股票代码：002466 股票简称：天齐锂业 公告编号：2025-031 天齐锂业股份有限公司 第六届董事会第二十四次会议决议公告 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。 天齐锂业股份有限公司（以下简称"公司"）第六届董事会第二十四次会议（以下简称"会 议"）于2025年4月29日在四川省成都市天府新区红梁西一街166号公司八楼会议室以现场结合 通讯表决的方式召开。召开本次会议的通知已于2025年4月11日通过电子邮件方式送达各位董 事，会议材料于2025年4月25日以电子邮件方式送达各位董事。本次会议应参与表决董事8人（其 中独立董事4人），实际参与表决董事8人。本次会议由董事长蒋安琪女士召集并主持，会议的 召集、召开与表决程序符合《中华人民共和国公司法》和《公司章程》及相关法律、法规的规 定，合法有效。 本次会议审议了以下议案： 一、审议通过《2025 年第一季度报告》 表决结果：同意8票、反对0票、弃权0票 董事会认为：公司《2025年第一季度报告》内容真实、准确、完整地反映了公司的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 此议案已 ...

下新财富金 八届新财富最佳IR港股公 评选结果 | 排序 | 证券代码 | 证券简称 | 董秘姓名 | | --- | --- | --- | --- | | 1 | 002600 | 领益智造 | 郭瑞 | | 2 | 300693 | 盛弘股份 | 胡天舜 | | 3 | 002518 | 科士达 | 范涛 | | 4 | 002466 | 天齐锂业 | 张文宇 | | 5 | 600516 | 方大炭素 | 庄際茹 | | 6 | 002599 | 盛運股份 | 肖薇 | | 7 | 301021 | 英诺激光 | 张勇 | | 8 | 603612 | 索通发展 | 袁钢 | | 0 | 300545 | 联得装备 | 刘雨晴 | | 10 | 000960 | 辑小略份 | 橘佳性 | | 11 | 002335 | 科华数据 | 林靜 | | --- | --- | --- | --- | | 12 | 002902 | 铭普光磁 | 王妃娜 | | 13 | 002973 | 保银股份 | 李睿希 | | 14 | 301327 | や宝新能 | 王秋蓉 | | 15 | 001696 | 宗申 ...

Financial Performance - Operating income for Q1 2025 was RMB 2,584,202,662.39, a slight decrease of 0.02% compared to the same period last year[9] - Net profit attributable to shareholders increased significantly to RMB 104,274,617.91, a 102.68% increase from a loss of RMB 3,896,784,834.74 in the previous year[9] - Basic and diluted earnings per share both improved to RMB 0.06, compared to a loss of RMB 2.38 per share in the previous year, marking a 102.52% increase[9] - The company reported a weighted average return on net assets of 0.25%, an increase of 8.10 percentage points from -7.85% in the previous year[9] - Net profit attributable to shareholders of the listed company reached RMB 104,274,617.91, a significant increase of 102.68% compared to the same period last year, primarily due to improved pricing mechanisms and production efficiencies[17] - Operating profit for the current period is RMB 1,100,883,108.53, a significant recovery from a loss of RMB 514,352,993.81 in the previous period[64] - Net profit for the current period is RMB 782,455,346.90, compared to a net loss of RMB 830,556,320.98 in the previous period[64] - Total comprehensive income for the current period is RMB 584,877,079.90, a recovery from a loss of RMB 1,308,893,450.16 in the previous period[65] Cash Flow - Net cash flow from operating activities decreased by 69.73% to RMB 951,681,250.98 compared to RMB 3,144,368,451.35 in the same period last year[9] - Cash flows from operating activities for the current period amounted to $3,103,880,601.86, a decrease of 39.5% compared to $5,132,392,861.34 in the previous period[70] - Cash received from sales of goods and services decreased to $2,737,470,742.39, down 43.2% from $4,824,974,160.43 in the previous period[70] - Cash paid relating to other operating activities increased to $197,165,652.52, compared to $53,222,959.21 in the previous period[70] - The net increase in cash and cash equivalents for the current period was $2,410,600,003.53, compared to a decrease of $215,481,874.28 in the previous period[71] Assets and Liabilities - Total