Core Viewpoint - The establishment of two joint ventures by Tianqi Lithium and CATL marks significant progress in lithium mining operations in Sichuan, focusing on mining, water supply, and tailings management [2][4][7]. Group 1: Joint Ventures and Operations - Tianqi Lithium's subsidiary and CATL's subsidiary jointly established Sichuan Muyunze Mining Co., Ltd. on June 12, with a registered capital of 500 million yuan, focusing on mining and non-metallic mineral sales [4][5]. - The joint venture, Sichuan Muyunze, is strategically located near Tianqi Lithium's Zuo La lithium mine, which is part of a world-class lithium mineralization belt with over 6.5 million tons of identified resources [5][6]. - Another joint venture, Sichuan Miaowei Water Co., Ltd., was also established on June 12, with a registered capital of 200 million yuan, focusing on water production and supply [7]. Group 2: Infrastructure and Collaboration - The collaboration between Tianqi Lithium and CATL encompasses essential infrastructure for lithium mining, including electricity, water, and tailings management, which are critical for mining operations [3][7]. - In July 2023, Zijin Mining acquired a 20% stake in Tianqi Lithium's subsidiary, enhancing its mining capabilities and accelerating lithium extraction processes [6]. - A cooperation agreement was signed in March 2022 among Tianqi Lithium, CATL, and Huirong Mining for the construction and operation of a 220kV power supply project, indicating substantial progress in mining infrastructure [6]. Group 3: Market Context - The lithium carbonate market is currently experiencing price fluctuations, with futures prices dropping below 60,000 yuan per ton as of late May [8].

Group 1: Ganfeng Lithium - Ganfeng Lithium has established a closed-loop lithium ecosystem with an integrated layout across upstream lithium resource development, midstream lithium salt processing, and downstream lithium battery manufacturing and recycling [1][2] - The company has a lithium salt production capacity of over 150,000 tons LCE domestically and an additional 40,000 tons LCE from the Cauchari lithium salt lake in Argentina, totaling nearly 200,000 tons LCE [1][2] - Ganfeng Lithium is expanding its lithium salt processing capacity to meet growing demand while maintaining risk control and effective inventory management [1][2] Group 2: Tianqi Lithium - Tianqi Lithium focuses on strategic resource layout in China, Australia, and Chile, aiming to build leading-scale lithium compound production bases [6][7] - The company has a lithium concentrate production capacity of 162,000 tons per year at the Greenbushes lithium mine, with plans for further expansions [7] - Tianqi Lithium holds a 22.16% stake in SQM, the largest lithium salt lake producer globally, which enhances its investment returns [9] Group 3: Salt Lake Potash - Salt Lake Potash has a chlorate potassium production capacity of 5 million tons per year, playing a crucial role in stabilizing the potassium fertilizer market [11] - The company has a current lithium carbonate production capacity of 30,000 tons per year, with plans for a new integrated lithium salt project with a capacity of 40,000 tons per year [12] Group 4: Yongxing Materials - Yongxing Materials has established a dual business model of "new materials + new energy," optimizing its entire industry chain to reduce costs and enhance competitiveness [14][15] - The company has achieved a carbon lithium production cost of 50,000 yuan per ton, with expectations for further cost optimization [14] Group 5: Zhongjin Lingnan - Zhongjin Lingnan has diversified its operations into lithium and other mineral resources, with a focus on reducing costs in its lithium mining operations [16][17] - The company has significant lithium resources in Canada and Zimbabwe, with plans for further capacity expansions [18] Group 6: Self-owned Lithium Mines - The company has three production bases with a total lithium salt processing capacity of approximately 73,000 tons, with plans for further expansions [21] - The company has secured priority supply rights for the Li family lithium mine, which has a lithium oxide resource of approximately 50,220 tons [21][22] Group 7: Shengxin Lithium Energy - Shengxin Lithium Energy has established four major lithium resource layouts and five lithium product production bases, positioning itself as a leading player in the domestic lithium market [23][24] - The company has a lithium carbonate production capacity of 42,000 tons per year, with ongoing projects to increase capacity [25][26]

天眼查App显示，近日，成都天齐锂业（002466）有限公司发生工商变更，注册资本由25亿人民币增至 87亿人民币，增幅248%。该公司成立于2014年8月，法定代表人为夏浚诚，经营范围包括金属矿石销 售、电子专用材料销售、化工产品销售、专用化学产品制造、资源再生利用技术研发、新能源汽车废旧 动力蓄电池回收及梯次利用等，由天齐锂业全资持股。 ...

