及库存锂精矿的逐步消化，公司各生产基地生产成本中耗用的化学级锂精矿成本基本贴近最新采购价格。 杉杉科技与OCSiAl开发新一代负极材料 03 近日，杉杉科技与OCSiAl达成战略合作。双方将围绕单壁碳纳米管在锂电负极材料中的应用展开深度技 ...

一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：集邦固态电池 近期，固态电池领域迎来了一系列重要进展，多个项目取得阶段性成果，相关企业在技术研发和产业化应用方 面也取得了显著突破。 安瓦科技第二代固态电池产品即将量产 芜湖市人民政府发布消息，走进芜湖经开区安徽安瓦新能源科技有限公司，载满先进设备的集装箱卡车缓缓驶 入厂区，这些设备将在接下来的时间里进行安装调试，并将于2025年下半年正式投产。 据介绍，安瓦科技的固态电池产品分三步走。目前，公司正在冲刺量产的第一代固态电池产品，能量密度与传 统电池相当（280Wh/kg左右），但在电池结构和制造工艺上进行了大胆创新，采用复合集流体工艺、干法工 艺、高压压涂工艺、极片动态堆叠及对齐工艺等一系列新技术，显著提升了产品的安全性、环保性和性价比。 安瓦科技副总经理沈赟透露，公司第二代固态电池产品能量密度预计超过400Wh/kg，二代产品小试线将于 2025年下半年建成并投入验证，并计划在2027年推出能量密度超过500Wh/kg的第三代固态电池技术产品，并 预计2029年推出全固态电池产品。 资料显示，自2020年 ...

Financial Performance - For the year ended December 31, 2024, Tianqi Lithium Corporation reported revenue of RMB 13,029,739, a significant decrease of 67.8% compared to RMB 40,448,303 in 2023[8] - The gross profit for the same period was RMB 5,991,309, down 82.6% from RMB 34,347,819 in 2023[8] - The company incurred a loss for the year amounting to RMB 880,378, contrasting sharply with a profit of RMB 25,644,135 in 2023[10] - Basic and diluted loss per share was RMB 5.32, compared to earnings of RMB 4.44 per share in the previous year[8] - Total comprehensive income for the year was a loss of RMB 811,590, compared to a comprehensive income of RMB 26,059,577 in 2023[10] - The Company reported a loss attributable to equity shareholders of RMB 8,727,021,000 for the year ended 31 December 2024, compared to a profit of RMB 7,278,343,000 in 2023[82] - Profit before taxation decreased to RMB 419,922,000 in 2024 from RMB 36,262,330,000 in 2023, a decline of about 98.8%[71] Assets and Liabilities - Non-current assets increased to RMB 56,726,366 from RMB 55,360,641 in 2023, reflecting a growth of 2.5%[12] - Current assets decreased significantly to RMB 12,830,213 from RMB 19,608,428, a decline of 34.6%[12] - Cash and cash equivalents dropped to RMB 5,635,127 from RMB 9,330,480, a decrease of 39.0%[12] - Non-current liabilities increased to RMB 14,454,259,000 in 2024 from RMB 12,353,599,000 in 2023, representing a growth of approximately 17.0%[14] - Net assets decreased to RMB 50,061,048,000 in 2024 from RMB 55,955,603,000 in 2023, a decline of about 10.5%[14] - Total equity attributable to equity shareholders of the Company fell to RMB 42,771,217,000 in 2024 from RMB 53,208,876,000 in 2023, a decrease of approximately 19.7%[14] - Trade receivables decreased significantly from RMB 4,344,664,000 in 2023 to RMB 617,929,000 in 2024, representing a decline of approximately 86.8%[91] - The allowance for doubtful debts increased from RMB 28,476,000 in 2023 to RMB 83,293,000 in 2024, indicating a rise of about 192.5%[91] Revenue Breakdown - Revenue from lithium compounds and derivatives sales decreased to RMB 8,055,971,000 in 2024 from RMB 13,251,824,000 in 2023, representing a decline of approximately 39.1%[34] - Revenue from lithium concentrates sales dropped to RMB 4,973,768,000 in 2024 from RMB 27,196,479,000 in 2023, indicating a significant decrease of about 81.7%[34] - The Group's revenue from two customers exceeded 10% of total revenues, amounting to approximately RMB 5,812,615,000 in 2024, down from RMB 26,174,195,000 in 2023, a decrease of about 77.8%[36] - Revenue from external customers reached RMB 40,448,303, with lithium compounds contributing RMB 13,251,824 and lithium concentrates contributing RMB 27,196,479[48] Research and Development - Research and development costs rose to RMB 43,621, up from RMB 30,375 in 2023, reflecting the company's ongoing investment in innovation[8] - Research and development expenses increased to RMB 43,621,000 in 2024 from RMB 30,375,000 in 2023, marking a growth of approximately 43.4%[68] Market and Industry Trends - The global demand for lithium-ion batteries has surged, with its share of total lithium resource demand increasing from 31% in 2015 to 87% in 2024[120] - Major countries have strengthened policy support for the new energy and battery industries, ensuring sustainable development in their regions[120] - Lithium is widely used in