assets as of March 31, 2025, were RMB 71,931,625,849.86, reflecting a 4.74% increase from RMB 68,677,871,984.34 at the end of the previous year[11] - Current assets totaled RMB 15,000,465,481.68 as of March 31, 2025, compared to RMB 12,850,243,193.46 at the beginning of the period[54] - Total liabilities grew to RMB 22,534,040,072.55 from RMB 19,495,531,711.56, marking an increase of 15.6%[58] - Long-term loans increased significantly to RMB 13,259,882,056.08 from RMB 11,203,447,996.55, a rise of 18.36%[58] - Shareholders' equity attributable to the company decreased slightly to RMB 41,793,269,584.02 from RMB 41,892,509,035.40, a decline of 0.24%[59] Shareholder Information - At the end of the reporting period, the total number of ordinary shareholders was 288,280 for A shares and 44 for H shares[26] - Chengdu Tianqi Industrial (Group) Co., Limited holds 25.37% of shares, making it the largest shareholder[26] - HKSCC Nominees Limited is the second-largest shareholder with a 10.00% stake[26] - The top ten shareholders collectively hold significant stakes, with the largest shareholder holding over 416 million shares[30] Investment and Projects - The estimated total investment for the Train II Battery-grade Lithium Hydroxide Project was AUD328 million, equivalent to approximately RMB1.709 billion[44] - The Company decided to cease the investment and construction of the Train II Battery-grade Lithium Hydroxide Project based on the latest economic feasibility analysis[47] - The decision to cease the project is aimed at reducing investment risks and improving operational efficiency[51] Incentive Schemes - The company plans to grant a total of 467,966 restricted shares under the A Share Restricted Share Incentive Scheme, representing 0.0285% of the total share capital of 1,641,221,583 shares[36] - The initial grant will consist of 459,766 shares, accounting for approximately 98.2% of the total restricted shares to be granted[38] - The grant price for both the initial and reserved restricted shares is set at RMB 16.71 per share[38] - The company has implemented a restricted stock incentive plan to enhance employee motivation and retention[34]

每经记者 赵云 每经编辑 肖芮冬 4月29日，市场全天窄幅震荡，三大指数微幅下跌。板块方面，PEEK材料、美容护理、化学制品、人形机器人等板块涨幅居前，电力、白酒、可控核聚 变、电商等板块跌幅居前。全市场超3500只个股上涨。沪深两市全天成交额1.02万亿元，较上个交易日缩量343亿元。 下面一起来看今天公募基金的表现。 （注：榜单1、榜单2仅选取灵活配置型、偏股混合型和普通股票型三类产品作为主动基金的代表，纳入统计；债基相关榜单包括各类主、被动债券型基 金） 1.单日涨幅榜 | 证券代码 | 证券简称 | 单日净值增长率(%) | 近1周回报(%) | 今年以来回报(%) | 草金经理(现任) | 基金规模(亿元) | | --- | --- | --- | --- | --- | --- | --- | | 005164.OF | 富荣福锦A | 6.04 | 13.84 | 4.27 | 李延峥 | 0.17 | | 000976.OF | 长城新兴产业A | 4.5 | 10.43 | 9.89 | 刘宁 | 0.66 | | 015150.OF | 恒越匠心优选一年持有A | 4.43 | 7.94 ...

北京中伦（成都）律师事务所 关于天齐锂业股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年四月 北京中伦（成都）律师事务所 关于天齐锂业股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：天齐锂业股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细则》及《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下 简称"《上市公司规范运作指引》"）等法律、法规及规范性文件的规定，北京 中伦（成都）律师事务所（以下简称"本所"）指派律师出席了天齐锂业股份有 限公司（以下简称"公司"）2025 年第一次临时股东大会（以下简称"本次股东 大会"），并对本次股东大会的合法性进行见证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽 ...

