Tianqi Lithium Corp. Class H (HK:9696)
:9696
Top Page
Tianqi Lithium Corp. Class H
(9696)
Select Model
Select Model
Rating:52Neutral
Price Target:
HK$48.00
▲(3.18% Upside)
Action:ReiteratedDate:03/29/26
The score is primarily held back by highly volatile financial performance (sharp 2024 loss, incomplete 2025 recovery, and weaker cash flow with negative 2025 free cash flow) and a very high P/E valuation. Technicals are mixed, providing only limited support.
Positive Factors
Relatively solid balance sheet with large equity base
A large equity base versus moderate debt gives durable financial flexibility to absorb commodity downcycles, fund working capital and capital expenditures, and avoid forced asset sales. This structural balance-sheet strength supports medium-term operations and strategic optionality despite cyclical revenue swings.
Negative Factors
Pronounced earnings cyclicality and volatility
Large swings from multi-year profits to a sizeable loss indicate high exposure to lithium price cycles. Persistent earnings volatility undermines predictable cash flows, complicates capital allocation, long-term planning and contracting, and increases execution risk for multi-year investments and capacity expansions.
Read all positive and negative factors
Positive Factors
Negative Factors
Relatively solid balance sheet with large equity base
A large equity base versus moderate debt gives durable financial flexibility to absorb commodity downcycles, fund working capital and capital expenditures, and avoid forced asset sales. This structural balance-sheet strength supports medium-term operations and strategic optionality despite cyclical revenue swings.
Read all positive factors
Tianqi Lithium Corp. Class H (9696) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$103.75B
Dividend Yield2.8%
Average Volume (3M)5.76M
Price to Earnings (P/E)166.8
Beta (1Y)1.21
Revenue Growth-39.59%
EPS Growth69.00%
CountryHK
Employees3,151
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.19
Shares Outstanding229,172,200
10 Day Avg. Volume5,192,015
30 Day Avg. Volume5,761,681
Financial Highlights & Ratios
PEG Ratio-1.58
Price to Book (P/B)1.77
Price to Sales (P/S)7.46
P/FCF Ratio-128.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$68.10Price Target Upside46.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)3.19
Revenue Forecast (FY)HK$25.14B
Tianqi Lithium Corp. Class H Business Overview & Revenue Model
Company Description
Tianqi Lithium Corporation produce, process, and sale of lithium concreate and chemical products in Australia, Chile, the United Kingdom, and China. Its products include battery and industrial grade lithium carbonate and lithium hydroxide monohydr...
How the Company Makes Money
Tianqi Lithium primarily makes money by selling lithium products to downstream customers, with revenue largely tied to volumes sold and market prices for lithium raw materials and chemicals. Key revenue streams include: (1) Sales of lithium chemic...
Tianqi Lithium Corp. Class H Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
71
Positive
Cash Flow
55
Neutral
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.08B | 13.06B | 40.45B | 40.17B | 7.66B |
| Gross Profit | 3.91B | 5.30B | 34.35B | 34.15B | 4.69B |
| EBITDA | 4.40B | 5.44B | 37.66B | 41.46B | 4.59B |
| Net Income | 450.65M | -7.90B | 7.28B | 23.94B | 3.65B |
Balance Sheet | |||||
| Total Assets | 73.10B | 69.56B | 74.97B | 72.56B | 45.80B |
| Cash, Cash Equivalents and Short-Term Investments | 5.71B | 6.42B | 9.35B | 12.46B | 1.99B |
| Total Debt | 15.49B | 14.92B | 11.76B | 8.71B | 21.81B |
| Total Liabilities | 21.12B | 19.50B | 19.01B | 17.80B | 26.01B |
| Stockholders Equity | 42.38B | 42.77B | 51.52B | 50.16B | 14.36B |
Cash Flow | |||||
| Free Cash Flow | -583.56M | 1.03B | 18.25B | 18.58B | 1.23B |
| Operating Cash Flow | 2.93B | 5.55B | 22.69B | 20.30B | 2.23B |
| Investing Cash Flow | -4.41B | -5.88B | -2.02B | 744.01M | -65.19M |
| Financing Cash Flow | -417.37M | -3.24B | -23.44B | -10.57B | -1.15B |
Tianqi Lithium Corp. Class H Technical Analysis
Positive
46.52
Price Trends
46.44
Positive
48.75
Negative
43.74
Positive
Market Momentum
0.18
Negative
56.03
Neutral
67.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9696, the sentiment is Positive. The current price of 46.52 is above the 20-day moving average (MA) of 43.69, above the 50-day MA of 46.44, and above the 200-day MA of 43.74, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 56.03 is Neutral, neither overbought nor oversold. The STOCH value of 67.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9696.
Tianqi Lithium Corp. Class H Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$30.26B | 2.54 | 23.38% | 1.89% | 60.77% | 100.45% | |
72 Outperform | HK$60.05B | 22.66 | 32.65% | 1.32% | 31.24% | 58.16% | |
64 Neutral | HK$414.51B | 18.57 | 26.48% | 1.45% | -2.42% | 38.68% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | HK$103.75B | 166.81 | -4.82% | 2.80% | -39.59% | 69.00% |
* Basic Materials Sector Average
HK:9696
Tianqi Lithium Corp. Class H
46.52
26.27
129.73%
HK:3993
CMOC Group
16.96
12.25
259.93%
HK:2245
Lygend Resources & Technology Co., Ltd. Class H
19.45
10.87
126.69%
HK:3939
Wanguo International Mining Group Ltd.
