2024-04-29 16:07Financial Performance - The company's revenue for Q1 2024 was ¥2,584,634,945.21, a decrease of 77.42% compared to ¥11,448,674,607.22 in the same period last year[3] - The net profit attributable to shareholders was -¥3,896,784,834.74, representing a decline of 179.93% from ¥4,875,226,485.40 year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥3,916,733,916.55, down 180.99% from ¥4,836,318,922.00 in the previous year[3] - Basic and diluted earnings per share were both -¥2.38, a decline of 180.13% from ¥2.97 in the previous year[3] - The net profit for Q1 2024 was a loss of CNY 830,556,320.98, compared to a profit of CNY 8,453,754,780.65 in the previous year, indicating a substantial decline[22] - The company reported an operating profit of CNY -514,352,993.81, a drastic drop from CNY 11,755,837,513.92 in the prior year[22] - The total comprehensive income attributable to the parent company was -3,712,349,363.10 CNY, compared to 4,482,649,222.21 CNY in the previous period[25] Cash Flow and Assets - The net cash flow from operating activities was ¥3,144,368,451.35, a decrease of 36.30% compared to ¥4,936,111,237.93 in the same period last year[3] - As of October 27, 2023, the capital increase transaction with Zijin Mining has been completed, with Tianqi holding 39.20% and its subsidiary holding 40.80% of Shenghe Lithium[15] - The total assets at the end of the reporting period were ¥69,948,471,891.85, down 4.48% from ¥73,228,464,437.61 at the end of the previous year[3] - Total current assets decreased from CNY 19.63 billion to CNY 16.64 billion, reflecting a decline of approximately 15.2%[19] - The total assets decreased to CNY 69,948,471,891.85 from CNY 73,228,464,437.61, a reduction of 4.0%[20] - The total liabilities decreased to CNY 17,123,401,907.86 from CNY 18,991,821,645.97, reflecting a reduction of 9.8%[20] - The total equity attributable to shareholders decreased to CNY 47,818,229,068.92 from CNY 51,519,658,068.18, a decline of 7.0%[20] Investment and Financing Activities - The company plans to issue debt financing tools up to RMB 6 billion to optimize its debt structure and ensure stable cash flow[11] - The company successfully issued the first phase of short-term financing bonds totaling RMB 300 million with an interest rate of 2.35% and a one-year term[11] - The company has received approval for short-term financing bonds and medium-term notes registration, with a short-term bond limit of RMB 2 billion and a medium-term note limit of RMB 4 billion[11] - Cash flow from investing activities showed a net outflow of -2,093,395,447.41 CNY, compared to -708,887,294.68 CNY in the prior period[25] - Cash flow from financing activities resulted in a net outflow of -1,041,782,552.67 CNY, compared to -4,902,867,794.62 CNY last year[25] Production and Operations - The annual production capacity of the lithium hydroxide project at the company's Australian Kwinana plant is projected to be 24,000 tons[12] - The first phase of the lithium hydroxide project in Kwinana, Australia, has achieved commercial production capacity since December 2022, with stable production from January to April 2023, and is currently in the ramp-up phase[13] - The second phase of the Kwinana plant, also targeting an annual production of 24,000 tons of battery-grade lithium hydroxide, is in the design phase, with completion of front-end engineering design expected in the second half of 2024[13] - The Suining Anju factory's lithium carbonate project, with a total investment of approximately RMB 1.48 billion, has completed construction and entered the trial operation phase as of October 27, 2023[14] - The first batch of battery-grade lithium carbonate from the Suining project has passed internal testing and is expected to meet customer certification by December 21, 2023[14] Market and Strategic Developments - The significant decline in revenue was primarily due to a substantial drop in sales prices of lithium compounds and derivatives compared to the same period last year[5] - The company expects a significant decrease in investment income from its associate SQM due to anticipated declines in SQM's net profit, estimated to be around $1.1 billion for Q1 2024[6] - The company is actively expanding its market presence through strategic financial instruments and risk management practices[12] - The company is committed to ensuring accurate and complete information disclosure regarding the MoU and its potential impacts on shareholder interests[17] - The company has requested multiple shareholder meetings to obtain more detailed information regarding the MoU and its implications[17] Research and Development - Research and development expenses increased to CNY 8,665,204.59, up from CNY 7,814,860.79, marking an increase of 10.9%[22] Shareholder Information - The company reported a total of 416,316,432 shares held by Chengdu Tianqi Industrial Group, accounting for a significant portion of its equity[10] - The company has a total of 2,396,500 shares held by China Bank, representing 0.15% of the total equity[10] - The company holds approximately 22.16% of Sociedad Química y Minera de Chile S.A. (SQM), having invested $4.066 billion to become its second-largest shareholder[16]