Group 1 - Lithium stocks continue to rise, with Ganfeng Lithium up 6.7% at HKD 42.36, Tianqi Lithium up 5.49% at HKD 44.94, CATL up 3.38% at HKD 565.5, and Zhongxin Innovation up 3.4% at HKD 34.7 [1] - National Natural Resources Department approved the mineral resource change report submitted by Guoxuan High-Tech, along with the associated mining design and ecological restoration plan [1] - Guoxuan High-Tech confirmed the report's approval, while CATL did not provide a direct response [1] Group 2 - Strong demand for domestic energy storage cells, with leading battery companies operating at full capacity and some orders extending into early next year [2] - By 2027, China's new energy storage installation capacity is expected to exceed 180 million kilowatts, driving an additional investment of approximately CNY 250 billion [2] - CITIC Securities remains optimistic about the energy storage and lithium battery sectors' growth potential [2]

Group 1 - Lithium stocks continue to rise, with Ganfeng Lithium up 6.7% at HKD 42.36, Tianqi Lithium up 5.49% at HKD 44.94, CATL up 3.38% at HKD 565.5, and Zhongxin Innovation up 3.4% at HKD 34.7 [1] - The National Natural Resources Department approved the mineral resource change report submitted by Guoxuan High-Tech, which includes the verification of reserves, beneficiation tests, industrial validation, mining design, and ecological restoration plans [1] - Other companies, including CATL, also submitted reports that were approved, although CATL did not provide a direct response to the news [1] Group 2 - There is strong demand for domestic energy storage cells, with leading battery companies operating at full capacity and some orders extending into early next year [2] - According to the "Special Action Plan," by 2027, China's new energy storage installation capacity is expected to exceed 180 million kilowatts, driving an additional investment of approximately CNY 250 billion [2] - CITIC Securities continues to be optimistic about the energy storage and lithium battery sectors, anticipating an increase in industry prosperity [2]

Core Viewpoint - Tianqi Lithium Industries has shown significant stock price growth this year, with a year-to-date increase of 43.55% and notable short-term gains in the last 5, 20, and 60 trading days [2] Group 1: Stock Performance - As of September 30, Tianqi Lithium's stock price reached 47.37 CNY per share, with a trading volume of 1.128 billion CNY and a turnover rate of 1.64%, resulting in a total market capitalization of 77.745 billion CNY [1] - The stock has experienced a 10.63% increase over the last 5 trading days, an 11.25% increase over the last 20 days, and a 41.83% increase over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Tianqi Lithium reported operating revenue of 4.833 billion CNY, a year-on-year decrease of 24.71%, while net profit attributable to shareholders was 84.411 million CNY, reflecting a year-on-year increase of 101.62% [2] - The company has distributed a total of 7.868 billion CNY in dividends since its A-share listing, with 7.137 billion CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders in Tianqi Lithium was 270,800, a decrease of 6.08% from the previous period, with an average of 5,451 circulating shares per shareholder, an increase of 6.45% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 64.8174 million shares, and China Securities Finance Corporation, which holds 27.8536 million shares, with various ETFs also increasing their holdings [3]

Core Viewpoint - Tianqi Lithium Industries has seen a stock price increase of 3.73% on September 29, reaching 46.44 CNY per share, with a total market capitalization of 76.218 billion CNY, reflecting a cumulative increase of 8.45% over four consecutive days [1] Group 1: Company Overview - Tianqi Lithium Industries, established on October 16, 1995, and listed on August 31, 2010, is located in Chengdu, Sichuan Province. The company specializes in the production and sales of lithium concentrate products and lithium compounds and their derivatives [1] - The revenue composition of Tianqi Lithium Industries is as follows: lithium compounds and derivatives account for 50.54%, lithium ore for 49.25%, and other products for 0.21% [1] Group 2: Fund Holdings - Silver Hua Fund has a significant holding in Tianqi Lithium Industries through its Silver New Energy Materials Quantitative Stock Fund A (005037), which held 343,200 shares, representing 2.21% of the fund's net value, making it the sixth-largest holding [2] - During the four-day stock price increase, the fund has realized a floating profit of approximately 124,240 CNY, with a daily profit of about 57,310 CNY [2] Group 3: Fund Manager Performance - The fund managers of Silver New Energy Materials Quantitative Stock Fund A include Zhang Kai, Yang Teng, and Li Yixuan, with varying tenures and performance records [3] - Zhang Kai has a tenure of 12 years and 323 days, with a best fund return of 130.54% and a worst return of -43.75% [3] - Yang Teng has been managing the fund for 3 years and 306 days, achieving a best return of 25.32% and a worst return of -34.29% [3] - Li Yixuan has a tenure of 7 years and 281 days, with a best return of 95.92% and a worst return of -32.56% [3]