港股有色金属股震荡上升，金力永磁、中国宏桥涨超5.5%，天齐锂业、洛阳钼业涨超4%，赣锋锂业、 中国铝业涨超3%。 ...

Investment Rating - The investment rating for the lithium sector has been adjusted to a pecking order of steel > aluminum > lithium > copper > gold > battery > thermal coal > cement [1] Core Insights - The national "trade-in" subsidy for new energy vehicles (NEVs) has been suspended in some provinces earlier than expected, which may exert downward pressure on NEV demand, but the impact is estimated to be limited due to OEMs offering price discounts and diminishing marginal impact of subsidies [1] - Supply side dynamics are critical, with expectations of more supply cuts for lithium compounds sourced from spodumene and lepidolite in the next three months, as current prices are testing the cost curve for most lithium producers [1] - The market is expected to experience lingering pressure over the next 12 months due to significant oversupply this year [1] Summary by Sections Lithium Market Overview - As of June 5, 2025, the average selling prices (ASP) for lithium carbonate (Li2CO3) and lithium hydroxide (LiOH) are Rmb60.2k/t and Rmb62.3k/t respectively, showing a decline from the previous week [2] - China's Li2CO3 production increased by 5% week-over-week to 17,471 tons, with production from brine, lepidolite, and spodumene showing varied changes [2] - Total inventory of Li2CO3 reached 132,432 tons, reflecting a 1% increase week-over-week, with downstream players' inventory decreasing slightly [2] Company Valuations - Aluminum Corporation of China (Chalco) has a target price of HK$7.60 per share based on a price-to-book (P/B) ratio of 1.59x for 2025E, reflecting stronger than historical average returns due to higher aluminum margins [18] - Tianqi Lithium's A-share target price is set at Rmb26.26 per share based on a P/B multiple of 1.0x for 2025E, which is approximately 1.2x standard deviation below the historical average [22] - The target price for Tianqi Lithium's H-shares is HK$23.0, applying a 30% discount to the A-share target P/B, consistent with historical averages [24]

Core Viewpoint - Sulfide solid electrolytes are emerging as a promising material for all-solid-state batteries due to their high ionic conductivity, good flexibility, and excellent machinability [1] Production Challenges - The production of lithium sulfide, a key raw material for sulfide solid electrolytes, faces challenges such as complex synthesis processes requiring high temperatures and inert gas protection, leading to increased processing costs [2] - Chemical side reactions between solid electrolytes and battery electrodes may affect the stability of the battery interface [2] Industry Developments - Companies are actively investing in the production of lithium sulfide to meet market demand. For instance, Idemitsu Kosan plans to achieve an annual production of 1,000 tons of lithium sulfide by 2027-2028 [3] - In China, several companies, including Ganfeng Lithium, have made significant progress in this field [3] Company Summaries - **Ganfeng Lithium**: Achieved mass production capability of battery-grade lithium sulfide in 2022 and plans to expand production lines in 2024. Their lithium sulfide products have a purity of 99.9% and D50 ≤ 5μm, meeting the technical requirements for high-conductivity solid electrolyte materials [4] - **Enjie Co., Ltd.**: Since 2021, has been collaborating with Central South University to develop low-cost, high-purity lithium sulfide products. They have established a ton-level pilot line and completed debugging of a hundred-ton intermediate production line [5] - **Tianqi Lithium**: Announced completion of industrialization preparations for lithium sulfide by May 2025, with significant improvements in uniformity and activity of their new battery-grade lithium sulfide micro-powder [6] - **Sichuan Wanbang New Energy**: Established in 2019, has production capabilities for lithium sulfide and plans to build a demonstration line with an annual capacity of 200 tons of high-purity lithium sulfide [7] - **Tianhua New Energy**: Engaged in research and development of sulfide solid electrolytes and low-cost ultra-pure lithium sulfide, with ongoing testing of their products [8] - **Guanghua Technology**: Plans to expand its lithium sulfide production capacity from 300 tons/year to 3,000 tons/year based on market demand [9] - **Xiamen Tungsten**: Developing new synthesis processes for lithium sulfide, showing promising results in pilot tests [10] - **Yanyi New Materials**: Launched lithium sulfide products in August 2024, gaining recognition from leading domestic companies and research teams [11] - **Taihe Technology**: Currently in the small-scale testing phase for lithium sulfide synthesis technology [12]

