Core Viewpoint - Tianqi Lithium's performance is recovering due to the shortening of lithium concentrate pricing cycles and the digestion of previously high-priced inventory, despite a year-on-year revenue decline in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, Tianqi Lithium achieved revenue of 4.833 billion yuan, a year-on-year decrease of 24.71%, while net profit was 84.41 million yuan, marking a turnaround from losses [1] - The revenue decline was primarily due to lower sales volume and average selling prices of lithium compounds, while the net profit improvement was attributed to the shortening of the lithium concentrate pricing cycle [1] Group 2: Production Capacity and Resources - Tianqi Lithium has five established lithium chemical product production bases with a total capacity of approximately 91,600 tons per year, and a new lithium hydroxide project in Jiangsu with an annual capacity of 30,000 tons is in the trial phase [2] - The company has achieved 100% self-sufficiency in lithium resources, sourcing all lithium concentrate from its subsidiary Talison Lithium's Greenbushes lithium spodumene mine in Australia [2] - The total lithium concentrate production capacity from the Greenbushes mine is approximately 1.62 million tons per year, with plans for further expansion [2] Group 3: Market Trends and Pricing - In the first half of 2025, lithium carbonate inventory increased, and prices faced downward pressure, but a recovery in demand began in June, leading to a rebound in lithium carbonate prices [3] - As of July 2025, the average price of battery-grade lithium carbonate is approximately 78,000 yuan per ton, influenced by macroeconomic policies and supply disruptions [3] - The company plans to adopt a sales strategy focused on long-term contracts with leading industry players, complemented by futures trading to manage price volatility [3] Group 4: Technological Development - Tianqi Lithium has made significant progress in the research and development of next-generation solid-state batteries, successfully preparing for the industrialization of lithium sulfide, a core material [4] - The company is constructing a pilot project for lithium sulfide with an annual production capacity of 50 tons, utilizing new technology and equipment for rapid mass production [4] Group 5: Strategic Investments - In addition to in-house R&D, Tianqi Lithium is extending its industrial chain through external investments, holding approximately 3% of Beijing Weilan New Energy Technology Co., Ltd. and about 7.67% of SESAI Corporation [5] - The company has established a joint venture with Weilan New Energy focused on pre-lithiation anode materials and related manufacturing equipment [5]

第1 頁共11 頁 v 1.1.1 FF301 本月底法定/註冊股本總額： RMB 1,641,221,583 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8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9月1日 | | | | | | | | | | I. 法定/註冊股本變動 | | 不適用 | | | | | | | | | | 1. 股份分類 | | 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 | | | | | | | | | | | ...

天齐锂业9月1日大宗交易平台出现一笔成交，成交量5.00万股，成交金额208.05万元，大宗交易成交价 为41.61元，相对今日收盘价折价5.13%。该笔交易的买方营业部为国投证券股份有限公司北京中关村东 路证券营业部，卖方营业部为恒泰证券股份有限公司东莞南城宏北路证券营业部。 两融数据显示，该股最新融资余额为27.05亿元，近5日减少9511.66万元，降幅为3.40%。（数据宝） 9月1日天齐锂业大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 5.00 | 208.05 | 41.61 | -5.13 | 国投证券股份有限公司北 | 恒泰证券股份有限公司东 | | | | | | 京中关村东路证券营业部 | 莞南城宏北路证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生2笔大宗交易 ...

人民财讯9月1日电，9月1日下午，天齐锂业（002466）在2025年半年度业绩说明会上表示，公司已顺利 完成下一代固态电池核心原材料——硫化锂的产业化筹备工作，持续推进产品质量提升和降本技术优 化。针对下游硫化物固态电解质对硫化锂的需求，公司年产50吨硫化锂中试项目已实质落地并动工。项 目采用自主开发的硫化锂制备新技术、新设备，具有低风险、快速量产的能力，计划在四川眉山建设。 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 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 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 164,122,200 | RMB | | | 1 RMB | | 164,122,200 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 164,122,200 | RMB | | | 1 RMB | | 164,122,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香 ...

