Weekly Energy News | Tianqi Lithium's Q1 net profit expected to increase over 15 times; CATL to mass produce sodium batteries by the end of the year

This week (April 20–April 24), energy companies’ Q1 results reports were released one after another. Tianqi Lithium is expected to see its net profit in Q1 grow more than 1,530.31% year-on-year; at its Super Technology Day product launch, CATL announced that its sodium-ion batteries will be officially scaled for mass production by the end of 2026.

I. Policy News

Two Offices Issue Documents to Promote Energy Saving and Carbon Reduction in Key Areas

On April 22, the General Office of the CPC Central Committee and the General Office of the State Council issued the Opinions on Doing a Higher-Level and Higher-Quality Job in Energy Conservation and Carbon Reduction (short for the Opinions). The Opinions clearly state that energy conservation and carbon reduction should be integrated throughout the entire process and all aspects of economic and social development. They call for doing a higher-level, higher-quality job in energy conservation and carbon reduction, resolutely curbing unreasonable growth in total energy consumption, and continuously improving the efficiency of energy and resources output to effectively reduce carbon emissions at the source.

In terms of industrial optimization and upgrading, the Opinions specify strengthening coordinated policy alignment between energy conservation and carbon reduction and industrial planning, capacity regulation, and other policies. They call for strengthening incentive and constraint mechanisms for energy conservation and carbon reduction and leading standards improvement, continuously reducing industry dependence on energy. At the same time, they urge vigorously promoting energy-saving and low-carbon, clean production technologies, equipment, and products. They also call for orderly and lawful phasing out of outdated and inefficient capacity and process equipment, accelerating the development of advanced manufacturing, high-tech industries, and modern service industries, promoting the construction of zero-carbon parks, and developing a “green to make green” model in which green energy is used to manufacture green products.

Regarding the green transition in energy, the Opinions propose properly handling the relationship between energy conservation and carbon reduction and energy security, scientifically regulating the total amount of energy consumption, strictly controlling fossil energy consumption, and reasonably controlling the scale of coal power installed capacity and generation output. They call for vigorously developing non-fossil energy and new energy storage, accelerating the construction of a new power system, innovating and developing business models such as direct connection of green electricity and smart microgrids, and promoting the utilization and absorption of green electricity.

II. Corporate Developments

Tianqi Lithium: Q1 Net Profit to Increase More Than 15 Times Year-on-Year

On April 20, Tianqi Lithium disclosed a performance forecast for its 2026 first quarter. During the reporting period, the company expects to achieve net profit attributable to shareholders of 1.7 billion yuan to 2.0 billion yuan, representing a substantial year-on-year increase of 1530.31% to 1818.01%. It also expects net profit after deducting non-recurring gains and losses of 1.6 billion yuan to 1.96 billion yuan, up 3501.54% to 4311.88% year-on-year.

According to the announcement, there are two main reasons for the sharp year-on-year increase in Tianqi Lithium’s net profit in the first quarter. First, driven by multiple favorable factors such as the development of the new energy industry and growth in downstream demand, the selling prices of the company’s major lithium products in the first quarter of this year increased significantly compared with the same period last year. Second, investment income from its investment in an important associate, Sociedad Química y Minera de Chile S.A., recognized during the reporting period increased significantly year-on-year.

Daqo Energy: Full-Year Net Loss of 11.29 Billion Yuan in 2025

On April 20, Daqo Energy released its 2025 annual report. During the reporting period, the company generated operating revenue of 4.839 billion yuan, with net profit attributable to shareholders of -11.29 billion yuan. Compared with the same period last year, its loss narrowed by nearly 58.46%, and its net cash flow from operating activities was -1.578 billion yuan. The annual report disclosed that in the first half of 2025, polysilicon prices continued to decline, leading to a situation where costs were higher than selling prices. However, in the second half, prices stabilized and rebounded. By the fourth quarter, the unit selling price had already recovered to 41.35 yuan per kg, and the unit cost was optimized to 43.46 yuan per kg. As one of the main market participants in the polysilicon industry, Daqo Energy gradually restored its profitability.

