Xin Jing Bao·2025-09-03 10:37Core Viewpoint - Tianqi Lithium is undergoing a challenging adjustment with declining revenue but turning a profit, as it shifts its strategy towards solid-state batteries and aims to redefine its market position from a "resource supplier" to a "new materials solution provider" [1][3]. Financial Performance - In the first half of 2025, Tianqi Lithium reported a 24.71% decline in revenue, while net profit turned positive at 84.41 million yuan, although the adjusted net profit was only 1.32 million yuan [2]. - The decline in revenue is attributed to fluctuations in lithium product market prices, with battery-grade lithium carbonate prices hovering between 70,000 to 80,000 yuan per ton, down over 80% from the peak in 2022 [2]. Strategic Transition - Under the leadership of Jiang Anqi, who took over as chairman in April 2024, the company is focusing on supporting the development of advanced battery systems, including solid-state and semi-solid-state batteries [3]. - Jiang Anqi emphasized the need for the company to continuously launch new materials that meet market demands and have commercial potential, aiming to solidify its leading position in the new materials sector [3]. Industry Context - The lithium industry is currently experiencing a "de-involution" phase, with calls for preventing vicious competition and optimizing market structure, which could benefit leading companies like Tianqi Lithium [4]. - The company is positioned in the top tier of the industry, and recent policies aimed at eliminating low-price competition and outdated production capacity are expected to favor firms with resource and technological advantages [4]. Challenges Ahead - Tianqi Lithium faces the challenge of transforming its core capabilities from resource acquisition and capital operation to technology research and development, product innovation, and agile manufacturing [3][5]. - The company must establish deeper collaborative relationships with battery manufacturers and automakers, moving beyond its previous B2B sales model to meet downstream demands effectively [4].