净亏损超79亿元，天齐锂业交出上市以来最差成绩单

Core Insights - Tianqi Lithium Industries reported its worst financial results since its listing, with a net loss of 7.905 billion yuan, a year-on-year decline of 208.32% [3][4] - The company's total revenue for the year was 13.063 billion yuan, down 67.75% compared to the previous year [3] Financial Performance - The significant drop in revenue and net loss is attributed to a sharp decline in lithium product prices and a mismatch in pricing mechanisms between its subsidiaries [3][4] - Lithium concentrate prices fell drastically due to oversupply, stabilizing between 700-800 USD/ton by September 2024, down from around 1800 USD/ton at the end of 2023 [3] Market Conditions - Lithium carbonate futures prices in the first half of 2024 ranged between 90,000 to 120,000 yuan/ton, with a significant drop to about 70,000 yuan/ton in August 2024, compared to a peak of 600,000 yuan/ton [4] - The performance of Tianqi's joint venture SQM was negatively impacted by tax issues, leading to a recognition of approximately 1.1 billion USD in income tax expenses [5] Project Developments - Tianqi Lithium terminated its second-phase lithium hydroxide project in Australia due to economic unfeasibility, resulting in an asset impairment [5] - The termination of this project is expected to reduce the company's net profit attributable to shareholders by approximately 501 million yuan, which is about 6.86% of the audited net profit for the last fiscal year [5]