{"slug":"ganfeng","name":"Ganfeng Lithium","name_en":"Ganfeng Lithium","ticker":"002460.SZ","updated_at":"2026-07-12T06:19:04.157862+00:00","canonical":"https://valuechain.wiki/ganfeng","same_as":["https://finance.yahoo.com/quote/002460.SZ"],"citable":"밸류체인 그래프 기준 Ganfeng Lithium의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Ganfeng Lithium is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 6 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"광산에서 화합물·전지·재활용까지 수직통합한 리튬 대기업","kicker_en":"A lithium major vertically integrated from mines to compounds, cells and recycling","lead":"간펑리튬은 리튬 화합물과 금속리튬을 40여 종 생산하는 세계 선두 리튬 기업이다. 호주 마운트매리언, 아르헨티나 카우차리-올라로스·마리아나, 말리 굴라미나 등 상류 광산·염호 지분에서 화합물 가공과 전지 제조, 폐배터리 재활용까지 수직통합했다. 2024년 리튬 가격 급락으로 상장 이후 첫 연간 순손실을 냈으나, 2025년 매출 230.82억 위안(+22.08%)에 귀속순이익 16.13억 위안으로 흑자전환했다 — 반등은 4분기(순이익 15.87억)에 집중돼 리튬 가격 저점 통과 신호로 읽힌다.","lead_en":"Ganfeng Lithium is a leading global lithium producer making more than 40 lithium compounds and lithium metal products. It is vertically integrated from upstream mine and brine stakes such as Mount Marion (Australia) and Cauchari-Olaroz, Mariana (Argentina) and Goulamina (Mali), through compound processing, cell manufacturing and battery recycling. A 2024 lithium-price slump produced its first annual net loss since listing, but FY2025 revenue of CNY 23.082B (+22.08%) and net profit attributable of CNY 1.613B marked a turnaround — the rebound was concentrated in Q4 (net profit CNY 1.587B), read as a signal of passing the lithium-price trough.","segments":{"fy":2025,"parts":[{"desc":"전지급 수산화리튬·탄산리튬, 염화리튬, 금속리튬 등 40여 종. 2025년 기초화학소재 매출 128.76억 위안(전체 55.79%, +7.16%) — 그룹 매출의 핵심.","name":"리튬 화합물"},{"desc":"호주 Mount Marion·Pilbara Pilgangoora, 아르헨티나 Cauchari-Olaroz·Mariana, 말리 Goulamina 등 광산·염호 지분","name":"상류 리튬자원"},{"desc":"리튬 배터리·셀 제조와 폐배터리 재활용(연 20만톤 처리 능력). 2025년 리튬전지 매출 82.34억 위안(전체 35.67%, +39.63%)로 고성장, 기타(재활용 등) 19.71억(+98.56%).","name":"전지·재활용"}],"total":"230.82억 위안 (2025 연결 매출, +22.08%); 귀속순이익 16.13억 위안으로 흑자전환(2024년 상장 후 첫 연간 순손실 20.74억). EPS 0.8元, 순마진 ~7%. 4분기 순이익 15.87억(전분기 5.57억 대비 +185%)으로 리튬가격 반등이 하반기 집중.","source":"http://static.cninfo.com.cn/finalpage/2026-03-31/1225059953.PDF","concentration":"블루칩 고객 다변화(글로벌 정극재·셀·완성차), 10개국 이상 판매. 단일 고객 과의존을 피하는 구조"},"segments_en":{"fy":2025,"parts":[{"desc":"Battery-grade lithium hydroxide/carbonate, lithium chloride, lithium metal and 40+ products. FY2025 basic-chemical (lithium-compound) revenue CNY 12.876B (55.79% of total, +7.16%) — the core of group revenue.","name":"Lithium compounds"},{"desc":"Mine and brine stakes including Mount Marion and Pilbara Pilgangoora (Australia), Cauchari-Olaroz and Mariana (Argentina), Goulamina (Mali)","name":"Upstream lithium resources"},{"desc":"Lithium battery/cell manufacturing and end-of-life recycling (200,000 t/yr). FY2025 lithium-battery revenue CNY 8.234B (35.67% of total, +39.63%), with 'other' (recycling, etc.) CNY 1.971B (+98.56%).","name":"Cells and recycling"}],"total":"CNY 23.082B (FY2025 consolidated revenue, +22.08%); net profit attributable CNY 1.613B, a turnaround from the CNY 2.074B first annual loss since listing in 2024. EPS CNY 0.8, ~7% net