Financial Performance - The company's revenue for Q1 2025 was approximately ¥2.58 billion, a slight decrease of 0.02% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥104.27 million, a significant increase of 102.68% from a net loss of ¥3.90 billion in the previous year[5]. - Basic and diluted earnings per share improved to ¥0.06, compared to a loss of ¥2.38 per share in the same quarter last year, reflecting a 102.52% increase[5]. - The total operating revenue for the current period was approximately 2.58 billion RMB, slightly down from 2.58 billion RMB in the previous period[26]. - Net profit for the current period is approximately ¥782.46 million, a significant recovery from a net loss of ¥830.56 million in the previous period[27]. - The company reported an operating profit of approximately ¥1.10 billion, compared to an operating loss of ¥514.35 million in the previous period[27]. - The total comprehensive income for the current period is approximately ¥584.88 million, a recovery from a loss of ¥1.31 billion in the previous period[28]. Cash Flow and Assets - The net cash flow from operating activities decreased by 69.73% to ¥951.68 million, primarily due to a decline in cash received from sales[5]. - Cash flow from operating activities for the current period is approximately ¥951.68 million, down from ¥3.14 billion in the previous period[30]. - Cash flow from investing activities shows a net outflow of approximately ¥1.17 billion, an improvement from a net outflow of ¥2.09 billion in the previous period[30]. - Cash flow from financing activities generated a net inflow of approximately ¥2.62 billion, compared to a net outflow of ¥1.04 billion in the previous period[30]. - The company's cash and cash equivalents increased to approximately 8.20 billion RMB from 5.77 billion RMB at the beginning of the period[22]. - The ending cash and cash equivalents balance is approximately ¥8.05 billion, down from ¥9.11 billion in the previous period[30]. - Total assets increased by 4.74% to approximately ¥71.93 billion compared to the end of the previous year[5]. - The company's total liabilities as of March 31, 2025, were approximately 22.53 billion RMB, up from 19.50 billion RMB at the beginning of the period[24]. - The company's total current assets increased to approximately 15.00 billion RMB from 12.85 billion RMB at the beginning of the period[22]. - The company's total non-current assets were approximately 56.93 billion RMB, compared to 55.83 billion RMB at the beginning of the period[24]. - The company's retained earnings as of March 31, 2025, were approximately 15.44 billion RMB, compared to 15.29 billion RMB at the beginning of the period[24]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 288,280[13]. - Chengdu Tianqi Industrial (Group) Co., Ltd. holds 25.37% of shares, totaling 416,316,432 shares[14]. - HKSCC NOMINEES LIMITED holds 10.00% of shares, totaling 164,110,645 shares[14]. - The company has approved a restricted stock incentive plan involving 467,966 shares, accounting for 0.0285% of the total share capital[16]. - The first batch of restricted stock granted is 459,766 shares, approximately 98.2% of the total[17]. - The first batch of restricted stock is priced at RMB 16.71 per share[17]. - The company has 0 preferred shareholders at the end of the reporting period[15]. - The company has not identified any related party relationships among the top shareholders[14]. Project and Investment Updates - The company has decided to terminate the investment in the second phase of the 24,000 tons/year battery-grade lithium hydroxide project due to unfavorable market conditions and economic feasibility analysis[20]. - Cumulative investment in the second phase of the lithium hydroxide project reached approximately $207 million (about 1.484 billion RMB) as of December 31, 2024[19]. - The total estimated investment for the second phase project was approximately 328 million AUD (about 1.709 billion RMB) with a construction period of 26 months[19]. Market and Operational Insights - The pricing mechanism for lithium concentrate has been updated to align more closely with market prices, reducing the previous mismatch in pricing cycles[10]. - The production and sales volume of lithium compounds and derivatives increased year-on-year, contributing to the improved profitability[9]. - The company anticipates continued growth in performance, supported by favorable market conditions and operational improvements[9]. Miscellaneous - The first quarter report of Tianqi Lithium Industries, Inc. is unaudited[31]. - The new accounting standards will be implemented starting in 2025[31]. - The financial statement items related to the first year of implementation will be adjusted accordingly[31]. - The board of directors announced the report on April 30, 2025[31].

