中经记者 李哲 北京报道 在循环经济方面，天齐锂业通过技术创新实现固废高值化利用。"针对锂渣处理难题，公司开发出硅铝 微粉，可替代玻纤行业生产需要的叶蜡石等传统原料。今年我们做了测算，硅铝微粉的碳足迹相较传统 原料下降了52%，既解决了固废处理问题，又为下游提供了低碳原料选择。"田兴国说道。 9月23日，在《中国经营报》主办的"2025中国矿业可持续发展论坛"上，天齐锂业ESG与可持续发展经 理田兴国表示，短期来看，社会责任投入与经济效益可能存在平衡问题，但长期观察，大部分社会责任 实践与经济效益是正向的关系。 作为全球重要的锂产品供应商，天齐锂业的业务布局遍及多个地区。公司矿产主要来源于澳大利亚泰利 森锂辉石矿，并在四川、重庆、张家港和澳大利亚奎纳纳有五大生产基地，产品包括锂精矿产品（含化 学级锂精矿、技术级锂精矿）和锂化工产品（含碳酸锂、氢氧化锂、金属锂等）。 早在2016年，天齐锂业就成立了ESG专职部门，并于2017年发布第一本可持续发展报告。 据田兴国透露，天齐锂业于2023年制定了净零排放目标，并已对实现路径进行细化分解。"我们将2030 年之前的重点聚焦在能效提升和绿电采购，并将长期目标逐年拆解 ...

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]

Core Viewpoint - Tianqi Lithium Industries reported a turnaround in its financial performance for the first half of 2025, achieving a revenue of 4.833 billion yuan and a net profit attributable to shareholders of 84.41 million yuan, marking a significant recovery from previous losses [1] Financial Performance - The company experienced a decline in product sales prices due to market fluctuations, but benefited from a shortened pricing cycle for its subsidiary's lithium mine and improved cost alignment for lithium chemical products [1] - Operating cash flow for the first half of 2025 was 1.82 billion yuan, down from 2.236 billion yuan in the same period last year, indicating strong cash retention [2] - As of June 30, 2025, the company's debt-to-asset ratio stood at 31.44%, maintaining a reasonable level [2] Production Capacity and Expansion - Tianqi Lithium has established a lithium concentrate production capacity of 1.62 million tons per year, with a mid-term target of 2.14 million tons per year, and a lithium chemical product capacity of approximately 91,600 tons per year, aiming for 122,600 tons per year [2] - Ongoing expansion projects include the construction of a chemical-grade lithium concentrate plant in Australia, expected to be completed by December 2025, and the development of a lithium project in Sichuan [2] Research and Development - The company focuses on four main research areas: comprehensive utilization of mineral resources, new lithium extraction technologies, next-generation high-performance lithium battery materials, and battery recycling [3] - As of June 30, 2025, Tianqi Lithium holds 286 authorized patents, including 130 invention patents, and has received a national patent gold award [2][3] - The company has established partnerships with universities and signed strategic agreements with leading downstream enterprises to facilitate technology transfer from laboratory to product application [3]

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]

Group 1 - UBS reported that a significant and prolonged supply disruption in China's lithium industry could impact up to 15% of global lithium production, leading to a surge in stock prices for major lithium producers, including Albemarle Corporation (ALB.US), which rose by 7.5% [1] - Other lithium producers also experienced stock price increases, with Sigma Lithium (SGML.US) up 11.4%, Lithium Americas (LAC.US) up 3.6%, and Sociedad Química y Minera de Chile (SQM.US) up 2.8% [1] - UBS analysts forecast that lithium spodumene prices will increase by at least 9% and potentially up to 32% between 2025 and 2028, while lithium chemical product prices are expected to rise between 4% and 17% [1] Group 2 - UBS upgraded Albemarle's rating from "Sell" to "Neutral" and set a target price of $89, indicating that potential future actions in China's lithium supply chain could challenge previous views of long-term low-price pressure on Albemarle [2] - The report highlighted several key events impacting lithium supply, including the suspension of production by Zangge Mining on July 14, the shutdown of the Jiangxiawo lithium mine by CATL on August 10, and potential production risks for seven lithium mica mines in Yichun after September 30 [1]

