香港交易及結算所有限公司及香港聯合交易所有 限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Tianqi Lithium Corporation 天齊鋰業股份有限公 ...

Tianqi Lithium Corporation (A joint stock company incorporated in the People's Republic of China with limited liability) 喍͚㤜ϧℾڞহస㽨ڷ⮱⿸㗎Ъᰶ䭽ڙथ喎 Stock Code 㗎ЪА㮌: 9696 2024 年度報告 ANNUAL REPORT 目錄 CONTENTS 2 公司簡介 COMPANY PROFILE 6 公司資料 CORPORATE INFORMATION 10 釋義 DEFINITIONS 19 財務摘要 FINANCIAL HIGHLIGHTS 22 董事長致辭 CHAIRLADY'S STATEMENT 27 管理層討論及分析 MANAGEMENT DISCUSSION AND ANALYSIS 134 董事、監事及高級管理層 DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 148 董事會報告 DIRECTORS' REPORT 227 監事會報告 REPORT OF THE BOARD OF SUPERVISORS 24 ...

Financial Performance - For the year ended December 31, 2024, Tianqi Lithium Corporation reported revenue of RMB 13,029,739, a significant decrease of 67.8% compared to RMB 40,448,303 in 2023[8] - The gross profit for the same period was RMB 5,991,309, down 82.6% from RMB 34,347,819 in 2023[8] - The company incurred a loss for the year amounting to RMB 880,378, contrasting sharply with a profit of RMB 25,644,135 in 2023[10] - Basic and diluted loss per share was RMB 5.32, compared to earnings of RMB 4.44 per share in the previous year[8] - Total comprehensive income for the year was a loss of RMB 811,590, compared to a comprehensive income of RMB 26,059,577 in 2023[10] - The Company reported a loss attributable to equity shareholders of RMB 8,727,021,000 for the year ended 31 December 2024, compared to a profit of RMB 7,278,343,000 in 2023[82] - Profit before taxation decreased to RMB 419,922,000 in 2024 from RMB 36,262,330,000 in 2023, a decline of about 98.8%[71] Assets and Liabilities - Non-current assets increased to RMB 56,726,366 from RMB 55,360,641 in 2023, reflecting a growth of 2.5%[12] - Current assets decreased significantly to RMB 12,830,213 from RMB 19,608,428, a decline of 34.6%[12] - Cash and cash equivalents dropped to RMB 5,635,127 from RMB 9,330,480, a decrease of 39.0%[12] - Non-current liabilities increased to RMB 14,454,259,000 in 2024 from RMB 12,353,599,000 in 2023, representing a growth of approximately 17.0%[14] - Net assets decreased to RMB 50,061,048,000 in 2024 from RMB 55,955,603,000 in 2023, a decline of about 10.5%[14] - Total equity attributable to equity shareholders of the Company fell to RMB 42,771,217,000 in 2024 from RMB 53,208,876,000 in 2023, a decrease of approximately 19.7%[14] - Trade receivables decreased significantly from RMB 4,344,664,000 in 2023 to RMB 617,929,000 in 2024, representing a decline of approximately 86.8%[91] - The allowance for doubtful debts increased from RMB 28,476,000 in 2023 to RMB 83,293,000 in 2024, indicating a rise of about 192.5%[91] Revenue Breakdown - Revenue from lithium compounds and derivatives sales decreased to RMB 8,055,971,000 in 2024 from RMB 13,251,824,000 in 2023, representing a decline of approximately 39.1%[34] - Revenue from lithium concentrates sales dropped to RMB 4,973,768,000 in 2024 from RMB 27,196,479,000 in 2023, indicating a significant decrease of about 81.7%[34] - The Group's revenue from two customers exceeded 10% of total revenues, amounting to approximately RMB 5,812,615,000 in 2024, down from RMB 26,174,195,000 in 2023, a decrease of about 77.8%[36] - Revenue from external customers reached RMB 40,448,303, with lithium compounds contributing RMB 13,251,824 and lithium concentrates contributing RMB 27,196,479[48] Research and Development - Research and development costs rose to RMB 43,621, up from RMB 30,375 in 2023, reflecting the company's ongoing investment in innovation[8] - Research and development expenses increased to RMB 43,621,000 in 2024 from RMB 30,375,000 in 2023, marking a growth of approximately 43.4%[68] Market and Industry Trends - The global demand for lithium-ion batteries has surged, with its share of total lithium resource demand increasing from 31% in 2015 to 87% in 2024[120] - Major countries have strengthened policy support for the new energy and battery industries, ensuring sustainable development in their regions[120] - Lithium is widely used in various applications, with 87% of its global consumption attributed to batteries, highlighting its critical role in the energy transition[119] - Global lithium-ion battery demand is projected to account for 87% of global lithium resource demand by 2024, up from 31% in 2015[122] - In 2024, China's new energy vehicles are targeted to represent 45% of new vehicle sales by 2027, as per the State Council's guidelines[125] Financial Management - The Group's finance costs were RMB 588,235,000, and depreciation and amortization for the year amounted to RMB 1,132,023,000[47] - Finance costs increased to RMB 600,534,000 in 2024 from RMB 550,102,000 in 2023, reflecting a rise of approximately 9.1%[62] - The current tax expense for the year was RMB 1,300,300,000 in 2024, significantly lower than RMB 10,618,195,000 in 2023, a decrease of approximately 87.8%[71] Strategic Initiatives - The company plans to expand its market presence, focusing on new product development and technological advancements in lithium derivatives[50] - The Group is currently engaged with the Australian Taxation Office regarding potential tax liabilities related to the IGO Transaction, which could result in significant penalties[117] - The Group does not expect to incur material Pillar Two income tax in jurisdictions that have enacted related legislation in the near future[79] Customer and Supplier Relations - The Group's diversified customer base is highlighted by the significant revenue concentration from a limited number of customers, indicating potential risks in revenue stability[36] - The company maintains a stable customer base, including top global power battery manufacturers and new energy automotive companies[200] Dividend and Capital Expenditure - The proposed final dividend for 2024 is RMB nil per ordinary share, down from RMB 1.35 per share in 2023, with total dividends paid for the previous financial year amounting to RMB 2,215,017,000[113] - Capital expenditure for the year totaled RMB 5,961,686, with RMB 1,055,750 allocated to lithium compounds and RMB 4,905,936 to lithium concentrates[48]

