Tianqi Lithium (Stock Code: 9696) reported revenue of RMB2.56 billion for the third quarter of 2025, a 29.66% decrease year-on-year. Net profit attributable to shareholders reached RMB95.49 million, a 119.26% surge compared with the same period last year. For the first nine months of 2025, revenue amounted to RMB7.40 billion (down 26.50% year-on-year), while net profit attributable to shareholders stood at RMB179.90 million, a notable rebound from a loss in the previous year.

Management attributed the reduction in revenue primarily to lower lithium product sales volumes and prices but highlighted a shortened pricing cycle in the Australian lithium mining business, which helped offset some impact. The company also noted stronger investment income from an associated entity, further lifting overall profitability.

Regarding operations, the 30,000-ton-per-year battery-grade lithium hydroxide project at Zhangjiagang, Jiangsu Province, was completed on July 30, 2025, and subsequently entered an integrated commissioning phase. The first batch of battery-grade lithium hydroxide met all performance standards on October 17, 2025, confirming stable production capabilities and the facility’s potential to flexibly switch between lithium hydroxide and lithium carbonate output.

In its financing activities, the company redeemed its 2024 first tranche of short-term financing bonds in April this year and successfully issued RMB600 million of sci-tech innovation bonds in July 2025. Additionally, it authorized cancellation of 26,600 previously repurchased A shares, reducing the total outstanding share capital to 1,641,194,983 shares.

On tax matters, the Australian Taxation Office is reviewing the 2021 share subscription structure involving a strategic partner. The authorities have issued a preliminary position paper, and Tianqi Lithium’s subsidiary is preparing materials for further clarification. No immediate impact on the company’s financial status has been reported for the first three quarters of 2025.

Finally, a Tianqi Lithium subsidiary partnered with professional investment institutions to form an RMB500 million limited partnership focused on new materials and new energy segments. The company indicated that this collaboration is designed to leverage industry resources and professional expertise, potentially accelerating strategic development and supporting long-term growth.