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之內容概不負責，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 賴該等內容而引致之任何損失承擔任何責任。 就臨時股東大會暫停辦理H股股份過戶登記手續 天齊鋰業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，為確定有權出 席將於2025年4月29日舉行的本公司臨時股東大會（「臨時股東大會」）的H股股東 名單，本公司將於2025年4月24日（星期四）至2025年4月29日（星期二）（包括首 尾兩天）期間暫停辦理H股股份過戶登記手續。於2025年4月24日（星期四）名列 本公司H股股東名冊的H股股東，將有權出席臨時股東大會並於會上投票。H股股 東如欲出席臨時股東大會而尚未進行股份過戶登記，須於2025年4月23日（星期 三）下午4時30分前，將股票連同股份過戶文件一併送交本公司H股股份過戶登記 處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓 1712-1716號舖。 本公司將適時向本公司股東寄發載有於臨時股東大會上提呈的決議案詳情的通 函，連同該等會議的通告。 承董事會命 天齊 ...

Investment Rating - The investment rating for Tianqi Lithium Industries is maintained as "Buy" [8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.06 billion yuan, down 67.7% year-on-year, and a net loss of 7.90 billion yuan, transitioning from profit to loss [1] - Lithium salt sales saw a substantial increase, with production of lithium salt at 71,000 tons, up 39.4% year-on-year, and sales at 103,000 tons, up 81.5% year-on-year [1] - The company is actively advancing its mining and smelting operations while exploring new technologies in the downstream sector, including solid-state batteries and battery recycling [4] Financial Summary - In 2024, the company faced challenges due to high inventory and asset impairments, with total asset impairments amounting to 2.11 billion yuan [2] - Investment income turned negative, with a loss of 840 million yuan, primarily due to a decline in lithium prices and tax obligations affecting SQM [3] - The company forecasts a gradual recovery in net profit from 1.16 billion yuan in 2025 to 2.65 billion yuan in 2027, with corresponding EPS increasing from 0.71 yuan to 1.62 yuan [5][7]

股票代码：002466 股票简称：天齐锂业 公告编号：2025-024 天齐锂业股份有限公司 关于 2024 年 A 股限制性股票激励计划首批授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、限制性股票首批授予日：2025年3月27日 2、限制性股票首批授予数量：44.1366万股 3、限制性股票首批授予人数：24人 天齐锂业股份有限公司（以下简称"公司"或"本公司"）于2025年3月27日召开 第六届董事会第二十二次会议和第六届监事会第十二次会议，审议通过了《关于调整 2024年A股限制性股票激励计划相关事项的议案》《关于向2024年A股限制性股票激励计 划激励对象首批授予限制性股票的议案》。董事会同意以2025年3月27日为首批授予日， 向24名激励对象授予共计44.1366万股限制性股票。根据中国证券监督管理委员会《上市 公司股权激励管理办法》、深圳证券交易所和中国证券登记结算有限责任公司深圳分公 司有关规则的规定，公司完成了2024年A股限制性股票激励计划（以下简称"本激励计 划"）的首批授予登记工作，现将相关事项 ...

| 截至月份: | 2025年3月31日 | | | | | | 狀態: 新提交 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | | | 公司名稱: | 天齊鋰業股份有限公司 | | | | | | | | | 呈交日期: | 2025年4月3日 | | | | | | | | | I. 法定/註冊股本變動 | 不適用 | | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | + | | 證券代號 (如上市) | 09696 | 說明 | | | | | | | | 增加多櫃檯證券代號 | | | | | | | | | | 手動填寫 | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 164,122,200 | RMB | | 1 RMB | | 164,122,200 | | 增加 減少 / (-) | | | 0 | | | RMB | ...

Tianqi Lithium Corp 002466.SZ 002466 CH EQUITY: BASIC MATERIALS Awaits recovery in 2025F Healthy balance sheet, while Kwinana may remain an overhang; maintain Neutral On a consolidated basis, Tianqi's balance sheet looks relatively healthy, with net-debt-to- equity of 19% as of end-2024. The company recorded positive operating cash flow of CNY5.55bn in FY24 (4Q24: CNY1.36bn), with CNY5.8bn cash on hand as of year-end, which should be adequate to cover the capex for its remaining projects, in our view (after ...

