（股份代號：9696） 於2025年9月22日舉行的臨時股東大會表決結果公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Tianqi Lithium Corporation 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 茲提述天齊鋰業股份有限公司（「本公司」）日期為2025年8月29日的臨時股東大會 （「臨時股東大會」）通告及通函（「通函」），內容有關審議及批准變更部分回購A股 用途並註銷的決議案。除文義另有所指外，本公告所用詞彙與通函所界定者具有 相同含義。臨時股東大會已於2025年9月22日（星期一）於中國四川省成都市天府 新區紅梁西一街166號公司總部六樓會議室舉行，由董事長蔣安琪女士主持。 臨時股東大會的投票表決結果 本公司中國法律顧問北京中倫（成都）律師事務所劉志廣先生、鄭榕鑫先生擔任 本次臨時股東大會的見證人；股東代表謝軍先生和法律顧問劉志廣先生擔任計票 人；本公司H股過戶登記處香港中央證券登記有限公司、監事王東 ...

Core Insights - SK On plans to mass-produce all-solid-state batteries by 2029, marking a significant advancement in battery technology [3][39] - The solid-state battery sector has seen strong performance, with a year-to-date increase of 48.53% in the solid-state battery index [3][7] - The lithium battery sector continues to grow, with a year-to-date increase of 46.79% in the lithium battery index [3][7] Market Review - The Shanghai Composite Index fell by 1.3% this week, while the solid-state battery index decreased by 2.09% [3][7] - Year-to-date, the Shanghai Composite Index has risen by 13.97%, and the lithium equipment sector has surged by 122.31% [3][7] - Trading volume for the entire A-share market was 12,589.23 billion yuan, up 8.23% week-on-week [3][7] Price Tracking - Lithium carbonate (battery-grade Li2CO3 ≥99.5%) is priced at 73,000 yuan per ton, up by 1500 yuan from the previous week [3][13] - The price of lithium iron phosphate (domestic) remains stable at 34,300 yuan per ton [3][13] - The price of ternary materials (523) increased by 6.5 yuan per kilogram to 115.3 yuan [3][13] Industry News - Several companies are advancing in solid-state battery technology, including: - Ganfeng Lithium has achieved trial production of solid-state batteries for certain vehicle models [3][31] - Panasonic Energy is focusing on solid-state battery production, aiming for sample shipments by 2026 [3][32] - Tianqi Lithium has commenced a pilot project for producing 50 tons of lithium sulfide [3][35] - Zhonggu Shidai has completed Pre-A financing to accelerate the industrialization of solid-state batteries [3][30] Demand Tracking - In the first eight months of 2025, the production of power and other batteries reached 970.7 GWh, a year-on-year increase of 54.3% [3][41] - The power battery installation volume for the same period was 417.9 GWh, up 43.1% year-on-year [3][41] - Exports of power batteries totaled 111.5 GWh, reflecting a year-on-year increase of 30.3% [3][41]

Market Overview - The Shanghai Composite Index rose by 0.22% on September 22, with 11 sectors experiencing gains, led by the electronics and computer sectors, which increased by 3.71% and 1.70% respectively [1] - The non-ferrous metals sector ranked third in terms of gains for the day, increasing by 0.98% [2] Fund Flow Analysis - The main funds in the market saw a net outflow of 18.892 billion yuan, with only four sectors experiencing net inflows. The electronics sector led with a net inflow of 9.357 billion yuan [1] - The non-ferrous metals sector had a net outflow of 1.435 billion yuan, with 137 stocks in the sector, of which 65 rose and 71 fell [2] Non-Ferrous Metals Sector Performance - The top three stocks in the non-ferrous metals sector by net inflow were Zhongjin Gold, Shandong Gold, and Hunan Silver, with net inflows of 250 million yuan, 250 million yuan, and 229 million yuan respectively [2] - The stocks with the highest net outflows included Ganfeng Lithium, Tianqi Lithium, and Shengtun Mining, with outflows of 852 million yuan, 389 million yuan, and 262 million yuan respectively [4] Top Gainers in Non-Ferrous Metals - Notable gainers in the non-ferrous metals sector included Zhongjin Gold (+9.42%), Shandong Gold (+5.45%), and Hunan Silver (+9.93%) [2] - The trading volume for these stocks indicated significant investor interest, with turnover rates ranging from 1.49% to 14.42% [2] Top Losers in Non-Ferrous Metals - Major losers in the sector included Ganfeng Lithium (-0.53%), Tianqi Lithium (-2.53%), and Shengtun Mining (-3.08%), indicating a shift in investor sentiment [4] - The turnover rates for these stocks were also notable, with Ganfeng Lithium at 10.57% and Tianqi Lithium at 3.87% [4]

