1. Report Industry Investment Rating - The investment rating for lithium carbonate is "Oscillating" [5] 2. Core Viewpoints of the Report - This week (March 13 - 20), lithium salt prices fluctuated and declined. The closing price of LC2605 decreased by 5.4% to 143,900 yuan/ton. The spot average prices of SMM battery - grade and industrial - grade lithium carbonate decreased by 6.3% and 6.1% to 149,000 and 146,000 yuan/ton respectively. The price of lithium hydroxide followed the trend [12]. - The supply side has multiple factors. In Zimbabwe, the situation may be more pessimistic than expected. Core Lithium in Australia plans to restart the Finniss lithium mine, adding 2,000 tons of LCE supply in Q4. The arrival of lithium ore in March continued to decrease, while the load of the lithium carbonate pyroxene production line increased, and the ore end remained in a tight pattern [2][14]. - On the demand side, although the new - energy vehicle sales data in the first two weeks of March were still poor year - on - year, there were signs of month - on - month improvement. According to the prediction of the Passenger Car Association, the retail sales of new - energy vehicles in March could reach 900,000, a year - on - year decrease of 10%. The new car launch has a great impact on the monthly sales rhythm [2][15]. - This week, SMM's inventory decreased by 86 tons, and the de - stocking amplitude narrowed significantly. The overall inventory days were 27.7 days. It is expected that the domestic lithium carbonate will maintain a tight balance from March to April. In the short term, the production schedules of cathodes and cells are good, providing support for the direct demand for lithium carbonate. In the long term, the narrative of new - energy replacing old energy under the Middle East conflict provides support. It is recommended to focus on the opportunity of buying on dips after corrections [3][16] 3. Summary According to the Directory 1. Lithium Carbonate Weekly De - stocking Narrows, and Power Demand Improves Month - on - Month - **Price Changes**: Lithium salt prices fluctuated and declined this week. The closing price of LC2605 decreased by 5.4% to 143,900 yuan/ton. The spot average prices of SMM battery - grade and industrial - grade lithium carbonate decreased by 6.3% and 6.1% to 149,000 and 146,000 yuan/ton respectively. The price of lithium hydroxide also followed the decline [12]. - **Supply Side**: In Zimbabwe, the local government still hopes to promote investment and construction in the downstream processing sector. The situation may be more pessimistic than expected. Core Lithium in Australia plans to restart the Finniss lithium mine, adding 2,000 tons of LCE supply in Q4. The arrival of lithium ore in March continued to decrease, and the lithium ore was mainly in a de - stocking state, with the ore end remaining tight [2][14]. - **Demand Side**: The new - energy vehicle sales data in the first two weeks of March were still poor year - on - year, but there were signs of month - on - month improvement. According to the prediction of the Passenger Car Association, the retail sales of new - energy vehicles in March could reach 900,000, a year - on - year decrease of 10%. The new car launch has a great impact on the monthly sales rhythm [2][15]. - **Inventory Situation**: This week, SMM's inventory decreased by 86 tons, and the de - stocking amplitude narrowed significantly. The overall inventory days were 27.7 days. It is expected that the domestic lithium carbonate will maintain a tight balance from March to April. The actual inventory of lithium carbonate may be larger than the SMM statistics. Downstream and spot - futures traders perceive the spot market as loose, and the basis and monthly spread do not show obvious strengthening [3][16]. 2. Weekly Industry News Review - The Jiangxi Provincial Mineral Resources Security Service Center issued an announcement to select "prospecting right and mining right evaluation" institutions for the evaluation of the transfer income of the exploited resource reserves of five mining rights [17]. - Core Lithium completed a A$120 million financing, finalizing the equity financing part of the restart of the Finniss lithium mine. The combined equity and strategic financing enables Core Lithium to fully fund the restart of the Finniss lithium mine, with the total restart financing portfolio exceeding A$300 million [17] 3. Key High - Frequency Data Monitoring of the Industrial Chain 3.1 Resource End: The Price Trends of Ore and Salt are Consistent - The report provides data on the spot average price of lithium concentrate, showing a decline [13] 3.2 Lithium Salt: The De - stocking Amplitude Slows Down - The report presents data on lithium ore sample monthly inventory, GFEX lithium carbonate main contract closing price, GFEX lithium carbonate term structure, domestic lithium carbonate weekly output, SMM lithium carbonate weekly inventory, domestic lithium carbonate spot average price and electrical - industrial price difference, lithium carbonate basis, domestic lithium hydroxide spot average price, domestic battery - grade lithium hydroxide - lithium carbonate price difference, lithium salt factory theoretical production profit, Chile's monthly export volume of lithium carbonate to China, China's lithium carbonate import volume, South America's export volume of lithium carbonate to China, Chile's shipment volume of lithium sulfate to China, and Chile's average export price of lithium carbonate to various countries [13][27][39] 3.3 Downstream Intermediate Products: The Demand in March Still has Support - The report provides data on the monthly output of SMM ternary materials, SMM lithium iron phosphate monthly output, lithium iron phosphate price trend, lithium iron phosphate battery cell (power type) average price, ternary material price trend, cobalt - acid lithium price trend, and cobalt - acid lithium battery cell (consumer type) average price [45][51][57] 3.4 Terminal: Pay Attention to the Subsequent Power Sales Situation - The report presents data on China's power battery installation volume and year - on - year growth rate, China's power battery monthly installation proportion, China's new - energy vehicle production and sales year - on - year growth rate, and China's new - energy vehicle penetration rate [60][63][64]