Financial Performance - Revenue for the third quarter was CNY 3,646,159,930.05, a decrease of 57.48% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY -495,644,270.41, representing a decline of 130.11% year-over-year[3]. - The basic earnings per share was CNY -0.30, down 130.00% from CNY 1.00 in the same period last year[6]. - Operating revenue for the reporting period was ¥10,064,738,520.01, a decrease of 69.87% compared to ¥33,399,166,232.91 in the same period last year, primarily due to a significant drop in the average selling price of lithium products[7]. - Net profit attributable to shareholders was -¥5,701,413,364.59, representing a decline of 170.40% from ¥8,098,513,756.30 year-on-year, mainly due to decreased sales prices and gross margins of lithium products[7]. - Basic and diluted earnings per share were both -¥3.48, a decrease of 170.59% from ¥4.93 in the same period last year, reflecting the significant drop in net profit[7]. - The company reported a significant drop in sales revenue from 35,421,723,913.00 to 11,312,090,167.48, reflecting a challenging market environment[38]. - The total comprehensive income attributable to the parent company was 1,197,098,394.24, down from 22,893,356,563.04 in the previous period[37]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 70,355,035,161.95, a decrease of 3.92% from the previous year[3]. - Equity attributable to shareholders decreased by 15.55% to CNY 43,508,204,212.27 compared to the end of the previous year[3]. - The company's current assets totaled ¥13,631,775,908.46, down from ¥19,629,040,462.42, indicating a decrease of about 30.5%[28]. - The total liabilities increased to ¥20,001,526,283.47 from ¥18,991,821,645.97, reflecting an increase of approximately 5.3%[30]. - The company’s long-term equity investments decreased from ¥26,873,607,682.35 to ¥25,612,103,131.11, a decline of approximately 4.7%[28]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY -5,736,899,667.35, a decline of 171.87% year-over-year[3]. - The net cash flow from operating activities was ¥4,192,370,886.76, down 79.07% from ¥20,035,216,823.45 in the previous year, attributed to a substantial decline in operating revenue[7]. - Cash inflow from financing activities totaled 9,023,769,728.18, up from 7,540,421,688.89 in the previous period, reflecting a growth of approximately 19.6%[39]. - The net cash flow from financing activities was -2,559,321,184.06, an improvement from -23,230,195,129.05 in the previous period, showing a reduction in cash outflow[39]. - The cash flow from investment activities saw a total outflow of 5,692,883,054.37, compared to 2,840,874,577.84 in the previous period, indicating a substantial increase in investment spending[39]. Shareholder Information - The company holds a total of 326,228 common shareholders (A-shares) and 47 (H-shares) as of the end of the reporting period[10]. - Chengdu Tianqi Industry (Group) Co., Ltd. holds a 25.37% stake, amounting to 416,316,432 shares, making it the largest shareholder[10]. - The top 10 shareholders include China Postal Savings Bank with 8,525,734 shares and ICBC with 8,340,773 shares, both holding RMB common stock[12]. - The total number of shares held by the top 10 shareholders participating in margin trading was 19,911,757, accounting for 1.21% of the total share capital[13]. - The company has not disclosed any related party relationships among the top shareholders, except for a known relationship between Zhang Jing and Jiang Weiping[12]. Investment and Development - The company is actively working on new product development and market expansion strategies to mitigate the impact of declining lithium prices[8]. - The Suining Anju factory project for an annual production capacity of 20,000 tons of battery-grade lithium carbonate has a total planned investment of approximately RMB 1.5 billion[18]. - The budget for the Suining Anju project has been finalized at RMB 1.4778071 billion, and the project has completed construction and entered the trial operation phase[19]. - The company’s subsidiary Sichuan Tianqi Shenghe Lithium Industry has obtained approval for the construction of the Cuola lithium spodumene mine project, laying the groundwork for future development[20]. Market Conditions and Future Outlook - The company confirmed a substantial decrease in investment income from its joint venture SQM for the third quarter of 2024[6]. - The company expects a gradual reduction in losses in Q2 and Q3 of 2024 as the pricing mechanism for lithium concentrate aligns with recent procurement prices[8]. - The pricing mechanism mismatch between the company's lithium products and the pricing of lithium concentrate from its subsidiary Talison Lithium Pty Ltd has led to temporary losses, which are expected to improve as market conditions stabilize[8].

