客户端 天齐锂业（09696）发布公告，本公司财务部门按中国企业会计准则初步测算，预期本集团截至2025年 12月31日止年度（本报告期）归属于公司股东的净利润区间预计为人民币3.69亿元至人民币5.53亿元， 而上年同期本集团取得归属于公司股东的亏损净额约为人民币79.05亿元； 扣除非经常性损益后的净利润区间预计为人民币2.4亿元至人民币3.6亿元，而上年同期本集团取得扣除 非经常性损益后的亏损净额约为人民币79.23亿元；及基本每股收益区间预计为人民币0.22元至人民币 0.34元（上年同期：基本每股亏损为人民币4.82元）。 责任编辑：卢昱君 天齐锂业（09696）发布公告，本公司财务部门按中国企业会计准则初步测算，预期本集团截至2025年 12月31日止年度（本报告期）归属于公司股东的净利润区间预计为人民币3.69亿元至人民币5.53亿元， 而上年同期本集团取得归属于公司股东的亏损净额约为人民币79.05亿元； 扣除非经常性损益后的净利润区间预计为人民币2.4亿元至人民币3.6亿元，而上年同期本集团取得扣除 非经常性损益后的亏损净额约为人民币79.23亿元；及基本每股收益区间预计为人民币0.22元至 ...

1月30日，银河证券最新研报指出，2025年锂价走势可以年中为界，分为清晰的两半。上半年延续过剩 的一致预期，价格跌至锂辉石的现金成本附近，据称已有海外矿山计划减产，但还未及做出减产决策， 下半年行情就已经启动。三季度动储双轮驱动，叠加新矿产资源法对采矿证的影响，资金扭转空头思 路，交易周期拐点出现，行业趋势向好。截至年末，碳酸锂价格自低点翻倍有余，即使监管政策频繁出 台，也无法改变上涨趋势，短暂回调后不断创出新高。研报认为，锂作为能源转型的关键矿产，是全球 争夺电力定价权的重要基础，行业"反内卷"下长期趋势向好。2026年锂成为资金多头配置的优选，预计 锂价运行中枢抬升。但因全年仍有小幅过剩预期，节奏上较为曲折。上半年倾向于逢低买入，下半年供 应弹性提升后灵活把握套保节奏。 ...

Core Viewpoint - Tianqi Lithium Industries is expected to report a significant turnaround in its financial performance for the fiscal year 2025, with projected net profits ranging from 369 million to 553 million yuan, marking a substantial recovery from losses in the previous year [1][2] Financial Performance - The company anticipates a net profit of 240 million to 360 million yuan after excluding non-recurring gains and losses, indicating a substantial improvement driven by core business enhancements [2] - Basic earnings per share are projected to be between 0.22 yuan and 0.34 yuan, laying a solid foundation for shareholder value recovery [2] Operational Efficiency - Tianqi Lithium has demonstrated resilience in a challenging lithium market by enhancing internal operational efficiency and cost control [1] - The company has optimized the pricing mechanism for its subsidiaries, significantly reducing the pricing cycle for lithium ore, which has improved production cost efficiency [1] Resource Management - The company’s top-tier lithium resource assets, particularly the stable supply and cost advantages from the Greenbushes lithium mine, have provided a solid margin during industry downturns [2] - Tianqi Lithium has successfully transformed its resource advantages into cost advantages through effective operational management [2] Market Outlook - The ongoing global energy transition and the rise of electric vehicles are expected to create new growth opportunities for lithium demand, particularly in the energy storage market [2] - The gradual exit of high-cost production capacity during the industry adjustment phase is likely to optimize the supply landscape, further solidifying Tianqi Lithium's market position as an industry leader [2]

Group 1 - The State Council of China has issued a work plan to accelerate the cultivation of new growth points in service consumption, focusing on key areas such as transportation services, housekeeping services, and inbound consumption [3] - The China National Space Administration plans to develop more "space+" future industries, including space tourism and space resource development, during the 14th Five-Year Plan period [3] - Apple reported a revenue of $143.76 billion for the first fiscal quarter, representing a year-on-year growth of 16% [5] Group 2 - The Ministry of Civil Affairs has issued guidelines to promote technological innovation in civil affairs, aiming for significant improvements in innovation levels and the emergence of leading talents and enterprises by 2030 [3] - The National Bureau of Statistics will enhance monitoring of new consumption formats and structural changes in consumption by 2026 [3] - Jiangbolong expects a net profit of between 1.25 billion to 1.55 billion yuan for 2025, a year-on-year increase of 150.66% to 210.82% [9] - Tianqi Lithium anticipates a profit of 369 million to 553 million yuan for 2025, recovering from a loss of 7.905 billion yuan in the previous year [9]

格隆汇1月29日丨天齐锂业(09696.HK)公告，公司财务部门按中国企业会计准则初步测算，预期集团截 至2025年12月31日止年度(i)归属于公司股东的净利润区间预计为人民币3.69亿元至人民币5.53亿元，而 上年同期集团录得归属于公司股东的亏损净额约为人民币79.05亿元；(ii)扣除非经常性损益后的净利润 区间预计为人民币2.4亿元至人民币3.6亿元，而上年同期集团录得扣除非经常性损益后的亏损净额约为 人民币79.2亿元；(iii)基本每股收益区间预计为人民币0.22元至人民币0.34元(上年同期：基本每股亏损 为人民币4.82元)。 ...

