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]
天齐锂业(09696) - 2024 - 年度业绩