Financial Performance - Tianqi Lithium reported a revenue of RMB 1.5 billion for the first half of 2024, representing a 25% increase compared to the same period last year[8]. - The company reported a net profit of RMB 300 million for the first half of 2024, a 40% increase year-over-year[8]. - Revenue for the first half of 2024 was RMB 6,401,143, a decrease of 74.18% compared to RMB 24,787,359 in the same period of 2023[21]. - The Group's gross profit was RMB 3,315,656 thousand, a decrease of RMB 18,269,004 thousand or 84.64% from RMB 21,584,660 thousand for the six months ended June 30, 2023[199]. - The basic loss per share for the Group was RMB 3.17, with a loss attributable to equity shareholders of RMB 5,198,402 thousand, a decrease of RMB 11,645,192 thousand or 180.64% compared to a profit of RMB 6,446,790 thousand for the same period in 2023[199]. Market Demand and Trends - User data showed a 15% increase in lithium product demand, driven by the growing electric vehicle market[8]. - Future guidance estimates a revenue growth of 30% for the full year 2024, supported by strong market trends[8]. - Future outlook indicates a strong growth trajectory in the lithium market, driven by the electric vehicle and renewable energy sectors[12]. - The demand for lithium-ion batteries is expected to increase significantly due to the wide application in electric vehicles and energy storage[28]. - The lithium market is strategically important for the global energy transition, with significant policy support from major markets like China, Europe, and the U.S.[28]. Production Capacity and Expansion - Tianqi Lithium plans to expand its production capacity by 20% in the next year to meet rising demand[8]. - The company aims to increase its production capacity and improve operational efficiency in response to growing demand for lithium products[12]. - The current established production capacity of lithium concentrates at the Greenbushes mine is 1.62 million tons per year, with plans to exceed 2.1 million tons per year upon the operation of Chemical-Grade Plant No. 3 in 2025[104]. - The Group has established a 100% self-sufficiency in lithium resources through strategic investments in high-quality hard rock and brine lithium resources[93]. - The Group currently has an in-house lithium chemical products nameplate capacity of 88,600 tons per year, expected to reach a total of 143,600 tons per year with planned capacity[128]. Research and Development - The company is investing RMB 500 million in R&D for new lithium extraction technologies aimed at reducing costs by 10%[8]. - The Group has a highly skilled R&D team and has established a market-oriented R&D management system focusing on four major research areas: comprehensive utilization of mineral resources, new lithium extraction technology, new lithium materials, and battery recycling[156]. - The Company has integrated research and development, production, and sales of lithium metal to meet the increasing future demand for solid-state battery technology[135]. - The Company has established 10 new cooperation projects with universities and research institutions in 2024, focusing on the entire lifecycle of lithium resource development and recycling[157]. Strategic Partnerships and Acquisitions - Tianqi Lithium is exploring potential acquisitions to enhance its supply chain and market presence in Asia[8]. - The Group has initiated cooperation with OEMs since 2023, integrating into the supply chain of leading companies in the global new energy vehicle industry[92]. - The Company has established strategic cooperation agreements with Geely Holding and Mercedes-Benz to enhance its market position[138]. - The partnership agreement between SQM and Codelco is expected to take effect in 2025, with SQM's operational rights for lithium extraction in the Salar de Atacama proposed to be extended from 2030 to 2060[189]. Sustainability and Corporate Governance - The Company is committed to sustainable practices and innovation in its operations to meet environmental standards[12]. - The Company has established a transparent supply chain with clauses against commercial bribery, money laundering, and terrorist financing in contracts with customers and suppliers[164]. - The Company aims to enhance its corporate governance structure by adding monitoring functions to its existing audit department[164]. - The Company has integrated 22 ESG indicators into senior management's remuneration performance, linking it to short-term, medium-term, and long-term goals[164]. Risks and Challenges - The cyclical fluctuations in the lithium product market pose challenges to the company's cost control, corporate governance, and profitability[182]. - A significant or sustained decline in lithium prices could result in a reduction in operating revenue and profitability[183]. - The company faces risks related to fluctuations in exchange rates, primarily with U.S. dollars and Australian dollars, which may adversely affect profitability[198]. - The Company is committed to enhancing employee training on safety and environmental protection, emphasizing the importance of standardized production operations[196].