Group 1 - Tianqi Lithium Industries Inc. experienced a stock price increase of 3.73% on September 29, reaching 46.44 CNY per share, with a trading volume of 4.014 billion CNY and a turnover rate of 5.92%, resulting in a total market capitalization of 76.218 billion CNY [1] - The stock has risen for four consecutive days, accumulating a total increase of 8.45% during this period [1] - The company, founded on October 16, 1995, and listed on August 31, 2010, primarily engages in the production and sales of lithium concentrate products and lithium compounds, with revenue composition being 50.54% from lithium compounds and derivatives, 49.25% from lithium ore, and 0.21% from other sources [1] Group 2 - According to data from the top ten holdings of funds, one fund under Huatai-PineBridge has a significant position in Tianqi Lithium, specifically the Huatai-PineBridge CSI New Energy Vehicle Industry ETF (516390), which reduced its holdings by 19,000 shares in the second quarter, maintaining 261,000 shares, representing 2.65% of the fund's net value [2] - The fund has realized a floating profit of approximately 435,900 CNY today and a total floating profit of 944,800 CNY during the four-day increase [2] - The Huatai-PineBridge CSI New Energy Vehicle Industry ETF was established on June 3, 2021, with a current size of 316 million CNY, achieving a year-to-date return of 48.53% and a one-year return of 76.57%, ranking 629 out of 4,221 and 751 out of 3,836 in its category, respectively [2]

Core Viewpoint - The recent surge in the non-ferrous metal sector is driven by a significant policy announcement aimed at stabilizing growth in the industry, leading to a notable increase in stock prices for related companies in both Hong Kong and A-shares markets [3][4]. Group 1: Market Performance - In the Hong Kong stock market, several non-ferrous metal companies saw substantial gains, including Zijin Mining (+5.60%), Ganfeng Lithium (+5.37%), and China Aluminum International (+5.29%) [1]. - A-shares also experienced a positive trend, with companies like Yicheng New Energy and Boqian New Materials hitting the daily limit up, and Hengdian East Magnetic rising by 6.16% [2]. Group 2: Policy Impact - The Ministry of Industry and Information Technology, along with eight other departments, released the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)", projecting an average annual growth of around 5% in the industry's added value and a 1.5% increase in the production of ten major non-ferrous metals [3]. - The plan addresses current challenges in the industry, proposing ten initiatives focused on resource security, supply optimization, transformation promotion, consumption expansion, and strengthening cooperation [3]. Group 3: Industry Outlook - The non-ferrous metal industry is showing strong performance, with a reported 7.8% year-on-year increase in the added value of large-scale non-ferrous metal industries from January to August 2025, outpacing the overall industrial growth [3]. - Analysts from various institutions express optimism about the sector's future, citing factors such as potential interest rate cuts by the Federal Reserve and seasonal demand increases in the aluminum and lithium markets [5].

