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].
天齐锂业(09696) - 2024 - 年度财报