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 ...

Key Takeaways Piedmont Lithium completed its merger with Sayona Mining to create Elevra Lithium.The combined firm will operate three projects and expand at NAL.Synergies will cut costs, enhance logistics and broaden customer relationships.Piedmont Lithium Inc. (PLL) announced that it completed its previously stated merger with Sayona Mining Limited to form a combined company named Elevra Lithium. This merger is expected to boost Piedmont Lithium’s footprint and operational efficiency. This positions the com ...

31 August 2025 | 4:50PM HKT Tianqi Lithium (9696.HK) Sell Earnings Review: 1H25 below on higher minorities; cautious on lithium pricing; Sell | 9696.HK | 12m Price Target: HK$21.50 | Price: HK$40.66 | Downside: 47.1% | | --- | --- | --- | --- | | 002466.SZ | 12m Price Target: Rmb23.00 | Price: Rmb43.96 | Downside: 47.7% | Tianqi reported 1H25A NP at Rmb87mn, or EPS of Rmb0.053/sh, versus net loss of Rmb5.20bn in 1H24. Excluding one-off items mainly on FX gain, recurring net loss was Rmb209mn, improved versu ...

看数据，三大指数全线上涨，创业板最猛，半天干到2.34%，北证50也不差，涨了2.47%。更关键的是量能——成交额比昨天多了近670亿，说明真有资金在 动。全市场超两千只个股上涨，氛围不错。 板块方面，锂电池彻底爆发，宁德时代大涨超10%，天齐锂业、盛新锂能跟涨，新能源这条线又活过来了；白酒也不弱，舍得、酒鬼酒这些纷纷上扬，大消 费稳得住；创新药突然发力，康辰药业、华海药业直接封板；保险股早上冲了一波，新华保险摸了下涨停，虽然回落，但气势还在。 跌的方面，半导体、算力集体调整，寒武纪最多跌超8%，北方华创、龙芯中科也跟着下水；CPO概念内部分化明显，有人跌超10%，也有人翻红。科技股 今天整体休息，资金暂时流向了低位板块。 那下午怎么走？帮主觉得，创业板上午冲太猛，下午大概率歇一歇，震荡整固为主。锂电池和白酒连续强拉的可能性不大，能横住就是胜利。科技股如果跌 得多，说不定会有反弹，但整体还没到反转的时候。 家人们中午好！我是帮主郑重，二十年财经老炮，专注中长线。今天上午这行情，一句话总结：创业板带头冲锋，锂电池、白酒扛大旗，科技股暂时歇菜！ 总而言之，市场情绪不差，量也放出来了，下午大概率稳中带震荡。咱们中长 ...

Group 1 - The investment thesis indicates a potential turnaround in the lithium market prices, suggesting an opportunity for increased exposure in lithium investments [1] - The article highlights that there are early signs of a price recovery in the lithium market, particularly noted during the summer months [1] - The analyst expresses a positive outlook based on forecasts for a sustained increase in lithium prices, which may benefit companies involved in lithium production [1]

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The Trump administration said it will step up scrutiny of imports of steel, copper, lithium and other materials from China to enforce a US ban on goods allegedly made with forced labor in the country’s Xinjiang region https://t.co/gu7zlWXKMd ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The auction price of lithium carbonate is slightly at a discount to the market, and the range - bound trend may continue [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: For the 2509 contract, the closing price is 85,040 yuan, the trading volume is 75,743, and the open interest is 108,394. For the 2511 contract, the closing price is 85,100 yuan, the trading volume is 1,245,424, and the open interest is 392,675. The warehouse receipt volume is 21,679 lots [1]. - **Basis Data**: The basis of spot - 2509 is - 4,040 yuan, spot - 2511 is - 4,100 yuan, 2509 - 2511 is - 60 yuan, electric carbon - industrial carbon is 2,200 yuan, and spot - CIF is 12,474 yuan [1]. - **Raw Material Data**: The price of lithium spodumene concentrate (6%, CIF China) is 926 US dollars, lithium mica (2.0% - 2.5%) is 2,030 yuan [1]. - **Lithium Salt Data**: The price of battery - grade lithium carbonate is 81,000 yuan, industrial - grade lithium carbonate is 78,800 yuan, battery - grade lithium hydroxide (micropowder) is 77,110 yuan, etc [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price is 80,946 yuan/ton, up 2,822 yuan/ton from the previous trading day. The average price of battery - grade lithium carbonate is 81,000 yuan/ton, up 3,000 yuan/ton, and the average price of industrial - grade lithium carbonate is 78,800 yuan/ton, up 3,000 yuan/ton [2]. - On August 13, Albemarle's battery - grade lithium carbonate auction ended. 100 tons of Ronghui Lithium Industry and 100 tons of Yongshan Lithium Industry's lithium carbonate were auctioned, with成交 prices of 85,000 yuan/ton and 84,388 yuan/ton [3]. - Ganfeng Lithium announced that its wholly - owned subsidiary Ganfeng International will jointly develop the Pozuelos - Pastos Grandes salt lake basin in Argentina with LAR [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3].

Company Overview - Stardust Power aims to secure U S energy leadership through battery-grade lithium production[10] - The company is developing one of the largest lithium refineries in the US, with a capacity of 50,000 metric tons per annum[20] - The company has secured approximately 66 acres in Muskogee, Oklahoma, for its lithium refinery[56] Market and Demand - Lithium demand is expected to increase more than 20-fold due to the growth of electric vehicles[22] - The US lithium market is projected to reach 321,000 tons LCE by 2030[78] - The global fleet of passenger electric vehicles is expected to increase from 27 million in 2022 to approximately 107 million units in 2026[82] Financials and Incentives - The company may be eligible for up to $257 million in performance-based incentives from the State of Oklahoma[20, 65] - As of June 18, 2025, Stardust Power has 823 million common shares outstanding[72] - As of June 18, 2025, the market capitalization is $1588 million[72] Strategy and Supply Chain - Stardust Power has signed offtake agreements with GeoLithium and QX Resources for North American brine sources[52] - The company controls 35,000 acres at the Jackpot Lake Lithium Brine Project in Nevada[52] - The company plans a phased approach to lithium production, scaling up to 50,000 metric tons per annum[20, 59]

Financial Data and Key Metrics Changes - The company reported a total of 10,645,325 shares present at the annual meeting, representing 48.5% of the common stock outstanding as of June 16, 2025, which is below the required quorum for conducting business [3][4] - 97.77% of the votes cast were in favor of the merger proposal, indicating strong shareholder support [4] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were provided in the meeting notes Market Data and Key Metrics Changes - No specific market data or key metrics were provided in the meeting notes Company Strategy and Development Direction and Industry Competition - The company emphasized the importance of shareholder participation in the voting process for the merger, indicating a strategic focus on completing this transaction [5][7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical need for all shareholders to vote to achieve the necessary quorum of 50.1% for the merger to proceed, reflecting the urgency of the situation [5][6][7] Other Important Information - The meeting was adjourned due to insufficient quorum and will reconvene on August 22, 2025, at 11 AM Eastern Time [3][4] Q&A Session All Questions and Answers - No Q&A session was recorded in the meeting notes