Ganfeng Lithium Group (002460) H2 2025 earnings summary

Executive summary

• Revenue reached ¥23.08 billion in 2025, up 22.08% year-over-year; net profit attributable to shareholders was ¥1.61 billion, a 177.77% increase from 2024, driven by lithium price recovery and capacity expansion.

• Total assets grew 12.32% to ¥113.26 billion; net assets attributable to shareholders rose 8.05% to ¥45.15 billion.

• The company maintained a vertically integrated lithium ecosystem, expanding global resource control and advancing solid-state battery and recycling businesses.

Financial highlights

• Operating cash flow was ¥2.94 billion, down 42.94% year-over-year due to increased cash outflows for goods and services.

• Gross margin for lithium products was 15.52%, and for lithium batteries 14.60%.

• Basic EPS was ¥0.80, compared to -¥1.03 in 2024.

• Non-recurring gains (mainly from asset disposals and financial asset revaluation) contributed ¥1.99 billion to net profit.

Outlook and guidance

• Plans to expand lithium resource self-sufficiency, prioritize low-cost resource development, and target over 600,000 tons annual lithium product capacity by 2030.

• Focus on scaling solid-state battery and recycling businesses, aiming for global leadership in lithium battery technology and recycling.

• Continued investment in R&D and global resource integration to support long-term growth.