margin. Q4 net profit CNY 1.587B (+185% QoQ from Q3's CNY 0.557B) — the rebound was H2-loaded.","source":"http://static.cninfo.com.cn/finalpage/2026-03-31/1225059953.PDF","concentration":"Diversified blue-chip customers (global cathode makers, cell suppliers, automakers), sales in 10+ countries, structured to avoid over-reliance on any single customer"},"returns_yearly":{"2021":12,"2022":-17.4,"2023":-56.1,"2024":0.1,"2025":108.3,"2026":-21.8},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":3,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"slug":"honda-motor","name":"혼다","name_en":"Honda Motor","tier":2,"returns_yearly":{"2021":25.8,"2022":-0.8,"2023":62.2,"2024":-8,"2025":10,"2026":-1.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":2,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":1,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"lg-energy-solution","name":"LG에너지솔루션","name_en":"LG Energy Solution","tier":1,"returns_yearly":{"2023":-26.9,"2024":-7.6,"2025":13.1,"2026":-18.1}}],"benefiting":[],"analysis":"간펑리튬의 논점은 '리튬 가격 사이클에 통째로 노출된 수직통합 리튬 대기업'이다. 호주·아르헨티나·말리의 광산·염호에서 화합물·전지·재활용까지 자체 사슬을 쥐어 원가 통제력이 크지만, 그만큼 리튬 가격이 실적을 직격해 2024년 상장 후 첫 연간 순손실(20.74억 위안)을 냈다가 2025년 매출 +22.08%·귀속순이익 16.13억 위안으로 흑자전환했다. 특히 반등이 4분기(순이익 15.87억, 전분기比 +185%)에 몰려 리튬 가격 저점 통과 국면임을 시사하고, 리튬전지 부문이 +39.63%로 커지며 화합물 일변도 구조가 다변화되고 있다. 고객은 테슬라·LG에너지솔루션·BMW 등으로 다변화해 단일 고객 리스크는 낮으나, 실적은 리튬 가격과 EV 수요 사이클에 좌우된다 — 관전 포인트는 가격 반등의 지속성과 상류 자원의 원가 경쟁력이다.","analysis_en":"Ganfeng Lithium's thesis is 'a vertically integrated lithium major fully exposed to the lithium-price cycle.' Owning its own chain from mines and brine in Australia, Argentina and Mali through compounds, cells and recycling gives strong cost control, but it also means lithium prices hit results directly — from its first annual net loss since listing (CNY 2.074B) in 2024 to an FY2025 turnaround with revenue +22.08% and net profit attributable of CNY 1.613B. The rebound clustered in Q4 (net profit CNY 1.587B, +185% QoQ), suggesting a passing of the lithium-price trough, while the lithium-battery segment grew +39.63%, diversifying beyond a compounds-only structure. Customers are diversified across Tesla, LG Energy Solution and BMW, lowering single-customer risk, yet results are driven by lithium prices and the EV-demand cycle — the watch points are the durability of the price rebound and the cost competitiveness of upstream resources.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"글로벌 정극재·셀·완성차 고객 (다변화)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"CNY","basis":"기초화학소재(리튬화합물) 부문 매출 128.76억위안(전체 55.79%, +7.16%)","value":12876000000,"period":"2025","basis_en":"basic-chemical (lithium-compound) segment revenue CNY 12.876B (55.79% of total, +7.16%)"},"note":"리튬 화합물의 주 고객은 글로벌 정극재 제조사, 전지 공급사, 완성차 OEM이다. 