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The report indicates that Tianqi Lithium is a leading player in the upstream integrated lithium salt industry, focusing on strengthening upstream operations, enhancing midstream capabilities, and penetrating downstream markets. The company faced significant losses in H1 2024 due to high-priced inventory and substantial tax provisions from its associate SQM. However, as high-priced inventory is gradually consumed and new low-cost lithium concentrate is added, the company's performance is expected to improve in H2 2024. Long-term, the company benefits from the low-cost equity mine advantage of Talison, positioning it among the top in profitability within the industry. The report maintains the "Add" rating and encourages investors to pay attention [1]. Financial Performance Summary - In H1 2024, the company's revenue decreased by 74.2% year-on-year to 6.4 billion yuan, with lithium salt revenue down 56.3% to 3.83 billion yuan and lithium concentrate revenue down 84.0% to 2.57 billion yuan. The production of lithium concentrate from the Talison mine, in which Tianqi holds a 26.01% stake, saw a year-on-year decline of 18% in output to 612,000 tons and a 7% decline in sales volume to 713,000 tons, with an average selling price down 82% to 1,024 USD/ton [1][2]. - The net profit attributable to shareholders for H1 2024 was -5.2 billion yuan, a sharp decline compared to 6.45 billion yuan in H1 2023 and 830 million yuan in H2 2023. The losses were attributed to falling lithium prices and high-priced inventory, alongside a net loss of 1.14 billion yuan from SQM due to price declines in lithium and fertilizer products [1][2]. - The company’s lithium resource advantage is highlighted, with all lithium concentrate used for lithium salt production sourced from Talison. The report notes ongoing development of the Yajiang Cuola mine and investments in SQM's Atacama and Zhabuye salt lakes [1]. Production Capacity and Expansion - As of the end of H1 2024, Tianqi Lithium's annual lithium salt production capacity was 88,600 tons, with plans for further expansion including 24,000 tons from the second phase of the Kwinana lithium hydroxide project and 30,000 tons from Zhangjiagang [1][2]. - The report emphasizes the company's strategy to deepen cooperation with downstream industries through investments in new energy materials, power batteries, solid-state batteries, and electric vehicles [1].

Financial Performance - Tianqi Lithium Corporation reported unaudited interim results for the six months ending June 30, 2024[1]. - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a 15% increase compared to the same period last year[8]. - The company achieved a lithium carbonate equivalent (LCE) production of 15,000 tons, up 20% year-over-year[9]. - The company has set a revenue guidance of RMB 2.5 billion for the full year 2024, reflecting a projected growth of 18%[11]. - Tianqi Lithium reported a significant increase in revenue, reaching US$1.2 billion for the first half of 2024, representing a 25% year-over-year growth[13]. - Revenue for the six months ended June 30, 2024, was RMB 6,401,143,000, a decrease of 74.18% compared to RMB 24,787,359,000 in the same period of 2023[19]. - The company reported a net profit margin of 12%, an improvement from 10% in the previous year, indicating better cost management[12]. - The Group's revenue for the reporting period was RMB 6,401,143 thousand, a decrease of RMB 18,386,216 thousand or 74.18% from RMB 24,787,359 thousand for the six months ended June 30, 2023[157]. - The loss attributable to equity shareholders of the Company was RMB 5,198,402 thousand, a decrease of RMB 11,645,192 thousand or 180.64% compared to a profit of RMB 6,446,790 thousand for the six months ended June 30, 2023[157]. Market Trends and Demand - User data indicates a 25% increase in demand for lithium products, driven by the growing electric vehicle market[10]. - User data indicates a growing demand for electric vehicle batteries, with a projected market growth of 30% annually over the next five years[15]. - The demand for lithium-ion batteries is expected to significantly increase due to the wide application in electric vehicles and energy storage[24]. - The share of lithium batteries in global lithium resource applications is projected to keep rising due to the growing demand in electric vehicles and portable electronic devices[24]. - The demand for lithium is expected to continue growing due to policy support and evolving market demand in the U.S. energy storage market[28]. - The energy storage demand is projected at 425 GWh, corresponding to a lithium carbonate demand of approximately 306,000 tons of LCE by 2025[78]. Production Capacity and Expansion - The company is focused on expanding its lithium production capacity through initiatives like the CGP3 project[5]. - Future outlook includes plans to expand production capacity by 50% by the end of 2025, aiming for a total output of 45,000 metric tons[16]. - The company is investing US$200 million in new technology for lithium extraction, expected to improve efficiency by 20%[15]. - The company is exploring potential acquisitions in the lithium mining sector to enhance its resource base and production capacity[10]. - The company achieved a production volume of 30,000 metric tons of lithium hydroxide, a 15% increase compared to the previous year[14]. - The current established production capacity of lithium concentrates at Greenbushes is 1.62 million tons per year, with planned capacity expected to exceed 2.1 million tons per year by 2025[87]. Research and Development - Research and development expenses increased by 5% to RMB 150 million, focusing on sustainable lithium extraction technologies[10]. - The company is focusing on strategic cooperation with leading enterprises in the upstream and downstream sectors of the new energy industry chain[111]. - The Company focuses on four major research