Group 1 - On September 1, Tianqi Lithium conducted a block trade of 50,000 shares, with a transaction amount of 2.0805 million yuan, accounting for 0.09% of the total transaction amount for the day [1] - The transaction price was 41.61 yuan, which is a discount of 5.13% compared to the market closing price of 43.86 yuan [1] - The buyer was Guotou Securities Co., Ltd., and the seller was Hengtai Securities Co., Ltd. [2]

Group 1 - The core viewpoint of the article highlights that Tianqi Lithium Industry (002466) reported a significant turnaround in its financial performance for the first half of 2025, achieving a revenue of 4.833 billion yuan and a net profit of 84.41 million yuan, marking a year-on-year increase of 101.62% [1] - The company's lithium product production costs have gradually aligned with the latest lower procurement prices, contributing to improved profitability [1] - The performance of the company's joint venture SQM also saw a year-on-year increase, which positively impacted investment income [1] Group 2 - The appreciation of the Australian dollar has resulted in increased foreign exchange gains for the company [1] - Huatai Securities has maintained an "overweight" rating for Tianqi Lithium, raising the highest target price to 47.92 yuan per share, a substantial increase of 50.03% from the previous target [1] - As of September 1, the closing price of Tianqi Lithium's shares was 43.86 yuan [1]

Summary of Tianqi Lithium Conference Call Company Overview - **Company**: Tianqi Lithium (9696.HK) - **Industry**: Lithium production and chemicals - **Current Price**: HK$40.66 - **12-Month Price Target**: HK$21.50 - **Downside Potential**: 47.1% Key Financial Highlights - **1H25 Net Profit**: Rmb87 million, EPS of Rmb0.053 per share, compared to a net loss of Rmb5.20 billion in 1H24 [1] - **Recurring Net Loss**: Rmb209 million, improved from Rmb3.07 billion in 1H24 [1] - **Interim Dividend**: Nil for 1H25, same as last year [1] - **Market Capitalization**: HK$66.7 billion [6] - **Enterprise Value**: HK$84.0 billion [6] Earnings Estimates Revision - **Earnings Estimates**: Revised down by 6-48% for 2025-27E due to higher minorities, partially offset by higher gross profit from lithium ore and chemicals [2] - **Gross Profit (GP) Estimates**: Revised up by 4-15% for 2025-27E [22] Industry Insights - **Lithium Pricing**: Recent supply disruptions in China are expected to support spot lithium carbonate prices above current domestic marginal costs [2] - **Global Supply Risks**: The risk on current spot prices, which are 39% above the bottom in June, is viewed as downside due to excess global capacity [2] - **Valuation Analysis**: Bottom-of-the-cycle valuation suggests a theoretical valuation of Rmb16.0 per share at US$10.5k/t-LCE, or Rmb20.8 per share at US$16.0k/t-LCE [2][34] Revenue Breakdown - **Lithium Ore**: Contributed 67% of total gross profit; revenue down 7% YoY but 17% above estimates [23] - **Lithium Compounds**: Contributed 33% of total gross profit; revenue decreased by 36% YoY, inline with estimates [24] Operational Metrics - **Operating Cash Flow**: Rmb1.82 billion in 1H25, down 19% YoY [26] - **Free Cash Flow**: Remained negative at Rmb1.23 billion [26] - **Net Gearing**: Increased to 19% in 1H25 from 16% at the end of 2024 [27] Risks and Challenges - **Key Risks**: 1. Higher lithium product prices 2. Project execution risk 3. Raw material purchase risk 4. Uncertainty in government policy affecting EV adoption 5. Currency and country risks related to overseas assets 6. Slower growth in EV battery recycling 7. Positive outcomes from SQM Atacama renewal [29][36] Conclusion - **Rating**: Maintain Sell rating for Tianqi Lithium with revised 12-month target prices at HK$21.5/Rmb23.0 [2][35]

