Ganfeng Lithium Group (002460) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was ¥8.38 billion, down 12.65% year-over-year; net loss attributable to shareholders was ¥531 million, a 30.13% improvement year-over-year.

• Cash flow from operations dropped 92.38% year-over-year to ¥300 million.

• Total assets increased 6.7% from year-end 2024 to ¥107.59 billion; net assets attributable to shareholders decreased 3.74% to ¥40.22 billion.

Financial highlights

• Gross margin for lithium series products was 8.36%, down 3.39 percentage points year-over-year.

• EBITDA for the period was ¥713 million, up 311% year-over-year.

• Basic and diluted EPS were both -0.27, an improvement from -0.38 in H1 2024.

• Non-recurring gains of ¥382 million mainly from disposal of storage power stations and associates.

Outlook and guidance

• Plans to further expand upstream lithium resources globally, targeting over 600,000 tons LCE annual supply by 2030.

• Ongoing capacity expansion in lithium compounds, batteries, and recycling; new projects in China and overseas progressing.

• Focus on solid-state battery R&D and commercialization, aiming for industry leadership.