本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 一、背景概述 2024年5月31日，天齐锂业股份有限公司（以下简称"公司"）参股公司Sociedad Química y Minera de Chile S.A.（智利化工矿业公司，以下简称"SQM"）与Corporación Nacional del Cobre de Chile（智利国家 铜业公司，以下简称"Codelco"）签署了Partnership Agreement（以下简称"《合伙协议》"）。该协议确 立了双方的权利和义务，拟通过将Codelco之子公司Minera Tarar SpA（以下简称"Minera Tarar"）并入 SQM子公司Salar S. A.（以下简称"SQM Salar"，并入后的公司以下简称"合营公司"）的方式，建立合作 伙伴关系，以开发SQM目前从智利政府经济部下属的生产促进局（Corporacio?n de Fomento de la Produccio?n de Chile，以下简称"Corfo"）租赁的阿塔卡马盐湖地 ...

公告指出，若交易最终完成，《合伙协议》的生效将对天齐锂业持有SQM长期股权对应的投资收益及 分红产生影响，但由于尚未取得SQM2025年度合并财务报表，具体影响暂无法预估。同时，该协议生 效不会改变天齐锂业对SQM长期股权投资的减值测试假设，暂不会对当期利润产生重大影响，天齐锂 业仍将采用权益法对SQM进行核算与后续计量。 天齐锂业在公告中提示了四大潜在风险。其一为交易无法完成风险，若交易终止且SQM未能取得新的 开采配额，其阿塔卡马盐湖锂业务将面临停滞，进而影响天齐锂业的投资收益；其二是SQM核心锂业 务控制权丧失风险，2031年后SQM将不再拥有该业务控制权，可能导致战略调整或实施受阻；其三为 收益不确定性风险，新增生产配额的完成情况、未来成本波动及Codelco持股超50%的权益结构，可能 导致SQM收益减少，进而影响天齐锂业投资回报；其四为公司治理权益受影响风险，SQM相关资产与 资源向合营公司转移后，天齐锂业派出董事的合法权利和监督力可能被削弱，中小股东权益保障存在不 确定性。 该合作将延长SQM在该盐湖的锂业务开采经营权，从原2030年到期延期至2060年，并计划在2025年至 2030年间增加3 ...

Core Viewpoint - Tianqi Lithium Industries has filed an appeal to the Chilean Supreme Court regarding a lawsuit stemming from a partnership agreement between its investee SQM and Codelco, which may impact its investment returns and shareholder rights in SQM in the long term [1][2][3] Group 1: Legal Proceedings - Tianqi Lithium's subsidiary, Inversiones TLC SpA, has appealed to the Chilean Supreme Court against a ruling from the Santiago Court of Appeals, which is not expected to significantly impact the company's current or future profits [1] - The lawsuit originated from a partnership agreement between SQM and Codelco concerning the operation and development of the Salar de Atacama from 2025 to 2060 [1][2] - Tianqi Lithium believes that the partnership agreement requires approval from a special shareholders' meeting of SQM, leading to a series of legal actions including an administrative review and subsequent lawsuit [2] Group 2: Financial Implications - The partnership agreement allows Codelco to hold a majority stake in the joint venture, which may result in SQM losing control over its core lithium business in the Salar de Atacama starting in 2031 [3] - The agreement also proposes an extension of lithium mining rights from 2030 to 2060 and an increase in production quotas from 2025 to 2030, but the shift in control could affect Tianqi Lithium's investment returns and dividends from SQM [3] - Tianqi Lithium will continue to monitor developments related to SQM and assess financial impacts dynamically, ensuring timely information disclosure [3]

Core Viewpoint - Cangge Mining emphasizes the importance of balancing long-term ESG goals with immediate business objectives, aiming for a comprehensive development across economic, environmental, social, and governance dimensions [1][2] Group 1: ESG Strategy - Cangge Mining has elevated ESG to a strategic level within the board since 2022, focusing on finding a resonance model between long-term sustainability and operational goals [1] - The company believes that while ESG is important, it should not compromise financial performance, as excessive ESG investments could harm the interests of stakeholders [1] Group 2: Competitive Advantage - Cangge Mining has established a differentiated advantage through resource utilization, technological innovation, and a diversified product line, achieving lithium carbonate production with a purity of over 99.6% since 2019 [1] - The strategic layout of potassium, lithium, and copper product lines enhances the company's ability to withstand cyclical fluctuations, as these products belong to different sectors with varying industry cycles [2] Group 3: Supply Chain ESG Management - In 2024, Cangge Mining will release its first "Supplier ESG Management Manual," integrating ESG factors into the supplier selection process [2] - The company is a key initiator of the Supply Chain ESG Management Initiative (SCSI), aimed at improving transparency and efficiency in supply chain audits [2] - Cangge Mining advocates that sustainable development is about finding a balance rather than making binary choices, focusing on both long-term and immediate goals [2]

