Tianqi Lithium: The overall supply-demand relationship of the global lithium industry is expected to be in a tight balance state in 2026.

Tianqi Lithium stated at the shareholders' meeting on May 20 that the company maintains its previous judgment that the overall supply-demand relationship in the global lithium industry is expected to be in a tight balance state by 2026. Based on the current industry operation situation and the company's continuous tracking of the industrial chain, the global lithium industry supply-demand pattern in 2026 is still in a dynamic adjustment process, showing the characteristics of "continuously increasing demand and periodic supply disturbances." Against the backdrop of an upward trend in oil prices and the continuous advancement of energy structure transformation, the trend of electrification in major global markets is expected to continue. The continuous release of demand for energy storage in the current global power system, combined with policy support and improvements in project economics, has led to fast growth in energy storage battery shipments, providing important incremental support for lithium resource demand. At the same time, looking at the midstream of the industrial chain, based on research by multiple market institutions, several cathode material factories are expected to expand production capacity by 2026, and downstream material companies are signaling more positive production scheduling and capacity planning.