Core Viewpoint - Tianqi Lithium Industries has turned a profit in Q3 2025, despite a decline in revenue due to lower lithium product sales and prices [1][2] Financial Performance - For the first nine months of 2025, Tianqi Lithium reported revenue of 7.397 billion yuan, a year-on-year decrease of 26.5% [1] - The net profit for the same period was 180 million yuan, a significant recovery from a loss of 5.701 billion yuan in the previous year [1] - In Q3 2025 alone, the company achieved revenue of 2.565 billion yuan, down 29.66% year-on-year, but net profit rose to 95 million yuan, compared to a loss of 496 million yuan in Q3 2024, marking a 119.26% increase [1] Operational Insights - The decline in revenue is attributed to lower sales volume and average selling prices of lithium products [1] - The company maintained a strong cash flow, with a net cash flow from operating activities of 2.193 billion yuan in the first half of 2025 [1] - As of the end of Q3 2025, Tianqi Lithium's debt-to-asset ratio stood at 30.50%, indicating a stable financial condition [1] Market Dynamics - Despite the market fluctuations affecting lithium product prices, Tianqi Lithium's net profit increased significantly due to improved pricing mechanisms and reduced time cycle mismatches in pricing [2] - The appreciation of the Australian dollar against the US dollar during the reporting period contributed to increased foreign exchange gains [2] Strategic Developments - Tianqi Lithium's production base in Jiangsu has completed a project for producing 30,000 tons of battery-grade lithium hydroxide, which has entered the trial operation phase [3] - The company has signed a partnership agreement to establish a new investment fund with a total commitment of 500 million yuan, aiming to deepen collaboration in the new materials and new energy sectors [3]

Group 1 - The core point of the article is that Tianqi Lithium Industries reported a significant decrease in revenue for the first three quarters of 2025, while net profit saw a substantial increase compared to the previous year [1] Group 2 - The company's operating revenue for the first three quarters is approximately 7.397 billion yuan, representing a year-on-year decrease of 26.5% [1] - The net profit attributable to shareholders of the listed company is about 180 million yuan, showing a year-on-year increase of 103.16% [1] - The basic earnings per share are reported at 0.11 yuan [1]

Core Viewpoint - Tianqi Lithium Industries (002466.SZ) reported a significant increase in both revenue and net profit for the third quarter, indicating strong performance in the lithium industry [1] Financial Performance - The company achieved an operating revenue of 2.565 billion yuan in the third quarter [1] - The net profit attributable to shareholders reached 95.4855 million yuan, representing a year-on-year growth of 119.26% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 69.9558 million yuan, with a year-on-year increase of 113.56% [1]

Core Viewpoint - Tianqi Lithium Industries (002466.SZ) reported a significant increase in both revenue and net profit for the third quarter, indicating strong performance in the lithium industry [1] Financial Performance - The company achieved an operating revenue of 2.565 billion yuan in the third quarter [1] - The net profit attributable to shareholders reached 95.4855 million yuan, reflecting a year-on-year growth of 119.26% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 69.9558 million yuan, with a year-on-year increase of 113.56% [1]

