Tianqi Lithium (002466) Q3 2025 earnings summary

Executive summary

• Net profit attributable to shareholders reached ¥95.49 million in Q3, a 119.26% increase year-over-year, despite a 29.66% drop in revenue due to lower lithium product sales and prices.

• Year-to-date net profit was ¥179.90 million, up 103.16% year-over-year, with improved profitability driven by reduced pricing cycle mismatches and higher investment income from associates.

Financial highlights

• Q3 revenue was ¥2.56 billion, down 29.66% year-over-year; year-to-date revenue was ¥7.40 billion, down 26.50%.

• Net profit attributable to shareholders in Q3 was ¥95.49 million, up from a loss of ¥495.64 million a year ago.

• Operating cash flow for Q3 was ¥2.19 billion, down 47.69% year-over-year.

• Basic and diluted EPS for Q3 was ¥0.06, up 120% year-over-year.

• Total assets at quarter-end were ¥73.96 billion, up 7.69% from year-end 2024.

Outlook and guidance

• Profitability improved due to the shortening of the pricing cycle for lithium concentrate and increased investment income from SQM.

• The company expects continued benefits from vertical integration and strategic investments in new materials and energy sectors.