二是重要的联营公司SQM上半年实现业绩同比增长； 三是2025年以来澳元持续走强，报告期内澳元兑美元的汇率变动导致公司汇兑收益金额较上年同期增 加。 值得一提的是，天齐锂业上半年经营活动产生的现金流量净额为18.20亿元，去年同期为22.36亿元，经 营现金保留量依然强劲。同时，截至今年6月末，公司资产负债率为31.44%，保持合理水平。 中证报中证网讯(记者吴科任)8月29日晚，天齐锂业（002466）发布2025年半年度报告。报告期内，公 司实现营业收入48.33亿元，归母净利润、扣非净利润分别为8441.06万元和132万元，实现扭亏为盈。 天齐锂业深耕锂行业30余年，目前主营业务涵盖锂产业链的关键阶段，包括硬岩型锂矿资源的开发、锂 精矿生产销售以及锂化工产品的生产销售。对于上述业绩变动，天齐锂业从三个方面做了分析： 一是尽管受锂产品市场波动的影响，2025年上半年公司产品销售价格较上年同期下降，但得益于旗下控 股子公司文菲尔德锂矿定价周期缩短，以及其全资子公司泰利森化学级锂精矿定价机制与公司锂化工产 品销售定价机制在以前年度存在的时间周期错配的影响已大幅减弱。随着国内新购锂精矿陆续入库及库 存锂精矿的 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [7][8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.063 billion RMB (down 67.75% YoY) and a net loss of 7.905 billion RMB (down 208.32% YoY) [1][2] - Despite the losses, the report suggests that multiple adverse factors affecting the company may have been largely resolved by 2024, allowing for a more favorable outlook moving forward [1] - The company is expected to continue expanding its production capacity and is positioned well within the global lithium supply chain [3] Summary by Sections Financial Performance - In 2024, lithium ore production was 141,000 tons (down 7.35% YoY) and sales were 74,000 tons (down 12.5% YoY), while lithium salt production and sales increased significantly to 71,000 tons (up 39.44% YoY) and 103,000 tons (up 81.46% YoY) respectively [2] - The company’s Q4 revenue was 2.999 billion RMB (down 57.79% YoY, down 17.76% QoQ) with a net loss of 2.203 billion RMB (down 174.98% YoY, down 344.51% QoQ) [1] Production and Capacity Expansion - The company plans to advance the construction of its third chemical-grade lithium plant and continue ramping up production at its existing facilities, including the Kunana plant and Jiangsu Zhangjiagang base [3] - The company is focusing on four key research areas: comprehensive utilization of mineral resources, new lithium extraction technologies, next-generation battery materials, and battery recycling [3] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.19 RMB, 1.90 RMB, and 2.55 RMB respectively, reflecting a downward adjustment due to unexpected declines in lithium prices [4] - The target price for the company is set at 33.69 RMB, with a price-to-book (PB) ratio of 1.26 for 2025 [4][7]