股票代码：002466 股票简称：天齐锂业 公告编号：2025-024 天齐锂业股份有限公司 关于 2024 年 A 股限制性股票激励计划首批授予登记完成的公告 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。 重要内容提示： 1、限制性股票首批授予日：2025年3月27日 2、限制性股票首批授予数量：44.1366万股 3、限制性股票首批授予人数：24人 天齐锂业股份有限公司（以下简称"公司"或"本公司"）于2025年3月27日召开 第六届董事会第二十二次会议和第六届监事会第十二次会议，审议通过了《关于调整 2024年A股限制性股票激励计划相关事项的议案》《关于向2024年A股限制性股票激励计 划激励对象首批授予限制性股票的议案》。董事会同意以2025年3月27日为首批授予日， 向24名激励对象授予共计44.1366万股限制性股票。根据中国证券监督管理委员会《上市 公司股权激励管理办法》、深圳证券交易所和中国证券登记结算有限责任公司深圳分公 司有关规则的规定，公司完成了2024年A股限制性股票激励计划（以下简称"本激励计 划"）的首批授予登记工作，现将相关事项 ...

| 截至月份: | 2025年3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4月3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 | | | | | | | | | | 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 | RMB | | 1 RMB | | 164,122,200 | | 增加 減少 / (-) | | | 0 | | | RMB | ...

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Summary of Tianqi Lithium Corp Conference Call Company Overview - **Company**: Tianqi Lithium Corp - **Ticker**: 002466.SZ - **Sector**: Basic Materials - **Main Activities**: Development, manufacturing, and shipment of lithium products including lithium carbonate, lithium chloride, and lithium hydroxide [12][22] Key Financial Highlights - **FY24 Results**: Reported a net loss of CNY 7.9 billion, aligning with the lower end of the profit warning range (CNY 7.1-8.2 billion) [1] - **4Q24 Performance**: - Net loss widened to CNY 2.2 billion, primarily due to an asset impairment loss of CNY 1.7 billion, including CNY 1.3 billion related to the Kwinana Lithium Hydroxide Plant 2 in Australia [1] - Revenue decreased by 58% year-on-year and 18% quarter-on-quarter to CNY 3 billion, attributed to weak lithium prices and reduced shipments of lithium concentrate [1][15] Production and Capacity Expansion - **Chemical Grade Plant 3 (CGP3)**: Construction at Greenbushes mine is on track, with first spodumene production expected in 4Q25. Total nameplate capacity will reach 2.14 million tons per annum post-completion [2] - **Domestic Refinery Plans**: Additional capacity of 30,000 tons per annum (ktpa) for lithium hydroxide and 1,000 tons for lithium metals is under construction [2] - **Volume Growth Forecast**: Estimated shipment volumes of lithium chemicals to grow by 5-12% from FY25 to FY27 [2] Financial Health and Outlook - **Balance Sheet**: Net-debt-to-equity ratio of 19% as of end-2024, with CNY 5.8 billion cash on hand, sufficient to cover capital expenditures for ongoing projects [3] - **Operating Cash Flow**: Positive operating cash flow of CNY 5.55 billion in FY24 [3] - **Profitability Recovery**: Expected gradual recovery in profitability for the lithium refinery business as high-cost inventories are consumed and pricing mechanisms are adjusted [3] - **Earnings Forecast**: FY25 and FY26 earnings revised down to CNY 1.07 billion and CNY 1.96 billion respectively, reflecting slower-than-expected recovery in lithium prices [3] Valuation and Target Price - **Target Price**: Reduced to CNY 32.00, based on a price-to-book (P/B) ratio of 1.2x for FY2026, which is 1 standard deviation below historical averages [5][13] - **Current Trading**: Stock trades at 1.2x FY26F P/B, with an implied upside of 3.3% from the closing price of CNY 30.99 [5][22] Risks and Considerations - **Downside Risks**: Include slower-than-expected capacity construction, lower lithium prices, and weaker demand in downstream sectors like electric vehicles and energy storage systems [13][17] - **Upside Risks**: Higher-than-expected lithium prices and stronger downstream demand could positively impact performance [18] Additional Insights - **Market Performance**: The stock has seen a decline of 34.8% over the past 12 months [9] - **ESG Commitment**: Tianqi Lithium is focused on monitoring environmental impact and ensuring sustainability in its operations, contributing to the electrification trend in the automotive market [14] This summary encapsulates the critical points from the conference call regarding Tianqi Lithium Corp's financial performance, production outlook, valuation, and associated risks.