Battery - Chuangneng New Energy launched a new generation 588Ah energy storage battery with an energy density of 190Wh/kg and a volume energy density of 419Wh/L, achieving an energy efficiency of 96.5%. The company plans to have over 200GWh of production capacity, with small-scale production expected in Q2 2026 and full-scale production in Q3 2026 [1] - EVE Energy's first large-capacity sodium-ion battery energy storage system has successfully entered commercial operation, featuring a cycle life of over 30,000 times and operational capabilities in a temperature range of -40℃ to +60℃, significantly reducing lifecycle carbon emissions by over 42% compared to lithium-ion batteries [2][3] Materials - Greenme's Qingmeibang park has opened a nickel electroplating production line with an annual capacity of 30,000 tons, achieving a nickel plate product purity of over 99.97%, contributing to a total global production capacity of 60,000 tons for Greenme [5][6] - Tianqi Lithium's battery-grade lithium hydroxide project, with a total investment of approximately 1.8 billion yuan, has been completed and put into production in Jiangsu Zhangjiagang Free Trade Zone [7] - Tibet Mining's battery-grade lithium carbonate project has officially commenced production, utilizing a complex membrane separation and MVR lithium extraction process, marking a significant achievement in challenging high-altitude conditions [8] Equipment - Mannesmann has completed the dual-line product layout for solid-state batteries, with multiple devices shipped and customer validation achieved [10] Battery Recycling - A project for processing waste lithium batteries has been publicly announced, aiming to handle approximately 11,000 tons of waste batteries annually using a low-temperature physical crushing technology developed by Southern University of Science and Technology, which avoids the pollution and high energy consumption associated with traditional methods [11]

Group 1 - Tianqi Lithium's 30,000-ton battery-grade lithium hydroxide project has been completed, with a ceremony held on September 25 [1] - The project is located in the Zhangjiagang Free Trade Zone, specifically in the Jiangsu Yangtze River International Chemical Industrial Park [1] - This facility is Tianqi Lithium's second fully automated battery-grade lithium hydroxide (lithium carbonate) plant in Zhangjiagang [1]

9月26日，天齐锂业盘中上涨2.46%，截至10:28，报45.79元/股，成交12.61亿元，换手率1.92%，总市值 751.52亿元。 资金流向方面，主力资金净流出5929.36万元，特大单买入6448.05万元，占比5.11%，卖出9326.11万 元，占比7.40%；大单买入2.59亿元，占比20.54%，卖出2.89亿元，占比22.96%。 天齐锂业今年以来股价涨38.76%，近5个交易日涨1.73%，近20日涨4.16%，近60日涨41.46%。 今年以来天齐锂业已经2次登上龙虎榜，最近一次登上龙虎榜为8月11日，当日龙虎榜净买入3.81亿元； 买入总计6.63亿元 ，占总成交额比17.81%；卖出总计2.82亿元 ，占总成交额比7.57%。 天齐锂业所属申万行业为：有色金属-能源金属-锂。所属概念板块包括：化肥、盐湖提锂、固态电池、 锂电池、小金属等。 截至6月30日，天齐锂业股东户数27.08万，较上期减少6.08%；人均流通股5451股，较上期增加6.45%。 2025年1月-6月，天齐锂业实现营业收入48.33亿元，同比减少24.71%；归母净利润8441.06万元，同比增 长101.6 ...

Tianqi Lithium Corporation (A joint stock company incorporated in the People's Republic of China with limited liability) 喍͚㤜ϧℾڞহస㽨ڷ⮱⿸㗎Ъᰶ䭽ڙथ喎 Stock Code 㗎ЪА㮌: 9696 中期報告 INTERIM REPORT 2025 目錄 Contents 02 釋義 DEFINITIONS 10 公司資料 CORPORATE INFORMATION 13 財務摘要 FINANCIAL HIGHLIGHTS 15 管理層討論及分析 MANAGEMENT DISCUSSION AND ANALYSIS 119 企業管治及其他資料 CORPORATE GOVERNANCE AND OTHER INFORMATION 162 未經審核中期財務報表 UNAUDITED INTERIM FINANCIAL STATEMENTS 170 未經審核中期財務報告附註 NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT 釋義 DEFINITIO ...