Core Viewpoint - Ganfeng Lithium (01772) announced the sale of 32.19 million shares of PLS Group Ltd, generating approximately AUD 160 million after transaction costs, while retaining 140,494,971 shares, representing 4.36% of PLS's total issued shares [1] Group 1 - Ganfeng International, a wholly-owned subsidiary of Ganfeng Lithium, executed the sale through secondary market block trading [1] - The sale involved shares of PLS Group Ltd, previously known as Pilbara Minerals Limited, with the stock code PLS [1] - After the sale, Ganfeng International still holds a significant stake in PLS, indicating continued interest in the company [1]

Core Viewpoint - Ganfeng Lithium is expected to turn a profit in 2025, with a projected net profit of 1.1 billion to 1.65 billion yuan, recovering from a loss of 2.074 billion yuan in the previous year [2][5]. Financial Performance - In 2024, Ganfeng Lithium reported a revenue of 18.906 billion yuan, a decrease of 42.66% year-on-year, and a net loss of 2.074 billion yuan, marking a 141.92% decline from profit [7]. - For the first half of 2025, the company achieved total revenue of 8.376 billion yuan, a year-on-year decline of 12.65%, with a net profit attributable to shareholders of -531 million yuan, an increase of 30.13% in losses compared to the previous year [7]. - The third quarter of 2025 showed a significant recovery, with revenue of 6.249 billion yuan, a year-on-year increase of 44.10%, and a net profit of 557 million yuan, up 364.02% year-on-year [8]. - The estimated profit range for the fourth quarter of 2025 is between 1.074 billion and 1.624 billion yuan, with a potential quarter-on-quarter increase of nearly 300% [8]. Key Drivers of Performance - The turnaround in performance is attributed to three main factors: an increase in the fair value of PLS stock holdings, the transfer of equity in a subsidiary to strategic investors, and losses from the fair value changes of convertible bonds due to stock price increases [5].

Core Viewpoint - Dongwu Securities report indicates that Ganfeng Lithium's Q4 2025 performance is impressive, with non-net profit slightly exceeding expectations [1] Financial Performance - The company expects a net profit attributable to shareholders for 2025 to be between 1.1 billion to 1.65 billion yuan, representing a year-on-year increase of 153% to 180% [1] - For Q4 2025, the expected net profit attributable to shareholders is projected to be between 1.07 billion to 1.62 billion yuan, indicating a turnaround from losses and a quarter-on-quarter increase of 93% to 192% [1] Profit Margins and Cost Structure - Due to self-supply of lithium carbonate, the company anticipates a slight increase in profit per watt-hour to 0.02 yuan per watt-hour in 2026 [1] Technological Developments - The company is advancing in solid-state technology, including solid-state electrolytes, lithium metal anodes, and solid-state batteries, with multiple technological routes being developed [1] Market Outlook - Considering the rising price of lithium carbonate, the company estimates that if the price reaches 150,000 yuan per ton in 2026, lithium salt could contribute over 9 billion yuan in profit [1] - The net profit estimates for 2025-2027 have been revised upwards to 1.48 billion, 9.4 billion, and 10.9 billion yuan respectively, reflecting year-on-year growth of 172%, 532%, and 16% [1] Valuation - The company is assigned a PE ratio of 103, 16, and 14 times for the years 2025, 2026, and 2027 respectively [1] - Given the price elasticity of lithium carbonate and the company's comprehensive solid-state industry chain layout, a valuation of 25 times for 2026 is suggested, leading to a target price of 112 yuan, maintaining a "buy" rating [1]

消息面上，天齐锂业公布，有关重要参股公司SQM与Codelco签署合伙协议及提起诉讼，收到智利最高 法院就诉讼作出判决书，维持智利法院裁决，该裁决驳回其提交的上诉请求，该判决为诉讼终审判决。 该集团指，上诉被驳回不改变有关减值测试相关假设，因此预计该诉讼判决暂不会对当期利润产生重大 影响。该集团将保留后续一切可能的维护公司权利途径，不排除采取进一步行动。 智通财经APP获悉，天齐锂业(09696)盘中跌超5%，截至发稿，跌3.86%，报54.8港元，成交额2.74亿港 元。 该集团指，SQM披露子公司与Codelco的子公司合并先决条件解决，使合伙协议所涉交易生效。该集团 指，合伙协议风险方面，包括SQM丧失其核心锂业务控制权、SQM锂业务收益受到影响进而影响集团 投资回报和经济利益及集团参与SQM公司治理的权益受到影响。 ...

调控趋严、多空博弈，碳酸锂震荡走低 市场分析 新能源及有色金属日报 | 2026-01-29 2026-01-28，碳酸锂主力合约2605开于182000元/吨，收于166280元/吨，当日收盘价较昨日结算价变化-3.90%。当 日成交量为473223手，持仓量为410985手，前一交易日持仓量422433手，根据SMM现货报价，目前基差为5960元/ 吨（电碳均价-期货）。当日碳酸锂仓单29966手，较上个交易日变化800手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价167000-177000元/吨，较前一交易日变化-500元/吨，工业级碳酸 锂报价164000-173000元/吨，较前一交易日变化-500元/吨。6%锂精矿价格2270美元/吨，较前一日变化-15美元/吨。 碳酸锂昨日高开低走，一方面是高点回调，另一方面交易所为维护市场公平秩序，对碳酸锂品种各类违规行为保 持高压态势，一定程度上抑制了行情的急涨急跌。现货方面，由于下游库存水平较低，前期价格持续走高情况下， 现货成交情况较为清淡，但节前存在补库需求，对价格起到一定的支撑作用。 根据SMM最新统计数据，现货库存为108896吨，环比-783 ...