Ganfeng Lithium Group (002460) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was ¥3.77 billion, down 25.43% year-over-year; net loss attributable to shareholders was ¥356 million, narrowing from a ¥439 million loss in Q1 2024.

• Basic and diluted EPS were both -0.18, compared to -0.22 in the prior year.

• Cash flow from operating activities was negative ¥1.57 billion, a significant decline from positive ¥119 million a year ago.

Financial highlights

• Gross margin improved as raw material prices fell, reducing cost of goods sold by 31% year-over-year.

• Non-recurring items included a ¥106 million government subsidy and a ¥212 million fair value loss on Pilbara Minerals shares, partially offset by hedging gains.

• Total assets at quarter-end were ¥104.53 billion, up 3.67% from year-end 2024.

• Shareholders’ equity was ¥41.40 billion, down 0.91% from year-end.

Outlook and guidance

• The company is accelerating ramp-up of the Mariana lithium brine project in Argentina, aiming to optimize lithium supply and cost structure as new capacity comes online.