Production Capacity and Resources - The Group has established a production capacity for lithium chemical products of approximately 91,600 tons per year, with a planned total capacity expected to reach 122,600 tons per year[14]. - The Greenbushes spodumene mine has an established capacity of lithium concentrates of 1.62 million tons per year, making it the largest spodumene project under production with the highest grade in the world[10]. - The Yajiang Cuola Mine in Sichuan is part of the largest hard rock Jiajika lithium mine in Asia, contributing to the Group's self-sufficiency in lithium resources[10]. - The Company is constructing a lithium hydroxide project in Jiangsu with a capacity of 30,000 tons, which can flexibly adjust to produce lithium carbonate products[14]. - The Group's plant in Mianyang, Sichuan, features the world's first production line of silicon-aluminium powder with an annual output of 30,000 tons, focusing on comprehensive recycling of lithium slag[14]. - The Zabuye salt lake in Xizang is the third largest lithium salt lake in the world, with lithium concentration ranking second globally[10]. - The total lithium hydroxide production capacity in Western Australia, alongside domestic plants, supports high-quality product supply to downstream customers[11]. - The Greenbushes spodumene mine produced 1.41 million tons of lithium concentrate in 2024, accounting for 30% of the global production of hard rock lithium mines[71]. - The construction of the chemical-grade plant No. 3 at Greenbushes is progressing and is expected to increase total production capacity to 2.14 million tons per year by October 2025[71]. - The Group's processing capacity for lithium chemical products currently stands at 91,600 tons per year, with the lithium carbonate plant in Anju achieving leading automation standards[72]. - The mining and concentrating project at the Cuola Spodumene Mine in Sichuan is progressing, with the registration of the tailing storage facility project completed[71]. - The company aims to secure a 100% lithium supply and establish an integrated domestic and overseas dual-cycle supply system[71]. - Existing production capacity of lithium concentrate is 162,000 tons/year[200]. - Planned new capacity includes 52,000 tons/year from Chemical-Grade Lithium Concentrate Plant No. 3, expected to start production in October 2025[200]. - Total planned production capacity is projected to reach 214,000 tons/year[200]. - The Tailings Retreatment Plant currently operates with a capacity of 28,000 tons/year[200]. - Chemical-Grade Lithium Concentrate Plant No. 2 has an existing capacity of 134,000 tons/year[200]. - Talison is conducting feasibility studies for Chemical-Grade Lithium Concentrate Plant No. 4[200]. Financial Performance - Revenue for the year ended December 31, 2024, was RMB 13,029,739, a decrease of 67.8% compared to RMB 40,448,303 in 2023[49]. - Gross profit for 2024 was RMB 5,991,309, down 82.6% from RMB 34,347,819 in 2023[49]. - The company reported a loss attributable to equity shareholders of RMB 8,727,021 for 2024, compared to a profit of RMB 7,278,343 in 2023[49]. - Earnings per share for 2024 were (5.32), a decline from 4.44 in 2023[49]. - Lithium concentrates revenue decreased to RMB 4,973,768, accounting for 38.17% of total revenue, down from 67.24% in 2023[51]. - Lithium compounds and derivatives revenue increased to RMB 8,055,971, representing 61.83% of total revenue, up from 32.76% in 2023[51]. - Revenue from the Chinese Mainland was RMB 11,866,888, making up 91.08% of total revenue, compared to 84.76% in 2023[51]. - Overseas revenue dropped to RMB 1,162,851, representing 8.92% of total revenue, down from 15.24% in 2023[51]. - Gross profit margin for lithium concentrates was 63.68% in 2024, significantly lower than 90.44% in 2023[55]. - Total gross profit margin for 2024 was 45.98%, down from 84.92% in 2023[55]. - Net assets decreased from RMB 55,955,603 thousand in 2023 to RMB 50,061,048 thousand in 2024, reflecting a decline of approximately 10.5%[185]. - Total assets decreased from RMB 74,969,069 thousand in 2023 to RMB 69,556,579 thousand, a reduction of approximately 7.3%[185]. Market Trends and Demand - The company is actively engaging in downstream investment opportunities in electric vehicle and energy storage applications to adapt to future trends in lithium applications[15]. - The company remains optimistic about the long-term development prospects of the new energy vehicle market and energy storage sector[19]. - The lithium industry is expected to have great potential in the future, supported by the long-term trend of energy transition and the company's global resource deployment[78]. - In December 2023, the Central Economic Work Conference emphasized stabilizing and expanding traditional consumption, particularly in new energy vehicles and electronic products[90]. - By 2027, new energy vehicles are targeted to account for 