2 1 Shi Ji Jing Ji Bao Dao·2025-09-02 09:59Core Viewpoint - Despite the downturn in lithium prices, Tianqi Lithium's performance in the first half of 2025 demonstrates a remarkable recovery, with a net profit of 84.41 million yuan, a year-on-year increase of 101.62% [1][2]. Financial Performance - Tianqi Lithium's operating revenue for the first half of 2025 was 4.833 billion yuan, showing a decline compared to the previous year [2]. - The company's operating costs decreased by 5.83% to 2.913 billion yuan, indicating effective cost control and operational efficiency improvements [2]. - The gross margin for the lithium mining business remained high at 54.23%, despite a year-on-year decline of 11.41 percentage points [2]. - The net cash flow from operating activities was 1.820 billion yuan, down 18.58% year-on-year, but still showed strong cash generation capabilities [2]. - The net cash flow from financing activities turned positive at 2.611 billion yuan, a significant increase of 208.23% from the previous year [2]. - The overall debt ratio was maintained at a healthy level of 31.44%, with financial expenses reduced to -268 million yuan due to exchange gains from the appreciation of the Australian dollar [2]. Resource and Production Expansion - Tianqi Lithium continues to optimize its global resource layout, with successful progress in overseas projects [3]. - The Greenbushes lithium mine maintained high production levels, with a total lithium concentrate production of 680,800 tons during the reporting period [3]. - The construction of the Jiangsu Zhangjiagang lithium hydroxide project, with an annual capacity of 30,000 tons, was completed and entered the trial operation phase [4]. - The company decided to terminate the investment in the second phase of the Kwinana lithium hydroxide project to avoid further resource waste [4]. Research and Development - Tianqi Lithium has made significant advancements in its R&D system, focusing on next-generation high-performance lithium battery materials and sustainable development [5][6]. - The company established an Innovation Research Institute to conduct research on key materials for next-generation lithium batteries and resource utilization [6]. - Tianqi Lithium received ISO56001 certification for innovation management and ISO56005 rating for innovation and intellectual property management, becoming a benchmark in the lithium industry [6]. Industry Challenges and Opportunities - The lithium industry faces challenges, with lithium carbonate and lithium hydroxide prices running between 60,000 to 80,000 yuan per ton, lower than the previous year [8]. - Despite the market pressures, Tianqi Lithium's low-cost advantages from the Greenbushes mine and SQM's high-quality salt lake resources have allowed it to maintain stable operations [8]. - Investment income from SQM has served as a stabilizer for Tianqi Lithium's performance, effectively offsetting market pressures on its main business [8]. Future Outlook - The company aims to leverage its 30 years of experience in the lithium industry to ensure a stable supply chain and maintain a low-cost advantage [9]. - Tianqi Lithium is committed to steadily increasing lithium product capacity while focusing on R&D and innovation [9]. - The company plans to deepen its operational governance in Australia while applying successful practices from the Greenbushes mine to domestic operations [9].