盈利预测与评级：鉴于近期碳酸锂价格和氢氧化锂价格下跌，我们下调盈利预测，预计2025-2026 年归 母净利润分别为12.53 亿元/18.15 亿元，分别下调71.1%/67.9%，新增2027 年预测为22.18 亿元，对应 2025-2027 年PE 为40X/28X/23X。鉴于公司全球行业龙头地位及优质资源布局，我们维持"增持"评级。 成功研发出电池级硫化锂微粉级新品，相较于原高纯硫化锂产品，其均一性与活性显著提升；同时，循 环提纯技术的开发大幅削减了硫化锂的生产成本。 规划锂化工产品产能共计 12.26 万吨/年，资源端远期仍有扩张：据公司2024年年报披露，公司目前已 建成锂化工产品产能约 9.16 万吨/年，加上已宣布的规划锂化工产品产能共计 12.26 万吨/年。资源端泰 利森锂精矿目前产能合计约162 万吨/年，待后续化学级 3 号加工厂投入运营后，规划产能将达到214 万 吨/年。公司正在积极有序地推进关于雅江措拉锂辉石矿采选工程的相关工作。 2024 年 12 月 9 日，公司控股子公司盛合锂业与甲基卡矿区其他锂产业企业签署投资协议，拟共同出资 设立尾矿库项目合资公司和取水设施项目合资 ...

Core Viewpoint - Tianqi Lithium Industry is focusing on technological innovation and optimization of its layout, with the establishment of the Innovation Research Institute aimed at advancing research in next-generation high-performance lithium battery materials and other related fields [1][2]. Group 1: Innovation Research Institute - The Tianqi Lithium Innovation Research Institute has a total construction area of over 4,500 square meters and is located in the Chengdu Science and Technology Innovation Ecological Island [1]. - The institute will focus on key research areas such as comprehensive utilization of mineral resources, new lithium extraction technologies, and battery recycling [1][2]. - It aims to serve as a center for attracting high-level scientific research talent and facilitating the exchange of knowledge, technology, and experience [2]. Group 2: Achievements and Collaborations - The institute has already developed groundbreaking technologies, including the world's first preparation technology for lithium sulfide, a key material for solid-state electrolytes, which enhances battery energy density and safety [2]. - The third Innovation Season attracted 39 high-quality innovation projects from both domestic and international participants, promoting collaboration with several universities and research institutions [3]. - Tianqi Lithium has established deep cooperation with institutions like Beijing University of Science and Technology and Harbin Institute of Technology, focusing on the development of new materials and technologies for next-generation solid-state batteries [3]. Group 3: Future Plans - In 2024, the company plans to initiate over 20 company-level projects covering new product development and cutting-edge technology reserves [3]. - The company aims to publish 14 SCI/EI papers and achieve record highs in patent applications and grants [3].

Core Viewpoint - Tianqi Lithium Industries reported a significant decline in revenue and a net loss for the year 2024, marking a stark contrast to the previous year's profitability, attributed to a prolonged downturn in the lithium market [1][2]. Financial Performance - The company's operating revenue for 2024 was 13.063 billion yuan, a year-on-year decrease of 67.75% - The net loss attributable to shareholders was 7.905 billion yuan, a shift from a profit of 7.297 billion yuan in 2023 [1][2]. Market Conditions - The global lithium prices remained low throughout 2024, severely impacting Tianqi Lithium's performance - The company incurred losses exceeding 5 billion yuan in the first half of the year, with the full-year net loss reaching 7.905 billion yuan - Lithium carbonate prices experienced significant fluctuations, briefly rebounding to 110,000 yuan per ton after the Spring Festival, but subsequently declined due to reduced downstream demand and increased inventory [2]. Leadership Transition - Jiang Anqi, born in 1987 and holding a master's degree in business administration, officially took over as chairman of Tianqi Lithium in April 2024 - As the daughter of the founder, she has witnessed the company's ups and downs and has accumulated valuable management experience, which is now being tested in her first annual report [3]. Founder’s Confidence - Founder Jiang Weiping expressed strong trust in his daughter during the 2024 earnings briefing, emphasizing that the leadership transition was a well-considered decision and a form of inheritance - He highlighted Jiang Anqi's deep understanding of corporate culture, her experience during critical periods of the company's development, and her comprehensive knowledge of the company's governance and management systems [4].

