Tianqi Lithium (002466) 2025 Annual Report Brief Analysis: Net profit year-over-year increased by 105.85%, accounts receivable rose

NightAirdropper · 2026-03-29T00:32:06+00:00

Recently, Tianqi Lithium released its 2025 annual report, with total operating revenue of 10.346 billion yuan, a year-on-year decrease of 20.8%, but net profit attributable to shareholders of 463 million yuan, a year-on-year increase of 105.85%. Accounts receivable have risen significantly, and overall financial indicators are average. The company faces debt and accounts receivable risks, but star fund managers holding its shares have increased their positions, indicating optimism about its future growth.

NightAirdropper

2026-03-29 00:32:06

Abstract generation in progress

According to publicly available data compiled by Securities Star, Tianqi Lithium Industry (002466) released its 2025 annual report recently. As of the end of this reporting period, the company’s total operating revenue was 10.346 billion yuan, down 20.8% year over year, and its net profit attributable to shareholders was 463 million yuan, up 105.85% year over year. Based on single-quarter data, in the fourth quarter total operating revenue was 2.949 billion yuan, down 1.66% year over year, and net profit attributable to shareholders in the fourth quarter was 283 million yuan, up 112.83% year over year. During this reporting period, Tianqi Lithium Industry’s accounts receivable increased, with the year-over-year increase in accounts receivable reaching 58.97%.

This data is below expectations from most analysts. Previously, analysts generally expected net profit in 2025 to be around 1.493 billion yuan.

Overall, the various key indicators disclosed in this earnings report are average. Among them, the gross margin was 39.47%, down 14.33% year over year; the net profit margin was 29.02%, up 13067.47% year over year; selling expenses, administrative expenses, and finance expenses totaled 418 million yuan; the three-fee ratio to revenue was 4.04%, down 66.26% year over year; net assets per share were 25.81 yuan, up 1.12% year over year; operating cash flow per share was 1.8 yuan, down 46.7% year over year; and earnings per share were 0.28 yuan, up 105.81%

The Securities Star stock investment circle earnings report analysis tool shows:

Business assessment: Last year’s ROIC for the company was 5.23%, and its return on capital was average. Last year’s net profit margin was 29.02%; after accounting for all costs, the value-added of the company’s products or services is high. Based on statistics from historical annual report data, over the past 10 years the company’s median ROIC was 10.67%, with average investment returns. Among the worst years, ROIC in 2019 was -8.01%, indicating extremely poor investment returns. The company’s historical earnings reports have been relatively strong. Since listing, it has had 15 annual reports, with losses in 4 years. Unless factors such as a backdoor listing are involved, value investors generally do not look at companies like this.
Debt-paying ability: The company’s interest-bearing liabilities are not small compared with its current profit level.
Business breakdown: Over the past three years (2023/2024/2025), the net operating asset return ratios were 77.6%/–/8.7%, and net operating profits were 25.663 billion yuan/-29.2423 million yuan/3.003 billion yuan, respectively; net operating assets were 33.056 billion yuan/29.888 billion yuan/34.375 billion yuan.

Over the past three years (2023/2024/2025), the company’s working capital/revenue (i.e., the capital that the company needs to prepay for each 1 yuan of revenue generated during production and operations) were 0.12/0.12/0.21. Of these, working capital (the money the company itself pays during production and operations) was 5.06 billion yuan/1.537 billion yuan/2.151 billion yuan, respectively, while revenue was 40.503 billion yuan/13.063 billion yuan/10.346 billion yuan.

The earnings report health check tool shows:

Suggest paying attention to the company’s debt situation (its interest-bearing asset-liability ratio has reached 20.04%)
Suggest paying attention to the company’s accounts receivable situation (accounts receivable/profit has reached 183.72%)

This company is held by 2 star fund managers. These star fund managers have also added to their positions recently. The most watched fund manager holding this company is Yan Siqian of Penghua Fund. In the 2025 Securities Star public fund manager top-picks investment ranking, she ranked within the top fifty. Her current total fund size is 21.398 billion yuan, with 8 years and 50 days of cumulative experience. Based on an analysis of her past performance, this fund manager has outstanding fundamental stock-picking ability and is skilled at uncovering growth stocks.

The fund holding the most of Tianqi Lithium Industry is Oriental New Energy Vehicle Hybrid. Its current size is 9.019 billion yuan, and its latest net value is 3.1941 (as of March 27), up 3.56% from the previous trading day. Over the past year, it is up 51.88%. The fund’s current fund manager is Li Rui.

The above content is compiled by Securities Star from publicly available information and generated by an AI algorithm (Internet information security filing number 310104345710301240019), and does not constitute investment advice.

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