“锂王”天齐锂业上半年扭亏为盈

Core Viewpoint - Tianqi Lithium Industries, known as the "Lithium King," reported a significant turnaround in its financial performance for the first half of 2025, achieving a net profit of 84.41 million yuan compared to a loss of 5.206 billion yuan in the same period last year, despite a decline in revenue and lithium product prices [1] Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 4.833 billion yuan, a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders was 84.41 million yuan, a significant recovery from a loss of 5.206 billion yuan in the previous year [1] - The non-recurring net profit was 132,000 yuan, compared to a loss of 52.21 million yuan in the same period last year [1] Group 2: Product Pricing and Sales - The mainstream spot prices for lithium carbonate and lithium hydroxide ranged from 60,000 to 80,000 yuan per ton in the first half of 2025, with an overall downward trend despite a slight increase in January [1] - Revenue from lithium ore was 2.38 billion yuan, down 7.43% year-on-year, with a gross margin of 54.23%, a decrease of 11.41 percentage points [2] - Revenue from lithium compounds and derivatives was 2.442 billion yuan, a year-on-year decrease of 25.58%, with a gross margin of 25.58%, down 16.98 percentage points [2] Group 3: Production and Operations - The Greenbushes lithium spodumene mine, which the company holds mining rights to, had a total ore extraction of 2.6941 million tons in the reporting period, with a chemical-grade ore extraction of 2.5872 million tons and an average grade of 1.89% [2] - The company has a total lithium concentrate production capacity of approximately 1.62 million tons per year, with a planned capacity of 2.14 million tons per year [2] - The first phase of the lithium hydroxide project in Kwinana is currently ramping up, achieving an operational rate of 50% or more, while the Jiangsu Zhangjiagang project has been completed and is in trial operation [3] Group 4: Market Conditions - Starting from July 2025, macro policies have released positive signals, and lithium salt prices have rebounded due to supply-side disturbances caused by compliance issues in some regions [4]