Core Viewpoint - Cangge Mining emphasizes the importance of balancing ESG (Environmental, Social, and Governance) goals with business objectives, aiming for a sustainable development model that benefits all stakeholders [1][2] Group 1: ESG Strategy and Implementation - Cangge Mining has elevated ESG to a strategic level within its board since 2022, focusing on finding a resonance between long-term ESG goals and operational objectives [1] - The company views ESG as one of several factors in decision-making, asserting that excessive ESG investments that negatively impact financial performance could harm stakeholders' interests [1] - Cangge Mining has established a differentiated advantage through resource utilization, technological innovation, and a diversified product line, achieving lithium carbonate production with a purity of over 99.6% since 2019 [1] Group 2: Supply Chain ESG Management - In 2024, Cangge Mining will release its first "Supplier ESG Management Manual," integrating ESG factors into the supplier selection process [2] - The company co-initiated the Supply Chain ESG Management Initiative (SCSI) with leading industry firms to enhance transparency and efficiency in supply chain audits [2] - Cangge Mining believes that sustainable development is about finding a balance between long-term goals and immediate needs, focusing on both environmental benefits and business quality [2]

Core Viewpoint - Dongwu Securities report indicates that Cangge Mining's net profit attributable to shareholders for Q1-Q3 2025 reached 2.75 billion yuan, representing a year-on-year increase of 47.3% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 950 million yuan, showing a quarter-on-quarter increase of 66.5% but a decrease of 9.7% year-on-year [1] Lithium Business Outlook - Cangge Lithium officially resumed production, with the annual production and sales plan adjusted down by 2,490 tons, indicating strong support at the bottom for lithium prices [1] - The supply-demand landscape is expected to improve significantly next year, with the lithium business continuing to contribute to profit growth [1] Project Developments - The second phase of the Julong expansion project is set to commence production by the end of 2025, with annual copper production expected to reach 300,000 to 350,000 tons, and the company's equity output projected at 92,000 to 108,000 tons per year [1] Price Trends and Profit Forecast - With lithium prices rebounding from the bottom and copper prices remaining stable, the company's net profit forecasts for 2025-2027 have been raised to 3.82 billion, 5.73 billion, and 8.64 billion yuan respectively, reflecting year-on-year growth of 48%, 50%, and 51% [1] - The corresponding price-to-earnings ratios are projected at 22x, 15x, and 10x [1] Competitive Advantages - The company has a significant cost advantage in lithium carbonate, with simultaneous expansion in potassium, lithium, and copper production [1] - The "buy" rating is maintained for the company [1]

Group 1 - The company possesses significant resources including highland copper, salt lake lithium, and overseas potassium, with the second phase of copper mine entering the countdown to production [1] - Institutions expect a net profit CAGR exceeding 40% from 2025 to 2027, indicating a favorable outlook for valuation to experience a "Davis Double" [1] Group 2 - The market size is expected to exceed 10 billion in 2026, driven by domestic cost reduction and significant increases in penetration rates [1] - Three domestic suppliers are poised to seize opportunities through capacity and localization [1]