Financial Performance - Operating income for the reporting period was RMB 2,564,587,551.93, a decrease of 29.66% compared to the same period last year[10] - Net profit attributable to shareholders reached RMB 95,485,546.60, an increase of 119.26% year-on-year[10] - Net profit after deducting non-recurring gains and losses was RMB 69,955,753.16, up 113.56% from the previous year[10] - Basic earnings per share were RMB 0.06, reflecting a 120.00% increase compared to the same period last year[10] - Year-to-date operating income reached RMB 7,397,268,288.91, down 26.50% from RMB 10,064,738,520.01 in the same period last year, attributed to lower sales volume and average sales price of lithium compounds[20] - Net profit attributable to shareholders for the year-to-date was RMB 179,896,142.60, a turnaround from a loss of RMB 5,701,413,364.59, driven by several factors including improved pricing cycles and increased investment income from associates[20] - Net profit attributable to shareholders of the listed company reached RMB 71,275,757.39, a significant increase of 101.24% compared to the loss of RMB 5,736,899,667.35 in the same period last year[21] - Basic and diluted earnings per share improved to RMB 0.11, a 103.16% increase from a loss of RMB 3.48 per share in the same period last year[22] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 73,956,835,854.84, representing a 7.69% increase from the end of the previous year[12] - Owner's equity attributable to shareholders was RMB 42,404,565,260.65, a 1.22% increase year-on-year[12] - Current assets increased to RMB 14,198,816,306.87 from RMB 12,850,243,193.46, representing a growth of approximately 10.5%[59] - Total non-current assets rose to RMB 59,758,019,547.97 from RMB 55,827,628,790.88, indicating an increase of about 7.3%[61] - Total liabilities grew to RMB 22,558,283,623.94 from RMB 19,495,531,711.56, marking an increase of about 15.8%[62] - Long-term loans increased to RMB 13,682,814,731.87 from RMB 11,203,447,996.55, showing a rise of approximately 22.1%[62] - Total current liabilities decreased to RMB 4,469,848,526.46 from RMB 5,041,272,420.75, a reduction of about 11.3%[62] Cash Flow - Net cash flow from operating activities for the year-to-date was RMB 2,193,061,010.45, down 47.69% compared to the same period last year[10] - Net cash flows generated from operating activities decreased to RMB 2,193,061,010.45, down 47.69% from RMB 4,192,370,886.76 in the previous year, primarily due to reduced operating income[22] - Cash received from sales of goods and rendering of services for the current period was approximately ¥7.13 billion, a decrease of 37.6% compared to ¥11.31 billion in the previous period[73] - Net cash flows from investing activities were negative at ¥3.14 billion, an improvement from the previous period's negative ¥4.67 billion[74] - Net cash flows from financing activities were positive at ¥1.73 billion, a turnaround from the previous period's negative cash flow of ¥2.56 billion[74] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 310,109 for A shares and 41 for H shares[24] - The largest shareholder, Chengdu Tianqi Industrial (Group) Co., Limited, holds 25.37% of the shares, totaling 416,316,432 shares[26] - HKSCC NOMINEES LIMITED, the second-largest shareholder, owns 10.00% of the shares, amounting to 164,112,045 shares[26] - The top ten shareholders holding shares without lock-up include Chengdu Tianqi Industrial (Group) Co., Limited with 416,316,432 shares, accounting for a significant portion of the total[30] - HKSCC Nominees Limited holds 164,112,045 overseas listed foreign shares, representing a substantial stake among the top shareholders[30] Strategic Initiatives - The company is focusing on optimizing pricing mechanisms to mitigate the impact of market fluctuations on lithium product sales[21] - The report indicates a strategic emphasis on enhancing operational efficiency and exploring new market opportunities in the lithium sector[21] - The company approved the construction of a battery-grade monohydrate lithium hydroxide project with an annual capacity of 30,000 tons, with a total investment not exceeding RMB 2 billion[36][38] - The project will also produce 60,000 tons of anhydrous sodium sulfate as a by-product and is designed to allow flexible switching between lithium hydroxide and lithium carbonate production based on market demand[36][38] - The company’s wholly-owned subsidiary Chengdu Tianqi will contribute RMB250 million, representing 50% of the total committed capital of RMB500 million, to a new equity investment partnership focused on new materials and new energy[55] Tax and Compliance - The company is currently facing potential tax risks related to the 2021 transaction with IGO Limited, which may result in penalties ranging from 25% to 100% of the tax payable if the Australian Taxation Office (ATO) finds non-compliance with tax laws[40][41] - The company has requested an extension from the ATO to respond to a Preliminary Position Paper regarding tax obligations, with a new deadline set for November 24, 2025[42][44] Share Repurchase and Financing - The company completed a share repurchase plan, acquiring 1.780366 million shares at an average price of RMB 112.33 per share, totaling approximately RMB 199.99 million[46] - The company completed the redemption of the 2024 first tranche of short-term financing bonds on April 14, 2025, with a total payment of RMB 307.05 million, including both principal and interest[34] - The issuance of the first tranche of short-term financing bonds is part of the company's strategy to optimize its debt financing structure and broaden financing channels[34] - The company aims to diversify its debt instruments through the issuance of sci-tech innovation bonds[35]