13.57
9.95
274.86%
Tianqi Lithium Corp. Class H Corporate Events
Tianqi Lithium Swings Back to Profit Despite Revenue Decline in 2025
Mar 27, 2026
Tianqi Lithium Corporation reported audited consolidated results for the year ended 31 December 2025, showing revenue of RMB 10.32 billion and gross profit of RMB 4.06 billion, down from the previous year. Despite lower revenue, the company record...
Tianqi Lithium Books RMB277 Million Asset Impairment for 2025
Mar 27, 2026
Tianqi Lithium Corporation has announced that it will recognize a total asset impairment provision of RMB277 million for the 2025 financial year, following a comprehensive review of assets as of 31 December 2025. The move aims to present a more ac...
Tianqi Lithium Sets March 2026 Board Meeting to Review 2025 Results
Mar 16, 2026
Tianqi Lithium Corporation has scheduled a board meeting for 27 March 2026 to review and approve the company’s annual results for the year ended 31 December 2025, along with their publication. The board will also consider the payment of a fi...
Tianqi Lithium Director Resigns, Board Moves to Maintain Governance Compliance
Feb 27, 2026
Tianqi Lithium Corporation has announced that independent non-executive director Xiang Chuan has tendered his resignation after nearly six consecutive years of service, stepping down from his roles on the audit and risk, strategy and investment, a...
Tianqi Lithium Raises Capital via H-Share Placement and Convertible Bond Issue
Feb 11, 2026
Tianqi Lithium Corporation has completed a placing of 65,050,000 new H shares under its general mandate, raising funds at a placing price of HK$45.05 per share, with net proceeds estimated at HK$44.95 per share. The transaction expands the company...
Tianqi Lithium Revises Share Placing to Raise HK$2.93 Billion for Expansion
Feb 4, 2026
Tianqi Lithium amended and restated its placing and subscription agreements to issue 65,050,000 new H shares, equivalent to about 39.6% of its outstanding H share base, raising roughly HK$2.93 billion before fees under its general mandate. The pro...
Tianqi Lithium Plans Partial Sell-Down of SQM Stake Under One-Year Mandate
Feb 4, 2026
Tianqi Lithium Corporation has approved a plan to gradually dispose of up to 3,565,970 Class A shares in Chilean lithium producer SQM, equivalent to no more than 1.25% of SQM’s total share capital, while ensuring the sale remains below thres...
Tianqi Lithium Plans Partial Stake Sale in SQM in Discloseable Transaction
Feb 4, 2026
Tianqi Lithium Corporation has approved a plan to selectively dispose of part of its long-held equity interest in Chilean lithium producer SQM, authorising management to sell up to 3,565,970 Class A shares, or no more than 1.25% of SQM’s tot...
Tianqi Lithium to Raise HK$5.83 Billion via H-Share Placing and Convertible Bond Issue
Feb 4, 2026
Tianqi Lithium Corporation plans to raise approximately HK$5.83 billion through a placing of new H shares and a concurrent issue of zero-coupon, U.S. dollar-settled convertible bonds due 2027, both under its existing general mandate. The company w...
Tianqi Lithium Forecasts Return to Profit in 2025 on Pricing Alignment and SQM Gains
Jan 29, 2026
Tianqi Lithium has issued a positive profit alert for the year ending 31 December 2025, forecasting a swing back to net profit of between RMB369 million and RMB553 million, compared with a net loss of about RMB7.9 billion a year earlier, and estim...
Tianqi Lithium Faces Final Legal Setback as SQM–Codelco Lithium Partnership Proceeds
Jan 28, 2026
Tianqi Lithium said its wholly owned subsidiary Tianqi Chile has lost its bid before Chile’s Supreme Court to overturn a key partnership agreement between its major investee SQM and Chilean state-owned miner Codelco, with the court issuing a...
Tianqi Lithium Shareholders Approve Capital Reduction and Governance Revisions at Extraordinary Meeting
Dec 30, 2025
Tianqi Lithium Corporation reported the poll results of its extraordinary general meeting held on 30 December 2025 in Chengdu, where shareholders representing about 34.6% of voting shares were present or represented. All proposed special and ordin...
Tianqi Lithium Sets 2026 Transaction Cap with Albemarle at 950,000 Tons
Dec 30, 2025
Tianqi Lithium Corporation has set an annual cap of up to 950,000 tons for transactions in 2026 under its long-standing Albemarle Agreements, which govern lithium concentrate sales from the Greenbushes Mine to Albemarle Germany, an associate and c...
Tianqi Lithium Reshuffles Finance Leadership as CFO Zou Jun Resigns
Dec 30, 2025
Tianqi Lithium Corporation has announced the resignation of executive director, vice general manager and chief financial officer Zou Jun, who is stepping down for personal career planning reasons after joining the company in 2007. The board stated...
Tianqi Lithium Details Board Composition and Committee Roles
Dec 30, 2025
Tianqi Lithium Corporation has disclosed the current composition of its board of directors and outlined the allocation of responsibilities across its five key board committees, signalling an emphasis on structured governance and oversight as it na...
Tianqi Lithium Flags Uncertain Impact From SQM–Codelco Lithium Merger
Dec 29, 2025
Tianqi Lithium has reported that its major investee SQM has completed the strategic partnership merger with Chile’s state-owned Codelco, renaming the joint venture SQM Salar as Nova Andino Litio SpA and putting into effect new share preferen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.