areas: comprehensive utilization of mineral resources, new lithium extraction technology, new lithium materials for next-generation batteries, and battery recycling[123]. - The Company has established relevant systems for foreign exchange hedging to mitigate risks associated with fluctuations in exchange rates, primarily related to U.S. dollars and Australian dollars[176]. Corporate Governance and Compliance - The Board of Directors includes executive and independent non-executive directors, ensuring diverse governance[2]. - The company is committed to maintaining compliance with corporate governance standards as outlined in the Hong Kong Listing Rules[7]. - The Company has linked senior management's remuneration performance with a total of 22 ESG indicators, forming a multi-dimensional database of short-term, medium-term, and long-term indicators[130]. - The Company has established five special committees under the Board, all chaired by independent non-executive Directors, to assist in governance[129]. Strategic Partnerships and Collaborations - Tianqi Lithium aims to enhance its market position by leveraging strategic partnerships and technological advancements[6]. - A new strategic partnership with a leading electric vehicle manufacturer aims to secure long-term supply contracts, potentially increasing sales by 30%[11]. - The Group has initiated cooperation with OEMs since 2023, integrating into the supply chain of leading companies in the global new energy vehicle industry[79]. - The Company has established strategic partnerships with major battery material producers and new energy vehicle manufacturers globally, providing customized services[101]. Environmental, Health, and Safety (EHS) - The Company established a Safety Production Committee and an Environment, Health and Safety (EHS) department to enhance safety management and compliance[154]. - EHS indicators were incorporated into the key performance indicators for management, departments, and production bases during the reporting period[154]. - The Company aims for full automation and intelligent production lines to increase operational stability and reduce safety risks[154]. Financial Guidance and Risk Management - The company is committed to enhancing its intrinsic value and innovation capabilities to strengthen market competitiveness[147]. - The Company will continue to conduct commodity futures hedging business with a maximum margin limit of no more than RMB200 million to mitigate potential risks from price fluctuations[146]. - The Company recognizes the impact of various factors on lithium prices, including global economic growth and supply-demand dynamics[145]. - The Company is enhancing its risk awareness and predictive ability to adapt to internal and external environmental changes[152].

Financial Performance - Revenue for Q1 2024 was CNY 2,584,634,945.21, a decrease of 77.42% compared to CNY 11,448,674,607.22 in the same period last year[2] - Net profit attributable to shareholders was a loss of CNY 3,896,784,834.74, down 179.93% from a profit of CNY 4,875,226,485.40 in the previous year[2] - Net profit excluding non-recurring items was a loss of CNY 3,916,733,916.55, a decline of 180.99% compared to CNY 4,836,318,922.00 last year[2] - Basic earnings per share were CNY -2.38, a decrease of 180.13% from CNY 2.97 in the previous year[3] - The significant decline in net profit was primarily due to a sharp drop in lithium product sales prices and margins[6] - The company anticipates a potential reduction in net profit of approximately USD 1.1 billion for Q1 2024 due to tax litigation outcomes affecting its joint venture SQM[6] Assets and Liabilities - Total assets at the end of the reporting period were CNY 69,948,471,891.85, a decrease of 4.48% from CNY 73,228,464,437.61 at the end of the previous year[2] - Total equity attributable to shareholders was CNY 47,818,229,068.92, down 7.18% from CNY 51,519,658,068.18 at the end of the previous year[3] - Total liabilities decreased from CNY 18.99 billion to CNY 17.12 billion, a reduction of approximately 10%[26] - Current assets decreased from CNY 19.63 billion to CNY 16.64 billion, representing a reduction of about 15%[23] - Non-current assets slightly decreased from CNY 53.60 billion to CNY 53.31 billion, a decline of around 0.54%[24] Cash Flow - Operating cash flow for the period was CNY 3,144,368,451.35, down 36.30% from CNY 4,936,111,237.93 in the same period last year[3] - Cash flow from operating activities generated CNY 3,144,368,451.35, a decrease from CNY 4,936,111,237.93 in the previous period[31] - Cash flow from investing activities resulted in a net outflow of CNY 2,093,395,447.41, compared to a net outflow of CNY 708,887,294.68 last period[32] - Cash flow from financing activities showed a net outflow of CNY 1,041,782,552.67, improving from a net outflow of CNY 4,902,867,794.62 in the previous period[32] - The net increase in cash and cash equivalents for the period was approximately -$756.38 million, compared to the previous period[33] - The ending balance of cash and cash equivalents was approximately $11.53 billion, down from $12.29 billion at the beginning of the period[33] Shareholder Information - Major shareholders include Chengdu Tianqi Industrial Group Co., Ltd. with 416,316,432 shares, representing a significant portion of the company's equity[10] - The top ten unrestricted shareholders collectively hold a substantial number of shares, indicating strong institutional interest[11] - The company has a diverse shareholder base, including major banks and investment funds, which enhances its financial stability[12] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[12] Projects and Operations - The Kwinana plant's first phase lithium hydroxide project has achieved commercial production capacity since November 30, 2022, with stable production from January to April 2023, and is currently in the capacity ramp-up stage[16] - The second phase of the