various applications, with 87% of its global consumption attributed to batteries, highlighting its critical role in the energy transition[119] - Global lithium-ion battery demand is projected to account for 87% of global lithium resource demand by 2024, up from 31% in 2015[122] - In 2024, China's new energy vehicles are targeted to represent 45% of new vehicle sales by 2027, as per the State Council's guidelines[125] Financial Management - The Group's finance costs were RMB 588,235,000, and depreciation and amortization for the year amounted to RMB 1,132,023,000[47] - Finance costs increased to RMB 600,534,000 in 2024 from RMB 550,102,000 in 2023, reflecting a rise of approximately 9.1%[62] - The current tax expense for the year was RMB 1,300,300,000 in 2024, significantly lower than RMB 10,618,195,000 in 2023, a decrease of approximately 87.8%[71] Strategic Initiatives - The company plans to expand its market presence, focusing on new product development and technological advancements in lithium derivatives[50] - The Group is currently engaged with the Australian Taxation Office regarding potential tax liabilities related to the IGO Transaction, which could result in significant penalties[117] - The Group does not expect to incur material Pillar Two income tax in jurisdictions that have enacted related legislation in the near future[79] Customer and Supplier Relations - The Group's diversified customer base is highlighted by the significant revenue concentration from a limited number of customers, indicating potential risks in revenue stability[36] - The company maintains a stable customer base, including top global power battery manufacturers and new energy automotive companies[200] Dividend and Capital Expenditure - The proposed final dividend for 2024 is RMB nil per ordinary share, down from RMB 1.35 per share in 2023, with total dividends paid for the previous financial year amounting to RMB 2,215,017,000[113] - Capital expenditure for the year totaled RMB 5,961,686, with RMB 1,055,750 allocated to lithium compounds and RMB 4,905,936 to lithium concentrates[48]

Core Viewpoint - The lithium industry is entering a clearing phase, with potential for price increases due to production cuts and supply-demand improvements [2][3]. Group 1: Market Trends - Historical data shows that during the last lithium cycle, stock prices generally trended upward despite fluctuations, with Ganfeng Lithium's stock rising by 162.3% over a 15-month clearing period [2]. - As of January 2024, six Australian mines have announced production cuts or delays, indicating a potential for further reductions in 2025, which could enhance the supply-demand balance [2]. Group 2: Valuation Methods - The lithium sector lacks a clear valuation anchor, with companies experiencing extreme fluctuations in price-to-earnings (PE) ratios, sometimes exceeding hundreds of times during upswings and dropping below 10 times after peaks [3]. - Alternative valuation methods, such as the replacement cost method, may provide a more accurate reflection of asset values, especially given the volatility of lithium prices [3]. Group 3: Replacement Cost Calculation - The replacement cost method assesses the total cost required to acquire or construct a new asset under current conditions, including intangible assets like mining rights and fixed assets such as lithium refining and mining facilities [4]. - The calculation of replacement costs involves determining the value of lithium resources per ton and applying it to the resource quantities of various lithium mines, as well as estimating the investment costs for refining and mining operations [4]. Group 4: Current Valuation Status - Based on replacement cost calculations, companies like Ganfeng Lithium, Tianqi Lithium, Shengxin Lithium, and Yahua Group are already trading below their replacement costs, indicating potential undervaluation [5]. - Other companies, while having lower replacement costs than their current market values, may still be undervalued due to uncalculated non-lithium business assets [5].

