Core Viewpoint - The number of registered new energy vehicle (NEV) related enterprises in China has been increasing year by year, with over 1.427 million existing enterprises as of now, and a peak of over 332,000 expected in 2024 [4] Group 1: Market Performance - The new energy vehicle ETF (515700) saw a morning increase of over 1%, with a latest price of 1.73 yuan and a trading volume of 21.9244 million yuan [1] - The new energy vehicle ETF has accumulated a rise of 7.29% over the past three months, ranking in the top half among comparable funds [1] - The latest scale of the new energy vehicle ETF reached 2.434 billion yuan, also placing it in the top half among comparable funds [1] Group 2: Industry Growth - In the first two months of 2025, NEV production and sales reached 190,000 and 185,000 units respectively, showing year-on-year increases of 52% and 51.98%, with a market share of 40% [4] - The penetration rate of new energy vehicles reached 41.91% in February, indicating rapid growth in production and sales [4] - The number of newly registered NEV-related enterprises in 2025 is approximately 65,000, continuing the trend of annual growth [4] Group 3: Key Companies - The top ten weighted stocks in the China Securities New Energy Vehicle Industry Index (930997) account for 56.9% of the index, with BYD (002594) and CATL (300750) being the largest contributors [5] - The weightings of the top stocks include BYD at 10.75%, CATL at 10.58%, and Huichuan Technology at 9.99% [7]

Core Viewpoint - Northern Copper Industry has seen a significant increase in stock price, with the non-ferrous metal ETF fund (516650) experiencing over 10 million inflows in the past 10 days [1][3]. Group 1: Market Performance - As of March 24, 2025, the CSI Non-ferrous Metal Industry Theme Index (000811) rose by 1.55%, with Northern Copper Industry hitting the daily limit, Jiangxi Copper up by 5.72%, and Baotai Co. up by 5.13% [3]. - The non-ferrous metal ETF fund (516650) increased by 1.50% [3]. - Over the past two weeks, the non-ferrous metal ETF fund has accumulated a rise of 1.53% and a net subscription of 10.6644 million yuan [3]. Group 2: Fund Characteristics - The management fee for the non-ferrous metal ETF fund is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [3]. - The tracking error for the non-ferrous metal ETF fund over the past month is 0.005%, indicating the highest tracking precision among comparable funds [3]. Group 3: Index Composition - As of February 28, 2025, the top ten weighted stocks in the CSI Non-ferrous Metal Industry Theme Index account for 49.57% of the index, including Zijin Mining, China Aluminum, Northern Rare Earth, and others [4].

天齐锂业（SZ 002466，收盘价：31.47元）3月21日晚间发布公告称，公司2024年年度业绩说明会 定于2025年3月27日（星期四）下午15:00-16:00，以网络远程视频直播的形式进行。出席本次业绩说明 会的人员有：董事长蒋安琪女士、董事会名誉主席蒋卫平先生、董事/财务总监/执行副总裁邹军先生、 董事会秘书/副总裁/香港联席公司秘书张文宇先生、独立董事向川先生。 2024年1至6月份，天齐锂业的营业收入构成为：化学原料及化学制品制造业占比59.9%，矿藏开采 及销售占比40.06%，其他业务占比0.04%。 （文章来源：每日经济新闻） 天齐锂业：业绩说明会定于3月27日举行 ...

为充分尊重广大投资者，提升交流效率，现就公司 2024 年度网上业绩说明会提前 向投资者征集问题，广泛听取投资者的意见和建议。提问通道自发出公告之日起开放， 投资者可通过访问同顺路演问题征集页面（https://board.10jqka.com.cn/rs/pc/detail?roads howId=1010428）或"天齐锂业投资者关系"微信小程序问题征集页面（https://www.yu ediaoyan.com/research/index.php/Home/Live/roadshow_detail/id/8131），或扫描下方任一二 维码，进入本次年度业绩说明会的问题征集专题页面。公司将在 2024 年度业绩说明会 上，对投资者普遍关注的问题进行回答。 天齐锂业股份有限公司（以下简称"公司"）将于 2025 年 3 月 27 日在巨潮资讯网 （http://www.cninfo.com.cn）和指定信息披露媒体披露公司《2024 年年度报告》及摘要。 为了让广大投资者进一步了解公司 2024 年度经营情况，公司将于 2025 年 3 月 27 日（星期四）下午 15:00-16:00 举办 2024 ...

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通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通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） （股份代號：9696） 蔣安琪 香港，2025年3月13日 於本通告日期，董事會由以下成員組成：執行董事蔣安琪女士、蔣衛平先生、夏 浚誠先生及鄒軍先生；及獨立非執行董事向川先生、唐國瓊女士、黃瑋女士及吳 昌華女士。 天齊鋰業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年3月26日（星期三）舉行董事會會議，藉以（其中包括）考慮及批准本公司及 其附屬公司截至2024年12月31日止年度之全年業績及其發佈，考慮派發末期股息 （如有），以及處理其他事項。 承董事會命 天齊鋰業股份有限公司 董事長兼執行董事 董事會會議通告 ...

