8月29日晚，被誉为「锂王」的天齐锂业(002466)披露2025年半年报。今年上半年，公司实现营业总收 入48.33亿元，同比下降24.71%;归母净利润为8441.06万元，上年同期亏损52.06亿元;扣非净利润为 132.00万元，上年同期亏损52.21亿元。 分产品来看，今年上半年，天齐锂业的锂矿实现营业收入23.8亿元，同比下降7.43%;毛利率为54.23%， 较上年同期减少11.41个百分点;锂化合物及衍生品实现营业收入24.42亿元， 同比减少25.58%;毛利率为 25.58%，较上年同期减少16.98个百分点。 天齐锂业拥有世界产量最大锂矿——格林布什锂辉石矿的采矿权。报告期内，格林布什锂辉石矿的矿石 总开采量为269.41万吨，其中化学级矿石开采量258.72 万吨，平均品位为1.89%;技术级矿石开采量10.68 万吨，平均品位为3.85%。 2025年上半年，碳酸锂与氢氧化锂现货主流价格运行区间大致在6万至8万元/吨。除2025年1月碳酸锂与 氢氧化锂现货主流价格小幅上行外，2025年上半年整体呈现下行趋势。 为何天齐锂业能扭亏为盈?半年报显示，尽管受锂产品市场波动的影响，2025年 ...

Core Viewpoint - Despite the downturn in lithium carbonate prices, Tianqi Lithium's profitability is expected to grow significantly in the first half of 2025, with a projected net profit of 0 to 155 million yuan, marking a turnaround from a loss of 5.206 billion yuan in the same period last year [1][3]. Company Performance - Tianqi Lithium's revenue for 2024 was 13.063 billion yuan, a decrease of 67.75% year-on-year, with a net loss of 7.905 billion yuan, down 208.32% year-on-year [3]. - For the first quarter of 2025, the company reported revenue of 2.584 billion yuan, a slight decrease of 0.02% year-on-year, and a net profit of 104 million yuan, an increase of 102.68% year-on-year [4]. Market Dynamics - The lithium product market is currently experiencing a bottoming process, which is expected to facilitate industry clearing and restructuring [4][7]. - The lithium industry is characterized by high competition, and companies must continuously enhance their core competitiveness to navigate through cycles successfully [7]. Industry Outlook - The long-term outlook for the lithium industry remains positive, driven by the growth of the new energy vehicle and energy storage sectors [6]. - Emerging applications such as electric vertical takeoff and landing vehicles and drones are expanding the market for lithium batteries [6]. Pricing Trends - As of July 4, the average price of battery-grade lithium carbonate was reported at 62,300 yuan per ton, indicating a need for key catalysts for a market reversal, such as production cuts from large mines or increased downstream demand [7].