Core Viewpoint - Tianqi Lithium Industry stated that its production and operations are normal, with no undisclosed matters or risk warnings that need to be disclosed according to relevant regulations [1] Group 1: Company Operations - The company's stock price fluctuations are influenced by multiple factors, including macroeconomic environment, industry cycle fluctuations, market liquidity, and investor expectations [1] - The lawsuit related to Chile does not involve a specific monetary claim, and the rejection of the appeal will not change the assumptions related to the impairment test of the long-term equity investment in SQM [1] Group 2: Financial Management - The company has established a comprehensive commodity futures hedging management system for lithium carbonate and has a professional management team in place [1] - The board of directors approved a proposal for conducting commodity futures hedging business for lithium carbonate in March 2025, with strict adherence to the authorized limits and based on actual production and business needs [1] Group 3: Future Outlook - The company will continuously assess the value changes of its long-term equity investment in SQM based on the progress of related transactions and future market conditions [1] - The company commits to timely information disclosure in accordance with relevant laws and regulations if any related information arises [1]

Group 1 - Morgan Stanley increased its stake in Tianqi Lithium (09696) by 869,606 shares at a price of HKD 42.423 per share, totaling approximately HKD 36.8913 million [2][5] - After the increase, Morgan Stanley's total shareholding in Tianqi Lithium reached approximately 11.5378 million shares, representing a stake of 7.02% [2][5]

Core Viewpoint - Tianqi Lithium is optimizing its financial structure and strategic layout through capital operations, including fundraising and asset disposal, to strengthen its position in the lithium sector [2][9]. Fundraising Details - Tianqi Lithium plans to issue 65.05 million H-shares at a price of HKD 45.05 per share, raising approximately HKD 58.607 billion, with a net amount of about HKD 58.29 billion after fees [3][4]. - The company will also issue zero-coupon convertible bonds totaling RMB 2.6 billion, convertible into H-shares at an initial price of HKD 49.56 per share [3][4]. Use of Proceeds - The funds raised will support strategic development in the lithium sector, including project development, capital expenditures, and acquisitions of quality lithium assets [4][10]. - Remaining funds will be used to supplement working capital and for general corporate purposes [4]. Financial Performance - Tianqi Lithium expects a net profit attributable to shareholders of RMB 369 million to RMB 553 million for 2025, with a non-recurring profit of RMB 240 million to RMB 360 million, indicating a turnaround from previous losses [9]. - The company has seen improvements in profitability despite market fluctuations in lithium product prices, aided by better pricing mechanisms and reduced impairment losses [9]. Asset Disposal - The company plans to dispose of part of its equity in its associate companies, including 2.02172 million shares of Zhongchuang Innovation and 3.566 million shares of SQM, to enhance asset liquidity [10][11]. - The book value of the SQM shares to be disposed of is approximately USD 206 million (RMB 143.4 million), while the shares of Zhongchuang Innovation have a book value of HKD 516 million (RMB 45.9 million) [10].

Group 1 - Tianqi Lithium Industries (09696) experienced a significant drop of over 9%, trading at HKD 44.98 with a transaction volume of HKD 74.6883 million [1] - The company announced a placement of 65.05 million new H-shares and the issuance of zero-coupon convertible bonds totaling RMB 2.6 billion, with expected total proceeds of approximately HKD 58.591 billion [1] - The net proceeds from the share placement are estimated to be around HKD 58.306 billion, which will be used for strategic development in the lithium sector, including capital expenditures for project development and acquisition of quality lithium assets [1] Group 2 - The share placement price is set at HKD 45.05 per share, representing a discount of about 9% compared to the last closing price of HKD 49.5 on February 3, 2026 [1] - The total expected proceeds from the share placement are approximately HKD 29.305 billion, with net proceeds estimated at HKD 29.24 billion if all shares are fully placed [1] - The company will also issue zero-coupon convertible bonds with a principal amount of RMB 2.6 billion, with an initial conversion price of HKD 51.85 per share, reflecting a premium of about 4.7% over the last closing price [2] - The total expected proceeds from the bond issuance are approximately HKD 29.286 billion, with net proceeds estimated at HKD 29.066 billion [2]

