Zheng Quan Shi Bao Wang·2025-09-01 12:26Core Viewpoint - Tianqi Lithium's performance is recovering due to the shortening of lithium concentrate pricing cycles and the digestion of previously high-priced inventory, despite a year-on-year revenue decline in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, Tianqi Lithium achieved revenue of 4.833 billion yuan, a year-on-year decrease of 24.71%, while net profit was 84.41 million yuan, marking a turnaround from losses [1] - The revenue decline was primarily due to lower sales volume and average selling prices of lithium compounds, while the net profit improvement was attributed to the shortening of the lithium concentrate pricing cycle [1] Group 2: Production Capacity and Resources - Tianqi Lithium has five established lithium chemical product production bases with a total capacity of approximately 91,600 tons per year, and a new lithium hydroxide project in Jiangsu with an annual capacity of 30,000 tons is in the trial phase [2] - The company has achieved 100% self-sufficiency in lithium resources, sourcing all lithium concentrate from its subsidiary Talison Lithium's Greenbushes lithium spodumene mine in Australia [2] - The total lithium concentrate production capacity from the Greenbushes mine is approximately 1.62 million tons per year, with plans for further expansion [2] Group 3: Market Trends and Pricing - In the first half of 2025, lithium carbonate inventory increased, and prices faced downward pressure, but a recovery in demand began in June, leading to a rebound in lithium carbonate prices [3] - As of July 2025, the average price of battery-grade lithium carbonate is approximately 78,000 yuan per ton, influenced by macroeconomic policies and supply disruptions [3] - The company plans to adopt a sales strategy focused on long-term contracts with leading industry players, complemented by futures trading to manage price volatility [3] Group 4: Technological Development - Tianqi Lithium has made significant progress in the research and development of next-generation solid-state batteries, successfully preparing for the industrialization of lithium sulfide, a core material [4] - The company is constructing a pilot project for lithium sulfide with an annual production capacity of 50 tons, utilizing new technology and equipment for rapid mass production [4] Group 5: Strategic Investments - In addition to in-house R&D, Tianqi Lithium is extending its industrial chain through external investments, holding approximately 3% of Beijing Weilan New Energy Technology Co., Ltd. and about 7.67% of SESAI Corporation [5] - The company has established a joint venture with Weilan New Energy focused on pre-lithiation anode materials and related manufacturing equipment [5]