Ganfeng Lithium Swings to Profit in H1 2026 with Revenue Up 175.75%

Ganfeng Lithium (002460. SZ) released its 2026 semi-annual report, posting operating revenue of RMB 23.097 billion for the period, up 175.75% from the same period in 2025. Net profit attributable to shareholders of the listed company reached RMB 4.257 billion, compared with a loss of RMB 531 million in the prior-year period, marking a return to profitability. After deducting non-recurring items, net profit attributable to shareholders was RMB 3.848 billion, up 521.56% year-on-year.

The company attributed the improved performance to recovering downstream demand, particularly for energy storage and exports of new energy vehicles, as well as a significant year-on-year rise in lithium salt market prices, which released profit elasticity in its lithium salt business. Its lithium battery operations remained near full production, with shipments up year-on-year. Meanwhile, the company advanced the commissioning and ramp-up of high-quality upstream lithium mines, optimized its cost structure, realized economies of scale, and lowered expense ratios. The company said lithium product inventory levels are currently low overall and it will maintain safe inventory levels. In the first half, revenue from lithium series products reached RMB 14.197 billion, up 198.53% year-on-year, with a gross margin of 42.44%, up nearly 34 percentage points from a year earlier.

On resource projects, the first phase of the Cauchari-Olaroz salt lake project in Argentina produced 19,000 tonnes of lithium carbonate in the first half, and the second phase has been selected for Argentina's RIGI incentive scheme. The first phase of the Goulamina spodumene project in Mali has ramped up to near full capacity, producing 233,800 tonnes of spodumene concentrate in the first half. The Mt Marion project in Australia targets an annual capacity of 600,000 tonnes of high-quality spodumene concentrate.

In the first half, revenue from Ganfeng's lithium battery series products reached RMB 7.831 billion, up 163.22% year-on-year, with a gross margin of 12.43%, down nearly 2 percentage points from a year earlier. The company continued to expand energy storage battery capacity and iterate products. In the Xinyu region, power and energy storage cell capacity has reached 40 GWh per year, and energy storage PACK system capacity is 18 GWh per year. In the Nanchang region, an additional 10 GWh per year of energy storage battery capacity has been added. The 588Ah large-cell production line developed by Nanchang Ganfeng Lithium Electronics has begun trial commissioning, with capacity ramp-up planned for the third quarter of 2026, and a 648Ah large-cell line is under development.

By business segment, lithium series products and lithium battery series products accounted for 61.47% and 33.90% of total revenue, respectively, in the first half. During the same period, China's cumulative production of power and energy storage batteries reached 1,068.9 GWh, up 53.3% year-on-year, while energy storage battery sales reached 318.1 GWh, up 83.4%.

Regarding solid-state batteries, the company is pursuing metallic lithium anodes as its long-term technology direction, while also developing silicon-carbon anode technology to complement application scenarios. In commercialization, near-term efforts focus on low-altitude economy and drone applications, with medium- to long-term targets in robotics, passenger vehicles, and special-environment energy storage.

As of the close on September 1, 2026, Ganfeng Lithium's share price stood at RMB 52.53, down 2.52%, giving the company a latest market capitalization of RMB 110.139 billion.