Kwinana plant, also with an annual production capacity of 24,000 tons of battery-grade lithium hydroxide, is in the engineering design phase, with completion expected in the second half of 2024[17] - The Suining Anju plant's lithium carbonate project, with an annual capacity of 20,000 tons, has completed construction as of October 27, 2023, and is currently in the trial operation phase[18] - The total investment for the Suining Anju project is approximately RMB 1.48 billion, with the budget approved at RMB 1.4778 billion[18] - The company has successfully distributed lithium hydroxide samples to potential buyers, with certifications received from SK On Co. Ltd and Northvolt ETT AB, and shipments expected to commence in January 2024[17] Strategic Initiatives - The company plans to issue debt financing tools up to RMB 6 billion to optimize its debt structure and ensure cash flow stability[13] - The company successfully issued the first phase of short-term financing bonds totaling RMB 300 million with an interest rate of 2.35% and a one-year term[13] - The company has established a hedging leadership team to manage commodity futures and options operations, ensuring compliance with risk management protocols[15] - The company intends to engage in lithium carbonate commodity futures hedging to mitigate price volatility risks associated with its main products[14] - The maximum trading margin and premium for hedging activities will not exceed RMB 20 million, with a maximum contract value of RMB 80 million per trading day[14] - The company has not yet commenced actual commodity futures hedging as of the date of this announcement[15] Regulatory and Legal Matters - The company is actively monitoring the progress of the MoU with Codelco and assessing its potential impact on shareholder interests[22] - The company has requested multiple shareholder meetings to obtain more detailed information regarding the MoU and its implications[21] - SQM, in which the company holds approximately 22.16% equity, has signed a non-binding memorandum of understanding with Codelco for the operation and development of the Atacama salt flat from 2025 to 2060[20] - The partnership with Codelco aims to establish a joint venture for the sustainable production of lithium products, contingent upon several regulatory approvals[20] - SQM's lithium mining rights in the Atacama salt flat are expected to be extended from 2030 to 2060, with Codelco holding the core lithium business from 2031 onwards[21] Other Financial Metrics - The company reported an operating profit loss of CNY 514,352,993.81, contrasting with an operating profit of CNY 11,755,837,513.92 last period[28] - Other comprehensive income after tax for the current period is a loss of CNY 478,337,129.18, compared to a loss of CNY 592,736,031.35 last period[29] - The company reported a significant investment loss of CNY 1,327,208,450.82, contrasting with an investment gain of CNY 1,412,343,884.49 in the previous period[28] - The first quarter report was not audited[33] - The company will implement new accounting standards starting in 2024[33]

Production Capacity and Resources - Tianqi Lithium Corporation has a lithium concentrate production capacity of 1.62 million tons per year, making it one of the largest producers globally[3]. - The company has established a lithium chemical production capacity of 88,800 tons per year across five operational and two under-construction production bases[3]. - The company is positioned to achieve 100% self-sufficiency in lithium resources through its diversified global resource layout[3]. - The Jiangsu Zhangjiagang facility is noted as the world's first fully automated battery-grade lithium carbonate production plant currently in operation[3]. - The company has a significant presence in Australia, Chile, and China, ensuring a robust supply chain for lithium resources[3]. - The Greenbushes lithium spodumene mine, controlled by the company's Australian subsidiary, had a production capacity of 1.62 million tons, with an output of approximately 1.52 million tons in 2023[19]. - The company plans to add 520,000 tons of new capacity through the construction of a new chemical-grade lithium concentrate processing plant[19]. - The company is the fifth largest lithium compound supplier globally and the second largest in Asia and China, with a current lithium chemical product capacity of 88,800 tons per year[19]. - The total resource amount of the Greenbushes mine is 16 million tons of LCE, while the Zabuye salt lake has a resource amount of 1.79 million tons of LCE[45]. - The company holds a 20% stake in the Zabuye salt lake, which has a lithium resource of 1.79 million tons and is recognized as the third largest lithium salt lake in the world[57]. Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 40,448,303 thousand, representing a 0.70% increase compared to RMB 40,168,923 thousand in 2022[14]. - Gross profit for the same period was RMB 34,347,819 thousand, reflecting a 0.57% increase from RMB 34,154,295 thousand in 2022[14]. - Net profit attributable to equity shareholders decreased significantly by 69.60% to RMB 7,278,343 thousand, down from RMB 24,000,000 thousand in 2022[14]. - Earnings per share fell by 71.19% to RMB 4.44, compared to RMB 15.40 in the previous year[14]. - Lithium concentrate revenue surged by 76.43% to RMB 27,196,479 thousand, accounting for 67.24% of total revenue[15]. - Lithium compounds and derivatives revenue dropped by 46.47% to RMB 13,251,824 thousand, representing 32.76% of total revenue[15]. - The gross margin for the group was 84.92%, down from 85.03% in 2022, primarily due to a decline in sales prices of lithium compounds and derivatives[92]. - The total sales amount from the top 5 customers reached RMB 31,048,426 thousand, accounting for 76.76% of total sales, up from 60.50% in 2022[95]. - Other net income decreased to RMB 702,918 thousand from RMB 1,286,972 thousand in 2022, a reduction of RMB 584,054 