Core Insights - The company has successfully completed the industrialization preparation of lithium sulfide, a core material for next-generation solid-state batteries, and is continuously improving product quality and cost reduction technology [1] - The company has developed a new battery-grade lithium sulfide micro-powder, which shows significant improvements in uniformity and activity compared to existing high-purity lithium sulfide products [1] - The development of a recycling purification technology has significantly reduced the production cost of lithium sulfide [1] Production and Project Development - A pilot project for the annual production of 50 tons of lithium sulfide has been initiated in Meishan, Sichuan, utilizing the company's proprietary high-purity lithium sulfide preparation patent technology [1] - The project employs an innovative "slurry reduction method" that explores the feasibility of lithium sulfide synthesis under medium and low-temperature conditions, offering advantages such as low risk and rapid scalability [1] - The company has already provided samples to over ten downstream customers, receiving positive feedback [1]

Core Viewpoint - Tianqi Lithium Industries, known as the "Lithium King," reported a significant turnaround in its financial performance for the first half of 2025, achieving a net profit of 84.41 million yuan compared to a loss of 5.206 billion yuan in the same period last year, despite a decline in revenue and lithium product prices [1] Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 4.833 billion yuan, a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders was 84.41 million yuan, a significant recovery from a loss of 5.206 billion yuan in the previous year [1] - The non-recurring net profit was 132,000 yuan, compared to a loss of 52.21 million yuan in the same period last year [1] Group 2: Product Pricing and Sales - The mainstream spot prices for lithium carbonate and lithium hydroxide ranged from 60,000 to 80,000 yuan per ton in the first half of 2025, with an overall downward trend despite a slight increase in January [1] - Revenue from lithium ore was 2.38 billion yuan, down 7.43% year-on-year, with a gross margin of 54.23%, a decrease of 11.41 percentage points [2] - Revenue from lithium compounds and derivatives was 2.442 billion yuan, a year-on-year decrease of 25.58%, with a gross margin of 25.58%, down 16.98 percentage points [2] Group 3: Production and Operations - The Greenbushes lithium spodumene mine, which the company holds mining rights to, had a total ore extraction of 2.6941 million tons in the reporting period, with a chemical-grade ore extraction of 2.5872 million tons and an average grade of 1.89% [2] - The company has a total lithium concentrate production capacity of approximately 1.62 million tons per year, with a planned capacity of 2.14 million tons per year [2] - The first phase of the lithium hydroxide project in Kwinana is currently ramping up, achieving an operational rate of 50% or more, while the Jiangsu Zhangjiagang project has been completed and is in trial operation [3] Group 4: Market Conditions - Starting from July 2025, macro policies have released positive signals, and lithium salt prices have rebounded due to supply-side disturbances caused by compliance issues in some regions [4]

Core Viewpoint - Tianqi Lithium Industry (002466.SZ) reported a revenue of 4.833 billion yuan and a net profit of 84.41 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [1] Group 1: Revenue and Profit Performance - The company achieved a significant increase in net profit compared to the previous year, driven by improved operational efficiencies and market conditions [1] - Despite a decline in lithium product sales prices due to market fluctuations, the company benefited from a shortened pricing cycle for its subsidiary, Wenfield Lithium Mine [1] Group 2: Contributing Factors - The performance of the company's key associate, SQM, saw a substantial year-on-year increase, leading to higher investment income recognized in the reporting period [1] - The appreciation of the Australian dollar since the beginning of 2025 resulted in increased foreign exchange gains compared to the same period last year [1]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 89,240.00 | +2340.00↑ 前20名净持仓（日，手） | -163,758.00 | -33924.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 421,106.00 | +19967.00↑ 近远月合约价差（日，元/吨） | 340.00 | +12160.00↑ | | | 广期所仓单（日，手/吨） | 23,485.00 | +1546.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 84,600.00 | +1900.00↑ 工业级碳酸锂平均价（日，万元/吨） | 82,300.00 | +1900.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -4,640.00 | -440.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 911.00 | +27.00↑ 磷锂铝石平均价（日，元/吨 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The lithium carbonate market maintains a situation of weak supply and light demand, with industrial inventories accumulating slightly and remaining at a high level. The operation suggestion is to conduct short - selling transactions at high prices with a light position and control risks by paying attention to the trading rhythm [2]. 