天齐锂业表示，得益于控股子公司锂矿定价周期缩短，旗下公司化学级锂精矿定价机制与公司锂化工产 品销售定价机制在以前年度存在的时间周期错配的影响已大幅减弱。 1月29日，天齐锂业（002466）发布2025年度业绩预告，预计将盈利3.69亿元—5.53亿元，上年同期为亏 损79.05亿元；扣除非经常性损益后净利润为2.4亿元—3.6亿元，上年同期亏损79.23亿元。 ...

Core Viewpoint - Tianqi Lithium Industries, Inc. is expected to report a positive net profit for the year 2025, indicating a turnaround from previous losses [2]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [1]. - The company anticipates a positive net profit, indicating a turnaround from previous losses [2]. Group 2: Communication with Auditors - The financial data related to the performance forecast has not yet been audited by the accounting firm [2]. - There are no significant disagreements between the company and the auditors regarding the performance forecast as of the announcement date [2]. Group 3: Reasons for Performance Changes - 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 from its subsidiary Windfield Holdings Pty Ltd [3]. - The pricing mechanism for chemical-grade lithium concentrate from its wholly-owned subsidiary Talison Lithium Pty Ltd has aligned more closely with the sales pricing mechanism for lithium chemical products, reducing previous discrepancies [3]. - The company expects significant growth in investment income from its joint venture, Sociedad Química y Minera de Chile S.A. (SQM), based on Bloomberg's forecast for SQM's earnings per share for Q4 2025 [3]. - The Australian dollar has strengthened against the US dollar, resulting in increased foreign exchange gains compared to 2024 [4]. - The company plans to conduct impairment tests on assets showing signs of impairment as of the balance sheet date, with preliminary estimates indicating a decrease in impairment losses compared to 2024 [4].

Core Viewpoint - Tianqi Lithium Industries (09696) anticipates a significant turnaround in its financial performance for the year ending December 31, 2025, projecting a net profit attributable to shareholders between RMB 369 million and RMB 553 million, compared to a net loss of approximately RMB 7.905 billion in the previous year [1] Group 1 - The expected net profit range for the current reporting period is RMB 369 million to RMB 553 million, while the previous year recorded a net loss of RMB 7.905 billion [1] - The projected net profit, excluding non-recurring gains and losses, is estimated to be between RMB 240 million and RMB 360 million, compared to a loss of RMB 792.3 million in the prior year [1] - Basic earnings per share are expected to be between RMB 0.22 and RMB 0.34, a significant improvement from a loss of RMB 4.82 per share in the previous year [1] Group 2 - The main reason for the expected performance change is the reduced impact of pricing cycle mismatches in lithium product sales, despite a decline in sales prices due to market fluctuations [1] - The company’s subsidiary, Windfield Holdings Pty Ltd, has improved its pricing cycle, which has positively affected the cost of lithium concentrate used in production [1] - The company is also benefiting from the gradual consumption of inventory lithium concentrate and the arrival of newly purchased lithium concentrate [1] Group 3 - The company’s investment income from its associate, Sociedad Química y Minera de Chile S.A. (SQM), is expected to increase significantly due to projected 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 previous year [2] - The company plans to conduct impairment tests on assets showing signs of impairment as of the 2025 balance sheet date, with preliminary estimates indicating a reduction in impairment losses compared to 2024 [2]

尽管受锂产品市场波动的影响，公司锂产品销售价格较上年同期下降，但得益于公司控股子公司 Windfield Holdings Pty Ltd 锂矿定价周期缩短，其全资子公司Talison LithiumPtyLtd 化学级锂精矿定价机 制与公司锂化工产品销售定价机制在以前年度存在的时间周期错配的影响已大幅减弱。随着国内新购锂 精矿陆续入库及库存锂精矿的逐步消化，公司各锂化工产品生产基地生产成本中耗用的化学级锂精矿成 本基本贴近最新采购价格。 格隆汇1月29日丨天齐锂业(002466.SZ)发布2025年度业绩预告，预计2025年度归属于上市公司股东的净 利润3.69亿元-5.53亿元，同比实现扭亏为盈；预计2025年度扣除非经常性损益后的净利润2.40亿元-3.6 亿元，同比实现扭亏为盈。 截至本业绩预告公告日，公司重要的联营公司 Sociedad Química y Minera de ChileS.A.(以下简称"SQM") 尚未公告其 2025 年第四季度业绩报告。公司全面考虑所能获取的可靠信息，沿用一贯方式，采用彭博 社预测的 SQM 2025 年第四季度每股收益等信息为基础来计算同期公司对 SQM 的 ...