45% of new vehicle sales in China[90]. - The global demand for lithium-ion batteries has surged, with their share of total lithium resource demand increasing from 31% in 2015 to 87% in 2024[85]. - The global lithium battery industry has experienced explosive growth, driven by supportive policies from major economies[86]. - The demand for lithium resources is expected to continue growing, with projections indicating that global lithium-ion battery shipments will reach 1,899.3 GWh in 2025 and 5,127.3 GWh in 2030[146]. - In 2024, global lithium-ion battery shipments reached 1,545.1 GWh, a year-on-year increase of 28.5%, with power batteries for new energy vehicles accounting for 1,051.2 GWh, up 21.5%[146]. - China's lithium-ion battery shipments in 2024 amounted to 1,214.6 GWh, representing a 36.9% year-on-year growth and 78.6% of global shipments[146]. - The global installed capacity of power batteries for electric vehicles was 894.4 GWh in 2024, reflecting a year-on-year growth of 27.2%[149]. - In 2024, the overall price trend of lithium chemical products showed fluctuations, with specific price movements illustrated in accompanying charts[134]. Strategic Partnerships and Investments - The Company has formed strategic partnerships with major battery material producers and multinational battery companies to provide customized services and enhance collaboration in the new energy value chain[15]. - Tianqi Lithium aims to enhance resource security, optimize product quality, and improve customer service systems to achieve mutual benefits with partners[19]. - The company emphasizes continuous efforts in technology R&D, product quality, and sustainable development[20]. - The company is pursuing an integrated cooperation model in the lithium industry chain, collaborating with original equipment manufacturers[182]. - The company has established long-term strategic cooperation with global power battery manufacturers and new energy vehicle enterprises[75]. Research and Development - As of the end of 2024, the company holds 266 authorized patents and has published 56 high-quality papers, indicating strong R&D capabilities[76]. - The company is focusing on four major research areas: comprehensive utilization of mineral resources, advanced lithium extraction technologies, next-generation high-performance lithium materials, and battery recycling[76]. - The company emphasizes the importance of intellectual property protection and innovative talent cultivation through partnerships with universities and research institutions[76]. - Solid-state batteries are recognized as a key future development direction for lithium-ion battery technology, with GWh-level production already achieved for semi-solid batteries[155]. Corporate Governance and Compliance - The company aims to create long-term value for shareholders through compliant and stable operations while enhancing corporate governance and compliance management[79]. - Tianqi Lithium adheres to international standards and operational norms in its business practices[20].

Core Viewpoint - The article discusses the challenges faced by three prominent women in the renewable energy sector who have recently taken over leadership roles in their respective family businesses during a downturn in the industry, highlighting their need to navigate both internal company dynamics and external geopolitical pressures [1][2]. Group 1: Company Leadership Transitions - Liu Shuqing became the leader of Tongwei Group in March 2023, but the company faced revenue and profit declines shortly after her appointment, leading to significant losses in the 2024 fiscal year [3]. - Jiang Anqi took over as the head of Tianqi Lithium after eight years of experience, but the company reported a loss of 7.9 billion in her first year, marking its worst performance in history [3]. - Gao Haichun, who has been involved in the photovoltaic industry since childhood, faced setbacks when plans for a subsidiary's IPO were halted, resulting in a valuation drop from 20 billion to 7 billion [3]. Group 2: Industry Challenges - The renewable energy sector is experiencing a downturn due to overcapacity, leading to price drops in both upstream materials and downstream products [2][4]. - The U.S. has imposed significant tariffs on Chinese photovoltaic products, with cumulative tariffs reaching 104% on solar products and 82.4% on lithium batteries, complicating the operational landscape for these companies [4]. Group 3: Strategic Responses - Companies are shifting their focus to overseas markets to mitigate the impact of U.S. tariffs, with Tongwei Group exploring opportunities in Australia and Mexico, while Tianqi Lithium aims to reduce its reliance on the U.S. market [5]. - The leadership of these companies is leveraging their international education backgrounds to facilitate global expansion and navigate complex trade environments [5]. - Despite the challenges, the companies maintain strong market positions and are expected to recover as they capitalize on technological innovations and cost advantages [6].