Credit Brief — Tianqi Lithium Corporation (天齐锂业)
002466.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 蒋安琪
- Registered address: 四川省遂宁市射洪县太和镇城北
- Office address: 四川省成都市天府新区红梁西一街166 号
- Controlling shareholder: 成都天齐实业 (集团) 有限公司
- Actual controller: 蒋卫平
- Employees: 3,451
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 12,461.0 | 9,588.5 | 5,767.2 | 4,382.5 | 10,030.1 |
| Trading financial assets | 14.8 | — | 655.1 | 1,179.9 | 1,504.3 |
| Accounts receivable | 7,377.3 | 4,316.2 | 534.6 | 849.9 | 4,809.9 |
| Other receivables | 81.0 | 181.7 | 53.3 | 310.9 | 514.6 |
| Inventories | 2,143.9 | 3,150.5 | 2,289.0 | 2,406.5 | 2,797.5 |
| Long-term equity investments | 25,582.1 | 26,873.6 | 26,250.5 | 26,185.9 | 25,981.1 |
| Fixed assets | 8,132.7 | 9,079.6 | 12,479.6 | 12,175.2 | 18,216.2 |
| Construction in progress | 3,668.6 | 7,287.2 | 5,137.2 | 8,586.6 | 2,986.6 |
| Intangible assets | 3,578.8 | 3,839.8 | 4,299.4 | 4,836.3 | 4,716.8 |
| Total assets | 70,846.5 | 73,228.5 | 68,677.9 | 72,110.0 | 83,105.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 98.9 | 337.4 | 1,313.5 | 1,299.3 | 862.8 |
| Notes payable | 185.9 | 209.0 | 82.0 | 82.0 | 0.0 |
| Accounts payable | 2,525.5 | 2,311.5 | 1,519.0 | 1,435.8 | 1,318.0 |
| Contract liabilities | 351.2 | 37.4 | 12.0 | 13.7 | 8.5 |
| Other payables | 18.9 | 379.7 | 130.7 | 27.6 | 223.1 |
| Current portion of non-current liabilities | 74.5 | 752.8 | 1,099.8 | 878.2 | 1,811.1 |
| Long-term borrowings | 8,263.4 | 9,544.8 | 11,203.4 | 11,617.1 | 11,143.2 |
| Bonds payable | — | 0.0 | 0.0 | 598.8 | 599.0 |
| Total liabilities | 17,778.7 | 18,991.8 | 19,495.5 | 20,217.8 | 23,655.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,641.2 | 1,641.2 | 1,641.2 | 1,641.2 | 1,713.2 |
| Capital reserve | 23,296.6 | 23,736.8 | 23,769.4 | 23,628.4 | 26,479.7 |
| Retained earnings | 23,037.9 | 25,412.9 | 15,293.3 | 15,777.9 | 20,098.4 |
| Equity attributable to owners of the parent | 48,494.2 | 51,519.7 | 41,892.5 | 42,362.4 | 48,343.2 |
| Minority interests | 4,573.6 | 2,717.0 | 7,289.8 | 9,529.7 | 11,106.5 |
| Total equity | 53,067.8 | 54,236.6 | 49,182.3 | 51,892.2 | 59,449.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 40,448.9 | 40,503.5 | 13,063.5 | 10,346.4 | 12,242.2 |
| Cost of sales | 6,017.2 | 6,081.5 | 7,044.6 | 6,262.3 | 4,359.7 |
| Selling expenses | 29.0 | 33.8 | 16.3 | 10.2 | 4.3 |
| Administrative expenses | 377.1 | 605.2 | 649.8 | 633.8 | 274.4 |
| Finance costs | 674.8 | 16.0 | 899.2 | -225.7 | -161.2 |
| Investment income | 7,846.3 | 3,110.4 | -839.7 | 547.5 | 1,499.6 |
| Operating profit | 39,911.4 | 36,296.1 | 1,431.6 | 4,016.7 | 9,243.0 |
| Profit before tax | 39,901.2 | 36,281.3 | 1,291.9 | 3,969.4 | 9,238.7 |
| Net profit | 31,108.4 | 25,663.1 | -29.2 | 3,002.6 | 6,957.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 3.44x | 2.95x | 2.55x | 2.78x | 2.86x |
| Quick ratio | 3.16x | 2.47x | 2.09x | 2.22x | 2.51x |
| Debt-to-asset ratio | 25.1% | 25.9% | 28.4% | 28.0% | 28.5% |
| Total debt / EBITDA | 0.20x | 0.28x | 3.84x | 2.62x | 1.32x |
| EBITDA interest coverage | 61.32x | 2335.78x | 3.94x | 24.31x | 67.96x |
| Gross margin | 85.1% | 85.0% | 46.1% | 39.5% | 64.4% |
| Net margin | 76.9% | 63.4% | -0.2% | 29.0% | 56.8% |
| Return on equity (ROE) | 58.6% | 47.3% | -0.1% | 5.8% | 11.7% |
| Revenue growth | — | 0.1% | -67.7% | -20.8% | 18.3% |
| Net profit growth | — | -17.5% | -100.1% | 10368.1% | 131.7% |
| Receivable days | 67 | 39 | 15 | 30 | 143 |
| Cash received / revenue | 86.1% | 113.5% | 107.4% | 96.4% | 61.7% |
| Operating CF / net profit | 0.65x | 0.88x | -189.94x | 0.99x | 0.32x |
| Free cash flow | 11,828.7 | 26,921.0 | 5,956.5 | 2,124.0 | -1,892.6 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.28 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -2,959.5 vs -2,872.5 CNY mn (deviation 2.94%, severity mid)
Sources: 2023年年度报告.pdf p.136 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.128 「货币资金」. CF-statement figure below the balance-sheet movement by 87.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -3,695.4 vs -3,821.3 CNY mn (deviation 3.3%, severity mid)
Sources: 2024年年度报告.pdf p.152 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.144 「货币资金」. CF-statement figure above the balance-sheet movement by 126.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -1,889.2 vs -1,384.7 CNY mn (deviation 26.7%, severity mid)
Sources: 2025年年度报告.pdf p.146 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.138 「货币资金」. CF-statement figure below the balance-sheet movement by 504.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 1,410.4 vs 5,647.6 CNY mn (deviation 75.03%, severity mid)
Sources: 2026年半年度报告.pdf p.90 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.82 「货币资金」. CF-statement figure below the balance-sheet movement by 4,237.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 4,382.5 | 2025年年度报告.pdf | 138 | 货币资金 | 4382484791.82 (元) |
| Total assets | 2025 | 72,110.0 | 2025年年度报告.pdf | 139 | 资产总计 | 72109977728.88 (元) |
| Accounts receivable | 2025 | 849.9 | 2025年年度报告.pdf | 138 | 应收账款 | 849924766.78 (元) |
| Fixed assets | 2025 | 12,175.2 | 2025年年度报告.pdf | 139 | 固定资产 | 12175167927.73 (元) |
| Short-term borrowings | 2025 | 1,299.3 | 2025年年度报告.pdf | 139 | 短期借款 | 1299319191.09 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.