Core Insights - Tianqi Lithium's Q3 2025 revenue decreased by 29.66% year-on-year to 2.565 billion yuan, while net profit increased by 119.26% to 95.4855 million yuan [2] - For the first three quarters, revenue was 7.397 billion yuan, down 26.50% year-on-year, but net profit turned positive at 180 million yuan [2] - The performance changes were primarily due to a mismatch in pricing mechanisms for lithium ore and lithium chemical products, improved investment income from joint ventures, and increased foreign exchange gains from a stronger Australian dollar [2]

天齐锂业股份有限公司 2025 年第三季度报告 证券代码：002466 证券简称：天齐锂业 公告编号：2025-052 天齐锂业股份有限公司 2025 年第三季度报告 （一） 主要会计数据和财务指标 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 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.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 □是 否 1 天齐锂业股份有限公司 2025 年第三季度报告 一、主要财务数据 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 2,564,587,551.93 | -29.66% | ...

Core Insights - The energy metals sector experienced a significant increase of 5.03% on October 29, with Shengxin Lithium Energy leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Sector Performance - Shengxin Lithium Energy (002240) closed at 23.72, rising by 8.36% with a trading volume of 826,900 shares and a transaction value of 1.914 billion yuan [1] - Jizhong Mining (600711) saw a closing price of 11.22, up 6.35%, with a trading volume of 2,359,700 shares and a transaction value of 2.587 billion yuan [1] - Ganfeng Lithium (002460) closed at 68.70, increasing by 6.22%, with a trading volume of 1,107,300 shares and a transaction value of 7.451 billion yuan [1] - Other notable performers include BQ New Materials (605376) with a 6.14% increase, and Zangge Mining (000408) with a 5.28% increase [1] Capital Flow - The energy metals sector saw a net inflow of 1.748 billion yuan from institutional investors, while retail investors experienced a net outflow of 988 million yuan [1] - Ganfeng Lithium (002460) had a net inflow of 583 million yuan from institutional investors, but a net outflow of 213 million yuan from retail investors [2] - Shengxin Lithium Energy (002240) recorded a net inflow of 63.3 million yuan from institutional investors, with retail investors showing a net outflow of 95.9 million yuan [2]

Core Viewpoint - The A-share market for lithium mining stocks has seen a collective surge, driven by increased confidence in large-scale battery storage demand and supportive government policies aimed at expanding storage system capacity [1] Group 1: Market Performance - Lithium mining stocks such as Dazhong Mining, Keli Yuan, and Chuaneng Power reached the daily limit of 10% increase, while Hainan Mining, Shengxin Lithium Energy, and Guocheng Mining saw gains exceeding 7% [1] - The most actively traded lithium carbonate contracts on the Guangzhou Futures Exchange have risen for five consecutive trading days, with spot market prices hitting a two-month high, although they remain approximately 85% lower than the peak in 2022 [1] Group 2: Government Policies and Industry Outlook - Recent government measures aim to expand storage system capacity and investment, including establishing compensation mechanisms to ensure sufficient energy storage during peak usage [1] - China plans to double its storage system capacity to 180 GW by 2027 to support intermittent wind and solar power generation, which is expected to drive up demand for lithium and other battery materials [1] Group 3: Company Performance Metrics - Dazhong Mining: 10.03% increase, market cap of 24.3 billion, year-to-date increase of 90.02% [2] - Keli Yuan: 10.03% increase, market cap of 11.9 billion, year-to-date increase of 72.64% [2] - Chuaneng Power: 10.01% increase, market cap of 22.5 billion, year-to-date increase of 16.07% [2] - Hainan Mining: 7.17% increase, market cap of 19.4 billion, year-to-date increase of 39.02% [2] - Shengxin Lithium Energy: 7.08% increase, market cap of 21.5 billion, year-to-date increase of 70.10% [2]

Group 1 - The lithium mining sector continues to strengthen, with major companies experiencing significant stock price increases [1] - Da Zhong Mining has reached its daily limit increase, indicating strong market interest [1] - Other companies such as Shengxin Lithium Energy, Chuaneng Power, Ganfeng Lithium, Tianqi Lithium, Rongjie Co., and Guocheng Mining have also seen their stock prices rise [1]