The First Nuclear Power Unit “Hualong One” in the Guangdong–Hong Kong–Macao Greater Bay Area Begins Commercial Operation and Starts Power Generation

According to Xinhua News Agency, on April 20, the first “Hualong One” nuclear power unit in the Guangdong–Hong Kong–Macao Greater Bay Area—the China General Nuclear Power Guangdong Taipingling Nuclear Power Project Unit 1—began power generation and officially met conditions for commercial operation. The Unit 1 that was put into operation this time achieved multiple key technological breakthroughs, completed 26 major design improvements, and realized the simultaneous construction of a physical power plant and a “digital power plant,” with integrated handover. It is expected to generate more than 9 billion kWh annually, which can meet the annual electricity demand for production and living of one million residents in the Guangdong–Hong Kong–Macao Greater Bay Area.

Leading PV Laser Equipment Firm Dier Laser Ramps Up for an “A+H” Listing

On April 20, according to disclosures by the Hong Kong Exchanges and Clearing Limited, Wuhan Dier Laser Technology Co., Ltd. (hereinafter referred to as “Dier Laser”) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC serving as the sole sponsor. The prospectus shows that Dier Laser is a company centered on independent innovation in laser technology, providing laser precision micro/nano processing solution for fields such as photovoltaics, semiconductors, and new displays. Based on data from Zhishang Consulting, measured by 2025 revenue, the company is the world’s largest supplier of laser processing equipment for photovoltaic cells, with a market share of 80.4%.

CATL Will Mass-Produce Sodium Batteries at Scale by the End of the Year

On April 21, at CATL’s Super Technology Day held in Beijing, it officially released six major innovative achievements, including the third-generation Shenxing super-charging battery, the third-generation Kirin battery, the Kirin solid-state battery, and an ultra-swap-in-every-scenario energy replenishment network integrating swapping and charging. At the launch event, the company stated clearly that CATL’s sodium-ion batteries will be officially mass-produced at scale by the end of 2026. In the future, they will be widely applied in passenger vehicles, commercial vehicles, energy storage, and other areas. They will complement lithium batteries efficiently, providing more resilient technological support for the energy transition.

Dico Co., Ltd. Plans a Private Placement to Raise No More Than 3 Billion Yuan, Bolstering Its Layout in the Photovoltaic and Semiconductor Tracks

On April 21, Dico Co., Ltd. released a pre-plan for a private placement. The plan shows that the company intends to raise no more than 3 billion yuan via a private placement. Dico Co., Ltd. said that, after deducting issuance costs, the proceeds from this offering will be used for: an annual production of 2000 tons of cheap-metal low-silver photovoltaic slurry project; an expansion and upgrade project for 1450 t/a of electronic-grade metal powder; an R&D project for next-generation high-efficiency photovoltaic metallized slurry; a storage-chip packaging and testing base; a semiconductor packaging R&D center; repaying bank loans; and replenishing working capital.

Keda Lithium: Plans to Invest No More Than 1.2 Billion Yuan to Build Phase IV of Lithium Battery Precision Structural Parts Project

On April 22, Keda Lithium announced that, to further improve its capacity layout in the field of precision structural parts for new energy lithium batteries, meet customers’ supporting capacity needs, and in light of industry development trends and its strategic planning, the company plans to use self-raised funds of no more than 1.2 billion yuan to invest in and build the “Jiangsu Keda Lithium Battery Precision Structural Parts Phase IV Project” in the Jiangsu Changshu? Liyang High-tech Industrial Development Zone, Jiangsu Province? (Note: adjust to match original name context if applicable) — but the source text specifies Jiangsu Province Liyang High-tech Development Zone. Once the project reaches full capacity, it will realize an annual output value of about 2.0 billion yuan. This investment will help the company further expand the market for precision structural parts of new energy lithium batteries and implement its strategic plan, having positive significance and a driving role for the company’s future development.

