Gelonghui, April 24 | Daiwa released a report stating that Ganfeng Lithium's first-quarter indicators can refer to Xinhua Tianneng, not Tianqi Lithium. Earlier, Xinhua Tianneng announced net profit of 502 million yuan and recurring net profit of 259 million yuan. The two recorded losses of 162 million yuan and 159 million yuan respectively in the fourth quarter of last year. According to the bank, Tianqi may have recorded SQM-related accounting losses of 1.75 billion yuan during the quarter, which has nothing to do with Ganfeng. The bank said it is not clear where Tianqi's remaining adjusted net loss of over 2 billion yuan (calculated based on the median profit forecast range) comes from. If the operating losses for the first quarter were recorded from profits due to minority shareholders, the relevant issue was also Tianqi itself and had nothing to do with Ganfeng. The bank continued to give Ganfeng Lithium the “outperforming the market” rating.