Group 1 - The core viewpoint of the news is that Jiangxi Ganfeng Lithium Co., Ltd. has been rated AAA by Oriental Jincheng International Credit Rating Co., Ltd., indicating a stable credit outlook for the company and its upcoming green medium-term notes [1][2] - Jiangxi Ganfeng Lithium operates a vertically integrated business model covering lithium resource development, lithium salt deep processing, lithium metal smelting, lithium battery manufacturing, and comprehensive recycling of lithium batteries, which enhances its synergy and overall strength [2] - The company is a significant global producer of lithium compounds and lithium metal, with abundant resource reserves and large-scale lithium processing capacity, ensuring a complete product supply [2] Group 2 - The sales volume of the company's lithium chemical products has been steadily increasing, supported by stable cooperation with major customers [2] - The revenue and gross profit from the company's lithium battery business, which includes power batteries, consumer batteries, and energy storage batteries, have shown continuous growth in recent years [2] - The company's equity has grown rapidly, significantly enhancing its capital strength [2] Group 3 - The company faces geopolitical and exchange rate fluctuation risks due to its primary lithium resources being located overseas, particularly concerning the potential cancellation of lithium mining concessions in Mexico [2] - The company reported losses for the period from January to September 2024, and the lithium supply-demand situation is expected to remain loose in the short term, putting pressure on profitability [2] - Significant capital expenditure is anticipated for future projects like the Mariana lithium salt lake construction, which may lead to short-term liquidity fluctuations [2]

Financial Performance - The company reported a revenue of 13.1 billion in 2024, a year-on-year decrease of 68%, with a net profit attributable to shareholders of -7.9 billion, a year-on-year decline of 208% [1] - In Q4 2024, the revenue was 3 billion, down 58% quarter-on-quarter and 18% year-on-year, with a net profit of -2.2 billion, reflecting a quarter-on-quarter decline of 175% and a year-on-year decline of 345% [1] - For Q1 2025, the company achieved a revenue of 2.584 billion, a slight year-on-year decrease of 0.02%, while the net profit attributable to shareholders was 104 million, a year-on-year increase of 102.68% [1] Operational Developments - The company has expanded its lithium chemical product capacity to over 120,000 tons, with Greenbushes currently having a total lithium concentrate capacity of approximately 1.62 million tons per year [2] - In 2024, the company produced 1.41 million tons of lithium concentrate, including 1.353 million tons of chemical-grade lithium concentrate and 57,000 tons of technical-grade lithium concentrate [2] - The construction of key projects is progressing steadily, with the chemical-grade plant No. 3's dry processing facility completed, and the wet processing facility construction is set to advance in the first half of 2025 [2] Investment Outlook - The company forecasts net profits attributable to shareholders of 1.768 billion, 3.176 billion, and 5.150 billion for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 27, 15, and 9 times [3]

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company reported an improvement in profitability in Q1, with ongoing expansion in resource capacity [1] - For 2024, the company expects revenue of 13.1 billion yuan, a year-on-year decrease of 68%, and a net profit attributable to shareholders of -7.9 billion yuan, a year-on-year decrease of 208% [1] - The main reasons for the profitability improvement include a shortened pricing cycle for lithium ore and the resolution of tax disputes impacting net profit [1] - The company is expanding its resource capacity, with planned lithium chemical product capacity exceeding 120,000 tons [2] - The company is expected to achieve net profits of 1.768 billion yuan in 2025, with corresponding P/E ratios of 27, 15, and 9 for the years 2025, 2026, and 2027 respectively [3] Financial Performance Summary - For 2024, the company anticipates revenue of 13.063 billion yuan, with a year-on-year decline of 67.7% [5] - The net profit attributable to shareholders is projected to be -7.905 billion yuan for 2024, with a year-on-year decline of 208.3% [5] - The gross margin is expected to be 46.1% in 2024, improving to 50.2% by 2027 [5] - The company’s return on equity (ROE) is projected to recover from -18.9% in 2024 to 9.9% in 2027 [5] - Earnings per share (EPS) is expected to turn positive, reaching 3.14 yuan by 2027 [5]

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company reported an improvement in profitability in Q1, with continued expansion on the resource side [1] - For 2024, the company expects revenue of 13.1 billion yuan, a year-on-year decrease of 68%, and a net profit attributable to shareholders of -7.9 billion yuan, a year-on-year decrease of 208% [1] - The main reasons for the improvement in profitability include a shortened pricing cycle for lithium ore and the resolution of tax disputes impacting net profit [1] - The company plans to expand its lithium chemical product capacity to over 120,000 tons [2] - The projected net profits for 2025-2027 are 1.768 billion, 3.176 billion, and 5.150 billion yuan, respectively, with corresponding PE ratios of 27, 15, and 9 [3] Financial Performance Summary - For 2024, the company expects revenue of 13.063 billion yuan, with a year-on-year decline of 67.7% [5] - The net profit attributable to shareholders is projected to be -7.905 billion yuan for 2024, with a year-on-year decline of 208.3% [5] - The gross margin is expected to be 46.1% in 2024, improving to 50.2% by 2027 [5] - The company anticipates a return on equity (ROE) of -18.9% in 2024, improving to 9.9% by 2027 [5] - The earnings per share (EPS) is projected to be -4.82 yuan in 2024, increasing to 3.14 yuan by 2027 [5]