Tianqi Lithium achieved annual operating revenue of 10.346 billion yuan, representing a year-on-year decrease of 20.80%. The net profit attributable to shareholders was 463 million yuan, reversing a massive loss of 7.905 billion yuan in 2024 and turning positive. The net profit attributable to shareholders after excluding non-recurring items also returned to the positive range at 359 million yuan. The company plans not to distribute cash dividends, issue bonus shares, or increase share capital through the housing provident fund for the fiscal year 2025.
In 2025, when the lithium industry remains in a low activity range,$TIANQI LITHIUM (09696.HK)$released an annual report showing 'revenue under pressure, profit recovery':
The company achieved total revenue of RMB 10.346 billion for the year, a year-on-year decrease of 20.80%; net profit attributable to shareholders was RMB 463 million, turning positive from a significant loss of RMB 7.905 billion in 2024, with non-recurring net profit attributable to shareholders also returning to positive territory at RMB 359 million.
From the perspective of profitability trends, the recovery is notably 'postponed'. The company's Q4 net profit attributable to shareholders reached RMB 283 million, accounting for more than 60% of the full-year profit; return on equity (ROE) rebounded to 1.10%, significantly improving from -16.92% in 2024 but still far from the high profitability levels of 2023.
The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the fiscal year 2025. Considering that the company is still in a phase of overlapping profit recovery, capacity ramp-up, and overseas rights variables, this arrangement leans towards a conservative strategy of 'maintaining sufficient cash safety cushions'.
Performance: Revenue continues to decline, net profit attributable to shareholders turns positive but still reflects a 'low-level recovery'
The core financial indicators disclosed in the annual report summary indicate that$TIANQI LITHIUM (09696.HK)$The keyword for 2025 is 'turning losses' but not 'strong recovery':
Revenue: RMB 10.346 billion (year-on-year -20.80%; RMB 13.063 billion in 2024, RMB 40.503 billion in 2023)
Net profit attributable to shareholders: RMB 463 million (RMB -7.905 billion in 2024; RMB 7.297 billion in 2023)
Non-recurring net profit attributable to shareholders: RMB 359 million (RMB -7.923 billion in 2024)
Basic/diluted earnings per share: RMB 0.28 (RMB -4.82 in 2024)
Weighted ROE: 1.10% (compared to -16.92% in 2024)
Despite continued year-on-year declines in revenue, the net profit has shifted from deep losses to slight profitability, indicating that the primary issue in the profit segment has moved from 'loss clearance' to 'testing the resilience and sustainability of profitability.'
Quarterly performance: Q4 takes the lead, with annual profits highly concentrated
On a quarterly basis, the improvement in corporate profits was not evenly distributed:
Net profit attributable to shareholders in Q1: RMB 104 million
Net profit attributable to shareholders in Q2: -RMB 20 million
Net profit attributable to shareholders in Q3: RMB 95 million
Net profit attributable to shareholders in Q4: RMB 283 million
Profits in the fourth quarter accounted for over 60% of the total, highlighting both the operational improvements in the second half of the year and alerting investors: if industry pricing, operating rates, or cost factors experience further fluctuations, profit elasticity and volatility may amplify simultaneously.
Capacity and projects: Trial operation of Zhangjiagang’s 30,000-ton lithium hydroxide facility; Talison’s Phase III expansion enters ramp-up stage
In the midstream (lithium salt) sector, the '30,000-ton-per-year battery-grade monohydrate lithium hydroxide project' at the Zhangjiagang base is one of the key capacity additions in 2025:
The total project investment does not exceed 2 billion yuan.
Scheduled for completion and entry into integrated trial operation on July 30, 2025.
The first batch of product was confirmed to meet battery-grade lithium hydroxide standards on October 17, 2025.
Capable of flexibly switching production to battery-grade lithium carbonate.
However, the company cautioned that the project has not yet reached full production capacity, and further debugging and optimization will be required.
In the upstream (lithium concentrate) sector, the third-phase expansion project for chemical-grade lithium concentrate at the Greenbushes mine, corresponding to Talison Lithium, finally entered the commissioning verification phase after delays:
Construction completed and formal feedstock testing began on December 18, 2025.
The first batch of chemical-grade lithium concentrate meeting standards was produced on January 30, 2026.
Subsequent efforts will focus on ramping up capacity and stabilizing production through adjustments.
From the investors' perspective, the shared focus of these two projects is not on 'whether production has commenced,' but rather on whether the ramp-up speed, yield rate, and stable continuous production capacity can be converted into sustainable shipment and cost advantages amid industry fluctuations.
Equity and Incentives: Adjustment and Cancellation of Repurchased Shares with Limited Scale Impact
The company disclosed that it made multiple adjustments to the use of repurchased shares from 2022: some were allocated for employee stock ownership plans and restricted stock incentives, while the remaining portion was ultimately changed to cancellation for capital reduction.
Completed the cancellation of 26,600 repurchased shares in October 2025.
Cancellation amount approximately USD 2.9879 million.
Total shares outstanding decreased from 1,641,221,583 to 1,641,194,983 after cancellation.
The scale of this cancellation is extremely small, having limited impact on per-share metrics, reflecting more of a 'final step' in governance and incentive arrangements.
Editor/Melody