Financial Performance - Revenue for the third quarter was CNY 3,646,159,930.05, a decrease of 57.48% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY -495,644,270.41, representing a decline of 130.11% year-over-year[3]. - The basic earnings per share was CNY -0.30, down 130.00% from CNY 1.00 in the same period last year[6]. - Operating revenue for the reporting period was ¥10,064,738,520.01, a decrease of 69.87% compared to ¥33,399,166,232.91 in the same period last year, primarily due to a significant drop in the average selling price of lithium products[7]. - Net profit attributable to shareholders was -¥5,701,413,364.59, representing a decline of 170.40% from ¥8,098,513,756.30 year-on-year, mainly due to decreased sales prices and gross margins of lithium products[7]. - Basic and diluted earnings per share were both -¥3.48, a decrease of 170.59% from ¥4.93 in the same period last year, reflecting the significant drop in net profit[7]. - The company reported a significant drop in sales revenue from 35,421,723,913.00 to 11,312,090,167.48, reflecting a challenging market environment[38]. - The total comprehensive income attributable to the parent company was 1,197,098,394.24, down from 22,893,356,563.04 in the previous period[37]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 70,355,035,161.95, a decrease of 3.92% from the previous year[3]. - Equity attributable to shareholders decreased by 15.55% to CNY 43,508,204,212.27 compared to the end of the previous year[3]. - The company's current assets totaled ¥13,631,775,908.46, down from ¥19,629,040,462.42, indicating a decrease of about 30.5%[28]. - The total liabilities increased to ¥20,001,526,283.47 from ¥18,991,821,645.97, reflecting an increase of approximately 5.3%[30]. - The company’s long-term equity investments decreased from ¥26,873,607,682.35 to ¥25,612,103,131.11, a decline of approximately 4.7%[28]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY -5,736,899,667.35, a decline of 171.87% year-over-year[3]. - The net cash flow from operating activities was ¥4,192,370,886.76, down 79.07% from ¥20,035,216,823.45 in the previous year, attributed to a substantial decline in operating revenue[7]. - Cash inflow from financing activities totaled 9,023,769,728.18, up from 7,540,421,688.89 in the previous period, reflecting a growth of approximately 19.6%[39]. - The net cash flow from financing activities was -2,559,321,184.06, an improvement from -23,230,195,129.05 in the previous period, showing a reduction in cash outflow[39]. - The cash flow from investment activities saw a total outflow of 5,692,883,054.37, compared to 2,840,874,577.84 in the previous period, indicating a substantial increase in investment spending[39]. Shareholder Information - The company holds a total of 326,228 common shareholders (A-shares) and 47 (H-shares) as of the end of the reporting period[10]. - Chengdu Tianqi Industry (Group) Co., Ltd. holds a 25.37% stake, amounting to 416,316,432 shares, making it the largest shareholder[10]. - The top 10 shareholders include China Postal Savings Bank with 8,525,734 shares and ICBC with 8,340,773 shares, both holding RMB common stock[12]. - The total number of shares held by the top 10 shareholders participating in margin trading was 19,911,757, accounting for 1.21% of the total share capital[13]. - The company has not disclosed any related party relationships among the top shareholders, except for a known relationship between Zhang Jing and Jiang Weiping[12]. Investment and Development - The company is actively working on new product development and market expansion strategies to mitigate the impact of declining lithium prices[8]. - The Suining Anju factory project for an annual production capacity of 20,000 tons of battery-grade lithium carbonate has a total planned investment of approximately RMB 1.5 billion[18]. - The budget for the Suining Anju project has been finalized at RMB 1.4778071 billion, and the project has completed construction and entered the trial operation phase[19]. - The company’s subsidiary Sichuan Tianqi Shenghe Lithium Industry has obtained approval for the construction of the Cuola lithium spodumene mine project, laying the groundwork for future development[20]. Market Conditions and Future Outlook - The company confirmed a substantial decrease in investment income from its joint venture SQM for the third quarter of 2024[6]. - The company expects a gradual reduction in losses in Q2 and Q3 of 2024 as the pricing mechanism for lithium concentrate aligns with recent procurement prices[8]. - The pricing mechanism mismatch between the company's lithium products and the pricing of lithium concentrate from its subsidiary Talison Lithium Pty Ltd has led to temporary losses, which are expected to improve as market conditions stabilize[8].