Core Viewpoint - Tianqi Lithium is actively pursuing legal measures to protect its overseas investment rights, particularly concerning its stake in SQM, following a court ruling that dismissed its lawsuit against SQM's partnership agreement with Codelco [1][2]. Group 1: Legal Developments - Tianqi Lithium's subsidiary, Tianqi Chile, received a ruling from the Santiago Appeals Court rejecting its lawsuit regarding SQM's partnership agreement with Codelco, which was signed without shareholder approval [1]. - The partnership agreement is seen as detrimental to Tianqi Chile's voting rights and shareholder interests, prompting the company to consider further legal actions, including potential appeals [1][2]. - Tianqi Lithium has been monitoring the situation closely since the signing of the memorandum of understanding between SQM and Codelco in December 2023, which could undermine the rights of minority shareholders [2]. Group 2: Financial Impact - As of now, the court ruling does not affect the company's impairment testing assumptions related to its long-term investment in SQM, indicating no immediate impact on current profits [1]. - For the first three quarters of 2025, Tianqi Lithium reported revenues of 7.397 billion yuan, a year-on-year decrease of 26.5%, and a net profit of 180 million yuan, recovering from a loss of 5.701 billion yuan in the same period last year [3].

天齐锂业（002466）(002466.SZ)发布公告，2025年11月12日，公司全资子公司天齐智利收到智利圣地 亚哥上诉法院判决书，驳回了其诉讼请求，该判决非终审判决。SQM在未经其股东大会审批授权的情 况下与Codelco签署《合伙协议》，损害了公司全资子公司天齐智利作为SQM股东的投票权以及相关股 东权利。公司将在法律允许的范围内全面评估，不排除考虑在确保相关股东利益得到保障的前提下可能 采取进一步行动(包括但不限于提起上诉)。 ...

智通财经APP讯，天齐锂业(002466.SZ)发布公告，2025年11月12日，公司全资子公司天齐智利收到智利 圣地亚哥上诉法院判决书，驳回了其诉讼请求，该判决非终审判决。SQM在未经其股东大会审批授权 的情况下与Codelco签署《合伙协议》，损害了公司全资子公司天齐智利作为SQM股东的投票权以及相 关股东权利。公司将在法律允许的范围内全面评估，不排除考虑在确保相关股东利益得到保障的前提下 可能采取进一步行动(包括但不限于提起上诉)。 ...

SQM在未经其股东大会审批授权的情况下与Codelco签署《合伙协议》，损害了公司全资子公司天齐智 利作为SQM股东的投票权以及相关股东权利。本公司将在法律允许的范围内全面评估，不排除考虑在 确保相关股东利益得到保障的前提下可能采取进一步行动(包括但不限于提起上诉)。 天齐锂业（002466）(09696)发布公告，本公司全资子公司天齐智利于智利当地时间2024年7月26日就 CMF于2024年6月18日作出的决定向智利法院提起诉讼，智利法院于智利当地时间2025年5月14日进行 开庭审理。2025年11月12日，天齐智利收到智利法院就本次诉讼做出的判决书，其驳回了天齐智利的诉 讼请求。根据智利相关法律规定，该判决非终审判决。 ...

Core Viewpoint - Tianqi Lithium Industries (09696) has filed a lawsuit in Chile against a decision made by CMF on June 18, 2024, with the court hearing scheduled for May 14, 2025. The court ruling on November 12, 2025, dismissed Tianqi's claims, but this ruling is not final under Chilean law [1]. Group 1 - Tianqi Lithium's wholly-owned subsidiary, Tianqi Chile, initiated legal action in response to a decision made by CMF [1]. - The Chilean court is set to hear the case on May 14, 2025, following the lawsuit filed on July 26, 2024 [1]. - The court's ruling on November 12, 2025, rejected Tianqi's lawsuit, but it is important to note that this is not a final judgment according to Chilean legal standards [1]. Group 2 - SQM signed a partnership agreement with Codelco without approval from its shareholders, which undermined Tianqi Chile's voting rights and related shareholder rights as a shareholder of SQM [1]. - The company will conduct a comprehensive assessment within the legal framework and may consider further actions, including the possibility of an appeal, to protect shareholder interests [1].

關於本公司全資子公司提起訴訟之進展情況的公告 茲提述天齊鋰業股份有限公司（「本公司」或「公司」）日期為2024年6月3日、2024 年6月19日及2024年7月29日之公告（「該等公告」），內容有關本公司重要參股公 司SQM與Codelco簽署合夥協議及本公司全資子公司提起訴訟的事宜。除非文義 另有所指，本公告所用詞彙與該等公告所界定者具有相同涵義。 進展情況 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的內容概不負責，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 賴該等內容而引致的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） 本公司全資子公司天齊智利於智利當地時間2024年7月26日就CMF於2024年6月 18日作出的決定向智利法院提起訴訟，智利法院於智利當地時間2025年5月14日 進行開庭審理。2025年11月12日，天齊智利收到智利法院就本次訴訟做出的判決 書，其駁回了天齊智利的訴訟請求。根據智利相關法律規定，該判決非 ...

