天齐锂业(09696) - 2022 Q3 - 季度财报

Major Financial Data The company demonstrated robust financial performance in Q3 2022 and year-to-date, marked by significant revenue and net profit growth, alongside substantial asset and equity expansion Major Accounting Data and Financial Indicators The company achieved multi-fold year-on-year growth in revenue and net profit in Q3 2022 and year-to-date, driven by increased lithium product sales and prices, alongside significant asset and equity expansion Key Financial Indicators for Q3 2022 and Year-to-Date | Indicator | Current Period (Q3 2022) | YoY Growth | Year-to-Date (YTD Q3 2022) | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 10,350,381,810.50 | 580.19% | 24,645,952,756.05 | 536.40% | | Net Profit Attributable to Shareholders of the Listed Company (RMB) | 5,653,820,646.20 | 1,173.35% | 15,981,408,779.72 | 2,916.44% | | Net Cash Flow from Operating Activities (RMB) | – | – | 11,735,361,724.43 | 750.38% | | Basic Earnings Per Share (RMB/share) | 3.49 | 1,063.33% | 10.48 | 2,811.11% | | Weighted Average Return on Net Assets | 15.74% | Increased by 12.29 percentage points | 65.19% | Increased by 58.55 percentage points | Key Balance Sheet Indicators at Period End | Indicator | End of Current Period (2022/09/30) | End of Prior Year (2021/12/31) | Change | | :--- | :--- | :--- | :--- | | Total Assets (RMB) | 62,965,638,055.71 | 44,165,325,659.12 | 42.57% | | Owners' Equity Attributable to Shareholders of the Listed Company (RMB) | 41,036,653,795.89 | 12,761,280,130.72 | 221.57% | Non-recurring Gains and Losses Items and Amounts Year-to-date, non-recurring gains and losses totaled approximately 1.06 billion RMB, primarily from investment income due to passive SES equity dilution and SQM B share disposal, offset by an 888.55 million RMB loss from collar option fair value changes Major Non-recurring Gains and Losses Items Year-to-Date (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 1,938,966,593.07 | | Gains/Losses from Changes in Fair Value of Financial Assets/Liabilities Held for Trading, etc | -888,551,041.79 | | Government Grants | 21,642,242.89 | | Total | 1,061,159,045.61 | - Gains from disposal of non-current assets primarily resulted from: 1) Income recognized from the reclassification of long-term equity investment to other equity instruments due to passive dilution of SES equity, leading to loss of significant influence; 2) Investment income from the disposal of certain SQM Class B shares due to collar option settlement[5] Analysis of Changes in Major Financial Indicators Significant growth in financial indicators is primarily attributed to strong core business performance and specific accounting events, with revenue and net profit driven by increased lithium product sales and prices, substantial investment income from SQM, and asset/equity growth from operational expansion, exchange rate changes, and the H-share IPO - Revenue growth is primarily due to increases in both sales price and volume of the company's main lithium products compared to the prior year[7][8] - Significant growth in net profit attributable to the parent company is attributed to: 1) Simultaneous increases in lithium product volume and price; 2) Substantial growth in investment income recognized from associate company SQM; 3) Investment income recognized from passive dilution of SES equity[7][8] - Total asset growth is primarily due to: 1) Increased monetary funds, accounts receivable, and inventories resulting from revenue growth; 2) Significant appreciation of the USD against RMB at period-end, increasing the company's overseas USD assets[8] - Significant growth in net assets attributable to shareholders of the listed company is primarily due to current period profits and increased share capital and capital reserves from the H-share IPO[8] Shareholder Information The company's shareholding structure is detailed, identifying key shareholders and the influence of the actual controller's family Common Shareholding Information As of the reporting period end, the company had 268,399 A-share shareholders and 50 H-share shareholders, with Chengdu Tianqi Industry (Group) Co., Ltd. and HKSCC NOMINEES LIMITED as the top two shareholders, holding 25.37% and 10.00% respectively Top Ten Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Chengdu Tianqi Industry (Group) Co., Ltd. | Domestic non-state-owned legal person | 25.37% | 416,316,432 | | HKSCC NOMINEES LIMITED | Overseas legal person | 10.00% | 164,108,990 | | Zhang Jing | Domestic natural person | 4.18% | 68,679,877 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 2.20% | 36,073,501 | | China Securities Finance Corporation Limited | Domestic non-state-owned legal person | 1.70% | 27,853,574 | - Shareholder Ms. Zhang Jing is the spouse of the company's actual controller Mr. Jiang Weiping, indicating a family business characteristic[11] Other Significant Matters Key corporate actions include a successful H-share IPO, establishment of a strategic joint venture, completion of a share repurchase for employee incentives, and a cornerstone investment in a leading battery enterprise H-share Issuance and Listing The company completed its H-share issuance and listing on the Hong Kong Stock Exchange on July 13, 2022, issuing approximately 164 million H-shares at HKD 82/share, accounting for 10% of total share capital, with proceeds used to repay debt and supplement liquidity, significantly optimizing the capital structure - The company listed on the Hong Kong Stock Exchange on July 13, 2022, issuing 164,122,200 H-shares at an issue price of HKD 82 per share[13] - Proceeds from the H-share issuance have been used to repay the entire SQM acquisition syndicated