Ganfeng Lithium Group (002460) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was ¥4.34 billion, down 42.46% year-over-year; YTD revenue was ¥13.93 billion, down 45.78% year-over-year.

• Net profit attributable to shareholders in Q3 was ¥120 million, down 24.85% year-over-year; YTD net loss was ¥640 million, a decline of 110.66% year-over-year.

• Cash flow from operating activities in Q3 was ¥4.11 billion, up 399.90% year-over-year.

Financial highlights

• Gross margin and profitability declined sharply due to lower lithium product prices and industry downturn.

• Basic and diluted EPS for Q3 were ¥0.06, down 25% year-over-year; YTD EPS was -¥0.32.

• Total assets at Q3-end were ¥98.67 billion, up 7.61% from year-end 2023.

• Shareholders’ equity was ¥43.97 billion, down 6.51% from year-end 2023.

Outlook and guidance

• Company is expanding into battery recycling and international lithium battery production, indicating a focus on long-term growth and diversification.