Core Viewpoint - The lithium industry is entering a clearing phase, with potential for price increases due to production cuts and supply-demand improvements [2][3]. Group 1: Market Trends - Historical data shows that during the last lithium cycle, stock prices generally trended upward despite fluctuations, with Ganfeng Lithium's stock rising by 162.3% over a 15-month clearing period [2]. - As of January 2024, six Australian mines have announced production cuts or delays, indicating a potential for further reductions in 2025, which could enhance the supply-demand balance [2]. Group 2: Valuation Methods - The lithium sector lacks a clear valuation anchor, with companies experiencing extreme fluctuations in price-to-earnings (PE) ratios, sometimes exceeding hundreds of times during upswings and dropping below 10 times after peaks [3]. - Alternative valuation methods, such as the replacement cost method, may provide a more accurate reflection of asset values, especially given the volatility of lithium prices [3]. Group 3: Replacement Cost Calculation - The replacement cost method assesses the total cost required to acquire or construct a new asset under current conditions, including intangible assets like mining rights and fixed assets such as lithium refining and mining facilities [4]. - The calculation of replacement costs involves determining the value of lithium resources per ton and applying it to the resource quantities of various lithium mines, as well as estimating the investment costs for refining and mining operations [4]. Group 4: Current Valuation Status - Based on replacement cost calculations, companies like Ganfeng Lithium, Tianqi Lithium, Shengxin Lithium, and Yahua Group are already trading below their replacement costs, indicating potential undervaluation [5]. - Other companies, while having lower replacement costs than their current market values, may still be undervalued due to uncalculated non-lithium business assets [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 增加備註 備註： 1. 因本公司是於中華人民共和國註冊成立的股份有限公司，"法定股本"之概念不適用於本公司。在上述第 I 部顯示的資料是指本公司的"註冊股本"。 _ 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2月28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3月3日 | | | | | | | | 法定/註冊股本變動 I. | 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 ...

Summary of Tianqi Lithium's Conference Call Company Overview - **Company**: Tianqi Lithium - **Date**: February 26, 2025 Key Points Industry Challenges and Financial Performance - Tianqi Lithium faces multiple challenges including pricing mismatches in aluminum products, tax litigation with SQM, suspension of the Kwinana Phase II project, and foreign exchange losses, leading to a decline in investment income [2][3] - The company anticipates a loss of 7.1 to 8.2 billion yuan for the year 2024, primarily due to significant declines in aluminum product prices and increased asset impairment losses [3] Production Capacity and Developments - The Greenbush lithium mine's capacity is steadily increasing, with the CDP3 plant expected to commence production in Q4 2025, raising capacity to 2.14 million tons per year [2][4] - Current lithium hydroxide production capacity stands at 188,600 tons per year, with a new 30,000-ton project in Zhangjiagang expected to be completed within 18 to 24 months, increasing total capacity to 218,600 tons per year [2][6] Kwinana Project Status - The Kwinana Phase II project has been terminated, while Phase I is still ramping up and is projected to produce approximately 5,000 to 6,000 tons in 2024 [2][10] - The total impairment for the Kwinana Phase II project is about 400 million yuan, with an additional inventory impairment of approximately 770 million yuan, impacting net profit by around 770 million yuan [2][14] Cost Structure - The cash mining cost at the Greenbush mine is approximately 300 AUD, with total costs around 500 AUD, translating to about 18,000 to 20,000 USD per ton [4][12] - The average cost of lithium carbonate from the Adaparama salt lake is between 5,000 to 7,000 USD, with costs rising due to electricity and environmental factors [4][13] SQM Resource Allocation Impact - Starting in 2025, SQM will receive 33,500 tons of lithium resource revenue, which will affect Tianqi Lithium's investment income. After 2030, resource allocation will be based on equity ratios [2][11] Future Plans and Innovations - Tianqi Lithium is expanding its metal lithium production capacity in Chongqing, targeting an additional 1,000 tons per year [2][17] - The company is focusing on the development of next-generation battery materials, particularly sulfide solid electrolytes, and has received positive feedback from downstream customers on high-purity lithium sulfide products [2][17] Impairment Provisions - The company plans to recognize an impairment of 2.2 billion yuan, reflecting current market conditions and asset value adjustments [2][14] Market Conditions - The procurement cost for refined materials has decreased from high levels at the end of 2023 to around 1,300 USD, with December prices for lithium around 705 USD [2][7] This summary encapsulates the critical insights from Tianqi Lithium's conference call, highlighting the company's operational challenges, production developments, financial outlook, and strategic initiatives in the lithium industry.

股票代码：002466 股票简称：天齐锂业 公告编号：2025-006 天齐锂业股份有限公司 关于 2024 年度计提资产减值准备的进展公告 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。 三、风险提示 为了真实、准确地反映公司截至2024年12月31日的财务状况及2024年度经营成果， 基于谨慎性原则，公司目前仍将根据《企业会计准则》等相关规定对公司相关资产进行 持续的减值测试。截至本公告披露日，预计计提资产减值准备金额数据尚未经审计，最 终的计提减值金额尚待进一步验证和确认，最终结果请以审计后的公司《2024年年度报 告》为准。如确认后的资产减值损失金额对公司2024年度经营业绩造成较大影响，公司 将及时履行信息披露义务。 请投资者理性投资，注意投资风险。 特此公告。 一、背景 天齐锂业股份有限公司（以下简称"公司"）分别于2016年和2017年在澳大利亚启 动了"年产2.4万吨电池级单水氢氧化锂项目"（以下简称"一期氢氧化锂项目"）和"第 二期年产2.4万吨电池级单水氢氧化锂项目"（以下简称"二期氢氧化锂项目"）建设相关 工作。目前，一期氢氧化锂项目处于 ...

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1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2月5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 | R ...