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]

Core Viewpoint - Tianqi Lithium Industries (002466) clarified its main business focus on the development of hard rock lithium resources, production and sales of lithium concentrate, and production and sales of lithium chemical products [1] Group 1 - The company confirmed that it has no equity relationship with Andar Technology, which is a downstream company in its industry chain [1] - There are currently no merger or acquisition plans involving Andar Technology [1]

Core Viewpoint - Tianqi Lithium Industry focuses on the development of hard rock lithium resources, production and sales of lithium concentrate, and production and sales of lithium chemical products [1] Group 1 - The company has clarified that it does not have any equity relationship with Anda Technology, which is a downstream company in its industry chain [1] - There are currently no merger or acquisition plans involving Anda Technology [1]

Core Viewpoint - Tianqi Lithium Industries has confirmed that its lithium concentrate production capacity primarily comes from the Greenbushes lithium spodumene mine, which currently has a total production capacity of 1.62 million tons per year [1] Group 1: Production Capacity - The Greenbushes lithium spodumene mine has four lithium concentrate processing plants, with a total established capacity of 1.62 million tons per year [1] - The company is currently constructing the third chemical-grade lithium concentrate plant, which is expected to be completed by December 2025 [1] - Once the third chemical-grade lithium concentrate plant is operational, the total production capacity of the Greenbushes lithium concentrate project will reach approximately 2.14 million tons per year [1] Group 2: Lithium Chemical Products - The company has six operational lithium chemical product production bases located in Sichuan, Chongqing, Jiangsu, Australia, and Sichuan, with a combined lithium chemical product capacity of 121,600 tons per year [1]

Core Viewpoint - Tianqi Lithium Industry emphasizes the positive long-term relationship between social responsibility practices and economic benefits, despite short-term balancing issues [1] Group 1: Company Overview - Tianqi Lithium is a significant global supplier of lithium products, with operations in Australia and China, including five major production bases [1] - The company produces lithium concentrate and lithium chemical products, including lithium carbonate and lithium hydroxide [1] Group 2: ESG and Sustainability Initiatives - Tianqi Lithium established a dedicated ESG department in 2016 and released its first sustainability report in 2017 [1] - In 2023, the company set a net-zero emissions target and detailed its pathway to achieve this, focusing on energy efficiency and green electricity procurement before 2030 [1] - The company integrates ESG goals into performance assessments through a Business Partner (BP) mechanism to ensure alignment with long-term strategies [1] Group 3: Carbon Management Practices - Tianqi Lithium has achieved 100% green electricity procurement at its Zhangjiagang base and has incorporated energy efficiency and green power into its carbon management system [2] - The company introduced market-based accounting methods for carbon assessment, enhancing transparency in its carbon reduction efforts [2] - Tianqi Lithium is actively involved in developing carbon footprint standards for lithium salts and has conducted its first "Scope 3" carbon assessment, including upstream suppliers [2] Group 4: Circular Economy Efforts - The company has innovated in waste management by developing silicon-aluminum micro-powder, which reduces carbon footprints by 52% compared to traditional raw materials [2] - This innovation addresses solid waste treatment challenges while providing low-carbon raw material options for downstream industries [2]

Core Insights - The company reported a net profit attributable to the parent company of 84.41 million yuan for the first half of 2025, marking a turnaround from loss to profit with a growth rate of 101.62% compared to the previous year [1] Financial Performance - The improvement in performance is primarily attributed to the optimization of lithium concentrate pricing mechanisms, increased profitability from joint venture SQM, and foreign exchange gains from the appreciation of the Australian dollar [1] Production Capacity - Lithium concentrate production capacity reached 1.62 million tons per year, with a mid-term target of 2.14 million tons per year - Lithium chemical product capacity is currently at 91,600 tons, with plans to expand to 122,600 tons - The Greenbushes chemical-grade lithium concentrate plant No. 3 is expected to be completed by the end of the year, while the Zhangjiagang 30,000-ton lithium hydroxide project has completed trial operations, and the Chongqing Tongliang 1,000-ton metallic lithium expansion is progressing simultaneously [1] Technological Innovation - The company is focusing on four major areas for technological innovation: high-value utilization of lithium slag, development of lithium extraction adsorbents from salt lakes, initiation of lithium sulfide pilot projects, and upgrading of waste battery recycling processes - The Innovation Research Institute has commenced operations and is deepening industry-university-research cooperation with institutions such as Harbin Institute of Technology and Beijing University of Science and Technology [1] Digital Governance and ESG Performance - The company has achieved significant results in digital governance, with comprehensive upgrades in smart manufacturing, integration of finance and operations, and risk control systems - The company's ESG performance has gained international recognition, being included in the S&P Global ESG Index series and receiving the Sedex Supply Chain "Environmental Contribution Award" [1]