3. Summary According to Relevant Catalogs 3.1 Market Data 3.1.1 Futures Market - The closing price of the main contract is 59,880 yuan/ton, up 20 yuan; the net position of the top 20 is - 28,092 hands, up 1,037 hands; the position of the main contract is 306,885 hands, down 450 hands; the spread between near - and far - month contracts is 400 yuan/ton, up 180 yuan; the Guangzhou Futures Exchange warehouse receipt is 31,713 hands/ton, down 330 hands [2]. 3.1.2 Spot Market - The average price of battery - grade lithium carbonate is 60,450 yuan/ton, down 50 yuan; the average price of industrial - grade lithium carbonate is 58,850 yuan/ton, down 50 yuan; the basis of the Li₂CO₃ main contract is 570 yuan/ton, down 70 yuan [2]. 3.1.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 697 US dollars/ton, unchanged; the average price of amblygonite is 6,595 yuan/ton, unchanged; the price of lithium mica (2 - 2.5%) is 1,576 yuan/ton, unchanged [2]. 3.1.4 Industry Situation - The monthly output of lithium carbonate is 47,900 tons, up 4,720 tons; the monthly import volume is 28,335.89 tons, up 10,210.40 tons; the monthly export volume is 734.29 tons, up 514.26 tons; the enterprise start - up rate is 53%, up 3 percentage points; the monthly output of power batteries is 123,500 MWh, up 5,300 MWh; the price of lithium hexafluorophosphate is 51,700 yuan/ton, down 0.04; the price of lithium manganate is 28,000 yuan/ton, unchanged; the price of lithium cobaltate is 215,000 yuan/ton, unchanged; the price of ternary material (811 type) in China is 145,500 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 121,000 yuan/ton, unchanged [2]. 3.1.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 124,000 yuan/ton, unchanged; the start - up rate of ternary cathode materials is 53%, up 5 percentage points; the price of lithium iron phosphate is 30,300 yuan/ton, unchanged; the start - up rate of lithium iron phosphate cathode is 47%, down 10 percentage points; the monthly output of new energy vehicles is 1,270,000 vehicles, up 19,000 vehicles; the monthly sales volume is 1,307,000 vehicles, up 81,000 vehicles; the cumulative sales penetration rate is 43.99%, up 1.25 percentage points; the cumulative sales volume is 5,608,000 vehicles, up 1,713,000 vehicles; the monthly export volume is 212,000 vehicles, up 12,000 vehicles; the cumulative export volume is 855,000 vehicles, up 336,000 vehicles; the 20 - day average volatility of the target is 21.27%, down 0.05 percentage points; the 40 - day average volatility is 22.92%, down 0.01 percentage points [2]. 3.1.6 Option Situation - The total call position is 106,820 contracts, up 4,804 contracts; the total put position is 37,986 contracts, up 1,633 contracts; the put - call ratio of the total position is 35.56%, down 0.0738 percentage points; the implied volatility of the at - the - money IV is down 0.0079 percentage points [2]. 3.2 Industry News - In May, the added value of industrial enterprises above the designated size increased by 5.8% year - on - year, and the total retail sales of consumer goods increased by 6.4%. In the first five months, the national fixed - asset investment increased by 3.7% year - on - year. The added value of high - tech manufacturing and digital product manufacturing increased by 8.6% and 9.1% respectively in May [2]. - Yahua Group plans to rename its wholly - owned subsidiary Sichuan Yahua Lithium Industry Technology Co., Ltd. to "Yahua Lithium Industry Group" and transfer the equity of five subsidiaries related to lithium business to it for free [2]. - Xiamen Tungsten New Energy's sales volume of new energy materials from January to May 2025 was about 47,600 tons, a year - on - year increase of about 20.95%. Among them, the sales volume of lithium cobaltate was about 22,300 tons, a year - on - year increase of about 53%, and the sales volume of ternary materials (including lithium iron phosphate and others) was 23,600 tons, a year - on - year increase of about 2% [2]. - In May, US retail sales recorded the largest decline since the beginning of the year. After the April data was revised to a 0.1% decline, the unadjusted retail sales in May decreased by 0.9% month - on - month, and the retail sales excluding automobiles decreased by 0.3% [2]. 3.3 Market Analysis - **Supply**: The production willingness of some smelters has recovered due to the previous rebound in futures prices. In terms of imports and exports, the export volume from Chile has decreased significantly, and the domestic supply is expected to be high in the short term and then gradually decline [2]. - **Demand**: Due to the off - season of consumption, the downstream purchasing willingness is weak. Although the lithium price has weakened recently, enterprises have no intention to further stock up, and the spot market transactions are still cautious and cold [2]. - **Option Market**: The put - call ratio of the position is 35.56%, down 0.0738% month - on - month. The call position in the option market dominates, and the option market sentiment is bullish, with the implied volatility slightly decreasing [2]. - **Technical Analysis**: On the 60 - minute MACD, the double lines are below the 0 axis, and the red bars have just appeared [2].

