After a massive loss of 7.9 billion to "stop the bleeding": Tianqi Lithium executives' average salary increase of 1.58 million, shareholders see zero returns!

After suffering massive losses in 2024, Tianqi Lithium Industry (002466.SZ) delivered a “bleeding-staunching” performance in 2025.

On the evening of March 27, 2026, Tianqi Lithium Industry released its 2025 annual report. The company achieved operating revenue of RMB 10.35B, down 20.8% year over year; net profit attributable to shareholders of listed companies was RMB 463 million, turning from the huge loss of RMB 7.91B in 2024 into a profit.

Huangjingshu Finance noted that Ganfeng Lithium Industry (002460.SZ) also turned a loss into a profit. Parent-attributable net profit increased from -RMB 2.07B in 2024 to RMB 1.61B in 2025, which may indicate that domestic lithium-mining companies are moving out of the darkest period in the industry.

Tianqi Lithium Industry is building an industry-chain “vertically integrated” structure, creating clear cost advantages.

In the upstream segment, Tianqi Lithium Industry holds a controlling stake in the Australian Wengfield Holding Company, which owns the world-class spodumene mine, the Greenbush mine. Tianqi Lithium Industry also holds a strategic stake in SQM, the world’s largest brine-lithium extraction company in Chile, building a strong resource barrier.

In the midstream segment, Tianqi Lithium Industry steadily advances capacity ramp-ups for its Australian Quenan lithium hydroxide base, as well as capacity construction projects such as the 1,000-ton/year metallic lithium project in Chongqing and the lithium hydroxide project in Zhangjiagang, Jiangsu.

In the downstream segment, Tianqi Lithium Industry plans its presence in areas such as new-energy materials, solid-state batteries, and battery recycling—among other areas—through measures including signing long-term supply agreements with leading customers.

This time, Tianqi Lithium Industry achieved a “deep V” reversal in performance, mainly due to the strong performance of three overseas subsidiaries.

The Australian Wengfield Holding Company: in 2025, operating revenue was RMB 7.76B, net profit was RMB 2.87B, and net profit attributable to Tianqi Lithium Industry was RMB 1.05B.

SQM in Chile: in 2025, operating revenue was RMB 56.61B, net profit was RMB 2.29B; the net profit in the prior year was -RMB 8.4B, turning a loss into a profit.

TLA in Australia: in 2025, operating revenue was RMB 588 million, net profit was -RMB 320 million; the net profit in the prior year was -RMB 3.46M, achieving a significant reduction in losses.

The excellent performance of these three overseas subsidiaries caused Tianqi Lithium Industry’s investment income to change from -RMB 3.84M in 2024 to RMB 547 million in 2025.

However, behind the turnaround, Tianqi Lithium Industry ran into some very troublesome issues overseas.

In Australia, the local tax authority issued an initial opinion-and-communication letter regarding the trading structure introduced by Tianqi Lithium Industry’s former wholly owned subsidiary TLEA in 2021 for introducing IGO, which may result in a potential tax liability of about AUD 170 million. Tianqi Lithium Industry has submitted its arguments; currently, no provisions for estimated liabilities have been recorded.

In Chile, regarding the “Partnership Agreement” between SQM and Codelco, and the lawsuit filed in Chile by Tianqi Lithium Industry’s wholly owned subsidiary against them, the case has been appealed to the Supreme Court, and the outcome remains uncertain.

At the first time after the loss turned to a profit, Tianqi Lithium Industry’s board of directors began rewarding performance, with executive compensation rising sharply.

Tianqi Lithium Industry’s board has 11 members; after removing 4 independent directors, only 7 remain.

Tianqi Lithium Industry’s honorary chairman, Jiang Ping, had a total pre-tax remuneration of RMB 5.76 million in 2025, up from RMB 3.456 million in 2024, an increase of 66.67%.

Tianqi Lithium Industry’s chairman, Jiang Anqi, had a total pre-tax remuneration of RMB 5.1908 million in 2025, up from RMB 3.5878 million in 2024, an increase of 44.68%.

Tianqi Lithium Industry’s general manager, Xia Juncheng, had a total pre-tax remuneration of RMB 5.2268 million in 2025, up from RMB 3.5733 million in 2024, an increase of 46.27%.

Tianqi Lithium Industry’s deputy general manager, Guo Wei, had a total pre-tax remuneration of RMB 403.7k in 2025, up from RMB 1.9898 million in 2024, an increase of 92.78%.

Tianqi Lithium Industry’s deputy general manager, Xiong Wanyu, had a total pre-tax remuneration of RMB 2.7095 million in 2025, up from RMB 1.4259 million in 2024, an increase of 90.02%.

Tianqi Lithium Industry’s board secretary and deputy general manager, Zhang Wenyu, had a total pre-tax remuneration of RMB 2.7032 million in 2025, up from RMB 1.8816 million in 2024, an increase of 43.66%.

Tianqi Lithium Industry’s deputy general manager, Zhu Hui, newly appointed in 2025, cannot be compared.

Huangjingshu Finance’s calculations show that the above six executives’ average salary increase in 2025 was RMB 1.5853 million.

Correspondingly, Tianqi Lithium Industry’s employees’ average compensation did not change much: it was RMB 405.7k in 2024 and RMB 4.057 million in 2025.

It is worth noting that although Tianqi Lithium Industry turned a profit in 2025, the board made a decision that surprised the market: in 2025, the company will not pay dividends, not issue bonus shares, and not increase shares by capitalization. As of the end of 2025, Tianqi Lithium Industry’s undistributed profit was RMB 15.78B. Some minority shareholders believe that on one side executives got major pay raises, while shareholders received zero return; the logic behind Tianqi Lithium Industry’s capital allocation is seriously problematic.

Source of information

Tianqi Lithium Industry’s 2025 annual report

Massive information and precise interpretation—available in the Sina Finance app