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase in stock price of over 20% compared to the market benchmark index within the next six months [16]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.063 billion yuan, down 67.75% year-on-year, and a net loss of 7.905 billion yuan, a decrease of 208.32% year-on-year. The primary reason for this decline was the termination of the Quinan lithium hydroxide project, leading to a full impairment of assets worth 2.114 billion yuan [3][5]. - The production and sales of lithium concentrate showed a decrease in Q4 2024, with production at 392,000 tons (down 3.3% quarter-on-quarter) and sales at 312,000 tons (down 20.3% quarter-on-quarter) [4]. - The average selling price of lithium concentrate in Q4 2024 was 736 USD/ton, reflecting a 15.6% decrease quarter-on-quarter [4]. - The company anticipates a gradual recovery in net profit from 1.616 billion yuan in 2025 to 3.38 billion yuan in 2027, with corresponding PE ratios of 31, 17, and 15 [5]. Financial Data Summary - For 2024, the company achieved a revenue of 13.063 billion yuan, with a year-on-year growth rate of -68%. The net profit was -7.905 billion yuan, with a growth rate of -208% [6]. - The average cash production cost for lithium concentrate in 2024 was 326 AUD/ton, an increase of 14.59% year-on-year [5]. - The company’s inventory of lithium concentrate decreased by 26.9% year-on-year, indicating ongoing inventory digestion [5].

Core Viewpoint - The company reported a significant decline in financial performance for 2024, with a revenue drop of 67.75% year-on-year and a net loss of 79.05 billion yuan, indicating severe challenges in the lithium market and operational setbacks [1] Financial Performance - The company achieved a total revenue of 130.63 billion yuan in 2024, down 67.75% year-on-year [1] - The net profit attributable to shareholders was -79.05 billion yuan, reflecting a year-on-year decline of 208.32% [1] - The net profit after deducting non-recurring items was -79.23 billion yuan, a decrease of 210.40% year-on-year [1] - The net cash flow from operating activities was 55.54 billion yuan, down 75.52% year-on-year [1] Operational Challenges - The major reasons for the significant losses include falling lithium prices, mismatches in pricing mechanisms, substantial impairment provisions for the Australian lithium hydroxide project, and increased foreign exchange losses due to currency fluctuations [1] - The company produced 1.41 million tons of lithium concentrate in 2024, with chemical-grade lithium concentrate at 1.353 million tons and technical-grade at 57,000 tons [1] - Lithium compound and derivative production saw a year-on-year increase of 39.44%, reaching approximately 70,700 tons, while sales surged by 81.46% to about 102,800 tons [1] Resource and Production Capacity - The Greenbushes lithium mine currently has a lithium concentrate production capacity of 1.62 million tons per year, with the CGP3 project expected to produce its first batch of lithium concentrate by October 2025 [2] - The company operates five lithium chemical product production bases with a combined capacity of 91,600 tons per year and has plans for further expansion [2] - The Sichuan Suining Anju factory is expected to reach full production capacity by mid-2024, while the Australian Kwinana factory is undergoing a major technical upgrade [2] Investment and Market Position - The company holds a 22.16% stake in SQM, making it the second-largest shareholder [2] - SQM's lithium salt sales for 2024 are projected to be approximately 205,000 tons, a year-on-year increase of 20.53%, with revenue equivalent to 32.315 billion yuan and a net loss of 2.885 billion yuan [2] Future Outlook - The company maintains an "outperform the market" rating despite the volatility in lithium prices and has revised its revenue forecasts for 2025-2027 to 10.806 billion, 13.340 billion, and 16.097 billion yuan respectively, with expected year-on-year growth rates of -17.3%, 23.4%, and 20.7% [4] - The projected net profits for the same period are 2.385 billion, 2.511 billion, and 3.180 billion yuan, with growth rates of 130.2%, 5.3%, and 26.6% respectively [4] - The company is well-positioned with strong resource advantages and potential for capacity expansion, indicating promising long-term growth prospects [4]