Ganfeng Lithium

Business

Ganfeng (江西赣锋锂业集团股份有限公司) runs a vertically integrated lithium business, from mines through lithium chemicals and lithium metal to batteries and battery recycling. It says it is China's largest lithium compound supplier and the world's largest lithium metal producer, which are its own claims. Its main resources are the Goulamina mine in Mali, the Mount Marion mine in Australia and the Cauchari-Olaroz brine project in Argentina (2026 interim report, p. 12).

Results

In the first half of 2026 revenue rose 175.8% to ¥23.10bn, and net profit attributable to shareholders was ¥4.26bn, against a loss of ¥531m a year earlier (p. 9). The swing follows lithium prices, which the company says bottomed in the first half of 2025 and have recovered since (p. 39).

By business (p. 28):

• Lithium products: ¥14.20bn, 61.5% of revenue, at a 42.4% gross margin, up 34.1 points.
• Lithium batteries: ¥7.83bn, at a 12.4% gross margin, down 1.7 points.
• Other: ¥1.07bn.

Mines

The filing gives progress on its three main sources (p. 21):

• Goulamina (Mali, 65% owned): the first phase, 506,000 tonnes a year of spodumene concentrate, started in 2025 and produced 233,800 tonnes in the first half of 2026.
• Cauchari-Olaroz (Argentina, 46.67% owned with control): phase one is designed for 40,000 tonnes of lithium carbonate equivalent (LCE) a year, of which Ganfeng has offtake rights to 76%, and it produced 19,000 tonnes in the half. A 45,000-tonne second phase has been accepted into Argentina's RIGI investment incentive scheme.
• Mount Marion (Australia, 50% owned): being upgraded to a combined open-pit and underground mine, with annual capacity expected to reach 600,000 tonnes of 6% concentrate by 2028.

Where it stands

Ganfeng is exposed to the lithium price at both ends: its lithium chemicals earn a high margin when prices rise, while its battery business earns a low one. It names lithium price volatility as a risk, citing the 2021 peak and the 2025 trough (p. 39).