Tianqi Lithium (09696) opened more than 10% lower after the earnings report. As of press release, it fell 10.21% to HK$31.65, with a turnover of HK$2,424,400.
The Zhitong Finance App learned that Tianqi Lithium (09696) opened more than 10% lower after the warning. As of press release, it fell 10.21% to HK$31.65, with a turnover of HK$2,424,400.
According to the news, Tianqi Lithium issued an announcement yesterday evening. It is estimated that net profit attributable to shareholders of listed companies for the first quarter will be a loss of 3.6 billion yuan to 4.3 billion yuan, and net profit of 4.875 billion yuan for the same period last year. According to the announcement, due to fluctuations in the lithium product market, the sales price of the company's lithium products fell sharply during the reporting period compared to the same period of the previous year, and the gross profit of lithium products fell sharply; the results of the company's important affiliate SQM in the first quarter of 2024 are expected to drop sharply year-on-year, so the investment income confirmed by the company during the reporting period in this joint venture fell sharply compared to the same period last year.
On the same day, the Shenzhen Stock Exchange issued a letter of concern to Tianqi Lithium, requesting the company to quantitatively analyze the reasons for the sharp increase in losses in the first quarter of 2024 compared to the fourth quarter of 2023, taking into account specific changes in factors such as main business development, product production and sales, product prices, raw material purchase prices, costs and expenses, and impairment calculation, and explain whether there is a risk of continuing losses, etc. Earlier financial reports showed that Tianqi Lithium's net loss for the fourth quarter of 2023 was 801 million yuan, and the net loss increased markedly in the first quarter of this year.