Summary by Futu AI
TIANQI LITHIUM CO., LTD. (TIANQI LITHIUM INDUSTRY) ANNOUNCED ITS ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 WITH REVENUES OF RMB 40.45 BILLION, A SLIGHT INCREASE OF 0.70% COMPARED TO THE PREVIOUS YEAR. Gross profit was RMB34.35 billion and gross profit was 84.92%, slightly down 0.11 percentage points from the previous year. Profit for the year was RMB25.64 billion, down 69.60% from the previous year, mainly due to the decrease in the sales price of lithium compounds and derivatives products. The company's total assets increased to approximately RMB 75 billion, and its net assets increased to approximately RMB 56 billion. During the period, the company's R&D investment increased to RMB 3037.5 million and actively promoted the capacity expansion program for lithium chemical products, including the Suining An Residence plant. The Company will continue to pursue its development strategy of “strengthening upstream, strong midstream, penetration downstream” and strengthening its global business layout.