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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Core Viewpoint - The lithium industry is currently experiencing a downturn, but leading companies like Tianqi Lithium remain attractive to investors despite the challenges posed by falling lithium salt prices and increased competition [1][2]. Industry Overview - The lithium salt prices have significantly declined, with current prices ranging from 70,000 to 110,000 yuan per ton, down nearly 90% from the peak of 600,000 yuan per ton at the end of 2022, and a 40% decrease compared to the same period last year [1]. - The oversupply in the lithium market began in 2023 due to rapid capacity expansion driven by the price surge in 2021 and 2022, leading to increased competition and pressure on profitability across the industry [1][2]. Company Performance - Tianqi Lithium has managed to turn a profit in the first quarter of 2024, reporting revenue of 2.584 billion yuan and a net profit of 104 million yuan [4]. - The company emphasizes cost reduction, quality improvement, and efficiency enhancement as key strategies to navigate the current market conditions [4]. Resource Management - Tianqi Lithium is unique in the industry for having a 100% self-sufficiency rate in lithium resources, with significant operations in both hard rock lithium and salt lake brine resources [5]. - The Greenbushes lithium spodumene mine in Australia is projected to have a total mining volume of 3.404 million tons in 2024, with a chemical-grade ore extraction of 3.064 million tons at an average grade of 2.1% [5]. - The company is also developing the Zola lithium spodumene mine in Sichuan, which has lithium resources equivalent to 632,400 tons of lithium carbonate [5]. Strategic Initiatives - Tianqi Lithium is actively exploring global lithium resource projects while considering economic feasibility, resource endowment, development costs, and local political environments [6]. - The company is also focused on research and development in next-generation battery materials, including solid-state batteries, and has made significant progress in the industrialization of lithium sulfide, a key material for solid-state batteries [8]. Future Outlook - The company remains optimistic about the long-term growth potential of the lithium battery industry, driven by the demand from electric vehicles and energy storage markets, as well as emerging applications in low-altitude flying vehicles and drones [6][7].

从趋势上来看，锂盐行业从2023年开始供过于求，这是因为2022年下半年锂盐价格暴涨，吸引了很多新的市场参与者进入到这一行 业，造成了产能的快速扩张，进而影响到了价格。但是目前来看，锂盐价格已经进入到磨底期。 近日，天齐锂业在接受机构调研时表示，公司观察到近期锂精矿价格持续回落，但矿端供应尚未出现明显减量，产业链仍处于盈利压 力向上游传导阶段，锂盐端成本支撑线逐步下移。近期碳酸锂价格一度在每吨6.5万元附近出现反弹迹象，但随后再度回落，预计仍需 在此区间进行底部震荡和磨合。 天齐锂业同时认为，行业反转可能仍需等待关键催化因素的出现，例如具备规模的矿山或锂盐厂减产、下游需求进一步增长等。具体 价格走势受经济形势、市场参与者的博弈、预期及行为等多重因素影响，因此公司不对具体价格做指引，而是从行业现状与趋势展开 分析。 从需求来看，2025年，全球能源转型已进入关键阶段。各国政府、企业及社会各界正加速推动清洁能源的应用，以应对气候变化的挑 战。在全球范围内，新能源汽车和储能行业的发展仍然获得广泛的支持；从速度、规模、强度三个维度来看，目前全球锂行业仍然处 于发展的上升期。 天齐锂业表示，因此从中长期来看，公司认为锂 ...

Core Viewpoint - Tianqi Lithium Industry Co., Ltd. has shown signs of recovery in its performance, achieving a net profit of 1.04 billion yuan in Q1 2025, indicating a turnaround from previous losses [1] Group 1: Financial Performance - In Q1 2025, the company reported an operating income of 25.84 billion yuan and a net profit attributable to shareholders of 1.04 billion yuan, marking a return to profitability [1] - The lithium carbonate market price remains low, hovering above 60,000 yuan per ton, which has exerted pressure on the overall lithium industry [1] Group 2: Industry Outlook - The lithium salt market is currently experiencing oversupply, and companies with advantages in resources, technology, and international operations are expected to thrive in the long term [2] - The core growth drivers for the lithium battery industry will continue to be the electric vehicle and energy storage markets, with emerging applications in low-altitude flying vehicles and drones expanding market opportunities [2] Group 3: Strategic Development - Tianqi Lithium is committed to a long-term strategy of strengthening its upstream resources, enhancing its midstream capabilities, and penetrating downstream markets [2] - The company is actively pursuing high-quality lithium resource projects globally, considering factors such as economic viability, resource assessment, and local political environments [2] Group 4: Project Updates - The company’s controlled Australian Talison Greenbushes lithium concentrate has an annual capacity of 1.62 million tons, and the construction of the chemical-grade lithium concentrate processing plant is underway [2] - The Zola lithium spodumene project is in the preparatory phase for construction, with the feasibility study being updated [3] Group 5: Research and Development - Tianqi Lithium has made significant advancements in solid-state battery technology, successfully preparing for the industrialization of lithium sulfide, a key material for next-generation solid-state batteries [3] - The company has developed a new battery-grade lithium sulfide micro-powder with improved uniformity and activity, while also reducing production costs through advanced recycling techniques [3] - Collaborative research efforts with battery manufacturers and related downstream companies are ongoing, positioning the company as a key player in the development of efficient battery technologies [3]