Market Overview - On September 22, the energy metals sector declined by 0.72%, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Huayou Cobalt (603799) closed at 52.72, up 2.25% with a trading volume of 1.1924 million shares and a transaction value of 6.334 billion [1] - Cangge Mining (000408) closed at 54.24, down 0.11% with a trading volume of 84,000 shares [1] - Ganfeng Lithium (002460) closed at 52.54, down 0.53% with a trading volume of 1.2772 million shares and a transaction value of 6.638 billion [1] - Other notable declines include Tengyuan Cobalt (301219) down 5.59% and Tianqi Lithium (002466) down 2.53% [2] Capital Flow Analysis - The energy metals sector experienced a net outflow of 1.698 billion in main funds, while retail funds saw a net inflow of 758 million [2][3] - Ganfeng Lithium (002460) had a main fund net outflow of 718 million, with retail inflows of 344 million [3] - Tianqi Lithium (002466) also faced a main fund net outflow of 370 million, with retail inflows of 217 million [3]

Core Viewpoint - The article discusses the rising prices of lithium and rare earth metals amid the "anti-involution" trend, highlighting the performance of rare metal ETFs, particularly the 嘉实中证稀有金属ETF (562800) [1][16]. Group 1: Market Performance - The technology sector, particularly communication and electronics, has seen significant gains, with ETFs like the communication ETF (159695) and the Sci-Tech Chip ETF (588200) both exceeding 50% year-to-date [3]. - The non-ferrous metals sector has also performed well, with an annual increase of 51.05% [4]. - The rare earth ETF 嘉实 (516150) and the rare metal ETF (562800) have recorded year-to-date increases of 64.2% and 51.9%, respectively [4]. Group 2: Economic Factors - The Federal Reserve's recent interest rate cut of 25 basis points marks the beginning of a new easing cycle, which is expected to enhance liquidity and stimulate demand in the downstream sectors [6]. - The "anti-involution" policy is addressing structural supply-side issues, particularly in industries like new energy vehicles, photovoltaics, and lithium batteries [8]. Group 3: Lithium Market Insights - Lithium carbonate prices have been on the rise, with futures prices increasing over 20% since July [8]. - The lithium sector's listed companies reported a 54% year-on-year increase in net profit, totaling 37.26 billion yuan in the first half of the year [10]. - Demand for lithium is projected to reach 1.386 million tons of LCE by 2025, with a year-on-year growth of 20.4% [11]. Group 4: Rare Earth Market Insights - China holds over one-third of the global rare earth reserves and has a significant share of the global production and processing capacity [15]. - The rare earth prices have surged due to supply chain concerns and increased inventory accumulation by foreign manufacturers [15]. - Companies like 北方稀土 have reported substantial revenue growth, with a 45.2% increase in revenue and a 19-fold increase in net profit year-on-year [15]. Group 5: ETF Overview - The 嘉实中证稀有金属ETF (562800) strategically allocates 40% of its weight to small metals, including rare earths, and 20% to energy metals like lithium, nickel, and cobalt [22]. - The ETF has seen a significant increase in fund size, reaching 2.73 billion yuan, with a 119.7% increase in fund shares this year [27].

Group 1 - The core viewpoint is that the non-ferrous metal industry index (399395) has shown strong performance, with significant gains in individual stocks such as Zijin Mining and Shandong Gold, driven by a surge in spot gold prices and supportive monetary policies [1][2] - The non-ferrous metal industry index reflects the overall performance of listed companies in the non-ferrous metal sector, comprising 50 securities with notable scale and liquidity [1] - The recent increase in gold prices is attributed to central bank reserves and resilient employment in the U.S. economy, which may extend the current interest rate cut cycle, creating a favorable environment for gold investments [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 50.35% of the index, including companies like Zijin Mining and Northern Rare Earth [2] - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, providing investors with a means to invest in this specific sector [1][3]