Core Insights - The company reported a significant decline in revenue for the first half of 2025, with total revenue of 4,832,680,736.98 yuan, representing a year-on-year decrease of 24.71% [5] - Despite the revenue drop, the company achieved a net profit attributable to shareholders of 84,410,596 yuan, marking a turnaround from a loss in the previous year [5] - The company's total assets increased by 7.17% year-on-year, reaching 73,600,662,280.76 yuan, while net assets attributable to shareholders saw a slight increase of 0.04% [1] Financial Performance - Revenue for the reporting period was 4,832,680,736.98 yuan, down from 6,418,578,589.96 yuan in the same period last year [2] - Net profit attributable to shareholders was 84,410,596 yuan, compared to a loss of 5,205,769,094.18 yuan in the previous year, reflecting a 101.62% increase [2] - The net profit after deducting non-recurring gains and losses was 1,320,004.23 yuan, a significant recovery from a loss of 5,220,859,867.70 yuan [2] - The basic and diluted earnings per share improved to 0.05 yuan, compared to a loss of 3.18 yuan per share in the previous year [2] Operational Highlights - The company faced challenges due to fluctuations in lithium product prices, but the pricing mechanism for its subsidiaries has improved, reducing previous mismatches [2] - The company’s significant associate, SQM, reported a substantial increase in performance, contributing positively to the company's investment income [3] - The Australian dollar's strength has led to increased foreign exchange gains compared to the previous year [4] Mining Operations - The company holds mining rights to the world's largest lithium mine, the Greenbushes lithium spodumene mine, which had a total ore extraction of 2.6941 million tons in the reporting period [4] - The average grade of chemical-grade ore extracted was 1.89%, while technical-grade ore had an average grade of 3.85% [4] - According to Wood Mackenzie, the Greenbushes mine is expected to account for 20.4% of global production from hard rock lithium projects in 2025 [4] - The company also has a stake in SQM, which operates in the Atacama salt flat, projected to be the largest lithium brine project globally, contributing 36% of total lithium brine production in 2025 [4]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the lithium mining industry, focusing on supply disruptions and long-term reset costs related to lithium resources [1][3][12]. Core Insights and Arguments - **Supply Disruptions**: Eight lithium mines in Yichun, Jiangxi, are required to submit resource reports before the 930 deadline, potentially causing supply-side disturbances and affecting lithium resource tax rates [1][5]. - **Price Volatility**: The price of lithium carbonate futures is expected to fluctuate significantly in 2025 due to production halts or reductions in regions like Qinghai and Yichun, with prices potentially exceeding 90,000 yuan [1][8]. - **Market Surplus**: The lithium market is projected to experience surpluses of 190,000 tons and 215,000 tons of lithium carbonate equivalent (LCE) in 2025 and 2026, respectively, despite potential supply-side disturbances that could quickly shift the market to a tighter balance [1][12]. - **Valuation Methods**: Traditional PE valuation methods are deemed unstable for lithium mining companies due to price volatility; a reset cost approach is recommended for a more accurate long-term investment value assessment [1][13][14]. Company-Specific Insights - **Ganfeng Lithium**: Holds approximately 50 million tons of resources, with a mineral value of 56 billion yuan based on current lithium carbonate prices. The reset cost could reach 73 billion yuan, indicating potential undervaluation in the current market [1][14][16]. - **Companies to Watch**: Ganfeng Lithium, Tianqi Lithium, Zhongmin Resources, and Shengxin are highlighted for their stable resources and early investments in solid-state battery technology, indicating growth potential [1][17][18]. - **Zhongmin Resources**: Engaged in various minor metals and plans to start copper shipments in 2026, benefiting from low-cost advantages and increased demand in commercial aerospace [2][19]. - **Shengxin's Competitive Edge**: The company has expanded overseas through its smelting plant in Indonesia and has a leading position in ultra-thin and ultra-wide lithium belts, enhancing its competitiveness in the solid-state battery market [20]. Additional Important Points - **Tax Implications**: Lithium resource tax rates vary based on the classification and treatment of lithium, which can significantly impact company costs [7]. - **Future Price Trends**: The future trajectory of lithium carbonate prices will depend on supply-side changes post-930 deadline and overseas supply recovery [9][10]. - **Resonance of Supply Disturbances**: The importance of monitoring both domestic and international supply disturbances is emphasized, as they can significantly affect commodity prices [11]. This summary encapsulates the critical insights and data points discussed in the conference call, providing a comprehensive overview of the lithium mining industry and specific companies of interest.