Enjie Shares: Q1 Net Profit Attributable to Parent of 260 Million Yuan, Up 902%

On April 22, Enjie Shares disclosed its 2026 first-quarter report. During the reporting period, the company achieved operating revenue of 3.908 billion yuan, up 43.21%; net profit attributable to parent was 260 million yuan, up 901.70%. The change in performance was mainly due to increases in operating revenue and gross profit margin.

Xiamen Tungsten New Energy: Controlling Subsidiary Plans to Invest 734 Million Yuan to Build a 40,000-Ton/Year Lithium Iron Phosphate (Manganese) Project

On April 22, Xiamen Tungsten New Energy announced that its controlling subsidiary, Yaan Xiamen Tungsten New Energy, plans to invest in building a new lithium iron phosphate (manganese) production line with an annual capacity of 40,000 tons, based on the existing annual production of 40,000 tons of lithium iron phosphate. The total investment is expected to be 734 million yuan, and the construction period is 25 months. To ensure the smooth implementation of the above project and safeguard Yaan Xiamen Tungsten New Energy’s sustainable development, Yaan Xiamen Tungsten New Energy plans to increase registered capital by 700 million yuan. Of this, the company will subscribe 697 million yuan in cash, and Cangya Investment will subscribe 3 million yuan in cash.

Xiamen Tungsten Industry: Q1 Net Profit Up 189% Year-on-Year; Sales of Key Products Such as Battery Materials and Magnetic Materials Continue to Grow Steadily

On April 23, Xiamen Tungsten Industry disclosed its 2026 first-quarter report. During the reporting period, the company achieved operating revenue of 15.743 billion yuan, up 86.99%; net profit attributable to parent was 1.107 billion yuan, up 189.14%. The change in performance was mainly because, during the reporting period, the company actively responded to rising prices of key raw materials such as tungsten and cobalt. As a result, selling prices of major products across various links in the industrial chain achieved effective coordinated increases. At the same time, sales of key products such as cemented carbide, cutting tools, battery materials, and magnetic materials continued to grow steadily, leading to a significant improvement in the company’s overall profitability.

III. Industry Developments

Total Electricity Consumption Across Society in Q1 Increased by 5.2% Year-on-Year

On April 20, data released by the National Energy Administration showed that in March, total electricity consumption across society reached 859.5 billion kWh, up 3.5% year-on-year. From January to March, cumulative electricity consumption across society totaled 2,514.1 billion kWh, up 5.2%. By electricity consumption among industries, electricity consumption in the primary industry was 33.6 billion kWh, up 7.1%. Electricity consumption in the secondary industry was 1,598.7 billion kWh, up 4.7%; among this, electricity used in industry was 1,583.6 billion kWh, up 4.9%, and electricity consumption in high-tech and equipment manufacturing was 274.6 billion kWh, up 8.6%. Electricity consumption in the tertiary industry was 483.3 billion kWh, up 8.1%. Electricity consumption by urban and rural residents for daily living was 398.5 billion kWh, up 3.4%.

International Energy Agency: Solar Power “Led” Global Energy Supply Growth Last Year

A report released by the International Energy Agency on April 20 shows that last year, global newly added solar photovoltaic power generation amounted to 600 TWh, accounting for more than 25% of the incremental global energy supply. This is the first time in recorded history that modern renewable energy has led global energy supply growth. The report indicates that in 2025, global energy demand grew by 1.3%, slightly below the average level of the past decade. Meanwhile, electricity demand grew by about 3%, showing continued growth in energy use in areas such as buildings, industry, electric vehicles, and data centers.

National Energy Administration: As of the End of March, Solar Power Installed Capacity Reached 1.24 Billion kW, Up 31.3% Year-on-Year

Data released by the National Energy Administration on April 23 shows that as of the end of March, the country’s total installed power generation capacity reached 3.96 billion kW, up 15.5% year-on-year. Of this, solar power installed capacity was 1.24 billion kW, up 31.3%; wind power installed capacity was 0.66 billion kW, up 22.4%. In January to March, the national average utilization hours of power generation equipment totaled 703 hours, which is 66 hours lower than the same period last year.