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" and is maintained [6]. Core Views - The report indicates that the company's total revenue for the first half of 2025 was 4.833 billion yuan, a year-on-year decrease of 24.71%. However, the net profit attributable to shareholders was 84 million yuan, showing a significant increase of 101.62% year-on-year. The net profit after deducting non-recurring items was 1.32 million yuan, also up by 100.03% year-on-year [2][4]. - In the second quarter of 2025, the company reported revenue of 2.248 billion yuan, a quarter-on-quarter decline of 12.99%, and a net loss attributable to shareholders of 20 million yuan, a significant decrease of 119.05% quarter-on-quarter. The net profit after deducting non-recurring items was a loss of 4.3 million yuan, down 197% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - In the first half of 2025, Tianqi Lithium achieved total revenue of 4.833 billion yuan, down 24.71% year-on-year. The net profit attributable to shareholders was 84 million yuan, up 101.62% year-on-year, while the net profit after deducting non-recurring items was 1.32 million yuan, up 100.03% year-on-year [2][4]. - For the second quarter of 2025, the company reported revenue of 2.248 billion yuan, a decrease of 12.99% from the previous quarter. The net profit attributable to shareholders was a loss of 20 million yuan, down 119.05% quarter-on-quarter, and the net profit after deducting non-recurring items was a loss of 4.3 million yuan, down 197% quarter-on-quarter [2][4]. Market Conditions - The report highlights that lithium prices have been declining rapidly, which has increased the company's profitability pressure. The average price of battery-grade lithium carbonate in the second quarter of 2025 was 65,300 yuan per ton, a decrease of 14% quarter-on-quarter [11]. - The report also notes that the Greenbush project contributed a net profit of 584 million yuan to Tianqi Lithium in the first half of 2025, with a production volume of 340,000 tons of lithium concentrate in the second quarter, which remained stable [11]. Future Outlook - The report suggests that the company may see an operational turning point in the third quarter of 2025, as the lithium prices are expected to rebound from the current low levels [11]. - The completion of the CGP3 plant is anticipated to be delayed until December 2025, which will increase the company's lithium concentrate production capacity to 2.14 million tons per year [11].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a relative increase of over 20% in stock price compared to the market benchmark within the next six months [5][15]. Core Insights - The company reported a revenue of 4.833 billion yuan in H1 2025, a decrease of 25% year-on-year, while the net profit attributable to shareholders was 84 million yuan, an increase of 102% year-on-year [2]. - The report highlights that cost advantages are helping to offset the pressure from lithium prices, with expectations for increased production from mining operations [1][5]. - The company has confirmed an investment income of 235 million yuan from SQM, marking a return to profitability compared to the previous year [2]. Financial Performance Summary - In Q2 2025, the company achieved a revenue of 2.248 billion yuan, a decrease of 13% quarter-on-quarter, with a net loss of 20 million yuan [2]. - Lithium concentrate production in Q2 2025 was 340,000 tons, a slight decrease of 0.2% quarter-on-quarter but an increase of 2.3% year-on-year [3]. - The average selling price of lithium concentrate in Q2 2025 was 725 USD/ton, down 8.3% from the previous quarter [3]. - The cash production cost per ton in Q2 2025 was 366 AUD, an increase of 7.3% quarter-on-quarter, primarily due to lower ore grades [3]. Production and Cost Guidance - The company has provided production guidance for FY25, estimating an actual output of 1.479 million tons, with cash costs expected to be 325 AUD/ton, aligning with previous expectations [4]. - The production capacity of the lithium hydroxide plant in Australia is gradually increasing, with Q2 2025 output at 2,126 tons, a 36% increase quarter-on-quarter [4]. Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits of 1.105 billion yuan, 1.556 billion yuan, and 1.790 billion yuan for 2025, 2026, and 2027 respectively [5].

Group 1 - The core viewpoint of the news is that the lithium extraction from salt lake concept has shown a positive performance in the market, with a 1.11% increase, ranking third among concept sectors [1][2] - Within the salt lake lithium extraction sector, 31 stocks rose, with notable performers including Wanli Stone, Ganfeng Lithium, and *ST Zhengping, which reached the daily limit [1][2] - The leading gainers in the sector included Bluestar Technology, Tianqi Lithium, and Shengxin Lithium Energy, with increases of 5.16%, 4.31%, and 3.02% respectively [1][2] Group 2 - The salt lake lithium extraction sector attracted a net inflow of 2.095 billion yuan from major funds, with 17 stocks receiving net inflows [2][3] - Ganfeng Lithium led the net inflow with 1.796 billion yuan, followed by Huayou Cobalt, Tianqi Lithium, and Yiwei Lithium Energy with net inflows of 449 million yuan, 383 million yuan, and 157 million yuan respectively [2][3] - The net inflow ratios for Ganfeng Lithium, Wanbangda, and Huayou Cobalt were 22.75%, 12.45%, and 9.67% respectively, indicating strong investor interest [3]

Market Overview - The Shanghai Composite Index fell by 0.30% on September 19, with 16 industries experiencing gains, led by coal and non-ferrous metals, which rose by 1.97% and 1.19% respectively [2] - The automotive and pharmaceutical industries saw the largest declines, with drops of 1.94% and 1.41% respectively [2] - Overall, there was a net outflow of 58.733 billion yuan in the main funds across the two markets, with 8 industries seeing net inflows [2] Non-Ferrous Metals Industry - The non-ferrous metals industry increased by 1.19%, with a net inflow of 872 million yuan in main funds [3] - Out of 137 stocks in this sector, 74 rose, including 2 that hit the daily limit, while 61 declined [3] - The top stocks with significant net inflows included Ganfeng Lithium, which saw an inflow of 1.796 billion yuan, followed by Huayou Cobalt and Tianqi Lithium with inflows of 449 million yuan and 383 million yuan respectively [3] Fund Flow Analysis Inflow Rankings - Ganfeng Lithium (002460) had a price increase of 10.00% with a turnover rate of 12.62% and a main fund flow of 1.796 billion yuan [4] - Other notable inflows included Huayou Cobalt (603799) with a 1.96% increase and a fund flow of 449 million yuan, and Tianqi Lithium (002466) with a 4.31% increase and a fund flow of 382 million yuan [4] Outflow Rankings - Northern Rare Earth (600111) experienced a decline of 2.18% with a main fund outflow of 654.812 million yuan [6] - China Rare Earth (000831) fell by 1.78% with an outflow of 228.038 million yuan, and Northern Copper (000737) dropped by 5.12% with an outflow of 169.024 million yuan [6]