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Tianqi Lithium (S
Group exposure score is 63 including 1 tracked subsidiary — standalone is 54.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 4 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Rank-1 customer, RMB 4,070,021,293.47. Filing classifies it non-related, yet its own receivables policy files it under the receivables category 境外经营实体少数股东客户 (overseas operating-entity minority-shareholder customers; AR 2025 p.167 footnote names Albemarle as the main such customer) — it holds 49% of Windfield via RT Lithium. The overseas operating entity is Windfield/Talison, whose only mine is Greenbushes (Western Australia), so these are Australian spodumene-concentrate sales; the filing does not say where Albemarle takes delivery or converts (Kemerton AU or China), so the route stops at AU>? — not a CN>US flow.
Lithium hydroxide long-term supply agreement signed 2019-09-24 with Tianqi Lithium Kwinana; RMB 963.33mn cumulative performance, no FY2025 performance, RMB 51.01mn overdue at period end. Counterparty is bankrupt (Northvolt Ett Expansion AB declared bankrupt 2024-10-08, parent Northvolt AB 2025-03-12) and its remaining assets were acquired by Lyten (completed 2026-02) — treat as a closed relationship, not an active one. Verified 2026-08-25. Route (wake-trade-pairs 2026-09-29): the FY2025 major-contracts table names the seller entity as Tianqi Lithium Kwinana Pty Ltd, i.e. the Kwinana WA hydroxide plant, not a Chinese plant; the filing states no shipping route or delivery point, and the contract had no FY2025 performance, so no 2024+ physical flow is evidenced. Origin AU by contracting entity only; destination unstated.
Tianqi Lithium AR2025, major sales contracts table: lithium hydroxide products, counterparty LG Chem, Ltd, RMB 20.99mn (2,098.52万元) performed in FY2025, RMB 297.16mn cumulative, receivables normal. Contracting seller is 成都天齐锂业有限公司 (Chengdu Tianqi, CN subsidiary), signed 2022-06-27 (announcement 2022-035), whereas the Northvolt contract is signed by Tianqi Lithium Kwinana. Neither the AR nor the 2022 announcement (Sina 2022-06-27) names the producing plant (Tianqi has hydroxide output in Sichuan/Chongqing CN and Kwinana AU) or the LG Chem delivery site, so the route is unstated.
H1-2026 semi-annual report §14 related-party transactions: consulting services sold, CNY 1,117,957.93, no prior-period comparative shown. Related party via same ultimate controller (Jiang Weiping). Immaterial in size (~0.01% of FY2025 revenue) but it is the ONLY related-party goods/services transaction disclosed this period — the purchases side of the same table has zero rows. Not a substitute for the Albemarle/Northvolt/LG Chem top-5 disclosure, which does not appear in this filing at all (see prose section).
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
This company sits on the supply side for 1 of its 1 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is flat.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇦🇺 AU accounts for 29% of severity-weighted pressure.