Group 1 - Tianqi Lithium Industries (002466) experienced a significant drop of over 9% upon resuming trading, with a current price of 44.98 HKD and a trading volume of 74.6883 million HKD [1] - The company announced a plan to place 65.05 million new H-shares and issue zero-coupon convertible bonds totaling 2.6 billion RMB, with expected total proceeds of approximately 5.8591 billion HKD, net proceeds around 5.8306 billion HKD [1] - The funds raised will support the company's strategic development in the lithium sector, including capital expenditures for project development and optimization, acquisition of quality lithium mining assets, and general corporate purposes [1] Group 2 - The company has entered into a revised placement agreement for the new H-shares, with a placement price of 45.05 HKD per share, representing a discount of about 9% compared to the last closing price of 49.5 HKD on February 3, 2026 [1] - The total expected proceeds from the placement of shares is approximately 2.9305 billion HKD, with net proceeds estimated at around 2.924 billion HKD [1] - Additionally, the company will issue zero-coupon convertible bonds with a principal amount of 2.6 billion RMB, with an initial conversion price of 51.85 HKD per H-share, representing a premium of about 4.7% over the last closing price [2] - The total expected proceeds from the bond issuance is approximately 2.9286 billion HKD, with net proceeds estimated at around 2.9066 billion HKD [2]

Group 1 - The company Tianqi Lithium Industries (09696) has entered into a placement agreement to issue shares, which will amount to approximately 39.64% of the existing issued H-shares, equating to 65.05 million H-shares, and about 3.96% of the total issued shares as of the announcement date [1] - The total nominal value of the placement shares is RMB 65.05 million, and the placement agent will distribute the shares to no fewer than six subscribers on a best-effort basis [1] Group 2 - The company has also signed a subscription agreement to issue bonds totaling RMB 2.6 billion, which can be converted into H-shares at an initial conversion price of HKD 49.56 per share, representing a premium of approximately 0.1% over the last closing price on the signing date [2] - If the bonds are fully converted at the initial conversion price, they will convert into approximately 59.09 million H-shares, accounting for about 36.00% of the existing issued H-shares and 3.60% of the total issued shares as of the announcement date [2] Group 3 - The combined proceeds from the placement and bond issuance are expected to be approximately HKD 58.61 billion, with a net amount of about HKD 58.29 billion after deducting related commissions and fees [3] - The net proceeds will be used to support the company's strategic development in the lithium sector, including project development and capital expenditures, as well as acquisitions of quality lithium mining assets, with the remainder allocated for working capital and general corporate purposes [3]

Core Viewpoint - Tianqi Lithium Industries (002466)(09696) plans to strategically dispose of a portion of its equity in SQM, specifically up to 3.566 million A shares, which represents no more than 1.25% of SQM's total shares [1] Group 1: Equity Disposal - The company has already disposed of 748,500 B shares of SQM, accounting for 0.29% of SQM's total shares, through its wholly-owned subsidiary Tianqi Lithium Hong Kong since December 26, 2025 [1] - As of the announcement date, the company holds 62,556,600 A shares of SQM, representing 21.90% of SQM's total shares, and no longer holds any B shares [1] Group 2: Strategic Rationale - The proposed disposal of equity in SQM is aimed at revitalizing the company's existing assets, enhancing the flexibility of its asset structure, and improving overall asset liquidity and capital efficiency [1] - This move is expected to provide more room for the company's future operational development and resource allocation, positively impacting its financial condition and stable operations [1]

Group 1 - The company Tianqi Lithium Industries (002466.SZ) forecasts a net profit attributable to shareholders of 369 million to 553 million yuan for the year 2025, indicating a turnaround from losses in the previous year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 240 million and 360 million yuan, also reflecting a recovery from losses year-on-year [1] - Despite fluctuations in the lithium product market leading to a decrease in sales prices compared to the previous year, the company benefits from a shortened pricing cycle for lithium ore through its subsidiary Windfield Holdings Pty Ltd [1] Group 2 - The company relies on Bloomberg's forecast for Sociedad Química y Minera de Chile S.A. (SQM) to estimate investment income, anticipating significant year-on-year growth in SQM's performance for the fourth quarter of 2025 [2] - The appreciation of the Australian dollar against the US dollar has resulted in increased foreign exchange gains compared to the 2024 fiscal year [2] - The company plans to conduct impairment tests on assets showing signs of impairment as of the balance sheet date in 2025, with preliminary estimates indicating a reduction in impairment losses compared to 2024 [2]

Core Viewpoint - Tianqi Lithium Industries is expected to achieve a net profit of 369 million to 553 million yuan in 2025, indicating a turnaround from losses [1] Group 1: Financial Performance - The company is projected to return to profitability despite fluctuations in the lithium product market, which have led to a decrease in sales prices compared to the same period last year [1] - The expected net profit range for 2025 represents a significant improvement in financial performance [1] Group 2: Operational Factors - The reduction in the pricing cycle for lithium ore from the company's subsidiary, Windfield Holdings Pty Ltd, has positively impacted the company's operations [1] - The pricing mechanism for chemical-grade lithium concentrate from the wholly-owned subsidiary, Talison Lithium Pty Ltd, has seen a significant reduction in the mismatch with the sales pricing mechanism for lithium chemical products [1] Group 3: Cost Management - The production costs of various lithium chemical products are now closely aligned with the latest procurement prices due to the gradual consumption of inventory lithium concentrate and the arrival of newly purchased lithium concentrate [1]