Core Viewpoint - The global lithium battery industry is undergoing a significant transformation, moving away from a period of rapid growth to a phase of contraction, particularly as it approaches 2024, indicating an unprecedented downturn in the sector [1]. Industry Overview - Over the past two decades, China's lithium battery sector has achieved substantial breakthroughs in technology innovation, globalization, and industry investment, capturing a dominant global market share in various key areas, including approximately 70% of global power battery shipments and over 90% of energy storage battery shipments [1]. - The lithium battery industry is now facing a downturn, with a reported 11.87% decline in overall revenue for 108 Chinese lithium battery companies in 2024 compared to the previous year, alongside a staggering 67.27% drop in net profit [1][3]. Financial Performance - Key financial metrics for 2024 include: - Total assets: 29,092.41 million, up 6.17% year-on-year - Total liabilities: 16,721.07 million, up 7.31% year-on-year - Operating revenue: 13,028.84 million, down 11.87% year-on-year - Net profit attributable to shareholders: 651.92 million, down 67.27% year-on-year - Net financing cash flow: 210.20 million, down 81.91% year-on-year [3]. Market Dynamics - Major players in the industry, including CATL, Ganfeng Lithium, and Tianqi Lithium, are experiencing significant revenue declines, with CATL reporting a 9.7% drop in revenue for 2024, and other companies seeing declines of over 50% in their lithium product revenues [4][5]. - The global lithium battery landscape is shifting, with even leading companies facing severe impacts, as evidenced by the financial struggles of major Korean battery manufacturers and the bankruptcy filing of Ambri Inc. in the U.S. [5][6]. Investment Trends - The investment landscape is changing, with a notable halt or delay in large-scale lithium battery projects. Over 30 lithium battery business terminations have been reported in 2023 alone, involving investments exceeding 100 billion yuan [9]. - The global lithium battery industry is witnessing a retreat from previous aggressive expansion, with significant projects being canceled or postponed, such as LG Group's withdrawal from a planned electric vehicle battery ecosystem in Indonesia [9][10]. Future Outlook - The lithium battery industry is entering a new phase characterized by competition based on technological strength and operational efficiency rather than mere expansion. Companies that can demonstrate continuous innovation, effective capacity management, and strong financial health are likely to thrive in this evolving landscape [11].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to domestic new - energy vehicle countryside promotion and 618 promotion policies, the domestic lithium carbonate social inventory has been continuously decreasing. However, because of the decreasing domestic lithium carbonate production cost and the loosening supply - demand expectation, the lithium carbonate price may be strong first and then weak. It is recommended that investors mainly conduct range operations, paying attention to the support level around 55,000 - 58,000 and the pressure level around 63,000 - 65,000 [1][4] - The lithium carbonate basis is positive and the monthly spread is positive, and both are basically in a reasonable range. This is due to the promotion of new - energy vehicles in the countryside in China, the initial decline of domestic lithium carbonate social inventory, the decreasing lithium ore price leading to the downward shift of production cost, and the loose supply - demand expectation of domestic lithium carbonate in June. It is recommended that investors temporarily wait and see the arbitrage opportunities of lithium carbonate basis and monthly spread [5][7] 3. Summary According to Related Catalogs Supply Side Lithium Ore and Lithium Concentrate - The price of domestic (imported) lithium ore has been oscillating downward (decreasing). Tianqi Lithium's Greenbushes lithium mine's 520,000 - ton wet - process project may be put into production in October 2025, and the total capacity will reach 2.14 million tons/year, which will lead to the oscillating decline (decrease) of the price of domestic (imported) lithium ore. The domestic lithium concentrate production (import) volume in June may increase (decrease) month - on - month [8][10][13] Lithium Carbonate - The production volume of domestic lithium carbonate (industrial and battery - grade) in June may increase (both increase) month - on - month, and the supply expectation is loose. Yabao's Chengdu lithium salt production line will start maintenance before June 2025. Guangdong Haohai Lithium's 6,000 - ton battery - grade lithium carbonate production capacity may be put into production in July 2025, and Zijin Liyuan's 25,000 - ton production capacity for preparing battery - grade lithium carbonate from crude carbon will be completed and put into production in December 2025. The import window is closed, but Ganfeng Lithium's 20,000 - ton lithium chloride production capacity project in the Mariana lithium salt lake in Argentina was officially put into production in February, which may lead to the month - on - month increase of China's lithium carbonate import volume in June [3][29][36] - The cash production cost of producing lithium carbonate from imported lithium spodumene and lithium mica concentrate is about 65,500 and 65,600 yuan/ton respectively, resulting in negative production profit. The quarterly production profit of producing lithium carbonate from lithium mica/lithium spodumene/salt lake integration is negative/positive/positive. The daily theoretical delivery and import profit of Chinese lithium carbonate are both negative [21][23][25] - The capacity utilization rate (production volume) of Chinese lithium carbonate has increased (increased) compared with last week, and the social inventory of Chinese lithium carbonate has decreased compared with last week. The daily theoretical delivery profit of Chinese lithium carbonate is negative, which makes the inventory of Guangzhou Futures Exchange's lithium carbonate decrease compared with last week [27][30][32] Lithium Hydroxide - The daily cash production cost of Chinese smelting (causticizing) method lithium hydroxide is 58,600 (64,600) yuan/ton, and the production profit is positive (negative). The monthly processing fee from coarse - grained to micron - sized lithium hydroxide has decreased. Hainan Mining's 20,000 - ton lithium hydroxide smelting capacity passed the sampling inspection of the first batch of products in May, and Yahua Group plans to build a 30,000 - ton lithium hydroxide production line before the end of 2025. The production volume of Chinese lithium hydroxide (smelting and causticizing methods) in June may decrease (decrease for smelting, increase for causticizing) month - on - month, the inventory (of smelters and downstream) in June may increase (increase for smelters, decrease for downstream) month - on - month, and the export volume in June may increase month - on - month because the daily export profit is negative [38][40][49] Demand Side Downstream Products of Lithium - The monthly average production cost of Chinese iron phosphate is 11,000 - 13,000 yuan/ton. The production volume (inventory) of Chinese iron phosphate in June may increase (decrease) month - on - month. The monthly average production cost of Chinese iron phosphate lithium from different production processes is 32,000 - 41,000 yuan/ton, and the inventory of Chinese iron phosphate lithium factories has decreased compared with last week. The production volume of Chinese iron phosphate lithium (iron manganese phosphate lithium) in June may increase (both increase) month - on - month [55][65][69] - The monthly production cost of producing nickel sulfate from MHP/high - grade nickel matte integration in Indonesia is 114,500/121,800 yuan/ton of nickel, and the production profit is positive. The production (import) volume of Chinese nickel sulfate in June may increase (decrease) month - on - month. The production volume of Chinese cobalt - acid lithium in June may decrease month - on - month, and the production volume of Chinese manganese - acid lithium in June may increase month - on - month [4][72][74] - The monthly production cost of producing ternary precursor from externally purchased raw materials is 83,000 yuan/ton, and the production