A：In February 2026, the company obtained a net proceeds of approximately HK $5.8 billion through the H-share placement and convertible bond issuance, which is mainly used to support the company's strategic development in the lithium resources field, including project development, capital expenditures, and high-quality lithium mining assets. Acquisition. The remainder will be used to supplement the company's working capital and general corporate purposes. Chengdu Tianqi, a wholly-owned subsidiary of the company, signed an agreement with a professional investment institution to jointly fund the establishment of Anhui Yingshan Tianqi Double Star Equity Investment Partnership, which intends to invest in new materials, new energy and related fields. In the future, the company will adhere to the strategy of coordinated development and diversified layout of domestic and foreign resources, match the development of lithium resources and capacity construction, and promote the pace of resource development in an orderly manner in combination with market demand and industry cycle, while considering the long-term value of shareholders, and steadily promote the layout of projects with both strategic and commercial value at the right time.

A：In the first quarter of 2026, Tianqi Lithium achieved total operating income of 5.128 billion yuan, net profit attributable to shareholders of listed companies of 1.876 billion yuan, and net profit after deduction of non-profit was 1.816 billion yuan. Net cash flow from operating activities was 0.262 billion yuan, with basic earnings per share of 0.12 yuan per share. The substantial increase in performance was mainly due to multiple favorable factors such as the continuous development of the new energy industry, the growth of downstream demand, and the increase in the average sales price of the company's lithium products.

A：Greenbush lithium ore resources have been increased to 18 million tons of lithium carbonate equivalent, with reserves of about 8.2 million tons of lithium carbonate equivalent. The production capacity of the built lithium gold mine has increased from 1.62 million tons to 2.14 million tons per year. In addition, the No. 3 plant of the chemical-grade lithium gold mine was completed on December 18, 2025, and the first batch of products that meet the standards will be produced on January 30, 2026. It is planned to complete the capacity ramp this year.

A：The completed production capacity of lithium chemical products has been increased from 91600 tons to 121600 tons, of which the 30000-ton lithium hydroxide project in Zhangjiagang, Jiangsu, was completed and put into production on July 30, 2025. The company has reduced the production cost of lithium sulfide products through process innovation, and has implemented a substantial landing project with an annual output of 50 tons of lithium sulfide. At the same time, the company broke through the high specific energy ultra-thin metal lithium preparation technology, enhance the added value of the industrial chain.

A：Tianqi Lithium Brand was added as a registered brand of lithium carbonate futures by GAC in January 2026, becoming the first company in China to have both the qualification and registered brand of lithium carbonate futures. This not only enhances the willingness of institutional investors to trade, but also enhances the market recognition and brand influence of the company's products.

A：Higher diesel prices have two effects on the cost of lithium. On the one hand, the increase in oil prices will promote the development of new energy sources and replace traditional energy sources, which will have a positive impact on demand; on the other hand, the cost of Australian Telison on the supply side will be affected to a certain extent, but due to the large output of Telison, the cost per ton will increase Relatively small, about 10-200000 Australian dollars/ton. At present, due to the loosening of strait control, this impact is no longer significant.

A：In addition to the cost of diesel, the cost of Taining this year will also be affected by the grade of ore. The higher grade pit was originally expected to be mined in the first half of this year, but the cost has increased due to the lack of transition to the pit. However, even so, the cost of a single ton of lithium in Taining Province in the first quarter was still around 500 Australian dollars, which is still competitive compared with other mines.

A：The key to whether a lithium salt plant makes money is the market price of the lithium gold mine, not the processing fee. Although processing fees are relatively stable, price fluctuations in lithium gold mines can affect overall profits. In particular, in the case of a holding subsidiary that provides a lithium gold mine but has only a partial indirect economic interest, the transfer price of a lithium gold mine is adjusted to fair market prices and takes into account discounts for large customers, which ultimately affects taxes and profits.

A：At present, the lithium carbonate stocks in several domestic factories are between 200 and 400 tons, while the lithium hydroxide stocks in Shehong and Suzhou factories total 1000 or 2000 tons. Since each plant has a high daily output, the inventory level of 300 or 400 tons is low relative to a week's output. The Quinana plant has a certain inventory of lithium hydroxide due to its climbing capacity and its products are mainly lithium hydroxide, but lithium carbonate is basically out of stock.