thousand[96]. - Cash flow from operating activities was RMB 22,688,074 thousand, an increase of 11.78% compared to the previous year[99]. Market Trends and Demand - The demand for lithium in the battery industry increased significantly, with its share rising to 87% in 2023, driven by the growth of the electric vehicle market[22]. - The global demand for lithium is primarily driven by the electric vehicle and energy storage sectors, with energy storage expected to grow rapidly in the coming years[34]. - In 2023, global sales of new energy vehicles reached 13.71 million units, a year-on-year growth of approximately 32%[35]. - In China, new energy vehicle sales reached 9.587 million units, a year-on-year increase of 35.8%[36]. - The global energy storage battery shipments in 2023 were 173 GWh, representing a year-on-year growth of 60%[38]. - The cumulative production of power and energy storage batteries in China in 2023 was 778.1 GWh, a year-on-year increase of 42.5%[36]. - The global demand for power batteries is expected to reach 930 GWh in 2024, with a potential breakthrough of 1,100 GWh by 2025[37]. - The cumulative installed capacity of new energy storage globally reached approximately 81 GW by the end of 2023, with a forecasted increase of over 50 GW in 2024[38]. Strategic Partnerships and Investments - The company has strategic partnerships with top global battery manufacturers and electric vehicle companies, enhancing its market position[5]. - The company is actively exploring opportunities in the solid-state battery sector and has invested in leading companies in this field[5]. - The company aims to integrate domestic and international lithium mining and lithium compound supply chains to adapt to international market changes[3]. - The company plans to continue strategic investments in the value chain of new energy materials and next-generation battery technologies[21]. - The company will actively participate in international industrial chain cooperation to promote green and low-carbon energy transformation[21]. - The company has signed long-term supply agreements with several lithium battery and material manufacturers, enhancing its strategic partnerships within the supply chain[68]. - The company is actively involved in the lithium market expansion and technology development[8]. - The company has established partnerships with multiple universities and research institutions to foster innovation across the lithium resource industry chain[74]. Sustainability and ESG Initiatives - Tianqi Lithium Corporation emphasizes sustainable development and ESG principles in its operational strategy[5]. - The company has linked executive compensation performance to 22 ESG indicators, achieving a 100% coverage rate for ESG-linked performance metrics[79]. - The company’s ESG rating from MSCI improved from BB to BBB due to its efforts in environmental, social, and governance aspects[79]. - The company is committed to creating greater value for shareholders and society through high-quality development in energy transition and green development[21]. - The establishment of the EHS department aims to enhance safety and environmental management, with a focus on high-quality, high-standard project construction and operation[153]. - A safety production committee has been established to oversee and guide the company's safety management across various aspects, ensuring stable operations and sustainable development[154]. - The company has implemented a responsible mineral supply chain management system to mitigate risks associated with suppliers[161]. - The company has established a comprehensive employee compensation and benefits system, focusing on both external competitiveness and internal equity[159]. Corporate Governance and Management - The company has undergone a board and supervisory committee restructuring, with new appointments made effective from April 14, 2023[116]. - The company has a strong board of independent non-executive directors providing expertise in finance, corporate governance, and risk management[130][132]. - The company is focused on strategic planning and investment, with key management members involved in decision-making processes[128][129]. - The company has established a strong governance structure with experienced professionals in key positions, enhancing operational oversight and strategic direction[134][135][136][137]. - The company has confirmed the independence of all independent non-executive directors as of December 31, 2023, in compliance with listing rules[172]. - The company has a service contract with its directors and supervisors, with terms extending until April 14, 2026, allowing for re-election[170]. - The company has a performance assessment system for the employee stock ownership plan, which includes both company performance and individual performance evaluations[200]. Risks and Challenges - The company faces risks from lithium price volatility, which could significantly impact business performance and financial condition[148]. - Geopolitical factors and resource nationalism pose risks to the company's long-term strategic layout and adaptability in the lithium industry[151]. - The company faces potential delays in project revenue realization due to falling lithium prices and the time required for capacity ramp-up, which may adversely affect operational performance[150]. - The company faces foreign exchange risks primarily related to fluctuations in USD and AUD, which could impact overseas business costs and revenues[156]. Future Outlook and Plans - The company plans to expand upstream lithium resources and increase lithium chemical processing capacity as part of its strategic plan for 2023-2027[117]. - The company aims to achieve a total lithium chemical product capacity of 90,000 tons (equivalent) by the end of 2024[200]. - The company is actively seeking strategic partnerships to expand its layout of high-quality lithium resources and explore new lithium resource development opportunities[152]. - The company plans to continue technological innovation and market expansion, focusing on new lithium extraction technologies and optimizing battery recycling processes[87].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 40,448,303 thousand, a slight increase of 0.7% compared to RMB 40,168,923 thousand in 2022[2] - Gross profit for the same period was RMB 34,347,819 thousand, up from RMB 34,154,295 thousand, reflecting a stable gross margin[2] - Net profit for the year was RMB 25,644,135 thousand, down 17% from RMB 30,912,939 thousand in 2022[2] - Basic earnings per share decreased to RMB 4.44 from RMB 15.41 in the previous year, indicating a significant decline in profitability[2] - The company reported a total adjusted profit before tax of RMB 36,262,330 thousand for 2023, compared to RMB 39,726,613 thousand in 2022, indicating a decrease of approximately 8.5%[16] - The net profit before tax decreased to RMB 36,262,330 thousand in 2023 from RMB 39,726,613 thousand in 2022, a decline of approximately 6%[23] - The group's other net income for the year ended December 31, 2023, was RMB 702,918 thousand, a decrease of RMB 584,054 thousand compared to RMB 1,286,972 thousand in 2022, primarily due to reduced gains from the sale of associates[105] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 68,309,202 thousand, compared to RMB 65,002,910 thousand in 2022, showing growth in asset base[4] - Non-current assets increased to RMB 55,360,641 thousand from RMB 46,597,759 thousand, driven by investments in property, plant, and equipment[4] - The company’s total equity rose to RMB 55,955,603 thousand from RMB 54,758,242 thousand, indicating a solid capital position[5] - The total assets reported for the company in 2023 were RMB 74,969,069 thousand, a decrease from RMB 72,558,017 thousand in 2022[16] - The group's total liabilities to total equity ratio was 33.98% as of December 31, 2023, an increase of 1.47 percentage points from the previous year[114] Revenue Breakdown - Revenue from lithium compounds and derivatives sales was RMB 13,251,824 thousand in 2023, down 46% from RMB 24,754,462 thousand in 2022[12] - Revenue from lithium concentrate sales increased significantly to RMB 27,196,479 thousand in 2023, up 76% from RMB 15,414,461 thousand in 2022[12] - Revenue from mainland China increased to RMB 34,284,424 thousand in 2023, up from RMB 33,612,173 thousand in 2022, representing a growth of 2%[18] - Revenue from overseas markets, including Australia and Chile, reached RMB 50,585,626 thousand in 2023, compared to RMB 43,445,816 thousand in 2022, marking an increase of 16%[18] Research and Development - Research and development expenses increased to RMB 30,375 thousand from RMB 26,703 thousand, reflecting ongoing investment in innovation[2] - Research and development expenses increased by 13.75% to RMB 30,375 thousand in 2023 from RMB 26,703 thousand in 2022, accounting for 0.08% of the group's revenue[106] Cash Flow and Expenditures - The company reported a significant increase in cash and cash equivalents, totaling RMB 9,330,480 thousand, down from RMB 12,289,948 thousand in the previous year[4] - Capital expenditures for 2023 amounted to RMB 5,961,686 thousand, a substantial increase from RMB 2,217,569 thousand in 2022, representing a growth of about 168%[16] - The net cash flow from operating activities for the year ended December 31, 2023, was RMB 22,688,074 thousand, an increase of 11.78% from RMB 20,297,583 thousand in 2022[107] Market and Industry Trends - The battery industry accounted for 87% of global lithium demand in 2023, reflecting a structural shift in demand towards energy applications[41] - The Chinese government has implemented a series of policies to support the lithium battery industry, focusing on downstream applications in power batteries and energy storage batteries[45] - The global lithium resource supply reached 1.05 million tons of lithium metal equivalent, a 7% increase from January 2023, with Bolivia, Argentina, the USA, Chile, Australia, and China accounting for over 80% of the total[48] - The global lithium-ion battery shipment volume reached 1,202.6 GWh in 2023, a 25.6% increase year-on-year, with automotive power batteries accounting for 865.2 GWh, up 26.5%[54] Strategic Initiatives - The company plans to continue its exploration activities in Australia and expand its sales operations in both Australia and China[13] - The company aims to enhance its production efficiency and environmental standards through high-level automation and management practices in its manufacturing processes[78] - The company is actively pursuing strategic partnerships with leading enterprises in the upstream and downstream value chain to strengthen collaboration[94] - The company has established a joint laboratory with Chengdu University of Technology focused on green and efficient separation technology for salt lake resources, enhancing its innovation capabilities[85] Governance and Compliance - The company has adhered to all principles and applicable provisions of the corporate governance code during the reporting period[136] - The audit and risk committee has approved the audited consolidated financial results for the year ending December 31, 2023, ensuring compliance with applicable accounting standards and regulations[138] - The company's ESG rating improved from BB to BBB by MSCI in August 2023, reflecting its efforts in environmental, social, and governance practices[88] Future Outlook - The company plans to continue expanding lithium salt production capacity while enhancing automation in manufacturing processes[93] - The new energy vehicle sales forecast for 2024 is projected to exceed 17 million units globally, with 2025 expected to surpass 21 million units[57] - The company is exploring investment opportunities in the electric vehicle and energy storage sectors to prepare for future trends in lithium applications[95]