On the evening of October 27, Tianqi Lithium Industry disclosed three quarterly reports.

In the third quarter of this year, the revenue of Tianqi lithium industry was 10.35 billion yuan, an increase of 580.19% over the same period last year, the net profit was 5.654 billion yuan, an increase of 1173.35% over the same period last year, and the non-net profit increased by 4092.31%. In the first three quarters of this year, the revenue of Tianqi lithium industry was 24.646 billion yuan, an increase of 536.40% over the same period last year, and the net profit was 15.984 billion yuanYear-on-year growth of 2916.44%, deducting non-net profit increased by 12338.69%.

Tianqi Lithium Industry said in the report that the increase in revenue was due to the increase in the selling price and sales volume of the company's main lithium products during the reporting period compared with the same period last year.There is also Tianqi Lithium Co., Ltd., salt lake lithium extraction giant Chilean chemical mining SQM2022 third-quarter growth.

As the "lithium king" who was once famous for "snake swallowing elephant", Tianqi lithium industry once fell the lithium price when it bought SQM, causing its debt ratio to rise to 80.9%, and once hovered on the brink of bankruptcy.

But since then, by introducing strategic investor IGO, Tianqi Lithium Industry has reduced its debt ratio and succeeded in "turnaround" as lithium prices soared.

Today, Tianqi lithium industry is the only upstream enterprise in China whose self-sufficiency rate of lithium ore has reached 100%. After going through the trough, Tianqi Lithium Industry's resources have also brought it a surge in gross profit.

In the third quarter of this year, Tianqi Lithium Industry's asset-liability ratio fell to 25.53%, with a gross profit margin of 85.53%.

Since the beginning of this year, while the new energy vehicle market is still hot, the energy storage market has also broken out, and the demand gap for lithium salt continues to exist. Caixin Securities estimates that the total supply of lithium carbonate equivalent (LCE) in 2022 is about 602000 tons, and the total demand is 641000 tons, resulting in a shortfall of 39000 tons. The resulting gap between supply and demand has led to a rapid rise in the price of lithium products, with the average price of lithium reaching 453000 yuan / ton in the first half of the year, an increase of 45.4% over the same period last year.

Under the continued strong demand downstream, lithium prices are rising again after a period of adjustment.

Australian lithium giant Pilbara Mining announced on October 18 that its latest lithium concentrate was sold at a pre-auction price of $7100 a tonne, up 1.6 per cent from the previous auction price of $6988 a tonne on Sept. 20.

From July 2021, Pilbara began auctioning some bulk lithium concentrates outside the Changxie order through the BMX electronic trading platform. Ore auction prices are gradually becoming a bellwether for global lithium concentrate and lithium salt prices, and the record high auction prices this month suggest that the inflection point of lithium prices may not yet be here.