loan, approximately 1.48 billion RMB in domestic loans, and to supplement liquidity and fund project construction[14] Share Capital Structure After H-share Issuance | Share Class | Quantity (Shares) | Proportion | | :--- | :--- | :--- | | Domestically listed RMB ordinary shares (A-shares) | 1,477,099,383 | 90% | | Overseas listed foreign shares (H-shares) | 164,122,200 | 10% | | Total Shares | 1,641,221,583 | 100% | Establishment of Joint Venture The company's wholly-owned subsidiary, Tianqi Lithium, established a joint venture, Tianqi Weilan Solid Lithium New Materials (Shenzhen) Co., Ltd., with Beijing Weilan New Energy, to jointly engage in R&D, production, and sales of pre-lithiation manufacturing equipment, with Tianqi Lithium holding 51% equity to enhance core competitiveness in the solid-state battery industry chain - The company's wholly-owned subsidiary established a joint venture with Beijing Weilan New Energy to jointly engage in the R&D, production, and sales of pre-lithiation manufacturing equipment[15] - Tianqi Lithium holds a 51% controlling stake in the joint venture, which is beneficial for promoting the company's industrial operations and integration, enhancing core competitiveness[15] Share Repurchase for Employee Stock Ownership Plan The company implemented a share repurchase plan, using up to 200 million RMB of its own funds to repurchase A-shares for the 2022 employee stock ownership plan, with 1.78 million shares repurchased, representing 0.11% of total share capital, totaling approximately 200 million RMB, completing the repurchase as of the report disclosure date - The company plans to use its own funds to repurchase A-shares through centralized bidding for an employee stock ownership plan, with a total repurchase amount of no less than 136 million RMB and no more than 200 million RMB[17] - As of the report disclosure date, the share repurchase has been completed, with a total of 1.78 million shares repurchased, accounting for 0.11% of total share capital, at a total cost of approximately 200 million RMB[17] Participation as Cornerstone Investor in CALB Hong Kong IPO The company's wholly-owned subsidiary invested approximately 100 million USD as a cornerstone investor in CALB's Hong Kong IPO, subscribing for approximately 20.22 million shares, representing 1.12% of its post-issuance share capital, aiming to deepen strategic cooperation with leading downstream battery enterprises - The company's wholly-owned subsidiary plans to use no more than 100 million USD of its own funds to participate as a cornerstone investor in subscribing for CALB's initial public offering shares on the Hong Kong Stock Exchange[19] - The company ultimately invested approximately 100 million USD, subscribing for 20,217,200 shares, representing 1.12% of CALB's post-issuance share capital, with a lock-up period of 6 months[19] Quarterly Financial Statements The consolidated balance sheet, income statement, and cash flow statement for the reporting period are presented, reflecting the company's financial position and performance Consolidated Balance Sheet As of September 30, 2022, the company's total assets reached 62.97 billion RMB, a 42.57% increase from the beginning of the year; owners' equity attributable to shareholders of the listed company was 41.04 billion RMB, a substantial 221.57% increase, while total liabilities decreased from 26.01 billion RMB to 16.08 billion RMB, significantly optimizing the asset-liability structure Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | September 30, 2022 | January 1, 2022 | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 62,965,638,055.71 | 44,165,325,659.12 | 42.57% | | Total Liabilities | 16,075,642,483.90 | 26,013,642,162.34 | -38.20% | | Owners' Equity Attributable to Parent Company | 41,036,653,795.89 | 12,761,280,130.72 | 221.57% | Consolidated Income Statement In the first three quarters of 2022, the company achieved total operating revenue of 24.65 billion RMB, a 536.40% year-on-year increase, and net profit attributable to parent company shareholders of 15.98 billion RMB, a 2916.44% year-on-year surge, driven by simultaneous increases in lithium product prices and sales, and investment income from associates Key Items from Consolidated Income Statement (Year-to-Date as of Reporting Period End, Unit: RMB) | Item | Current Period Amount (YTD Q3 2022) | Prior Period Amount (YTD Q3 2021) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 24,645,952,756.05 | 3,872,718,580.34 | 536.40% | | Operating Profit | 25,171,869,148.88 | 1,132,992,420.24 | 2121.71% | | Net Profit Attributable to Parent Company Shareholders | 15,981,408,779.72 | 529,809,524.63 | 2916.44% | Consolidated Cash Flow Statement In the first three quarters of 2022, net cash flow from operating activities was 11.74 billion RMB, a 750.38% year-on-year increase due to significantly higher sales revenue, while net cash flow from financing activities was -7.36 billion RMB primarily due to substantial debt repayment, with cash and cash equivalents increasing to 6.70 billion RMB at period-end Key Items from Consolidated Cash Flow Statement (Year-to-Date as of Reporting Period End, Unit: RMB) | Item | Current Period Amount (YTD Q3 2022) | Prior Period Amount (YTD Q3 2021) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 11,735,361,724.43 | 1,380,020,383.32 | | Net Cash Flow from Investing Activities | 65,570,041.75 | -387,893,800.31 | | Net Cash Flow from Financing Activities | -7,357,305,948.84 | -750,292,021.58 | | Cash and Cash Equivalents at Period End | 6,701,010,842.19 | 1,212,119,881.63 | Audit Report The company's 2022 third-quarter report is unaudited - The company's third-quarter report is unaudited[43]