On the evening of August 25, two lithium industry giants, Yahua Group (002497) and Salt Lake (000792), both released their semi-annual reports, showing sharp increases in H1 revenue and net profit. Yahua Group's net profit attributable to the parent company surged 795.48% YoY, while Salt Lake reported a net profit of 6.169 billion yuan, leveraging its cost advantages in lithium extraction from the salt lake.
Yahua Group's H1 Net Profit Soared 795.48% YoY; Lithium Business Revenue at 4.928 Billion Yuan
In H1, Yahua Group achieved revenue of 6.709 billion yuan, up 96.02% YoY; net profit attributable to shareholders of the publicly listed firm was 1.216 billion yuan, up 795.48% YoY; and basic earnings per share of 1.0634 yuan.
Yahua Group currently holds two lithium mines — the high-quality Kamativi lithium mine in Zimbabwe and the Lijiagou lithium mine in Sichuan — along with two lithium chemical production sites: Ya'an Lithium and State Lithium. Its total lithium chemical capacity is now close to 130,000 mt.
Among these, the Kamativi lithium concentrates reached full production in H2 2025, producing approximately 350,000 mt of lithium concentrates annually, significantly boosting Yahua Group's self-sufficiency in lithium concentrates. The Lijiagou lithium mine in Sichuan has entered normal production and operation, and will gradually ensure raw material supply for State Lithium. For externally purchased ore, the company has locked in premium lithium ore resources such as Pilbara in Australia, DMCC in Africa, Atlas in Brazil, and MGLIT in Brazil, securing lithium concentrates supply through long-term offtake agreements. This has established a lithium resource guarantee system combining captive mines and offtake arrangements.
In recent years, lithium chemical prices have fluctuated significantly, with trends mainly depending on the balance between the pace of global lithium resource supply release and the growth of downstream end-use demand. In H1 2026, supported by higher NEV vehicle battery capacities, export growth, and a surge in energy storage demand, lithium chemical prices remained at elevated levels on a YoY basis. However, due to disruptions in global lithium resource supply, lithium chemical prices experienced large fluctuations, with an average price maintained in the range of 149,600–177,000 yuan/mt.
Yahua Group noted that, for the company, scale capacity assurance, premium long-term client relationships, a stable lithium raw material supply system, and effective cost control jointly drove steady growth in lithium business performance.
In H1, Yahua Group's lithium chemical product sales and average selling price both increased. The company continued to deepen full-chain production and operation management, strengthening the balance among ore, production, and sales, continuously optimizing production efficiency and tightly controlling production costs, with profitability improving simultaneously. The lithium business achieved revenue of 4.928 billion yuan, +179.36% YoY.
Salt Lake's H1 Net Profit at 6.169 Billion Yuan; Lithium Carbonate Production at 49,400 mt
In H1, Salt Lake achieved revenue of 13.052 billion yuan, up 79.88% YoY; net profit attributable to shareholders of the publicly listed firm was 6.169 billion yuan, up 137.88% YoY; and basic earnings per share of 1.1657 yuan.
Relying on the rich lithium resource reserves of the Qarhan salt lake, Salt Lake continued to ramp up its salt lake lithium extraction projects. The company's 40,000 mt lithium chemical project has been completed and is operating stably, and it completed the acquisition of Minmetals Salt Lake, achieving continuous capacity expansion and further consolidating its leading position in the salt lake lithium extraction sector. Minmetals Salt Lake's core assets are located in the Yiliping salt lake in Qinghai Province, with existing capacities including: 15,000 mt/year of lithium carbonate, 2,000 mt/year of lithium phosphate, 1,000 mt/year of lithium hydroxide, and 300,000 mt/year of potash fertilizer.
In H1 2026, Salt Lake produced 49,400 mt and sold 39,100 mt of lithium carbonate. The 40,000 mt/year basic lithium chemicals integration project reached full production, and with the consolidation of Minmetals Salt Lake, the company's total lithium chemical capacity jumped to 98,000 mt/year, fully unleashing resource and technology synergies.
In its semi-annual report, Salt Lake mentioned that lithium carbonate prices in H1 2026 rose first then fell, moving sideways within a wide range, with a high of 200,000 yuan/mt and the mid-point price drifting higher. In January 2026, the Ministry of Finance announced a reduction in the battery product export tax rebate rate from 9% to 6%; at the end of February, Zimbabwe suspended exports of unprocessed minerals and lithium concentrates; and the U.S.-Israel-Iran conflict and disruptions in the Strait of Hormuz caused sulphuric acid prices to surge, driving lithium prices above 200,000 yuan/mt in May. In June, the Department of Natural Resources of Jiangxi Province announced that the Jianxiawo lithium mine had re-obtained the "Opinions on Pre-examination of Land Use for Construction Projects and Site Selection", and against a backdrop of high prices, Australian mines gradually announced restarts. Combined with expected off-season factors in June and July, lithium prices subsequently came under pressure and pulled back. Current market prices are consolidating in the 140,000-170,000 yuan/mt range. Faced with the wild swings in the lithium carbonate market — rising first then falling — in H1, the company relied on its cost advantages in salt lake lithium extraction, with profitability resilience continuing to lead the industry.
As can be seen, the wild swings in lithium chemical prices constantly test enterprises' resource control and cost management capabilities. Yahua Group built a "dual-insurance" resource system through captive mines and long-term offtake agreements, while Salt Lake leveraged the resource synergy of the Qarhan and Yiliping salt lakes, pushing total capacity to 98,000 mt/year and further strengthening its global competitive barrier in salt lake lithium extraction.
Looking ahead, Citic Construction Investment pointed out that with the peak demand season arriving in H2, the lithium carbonate supply deficit will gradually widen, reaching its peak in Q4. The price high for the year may occur between late Q3 and early Q4.
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