Group 1 - The company reported a revenue of 13.063 billion yuan for 2024, a year-on-year decline of 67.75%, and a net profit attributable to shareholders of -7.905 billion yuan, a year-on-year decrease of 208.32% [1] - The decline in performance is primarily attributed to the drop in lithium prices, with the average spot price of battery-grade lithium carbonate in 2024 being 93,000 yuan per ton, a decrease of 65% year-on-year [1] - The company faced significant asset impairment losses amounting to 2.114 billion yuan in 2024, largely due to the full impairment provision for the Australian Phase II lithium hydroxide project [1] Group 2 - The company is actively developing new green extraction technologies for high-energy metallic lithium and is advancing the industrialization of sulfide lithium, a core material for next-generation solid-state batteries [1] - The company has established a lithium chemical product capacity of approximately 91,600 tons per year, with plans to expand total capacity to 122,600 tons per year [2] - The company signed an investment agreement with other lithium industry enterprises to jointly establish a tailings storage project and a water intake facility project [2] Group 3 - Due to the recent decline in lithium carbonate and lithium hydroxide prices, the company has revised its profit forecasts, expecting net profits of 1.253 billion yuan and 1.815 billion yuan for 2025 and 2026, respectively, which are reductions of 71.1% and 67.9% [3] - The company maintains a "buy" rating based on its leading position in the global industry and quality resource layout [3]

Core Viewpoint - Tianqi Lithium Industry is focusing on technological innovation and optimization of its layout, with the establishment of the Innovation Research Institute aimed at advancing research in next-generation high-performance lithium battery materials and other related fields [1][2]. Group 1: Innovation Research Institute - The Tianqi Lithium Innovation Research Institute has a total construction area of over 4,500 square meters and is located in the Chengdu Science and Technology Innovation Ecological Island [1]. - The institute will focus on key research areas such as comprehensive utilization of mineral resources, new lithium extraction technologies, and battery recycling [1][2]. - It aims to serve as a center for attracting high-level scientific research talent and facilitating the exchange of knowledge, technology, and experience [2]. Group 2: Achievements and Collaborations - The institute has already developed groundbreaking technologies, including the world's first preparation technology for lithium sulfide, a key material for solid-state electrolytes, which enhances battery energy density and safety [2]. - The third Innovation Season attracted 39 high-quality innovation projects from both domestic and international participants, promoting collaboration with several universities and research institutions [3]. - Tianqi Lithium has established deep cooperation with institutions like Beijing University of Science and Technology and Harbin Institute of Technology, focusing on the development of new materials and technologies for next-generation solid-state batteries [3]. Group 3: Future Plans - In 2024, the company plans to initiate over 20 company-level projects covering new product development and cutting-edge technology reserves [3]. - The company aims to publish 14 SCI/EI papers and achieve record highs in patent applications and grants [3].

Core Viewpoint - Tianqi Lithium Industries reported a significant decline in revenue and a net loss for the year 2024, marking a stark contrast to the previous year's profitability, attributed to a prolonged downturn in the lithium market [1][2]. Financial Performance - The company's operating revenue for 2024 was 13.063 billion yuan, a year-on-year decrease of 67.75% - The net loss attributable to shareholders was 7.905 billion yuan, a shift from a profit of 7.297 billion yuan in 2023 [1][2]. Market Conditions - The global lithium prices remained low throughout 2024, severely impacting Tianqi Lithium's performance - The company incurred losses exceeding 5 billion yuan in the first half of the year, with the full-year net loss reaching 7.905 billion yuan - Lithium carbonate prices experienced significant fluctuations, briefly rebounding to 110,000 yuan per ton after the Spring Festival, but subsequently declined due to reduced downstream demand and increased inventory [2]. Leadership Transition - Jiang Anqi, born in 1987 and holding a master's degree in business administration, officially took over as chairman of Tianqi Lithium in April 2024 - As the daughter of the founder, she has witnessed the company's ups and downs and has accumulated valuable management experience, which is now being tested in her first annual report [3]. Founder’s Confidence - Founder Jiang Weiping expressed strong trust in his daughter during the 2024 earnings briefing, emphasizing that the leadership transition was a well-considered decision and a form of inheritance - He highlighted Jiang Anqi's deep understanding of corporate culture, her experience during critical periods of the company's development, and her comprehensive knowledge of the company's governance and management systems [4].

