Loading…
Major Chinese lithium producer with stakes in Australia's Greenbushes mine and Chile's SQM, supplying lithium for EV batteries.
Major Chinese lithium producer with stakes in Australia's Greenbushes mine and Chile's SQM, supplying lithium for EV batteries.
Earnings depend heavily on holdings it does not control outright: a joint-venture stake in the Greenbushes mine in Australia and a minority share of Chile's SQM, which bring investment income alongside lithium chemicals sold from its own Chinese plants. Lithium prices swing results. Debt taken on to buy the SQM stake in 2018 has shaped its finances since.
In one line: A Chinese Albemarle competitor.
Moat: narrow (scale, installed base). Ownership stakes in tier-1 global lithium resources (Greenbushes, SQM) secure low-cost supply.
Headquarters: Chengdu, China · Founded: 1995 · Employees: 3,902
Size Tianqi Lithium (9696.HK) is a Hong Kong Materials company (Chemicals: Specialty) with a market value of $8.79B, the 177th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$24.12 on 6 Nov 2026.
Performance Over six months the shares fell 64.0%, against -14.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 115.7% over the last twelve months (peer median +3.2%); the operating margin is 57.4% (peer median 13.3%).
Valuation It trades at 5.0× forward earnings against a peer median of 18.2× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -36 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.0 points above its cost of capital (7.6% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$24.2B | HK$11.2B | HK$14.2B | HK$44.7B | HK$46.8B |
| Revenue growth | — | -21% | -68% | -4% | — |
| Gross profit | HK$16.0B | HK$4.35B | HK$6.45B | HK$38.0B | HK$39.7B |
| EBITDA | n/a | HK$4.90B | HK$6.13B | HK$37.4B | HK$39.9B |
| Net income | HK$6.73B | HK$502M | -HK$8.57B | HK$8.06B | HK$28.1B |
| Free cash flow | HK$5.78B | -HK$650M | HK$1.51B | HK$22.8B | HK$25.4B |
| Capital expenditure | HK$2.96B | HK$3.91B | HK$4.91B | HK$4.91B | HK$2.00B |
| Total debt | HK$18.3B | HK$17.2B | HK$16.2B | HK$13.2B | HK$10.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tianqi Lithium 9696.HK | $8.79B | -64% | +116% | 57% | 5.0× | -10.8% |
| Ganfeng Lithium 1772.HK | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% |
| Albemarle ALB | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9696.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.8% | -5.6% | 9th lowest of 21 |
| 6-month return | -64.0% | -14.4% | lowest of 21 |
| Distance from 52-week high | -65.1% | -35.7% | lowest of 21 |
| Revenue growth (TTM) | +115.7% | +3.2% | 2nd highest of 21 |
| Operating margin | 57.4% | 13.3% | highest of 21 |
| Forward P/E | 5.0× | 18.2× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -10.8% | 10.9% | 2nd least demanding of 17 |
| Growth delivered (Del g) | +25.3% | +11.4% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | -36.1 pp | -3.3 pp | 2nd least demanding of 17 |
| ROIC minus cost of capital | +7.0 pp | -0.8 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianqi Lithium 9696.HK | Hong Kong | $8.79B | -64% | +116% | 57% | 5.0× | -10.8% | +25.3% |
| Guangzhou Tinci Materials Technology 002709.SZ | China | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% | +32.3% |
| Shandong Hualu-Hengsheng Chemical 600426.SS | China | $8.27B | -32% | +3% | 16% | 12.3× | -2.5% | +18.7% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% | +8.3% |
| Ganfeng Lithium 002460.SZ | China | $9.71B | -57% | +128% | 18% | 11.5× | 4.4% | +33.1% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Croda International CRDA.L | United Kingdom | $6.88B | +31% | +3% | 16% | 23.3× | 19.9% | +4.1% |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| SOL SOL.MI | Italy | $6.39B | +6% | +9% | 14% | 30.5× | 16.9% | +12.8% |
| NewMarket NEU | United States | $6.39B | +1% | +1% | 20% | n/a | -0.8% | +6.3% |
| Haohua Chemical Science & Technology 600378.SS | China | $6.29B | -9% | +20% | 9% | 22.1× | 11.0% | +25.2% |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Linde India LINDEINDIA.NS | India | $6.20B | -13% | +13% | 22% | 97.2× | 47.9% | +11.5% |
| Shenzhen Capchem Technology 300037.SZ | China | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% | +26.6% |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Inner Mongolia Junzheng Energy & Chemical 601216.SS | China | $5.92B | -16% | +3% | 11% | 12.0× | -3.4% | +11.3% |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |