Tianqi Lithium (002466) Q1 2025 earnings summary

Executive summary

• Net profit attributable to shareholders reached ¥104 million, a significant turnaround from a ¥3.90 billion loss in the same quarter last year, driven by improved pricing mechanisms and increased sales volumes of lithium compounds and derivatives.

• Revenue remained stable at ¥2.58 billion, with only a marginal decrease of 0.02% year-over-year.

• Adjusted net profit (excluding non-recurring items) was ¥44 million, compared to a loss of ¥3.92 billion last year.

Financial highlights

• Operating cash flow dropped 69.73% year-over-year to ¥952 million, mainly due to lower lithium concentrate prices and changes in receivables.

• Basic and diluted EPS both improved to ¥0.06 from -¥2.38 year-over-year.

• Total assets increased 4.74% to ¥71.93 billion compared to the end of last year.

• Return on equity improved by 8.10 percentage points to 0.25%.

Outlook and guidance

• Shortened pricing cycles for lithium concentrate are expected to further align costs with market prices, reducing historical mismatches and supporting future profitability.

• SQM investment income is projected to grow, contributing positively to future results.