Group 1: Market Overview - Lithium carbonate futures have been in a downward trend since December 2024, recently hitting a historical low of 72,400 yuan/ton, marking the lowest price since its listing [1] - As of March 28, the main lithium carbonate futures contract closed at 74,000 yuan, with a daily decline of 0.67% and a trading volume of 94,200 lots [1] - The market is currently dominated by short positions, with long-term net short positions in the main contracts, leading to increased downward pressure on prices [1][2] Group 2: Supply and Demand Dynamics - The supply-demand imbalance has been a significant factor in the continuous decline of lithium carbonate prices, with production increasing while demand has not kept pace [1][2] - Global lithium supply is expected to grow at an average annual rate of 32% from 2023 to 2024, with supply in 2023 projected to be double that of 2022 [3] - The demand for lithium carbonate has weakened, particularly in overseas electric vehicle markets, with a decline in demand expected in Europe and the U.S. due to reduced subsidies [4] Group 3: Company Performance - Major lithium companies like Tianqi Lithium and Ganfeng Lithium reported significant revenue declines in their 2024 financial results, with Tianqi's revenue down 67.75% to 13.063 billion yuan and a net loss of 7.905 billion yuan [5][6] - Ganfeng Lithium also reported a revenue drop of 42.66% to 18.906 billion yuan, marking its first annual loss since going public [6] Group 4: Future Outlook - The lithium carbonate market is expected to remain oversupplied, with predictions of a surplus of 89,000 tons in 2024 and an increase to 141,000 tons in 2025 [7] - Current lithium carbonate prices are nearing 70,000 yuan/ton, with limited downside potential due to cost support at around 68,000 yuan [8] - The market is awaiting signals for stabilization, focusing on supply contraction, demand growth, and inventory reduction [9]

Group 1 - The core viewpoint of the article highlights the significant financial downturn of Tianqi Lithium Industries, with a projected revenue of 13.063 billion yuan for 2024, representing a year-on-year decrease of 67.75%, and a net loss attributable to shareholders of 7.905 billion yuan, marking a shift from profit to loss [1] Group 2 - The article discusses a corruption case involving a state-owned enterprise, where a middle management employee, Wang, was found guilty of accepting bribes totaling approximately 8.969 million yuan over a decade [2][3] - The methods of bribery included cash, luxury watches, bank transfers, and payment of expenses, with one instance involving a bribe of 1 million yuan concealed in a seafood box [3] - The court sentenced Wang to ten years and six months in prison and imposed a fine of 700,000 yuan, considering his confession and return of embezzled funds [6]

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase in stock price of over 20% compared to the market benchmark index within the next six months [16]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.063 billion yuan, down 67.75% year-on-year, and a net loss of 7.905 billion yuan, a decrease of 208.32% year-on-year. The primary reason for this decline was the termination of the Quinan lithium hydroxide project, leading to a full impairment of assets worth 2.114 billion yuan [3][5]. - The production and sales of lithium concentrate showed a decrease in Q4 2024, with production at 392,000 tons (down 3.3% quarter-on-quarter) and sales at 312,000 tons (down 20.3% quarter-on-quarter) [4]. - The average selling price of lithium concentrate in Q4 2024 was 736 USD/ton, reflecting a 15.6% decrease quarter-on-quarter [4]. - The company anticipates a gradual recovery in net profit from 1.616 billion yuan in 2025 to 3.38 billion yuan in 2027, with corresponding PE ratios of 31, 17, and 15 [5]. Financial Data Summary - For 2024, the company achieved a revenue of 13.063 billion yuan, with a year-on-year growth rate of -68%. The net profit was -7.905 billion yuan, with a growth rate of -208% [6]. - The average cash production cost for lithium concentrate in 2024 was 326 AUD/ton, an increase of 14.59% year-on-year [5]. - The company’s inventory of lithium concentrate decreased by 26.9% year-on-year, indicating ongoing inventory digestion [5].