Ganfeng Lithium Group Co., Ltd. released its unaudited results for the nine months ended 30 September 2026, highlighting a sharp turnaround driven by higher lithium prices and stronger battery sales.
Revenue and Earnings • January–September revenue jumped 147.24% year on year to RMB 36.16 billion (USD ≈ 4.9 billion). Third-quarter revenue alone more than doubled to RMB 13.06 billion, up 109.03% from a year earlier.
• Net profit attributable to shareholders surged to RMB 5.01 billion (USD ≈ 680 million) for the nine-month period, a 195-fold increase versus the prior-year period. Third-quarter attributable profit reached RMB 755.09 million, up 35.62% year on year.
• Stripping out non-recurring items, nine-month core profit totalled RMB 4.64 billion, up 592.14%, reflecting a significant recovery from 2025’s low base.
• Basic and diluted earnings per share for the nine-month period were RMB 2.40, compared with RMB 0.01 in the prior-year period.
Key Drivers Management attributed the performance rebound to: 1. A recovery in lithium product selling prices. 2. Rising sales volumes of lithium battery products, lifting economies of scale and improving cost absorption. 3. Investment income of RMB 1.31 billion, supported by higher contributions from associates and gains on the partial disposal of Pilbara Minerals shares earlier in the year.
Margins and Expenses Operating costs increased 107.39% to RMB 26.25 billion, lagging revenue growth and signalling improved gross profitability. Research and development spending expanded 60.78% to RMB 1.17 billion, while finance costs eased 6.79% to RMB 959.33 million. Income-tax expense rose sharply to RMB 2.25 billion in line with higher pre-tax earnings.
Cash Flow and Balance Sheet Operating cash inflow turned positive at RMB 2.29 billion versus an outflow a year earlier. Net cash used in investing activities narrowed 31.56% to RMB 2.05 billion, reflecting reduced capex outlays, while net financing inflow declined to RMB 0.71 billion as debt repayments increased.
Total assets reached RMB 122.49 billion (USD ≈ 16.6 billion), up 8.15% from end-2025, driven by higher inventories and financial asset positions. Owner’s equity attributable to shareholders rose 6.59% to RMB 48.12 billion, and the year-to-date weighted return on equity improved to 10.68%.
Non-Recurring Items Net non-recurring gains added RMB 376.39 million during the nine-month period, primarily from government subsidies and gains on financial assets, partly offset by fair-value losses and one-off charges at associates.
Shareholder Structure As of 30 September 2026 the company had 338,419 A-shareholders and 38 H-shareholders. HKSCC Nominees Limited remained the largest holder with 23.04% of shares. Chairman Li Liangbin held 18.06%, with 75.07 million shares pledged. Vice-chairman Wang Xiaoshen owned 6.75%, pledging 62.36 million shares.
Outlook While the report does not provide forward-looking guidance, the nine-month data confirm a material earnings recovery for Ganfeng Lithium, underpinned by stronger lithium markets and expanding downstream battery sales. The unaudited results will be followed by the full-year report in early 2027.
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