Ganfeng Lithium Reports Strong 1H26 Earnings, Plans Expansion Amid Rising Lithium Prices

SMM, July 15, a Soochow Securities research report noted that Ganfeng Lithium (002460.SZ) delivered results in line with our expectations, with the rise in lithium prices contributing to earnings flexibility. The company pre-announced 1H26 net profit attributable to shareholders of 3.65-4.6 billion yuan, up 787%-966% YoY; of which, 2Q26 net profit attributable to shareholders was 1.81-2.76 billion yuan, ranging from -1% to +50% QoQ, with a midpoint of 2.29 billion yuan, up 25% QoQ. For the full year, the lithium carbonate price center is expected to consolidate at 150,000-180,000 yuan/mt, and we estimate the corresponding profit contribution at 8-9 billion yuan. Additionally, the company will accelerate construction of Goulamina Phase II, CO Phase II, and the PPG salt lake, with long-term attributable self-owned resources expected to reach over 250,000 mt. The battery business saw further QoQ improvement in profitability in 2Q26, the potash business is gradually materializing, and the phosphate ore business contributes steady profits. 

SMM New Energy Research Team

Wang Cong 021-51666838

Feng Disheng 021-51666714

Yang Zhaoxing 021-20707860

Wang Zihan 021-51666914

Wang Jie 021-51595902

Chen Bolin 021-51666836

Wang Yizhou 021-51595909

Xu Mengqi 021-20707868

Hu Xuejie 021-20707858

Lin Ziya 021-51666902

Yang Le 021-51595898

Li Yisha 021-51666730

Wang Zhaoyu 021-51666827

Xiao Wenhao 021-51666872

Zhang Jing 021-51666878