The net profit of Shengxin Lithium Energy soared 965.21% in the first three quarters compared with the same period last year. The prosperity of the lithium industry continued to improve during the reporting period.

SMM November 2: recently, many enterprises in the lithium industry chain have released their third-quarter financial report data in turn. Earlier, Shengxin LiNeng announced that the company's total revenue in the third quarter was 726 million yuan, down-0.03% from the same period last year. The net profit of shareholders belonging to listed companies in the third quarter was 247 million, up 13.59% from the same period last year.

The company's total revenue in the first three quarters totaled 1.86 billion yuan, an increase of 25.75 percent over the same period last year. The net profit of shareholders belonging to listed companies in the first three quarters was 538 million yuan, up 965.21 percent from the same period last year, in line with the company's previous expectations for net profit growth in the first three quarters.

As for the reason for the increase in the company's performance in the first three quarters, the company explained that it was mainly due to the continued increase in the prosperity of the lithium industry and the sharp increase in the price and sales of lithium chemicals compared with the same period last year.

It is worth mentioning that Shengxin International, the wholly-owned grandson of Shengxin Lithium Energy Co., Ltd., had planned to work with STELLARINVESTMENTPTE.LTD.. A joint venture company has been set up in Indonesia to build a project with an annual capacity of 50, 000 tons of lithium hydroxide and 10, 000 tons of lithium carbonate, with a total investment of about 350 million US dollars.

In addition to the layout of lithium salts, in September 2021, Shengtun Lithium, a wholly owned subsidiary of the company, also bought a 100% stake in Sichuan Liuxin Survey, Planning and Design Co., Ltd. The company holds a 15% stake in Yajiang County Huitong Mining, which currently has an exploration right and is still in the exploration stage.

On October 31, in response to investor inquiries, Shengxin Lithium Neng made it clear that the company is mainly engaged in the business of new energy lithium materials, mainly lithium mining, basic lithium salt products and metal lithium production and sales.