Core Viewpoint - Tianqi Co., Ltd. (002009.SZ) announced an expected net profit attributable to shareholders of 45 million to 65 million yuan for 2025, a significant turnaround from a loss of 255.09 million yuan in the same period last year, indicating a recovery in overall performance [1] Group 1: Financial Performance - The company is projected to achieve profitability in 2025, with a net profit range of 45 million to 65 million yuan [1] - This marks a turnaround from the previous year's loss of 255.09 million yuan, demonstrating a year-on-year improvement [1] Group 2: Business Segments - The improvement in financial performance is primarily attributed to the enhanced profitability of two main business segments: smart equipment and lithium battery recycling [1] - The automotive smart equipment business is accelerating the execution of high-margin overseas projects, contributing positively to the overall performance [1] - The losses in the lithium battery recycling business have significantly narrowed, further supporting the company's recovery [1]

Financial Performance - In 2024, the company achieved a total revenue of 296,028.43 million, a year-on-year decrease of 18.14%, with a net profit attributable to shareholders of -25,509.02 million, a reduction in losses by 15,989.38 million [13] - In Q1 2025, the company reported a consolidated revenue of 62,223.24 million, with a net profit of 4,230.16 million, showing significant year-on-year improvement [13] - The smart equipment segment generated 155,475.50 million in revenue for 2024, down 4.95%, while Q1 2025 revenue was 42,929.17 million, accounting for 68.99% of total revenue, up 18.71% year-on-year [13][14] - The lithium battery recycling segment reported 58,640.95 million in revenue for 2024, down 43.08%, with Q1 2025 revenue at 8,138.51 million, representing 13.08% of total revenue, down 24% year-on-year [14] Business Segments Performance - Smart Equipment: Q1 2025 revenue was 4.29 billion with a gross margin of 18.85%, domestic revenue was 3.31 billion and international revenue was 0.97 billion [4][6] - Lithium Battery Recycling: Q1 2025 revenue was 0.81 billion with a gross margin of 3.48% [4] - Heavy Machinery: Q1 2025 revenue was 0.75 billion with a gross margin of 14.36% [4] - Circular Equipment: Q1 2025 revenue was 0.27 billion with a gross margin of 17.55% [4] Strategic Initiatives - The company aims to achieve profitability in 2025, focusing on enhancing the smart equipment business and accelerating the application of humanoid robots in industrial settings [5] - Cost control measures include strict budget execution, procurement cost optimization, production cost reduction, and enhanced expense management [7] - The company is expanding its lithium battery recycling business by optimizing external partnerships and improving internal management to enhance production efficiency and capacity utilization [11][12] Market Opportunities - The lithium battery recycling industry is expected to grow significantly, with projected recovery volumes reaching 120,000 tons by 2025 and 600,000 tons by 2030 [17] - The company is leveraging opportunities in the smart equipment sector by partnering with well-known automotive manufacturers and expanding overseas market development [8][9] Collaboration and Innovation - The company is collaborating with partners like UBTECH and Galaxy General Robotics to develop humanoid robots for industrial applications, focusing on customized solutions and large-scale production [9][15] - The joint venture with Galaxy General Robotics aims to enhance the application of embodied intelligent robots in the automotive manufacturing sector [3]