Core Viewpoint - Tianqi Lithium announced that its wholly-owned subsidiary, Tianqi Chile, received a ruling from a Chilean court on November 12, 2025, rejecting its lawsuit filed on July 26, 2024. The ruling is not final, and the company will conduct a comprehensive assessment, not ruling out further actions [1] Summary by Relevant Sections - **Legal Proceedings** - Tianqi Chile's lawsuit did not specify a monetary amount and is not expected to impact current profits [1] - The ruling is not a final judgment, indicating potential for further legal actions [1] - **Impact on Financials** - The current ruling is anticipated to have no immediate effect on the company's profits [1] - **Market Dynamics** - The collaboration between SQM and Codelco may alter SQM's future earnings, which could subsequently affect Tianqi Lithium's investment returns and equity [1] - The company will continue to evaluate the implications of this partnership on its financial performance [1]

股票代码：002466 股票简称：天齐锂业 公告编号：2025-053 天齐锂业股份有限公司 关于全资子公司提起诉讼的进展公告 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。 特别提示： 1、案件所处的诉讼阶段：2025年11月12日，公司全资子公司Inversiones TLC SpA（以下简 称"天齐智利"）收到智利圣地亚哥上诉法院（以下简称"智利法院"）就本次诉讼作出的判决 书，其驳回了天齐智利于智利当地时间2024年7月26日提交的诉讼请求。根据智利相关法律规定， 该判决非终审判决，公司将在法律允许的范围内全面评估，不排除考虑在确保相关股东利益得到 保障的前提下可能采取进一步行动（包括但不限于提起上诉）。 2、上市公司所处的当事人地位：公司全资子公司天齐智利为本案件的原告。 4、对上市公司损益产生的影响：截至目前，公司针对SQM长期股权投资的减值测试均基于 SQM披露的Partnership Agreement（以下简称"《合伙协议》"）内容及相关信息，本次诉求被 驳回不改变前述减值测试相关假设，因此预计该诉讼判决暂不会对当期利润产生影响。 公司提请广 ...

Summary of Conference Call on China Battery Materials Industry Overview - The lithium market is experiencing volatility due to potential supply disruptions from lepidolite mine suspensions and a stronger-than-expected battery production pipeline [1][2] - A demand-driven landscape is emerging, with expectations of a price and margin recovery in battery materials extending into 2026-27 [1] Key Insights - **Demand Growth Forecast**: Battery demand is projected to grow by 31% YoY in 2026, with Energy Storage Systems (ESS) and Electric Vehicle (EV) demand expected to increase by 45% YoY and 26% YoY, respectively [2][9] - **Destocking Trends**: Lithium destocking is estimated at ~15,000 tons during November 2025, with expectations that this trend will continue, favoring average selling price (ASP) increases and margin recovery in the lithium sector [3][19] - **Price Projections**: Forecasts for lithium prices (including VAT) are set at Rmb85,000/ton and US$890/ton during FY26 [3] Company-Specific Updates Ganfeng Lithium - **Rating Upgrade**: Ganfeng Lithium's stock rating has been upgraded to Buy, with a target price of Rmb85.51, reflecting a strong outlook due to robust battery demand and improving cost competitiveness from low-cost upstream resources [4][26][28] - **Financial Model Update**: FY25 EPS has been revised down by 16%, while FY26-27 EPS is revised up by 17% and 20%, respectively, indicating a positive outlook for the company's performance [27][34] Tianqi Lithium - **Rating Upgrade**: Tianqi Lithium's stock rating has also been upgraded to Buy, with a target price of Rmb71.69, supported by anticipated ASP and margin recovery due to strong battery demand [37][39] - **Financial Model Update**: FY25 EPS has been revised down by 29%, while FY26-27 EPS is revised up by 2% and 14%, respectively, reflecting a cautious yet optimistic outlook [38][45] Market Dynamics - **Supply Concerns**: The JXW mine's suspension has led to a decrease in lithium carbonate supply, but the resumption of operations is not expected to significantly alter the current destocking pattern [22][23] - **Backward Integration**: Battery manufacturers are increasingly integrating backward into lithium supply chains, indicating a potential upcycle in the lithium market [25] Additional Considerations - **Economic Factors**: The improving economics of ESS, particularly in China, are expected to support demand growth, with ESS projected to account for ~30% of total battery demand by 2030 [9][11] - **Investor Sentiment**: There are concerns regarding the sustainability of ESS demand growth, but industry checks suggest robust demand is likely to continue, driven by significant capacity expansions from major battery manufacturers [16][17] Conclusion - The lithium market is poised for recovery, driven by strong demand from the battery sector, particularly in ESS and EVs. Both Ganfeng and Tianqi Lithium are well-positioned to benefit from these trends, with upgraded ratings reflecting positive market sentiment and financial outlooks.

Market Overview - The energy metals sector experienced a decline of 1.32% on November 12, with Boqian New Materials leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable stock performances included: - Jidian Mining (600711) closed at 11.10, up 0.63% with a trading volume of 1.1145 million shares and a transaction value of 1.234 billion [1] - Ganfeng Lithium (002460) closed at 67.88, up 0.21% with a trading volume of 682,000 shares [1] - Boqian New Materials (605376) closed at 49.32, down 2.61% with a trading volume of 39,800 shares and a transaction value of 197 million [2] Capital Flow - The energy metals sector saw a net outflow of 744 million from institutional investors, while retail investors contributed a net inflow of 711 million [2] - The capital flow for specific stocks included: - Jidian Mining had a net inflow of 64.415 million from institutional investors [3] - Ganfeng Lithium experienced a net outflow of 67.128 million from institutional investors [3] - Boqian New Materials had a significant net outflow of 18.9704 million from institutional investors [3]