阿尔法工场研究院·2025-03-28 12:03Core Viewpoint - The article discusses the significant challenges faced by Tianqi Lithium Corporation, which reported a record loss of 7.9 billion yuan for the year, marking its worst performance since going public. This year also marks the first full year of leadership under the founder's daughter, Jiang Anqi [2][10]. Leadership Transition - Investors have raised concerns regarding the leadership transition to Jiang Anqi, the daughter of founder Jiang Weiping, who took over as chairman in April 2023. Jiang Weiping, now 70, continues to serve on the board and various committees [3][4]. - Jiang Weiping expressed confidence in Jiang Anqi's ability to lead, citing her experience and understanding of the company's culture and governance as key factors for a successful transition [5][6]. Performance and Challenges - The company reported a revenue of 13.063 billion yuan for 2024, a decrease of 67.75% year-on-year, and a net profit attributable to shareholders of -7.905 billion yuan, a decline of 208.32% [10]. - The stock price of Tianqi Lithium has dropped nearly 65% since its IPO, from an opening price of 69.725 HKD per share to 24.45 HKD, with market capitalization shrinking from over 110 billion HKD to around 40 billion HKD [10]. Future Outlook - Jiang Weiping acknowledged that 2024 is expected to be a challenging year for the lithium industry, but he believes it will also serve as a valuable experience for the new leadership [7][8]. - The management team is actively considering strategies to mitigate the impact of cyclical changes on the company [7].