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]

Core Viewpoint - The lithium market is currently experiencing a bottoming phase, and Tianqi Lithium is focusing on cost reduction, quality improvement, and efficiency enhancement to navigate this challenging environment [1][2][6]. Company Performance - Tianqi Lithium's 2024 revenue is projected to be 13.063 billion yuan, a year-on-year decrease of 67.75%, with a net loss of 7.905 billion yuan, marking a shift from profit to loss due to declining lithium salt prices [5]. - The benchmark price for battery-grade lithium carbonate in China was 65,633 yuan per ton as of May 13, down 43.52% year-on-year [5]. Market Dynamics - The lithium salt market is expected to face oversupply starting in 2024, influenced by a surge in new market entrants during the previous lithium boom from 2019 to 2022, when prices skyrocketed from 70,000 yuan to around 600,000 yuan per ton [5][6]. - The current lithium salt prices are in a bottoming phase, and the duration of this process is uncertain, with competition expected to remain intense [5][6]. Production and Sales - In the previous year, Tianqi Lithium's sales volume of lithium chemical products reached 102,800 tons, an increase of 81.46% year-on-year, while production volume was 70,700 tons, up 39.44% year-on-year [7]. - The company's lithium salt inventory decreased by 43.64% year-on-year, indicating effective resource management [7]. Resource Expansion Strategy - Tianqi Lithium is shifting its strategy to seek both external and internal lithium resources, with ongoing developments at the Yajiang Cuola lithium spodumene mine, which could become the company's first domestic source of lithium concentrate [1][10]. - The company is also exploring potential asset injections from its controlling shareholder, Tianqi Group, which holds various lithium mining rights [10][11]. Future Outlook - The company is preparing for the next generation of battery materials by increasing R&D investments and collaborating with downstream customers to innovate [12]. - Tianqi Lithium aims to play a crucial role in the solid-state battery sector, focusing on core materials such as lithium sulfide and lithium metal, and has successfully developed battery-grade lithium sulfide micro-powder [12][13].

Meeting Overview - The 2024 Annual General Meeting (AGM) of Tianqi Lithium Corporation is scheduled for May 21, 2025, at 14:45 [1] - Shareholders can participate through both on-site and online voting [1] Attendance - A total of 1,491 shareholders and representatives attended the meeting, representing 560,016,247 shares, which is 34.1498% of the total voting shares [2] - Of these, 13 shareholders attended the meeting in person, representing 497,478,492 shares (30.3362% of voting shares) [2] - 1,478 shareholders participated via online voting, representing 62,537,755 shares (3.8136% of voting shares) [2] Proposal Review and Voting Results - The AGM utilized a combination of on-site and online voting for A-share shareholders, while H-share shareholders voted through on-site and proxy voting [3] - The total number of voting shares represented at the meeting was 549,851,873, with 98.1850% in favor, 0.2423% against, and 1.5727% abstaining [3] - The proposals were passed as they received more than half of the valid voting shares [5] Legal Opinion - The legal opinion from Beijing Zhonglun (Chengdu) Law Firm confirmed that the meeting's procedures, attendance, and voting results complied with relevant laws and regulations [8] - The full legal opinion is available on the official website [8] Documentation - The resolutions from the AGM and the legal opinion document are available for review [8]

北京中伦（成都）律师事务所 关于天齐锂业股份有限公司 2024 年度股东大会的 法律意见书 二〇二五年五月 法律意见书 北京中伦（成都）律师事务所 关于天齐锂业股份有限公司 2024 年度股东大会的 法律意见书 致：天齐锂业股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《深圳证券交易所上市公司股东会网络投票实施细则》及《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简 称"《上市公司规范运作》"）等法律、法规及规范性文件的规定，北京中伦（成 都）律师事务所（以下简称"本所"）指派律师出席了天齐锂业股份有限公司（以 下简称"公司"）2024 年度股东大会（以下简称"本次股东大会"），并对本次 股东大会的合法性进行见证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则 ...