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the energy metals sector, particularly lithium, nickel, and cobalt companies, highlighting their financial performance and market dynamics in 2024 and early 2025 [1][2][3]. Core Insights and Arguments - **Financial Performance**: In 2024, Tianqi Lithium and Ganfeng Lithium reported losses of 7.9 billion yuan and 2.1 billion yuan respectively, primarily due to declining lithium prices. The industry's profitability is increasingly reliant on non-energy metal businesses or hedging strategies [1][2]. - **Market Recovery Signs**: By Q1 2025, there are indications of improvement in energy metal companies' performance, with Tianqi Lithium returning to profitability, suggesting a potential recovery despite ongoing challenges in the lithium market [3]. - **Lithium Market Dynamics**: The lithium market is facing downward pressure, with prices challenging the critical support level of 70,000 yuan. Recent prices for battery-grade lithium carbonate have dipped below this threshold, impacting the entire supply chain [4][9]. - **Cost Reduction Limitations**: The industry has exhausted many cost-cutting measures, with limited new strategies emerging. Projects like the lithium sulfate plant in Zimbabwe are being approached cautiously due to low price levels affecting investment decisions [5][8]. - **Nickel Market Outlook**: Nickel companies are expected to see improved performance in Q2 2024, benefiting from rising prices that have not yet fully reflected in stock valuations [6][7]. - **Cobalt Export Regulations**: The Democratic Republic of Congo's (DRC) cobalt export control policies are under evaluation, with potential extensions of export bans if pricing expectations are not met. This could significantly impact market dynamics and stock prices [12][13][15]. Additional Important Insights - **Supply Chain Challenges**: The DRC's export controls and the exit of major players like Zijin Mining complicate the nickel supply chain, leading to procurement difficulties and increased costs [11]. - **Cobalt Inventory Concerns**: Current cobalt inventories are low, and the market is experiencing operational disruptions due to export bans, which could lead to price surges if supply constraints persist [14][15]. - **Rare Earth Export Restrictions**: New export bans on heavy rare earths are causing significant disruptions in the magnetic materials industry, with potential long-term impacts on production and supply chains [17][19]. - **Investment Opportunities**: Companies like Huayou Cobalt, Hanrui Cobalt, and others are expected to benefit from improved performance in the cobalt and nickel sectors, especially if they can effectively hedge against price declines [16][21]. Conclusion - The energy metals sector is navigating a challenging landscape characterized by price volatility, regulatory changes, and supply chain disruptions. However, there are signs of recovery and potential investment opportunities as companies adapt to these challenges and explore new strategies for profitability.

Core Viewpoint - Tianqi Lithium has reported a significant turnaround in its financial performance for Q1 2025, projecting a profit of 82 million to 123 million RMB, compared to a loss of 3.897 billion RMB in the same period last year, indicating a substantial recovery from its "darkest hour" in 2024 [1][3][4] Financial Performance - In 2024, Tianqi Lithium recorded a revenue of 13.063 billion RMB, a decline of 67.75% year-on-year, and a net loss of 7.905 billion RMB, marking a drastic increase in losses by 208.32% compared to the previous year [3][4] - The company’s Q1 2025 performance shows a projected non-GAAP net profit of 32 million to 48 million RMB, a stark contrast to the 3.917 billion RMB loss in Q1 2024 [1][4] Market Reaction - Following the announcement of the Q1 earnings forecast, Tianqi Lithium's AH shares experienced a strong rally, with H shares rising over 10% at one point and closing up 2.52% on April 24, 2025 [1][3] Industry Context - The lithium market has faced downward pressure due to falling lithium prices, with the average spot price for battery-grade lithium carbonate in 2024 dropping by 65% to 93,000 RMB per ton [4][8] - Despite the challenges, the demand for lithium remains optimistic, driven by the growth in the electric vehicle sector, with a projected 19% increase in lithium carbonate demand in 2025 [8][14] Strategic Outlook - Tianqi Lithium aims to enhance production capacity and accelerate technological transformation in 2025, focusing on various research directions including resource utilization and new battery materials [15][16] - The company has a robust resource base, with over 55 million tons of lithium carbonate equivalent (LCE) and plans to expand its production capabilities significantly [15][16]