Core Viewpoint - The Ministry of Industry and Information Technology, along with six other departments, has issued a plan titled "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" aimed at guiding the development of major petrochemical and modern coal chemical projects while controlling new refining capacity and preventing overcapacity risks in the coal-to-methanol sector [1] Group 1: Project Planning and Capacity Control - The plan emphasizes the need to strengthen the planning and layout of major petrochemical and modern coal chemical projects [1] - It mandates strict control over new refining capacity and rational determination of new capacity scales and deployment rhythms for ethylene and paraxylene [1] - The petrochemical sector is required to strictly implement capacity reduction and replacement requirements for new refining projects [1] Group 2: Support for Upgrades and Innovations - The plan focuses on supporting the renovation of old petrochemical facilities, the industrialization demonstration of new technologies, and projects that increase chemical production while reducing oil output [1] - In the modern coal chemical sector, the plan encourages the development of coal-to-oil and coal-to-chemical projects in areas with abundant coal and water resources [1] Group 3: Integration with New Technologies - The plan promotes the coupling of coal chemical processes with new energy, advanced materials, technical equipment, and industrial operating systems for demonstration applications [1] - It also includes initiatives for carbon dioxide capture, utilization, and storage engineering demonstrations [1] - The acceleration of projects for helium extraction from natural gas and potassium extraction from seawater is highlighted [1]

Core Viewpoint - The market value and valuation of Zijin Gold International can be roughly determined following the disclosure of more details regarding its IPO, with an expected market value of approximately HKD 187.85 billion after listing [1][4]. Summary by Sections IPO Details - Zijin Mining announced the progress of its spin-off listing, planning to issue between 349 million to 401 million shares, representing approximately 13.3% to 15% of the total shares post-global offering, at a price of HKD 71.59 per share [1][3]. - The anticipated annual net profit for Zijin Gold International is estimated at around USD 1.04 billion, leading to a price-to-earnings (P/E) ratio of about 23 times, significantly higher than Zijin Mining's current P/E ratio of around 15 times [1][6]. Market Impact - The IPO is set to raise over HKD 20 billion, marking it as the second-largest IPO in the Hong Kong market this year, following CATL [1][8]. - The total market capitalization of the "Zijin system," including Zijin Mining, Cangge Mining, and Zijin Gold International, is expected to approach RMB 1 trillion [1][6]. Strategic Importance - The spin-off listing of Zijin Gold International is a crucial part of Zijin Mining's market value management strategy, aimed at enhancing the overall value and shareholder value of the company [2][6]. - Zijin Gold International will remain a controlled subsidiary of Zijin Mining, contributing to the consolidation of its gold assets and improving asset securitization levels [2][6]. Future Prospects - Zijin Gold International is projected to become a key platform for Zijin Mining's international gold business, focusing on overseas gold mines, while domestic assets remain unintegrated [11][15]. - The company is expected to pursue further resource acquisitions, supported by the funds raised from the IPO, to enhance its resource reserves and project development [9][11].

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, is set to go public with an expected market capitalization of approximately HKD 187.85 billion, significantly enhancing the company's asset valuation in the gold sector [1][4][6]. Summary by Sections IPO Details - Zijin Gold International plans to issue between 349 million to 401 million shares, representing approximately 13.3% to 15% of the total shares post-IPO, at a price of HKD 71.59 per share [1][3]. - The anticipated market capitalization post-listing is around HKD 187.85 billion, which is about CNY 172 billion [4]. Financial Performance - For the first half of 2025, Zijin Gold International reported revenues of USD 1.997 billion and a net profit of USD 520 million, with projections indicating a full-year net profit of approximately USD 1.04 billion [7]. - The estimated annualized earnings per share post-IPO is around HKD 3.09, leading to a price-to-earnings ratio of approximately 23.2, which is significantly higher than Zijin Mining's current ratio of about 15 [8]. Market Context - The IPO of Zijin Gold International is part of Zijin Mining's broader strategy for market capitalization management, coinciding with a rising gold price cycle [2][6]. - The total market capitalization of the "Zijin system," including Zijin Mining, Zijin Gold International, and other strategic investments, is approaching CNY 1 trillion [5]. Strategic Implications - The funds raised from the IPO, estimated at HKD 24.985 billion, will support Zijin Gold International's future resource acquisitions [10][11]. - Zijin Gold International is expected to focus on international gold operations, while Zijin Mining will continue to manage its domestic assets separately [11][12]. Platform Development - The establishment of the "Zijin system" capital platform indicates a trend towards "platformization" in operations, with Zijin Mining diversifying into lithium and potassium through acquisitions like the controlling stake in Cangge Mining [12][13]. - The company is exploring further asset integration opportunities, particularly in the lithium and potassium sectors, which may enhance operational efficiency and market positioning [15].