Core Viewpoint - The price of battery-grade lithium carbonate has decreased by 100 yuan, with an average price reported at 64,950 yuan per ton [1] Price Movement - The current average price of battery-grade lithium carbonate is 64,950 yuan per ton, reflecting a decline from the previous day [1]

Core Viewpoint - The company reported a significant decline in financial performance for 2024, with a revenue drop of 67.75% year-on-year and a net loss of 79.05 billion yuan, indicating severe challenges in the lithium market and operational setbacks [1] Financial Performance - The company achieved a total revenue of 130.63 billion yuan in 2024, down 67.75% year-on-year [1] - The net profit attributable to shareholders was -79.05 billion yuan, reflecting a year-on-year decline of 208.32% [1] - The net profit after deducting non-recurring items was -79.23 billion yuan, a decrease of 210.40% year-on-year [1] - The net cash flow from operating activities was 55.54 billion yuan, down 75.52% year-on-year [1] Operational Challenges - The major reasons for the significant losses include falling lithium prices, mismatches in pricing mechanisms, substantial impairment provisions for the Australian lithium hydroxide project, and increased foreign exchange losses due to currency fluctuations [1] - The company produced 1.41 million tons of lithium concentrate in 2024, with chemical-grade lithium concentrate at 1.353 million tons and technical-grade at 57,000 tons [1] - Lithium compound and derivative production saw a year-on-year increase of 39.44%, reaching approximately 70,700 tons, while sales surged by 81.46% to about 102,800 tons [1] Resource and Production Capacity - The Greenbushes lithium mine currently has a lithium concentrate production capacity of 1.62 million tons per year, with the CGP3 project expected to produce its first batch of lithium concentrate by October 2025 [2] - The company operates five lithium chemical product production bases with a combined capacity of 91,600 tons per year and has plans for further expansion [2] - The Sichuan Suining Anju factory is expected to reach full production capacity by mid-2024, while the Australian Kwinana factory is undergoing a major technical upgrade [2] Investment and Market Position - The company holds a 22.16% stake in SQM, making it the second-largest shareholder [2] - SQM's lithium salt sales for 2024 are projected to be approximately 205,000 tons, a year-on-year increase of 20.53%, with revenue equivalent to 32.315 billion yuan and a net loss of 2.885 billion yuan [2] Future Outlook - The company maintains an "outperform the market" rating despite the volatility in lithium prices and has revised its revenue forecasts for 2025-2027 to 10.806 billion, 13.340 billion, and 16.097 billion yuan respectively, with expected year-on-year growth rates of -17.3%, 23.4%, and 20.7% [4] - The projected net profits for the same period are 2.385 billion, 2.511 billion, and 3.180 billion yuan, with growth rates of 130.2%, 5.3%, and 26.6% respectively [4] - The company is well-positioned with strong resource advantages and potential for capacity expansion, indicating promising long-term growth prospects [4]