profit is negative. The production volume of Chinese ternary precursor in June may decrease month - on - month, and the export volume may increase month - on - month. The monthly processing fee of Chinese ternary materials has decreased month - on - month. The monthly average production cost of polycrystalline consumer - type 5 - series ternary materials is 114,300 yuan/ton, and the production profit is negative. The inventory of Chinese ternary material factories has decreased compared with last week, which may lead to the month - on - month increase of the production volume of Chinese ternary materials in June [84][95][98] - The daily production profit of producing solid - state lithium hexafluorophosphate from externally purchased lithium fluoride is negative. The production (export) volume of Chinese lithium hexafluorophosphate in June may increase (both increase) month - on - month [104][106][108] Batteries and New - Energy Vehicles - The weekly production cost of various types of Chinese battery cells has decreased. The production (shipment and inventory) volume of Chinese energy - storage battery cells in June may increase (all increase) month - on - month, and the production (shipment and inventory) volume of Chinese power battery cells in June may increase (all increase) month - on - month. Zhejiang Jiaxing Aolifu Photovoltaic Technology's 2GWh iron phosphate lithium energy - storage battery manufacturing project in Heilongjiang may be put into production at the end of October 2025 [112][115][117] - The production (sales) volume of Chinese new - energy vehicles in June may increase (both increase) month - on - month [127][129]

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5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6月3日 | | | | | | | | | | I. 法定/註冊股本變動 | 不適用 | | | | | | | | | | 股份分類 1. | 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 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Basic Materials, specifically gold, copper, aluminum, steel, and lithium sectors [2][3][6][7] Core Insights 1. **Gold Market**: - Consensus remains positive on gold, with potential prices reaching up to $6,000 [2][3] - Central bank buying continues to support gold prices, with minimal earnings impact from recent seismic activity at Kamoa mine estimated at less than 5% [3] 2. **Copper Supply**: - A shortage in copper concentrate is expected to persist, with supply increases projected between 100,000 to 1 million tons in 2025, insufficient to meet demand [6][8] - High operating costs at mining companies necessitate higher copper prices to incentivize new supply [6] 3. **Aluminum Sector**: - Aluminum margins remain healthy, with alumina prices stabilizing around Rmb3,000 per ton [2][6] - Hongqiao has relocated aluminum capacity to Yunnan, with plans for further expansion [7] 4. **Steel Industry**: - Weak sentiment in the steel market continues, with expectations of a crude steel production cut of 50 million tons to address supply-demand pressures [7] - Trade tensions and tariffs have negatively impacted steel exports, although some companies are exploring new markets [7] 5. **Lithium Market**: - The lithium market faces oversupply issues, with prices expected to decline unless production cuts occur [6][8] - Ganfeng anticipates a short-term drop in lithium prices due to tariff concerns and reduced costs for Australian miners [8] Additional Important Insights - **Zijin Mining**: - Zijin is optimistic about gold prices reaching $5,000 by 2026, driven by demand from electrification and power grid needs [7] - The company plans to maintain high capital expenditures to meet growth targets by 2028 [7] - **CMOC**: - CMOC's profits are closely tied to market price volatility, with a DRC cobalt export policy update expected soon [8] - The company is facing pressure on production costs due to higher sulfur costs and taxes [8] - **Market Sentiment**: - Overall market sentiment remains cautious, with trade tensions and macroeconomic factors influencing demand across various sectors [6][7][8] Conclusion The conference call highlighted a mixed outlook across the basic materials sector, with strong long-term potential for gold and copper, while challenges persist in the steel and lithium markets. Companies are adapting to market conditions through strategic capacity adjustments and exploring new opportunities amidst ongoing trade tensions.