A：Our company's industry group has maintained a tight balance since the second half of last year, based on optimism about 2026 demand, with momentum growth continuing to grow, although not as expected, and energy storage growth exceeding expectations. At the end of last year, energy storage was expected to grow by 30% this year, and the actual performance was better. Therefore, the figure was slightly revised up, and the average annual compound growth rate of energy storage demand in the next few years is expected to reach 24% to 25%.

A：Under the neutral and optimistic situation, the demand is expected to reach 2.15 million tons of lithium carbonate equivalent this year, with a lower limit of about 1.95 million tons. On the supply side, considering the recent promulgation of the Mineral Resources Law, the situation in Jiangxi mining towns and the resumption and expansion plans of some Australian mines, the overall supply this year is estimated to be around 2 million tons of lithium carbonate equivalent, which is still in a tight balance.

A：Peers said in an investor exchange note on May 20 that they not only think this year is a tight balance, but also expect it to be the same next year. In addition, data disclosed by peers such as SKM through annual reports and investor exchange meetings also show optimism, and foreign companies such as Yabao are more optimistic about future demand growth than we are.

A：This year, the company is carrying out new mergers and acquisitions in terms of resources. In February, the company explained the purpose of raising funds during the placement of Hong Kong stocks and the issuance of CB. It mainly follows the established development strategy, I .e. consolidating the upstream, strengthening the midstream, penetrating the downstream and transforming into technology, especially the merger and acquisition of high-quality lithium resources.

A：IGO is not cutting production based on its expectations and the small nature of its main business. The IGO shares capacity, cost and production planning related to dislikes in its periodic reports. In the first quarter of this year, IGO did make some downward adjustments because the CGP3 project was not putting into production as expected, but this was not a reduction in production, but an adjustment based on the actual production ramp. Telison management believes that there will be no reduction in production guidelines this year and expects that as the CDP3 project moves from construction to normal production, the capacity climb problem will be gradually resolved and full production will be reached in the second half of this year.

A：At present, the partnership agreement between Chile's codec o company and s cream has come into effect, and they have officially issued the relevant announcement. According to the agreement, retroactive provisions in partnership agreements will be considered from 2025. In terms of shareholding structure, SKM introduced a shareholder (Mouth Bag Company) at the subsidiary level, resulting in a 50% shareholding in the originally wholly-owned Atkama Salt Lake business. However, the impact at the actual operational level is more complex and is analyzed in two stages before 2030 and after 2031.

A：For the mining quota from 2031 to 2060, due to the addition of new shareholders and the introduction of quotas that were not originally available, the term was extended and the total quota increased significantly, with an average annual quota of 440000 tons, more than double the previous increase. Until 2030, the company will compensate its partners a certain amount of compensation each year to make up for the dilution of the equity ratio, which is about 30000 tons. After 2031, despite the new quota allocation, the overall impact on the company is relatively small due to the extension of the term and the increase of the total quota.

A：In doing the impairment test, the Company has taken into account all relevant factors such as changes in equity ratios and extensions of mining quotas. Based on this, it is believed that this investment is not impaired at the time of the annual reports in 2024 and 2025.

A：Although the impairment test is more about future earnings than the stock price, the stock price has some reference value as a market bellwether. At present, although the price of HQM stock fluctuates, it is not the main basis for the company to do impairment testing.

A：The company has previously sold some Class B shares and currently holds 43.8 per cent of Class A shares, accounting for 21.9 per cent of the total share capital. Class A shares have seven board seats, while Class B shares have only one. The company is within the control of the board of directors and plans to sell no more than 3 million shares (about 1.25 per cent) of Class A shares, but the transaction has not yet been completed due to the illiquidity and low turnover rate of Class A shares.

A：Downstream customers have a better scheduling situation, and there will be new positive material capacity in the second half of the year. In terms of price, customers do not stock up in large quantities, but are price sensitive. At present, most orders have been confirmed, the pricing basically follows the open market quotation, and most orders do not give discounts. Customers will actively pick up the goods when the market price is reasonable, but will hesitate to the price is too high.