Flash | 31 Aug 2025 17:34:13 ET │ 11 pages Tianqi Lithium (002466.SZ) A Tough Quarter CITI'S TAKE Tianqi Lithium reported 1H25 headline net profits of Rmb84mn, implying 2Q25 was largely breakeven at -Rmb19mn. Stripping out FX gains, its 2Q25 loss should be ~Rmb280mn, implying further deterioration in lithium dynamics while both spodumene and carbonate prices declined ~13% QoQ. The market has been volatile in the past couple of weeks on expectations of anti-involution in lithium. We think the recent rally co ...