股票代码：002466 股票简称：天齐锂业 公告编号：2025-037 天齐锂业股份有限公司 2024 年度股东大会决议公告 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、天齐锂业股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日在《证券时报》《证 券日报》《中国证券报》《上海证券报》《经济参考报》和巨潮资讯网（http://www.cninfo.com.cn） 刊登了《关于召开 2024 年度股东大会的通知》（公告编号：2025-035）； 2、本次股东大会不涉及变更以往股东大会决议，无修改或否决提案的情况； 3、本次股东大会采取现场投票和网络投票相结合的方式。 2、会议主持人：董事长蒋安琪女士。 3、会议召开方式：现场表决与网络投票相结合的方式。 4、会议召开时间： （1）现场会议召开的时间：2025 年 5 月 21 日（星期三）下午 14:45； （2）网络投票时间：A 股股东通过深圳证券交易所（以下简称"深交所"）交易系统进 行网络投票的时间为 2025 年 5 月 21 日上午 9:15—9:25，9:30—11: ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply of domestic lithium carbonate in May is expected to be loose, and the domestic social inventory of lithium carbonate has increased month - on - month. The price of lithium carbonate is likely to fall rather than rise due to cost factors, but investors should be wary of production cuts or construction halts in the domestic and foreign lithium industries. It is recommended that investors mainly place short positions when the price rebounds, and pay attention to the support level around 53,000 - 60,000 and the resistance level around 66,000 - 70,000 [4] 3. Summary According to Relevant Catalogs 3.1 Lithium Futures Market - **Price**: On May 20, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 60,960 yuan/ton, 60,860 yuan/ton, 62,100 yuan/ton, and 62,100 yuan/ton respectively, showing a downward trend compared with the previous trading day [1] - **Volume and Open Interest**: The trading volume of the active contract was 242,276 lots, an increase of 18,212 lots compared with the previous day; the open interest was 339,673 lots, an increase of 3,866 lots [1] - **Inventory**: The inventory was 36,545 tons, a decrease of 139 tons compared with the previous day [1] - **Spreads**: The spreads between different contracts and the basis also showed certain changes. For example, the spread between the near - month and consecutive - one contracts decreased by 3,180 yuan/ton [1] 3.2 Lithium Spot Market - **Lithium Ore**: The average prices of various lithium ores such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone decreased to varying degrees on May 20, 2025 [1] - **Lithium Compounds**: The average prices of lithium carbonate, lithium hydroxide, and other lithium compounds also showed a downward trend. For example, the average price of battery - grade lithium carbonate (99.5%, domestic) decreased by 450 yuan/ton [1] - **Other Products**: The prices of products such as ternary precursors, ternary materials, and lithium iron phosphate also decreased to varying degrees [1] 3.3 Industry News - **New Project Commissioning**: Shandong Times New Energy Technology Co., Ltd., a subsidiary of CATL, officially put its energy storage and power battery production base in Yanzhou, Jining into operation. The first - phase project has a total scale of 60GWh. The second and third phases are expected to be put into operation in the next two years, which is expected to form a global leading 100 - billion - level new energy battery industrial cluster [1] - **Production Plan**: Salt Lake Co., Ltd. said that with the support of China Minmetals and China Salt Lake, the newly built 40,000 - ton lithium salt project will produce 3,000 tons of lithium carbonate this year [1] - **Project Commencement**: On May 19, the annual production project of 10GWh of electronic energy - storage cells and 10GWh of ion batteries 2PAC of Changyi Zhongdian (Yunnan) Energy Storage Technology Co., Ltd. started construction in Simao Industrial Park, Yunnan [1] 3.4 Supply and Demand Analysis - **Supply Side**: After the Greenbushes project of Tianqi Lithium is put into operation in October 2025, the total production capacity will reach 24,000 tons/year, which may lead to a decline in the price of domestic (imported) lithium ore. The production volume of lithium carbonate in China in May is expected to increase, and the supply is expected to be loose. Some production lines will undergo inspections, and the production costs and profits of different production methods vary [2] - **Demand Side**: The monthly average production cost of lithium iron phosphate by different production processes in China is 32,000 - 110,000 yuan/ton. The production volume of lithium iron phosphate in May is expected to increase. The production costs of some cobalt - related products are rising, and the production volume of some products may change [2]

Group 1 - The Shanghai Composite Index increased by 0.38%, while the CSI New Energy Vehicle Industry Index rose by 0.82%, reaching 2040.3 points with a trading volume of 31.779 billion yuan [1] - The CSI New Energy Vehicle Industry Index has seen an increase of 8.05% over the past month, a decrease of 5.56% over the past three months, and a year-to-date increase of 4.07% [1] - The index includes 50 listed companies involved in various aspects of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [1] Group 2 - The top ten weighted companies in the CSI New Energy Vehicle Industry Index are BYD (14.35%), Huichuan Technology (11.18%), CATL (10.0%), Sanhua Intelligent Control (4.86%), Yiwei Lithium Energy (4.65%), Huayou Cobalt (3.86%), Ganfeng Lithium (2.85%), Greenmeadows (2.6%), Tianqi Lithium (2.46%), and Hongfa Technology (2.25%) [1] - The market share of the index's holdings is predominantly from the Shenzhen Stock Exchange at 82.98%, while the Shanghai Stock Exchange accounts for 17.02% [1] Group 3 - In terms of industry composition, the index's sample holdings are comprised of 55.56% in industrials, 25.54% in consumer discretionary, 17.74% in materials, and 1.16% in information technology [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Public funds tracking the new energy vehicle sector include several ETFs, such as Ping An CSI New Energy Vehicle Industry ETF and Huatai-PineBridge CSI New Energy Vehicle ETF [2]

Core Viewpoint - The Shenzhen Upstream Industry Index has shown a recent increase, indicating potential investment opportunities in the upstream sector of the market [1] Group 1: Index Performance - The Shenzhen Upstream Industry Index rose by 1.32%, closing at 3951.01 points, with a trading volume of 16.078 billion yuan [1] - Over the past month, the index has increased by 5.14%, while it has decreased by 4.57% over the last three months and is down 0.09% year-to-date [1] Group 2: Index Composition - The Shenzhen Upstream Industry Index is composed of companies from the upstream, midstream, and downstream sectors, providing diverse investment options for investors [1] - The index is based on a reference date of December 31, 2002, with a base point of 1000.0 [1] Group 3: Top Holdings - The top ten weighted stocks in the Shenzhen Upstream Industry Index include: - Ganfeng Lithium (5.27%) - Shanjin International (4.81%) - Yun Aluminum (4.64%) - Tianqi Lithium (4.54%) - Shenhuo Co. (4.0%) - Feilihua (3.7%) - Tongling Nonferrous Metals (3.66%) - China Rare Earth (3.62%) - Zhongmin Resources (3.17%) - Tianshan Aluminum (3.13%) [1] Group 4: Sector Allocation - The sector allocation of the index holdings is as follows: - Industrial metals: 34.91% - Rare metals: 32.53% - Precious metals: 10.22% - Coal: 6.42% - Other non-metal materials: 5.57% - Oil and natural gas: 3.86% - Other nonferrous metals and alloys: 3.39% - Oil and gas extraction and field services: 3.10% [2] Group 5: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - The sample adjustment typically does not exceed 20%, with special circumstances allowing for temporary adjustments [2]

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]