10개국 이상에 판매하며 단일 고객 과의존을 피하는 다변화 구조다.","note_en":"The main buyers of its lithium compounds are global cathode makers, cell suppliers and automotive OEMs, sold across more than 10 countries in a diversified structure that avoids over-reliance on any single customer.","sources":[{"stance":"confirms","publisher":"东吴证券(둥우증권)","publisher_en":"Soochow Securities","kind":"research","lang":"zh","published_at":"2026-04-02","url":"https://pdf.dfcfw.com/pdf/H3_AP202604021820977716_1.pdf","title":"赣锋锂业(002460) 2025년 실적 점검 — 증치(유지)","title_en":"Ganfeng Lithium (002460): FY2025 results review — Add (Maintain)","excerpt":"둥우증권 점검: 2025 실적 흑자전환, 리튬가격 반등·상류 자원 원가경쟁력·전지 부문 성장 반영해 '증치(비중확대)' 유지.","excerpt_en":"Soochow Securities: FY2025 turnaround reflecting a lithium-price rebound, upstream cost competitiveness and battery-segment growth; maintains 'Add/Overweight'."},{"stance":"confirms","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE (cninfo)","kind":"filing","lang":"zh","published_at":"2026-03-30","url":"http://static.cninfo.com.cn/finalpage/2026-03-31/1225059953.PDF","title":"江西赣锋锂业集团股份有限公司 2025年年度报告","title_en":"Ganfeng Lithium Group Co., Ltd. 2025 Annual Report","excerpt":"2025 연차보고서: 매출 230.82억(+22.08%), 귀속순이익 16.13억으로 흑자전환. 기초화학소재(리튬화합물) 128.76억(55.79%), 리튬전지 82.34억(35.67%·+39.63%), 기타 19.71억. 10개국+ 판매·단일고객 회피.","excerpt_en":"FY2025 annual report: revenue CNY 23.082B (+22.08%), net profit attributable CNY 1.613B (turnaround). Basic chemicals (lithium compounds) CNY 12.876B (55.79%), lithium battery CNY 8.234B (35.67%, +39.63%), other CNY 1.971B. Sold in 10+ countries, avoiding single-customer reliance."},{"stance":"confirms","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE disclosure (cninfo)","kind":"filing","lang":"zh","published_at":"2025-03-29","url":"http://static.cninfo.com.cn/finalpage/2025-03-29/1222949720.PDF","title":"江西赣锋锂业集团股份有限公司 2024年年度报告摘要","title_en":"Jiangxi Ganfeng Lithium 2024 Annual Report Summary","excerpt":"리튬 화합물의 고객은 주로 글로벌 전지 정극재 제조사·전지 공급사·자동차 OEM이며, 회사는 10개국 이상에 판매하고 단일·소수 고객 의존을 피한다고 명시한다.","excerpt_en":"The report states that lithium-compound customers are mainly global cathode makers, cell suppliers and auto OEMs, with sales in over 10 countries and a stated aim to avoid dependence on single or few customers."}]},{"direction":"cost","counterparty":"리튬 정광·염수 (자체 광산·염호 지분)","counterparty_slug":null,"confidence":"high","metric":null,"note":"화합물 원료인 리튬 정광과 염수를 자체 보유·투자한 상류 자원에서 조달한다. 호주 Mount Marion·Pilbara Pilgangoora, 아르헨티나 Cauchari-Olaroz·Mariana, 말리 Goulamina 등 광산·염호 지분이 수직통합의 뿌리다.","note_en":"Sources its lithium concentrate and brine feedstock from owned and invested upstream assets. Stakes in Mount Marion and Pilbara Pilgangoora (Australia), Cauchari-Olaroz and Mariana (Argentina) and Goulamina (Mali) are the root of its vertical integration.","sources":[{"stance":"confirms","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE disclosure (cninfo)","kind":"filing","lang":"zh","published_at":"2025-03-29","url":"http://static.cninfo.com.cn/finalpage/2025-03-29/1222949720.PDF","title":"江西赣锋锂业集团股份有限公司 2024年年度报告摘要","title_en":"Jiangxi Ganfeng Lithium 2024 Annual Report Summary","excerpt":"회사는 호주·아르헨티나·아일랜드·말리·중국 등지에 다수의 우량 리튬 자원을 확보했고 주요 자원은 호주 Mount Marion이며, 상류 자원 투자와 장기 전략구매로 원료 공급을 확보한다고 명시한다.","excerpt_en":"The report states it controls multiple quality lithium resources across Australia, Argentina, Ireland, Mali and China, with Mount Marion its main resource, securing feedstock via upstream investment and long-term strategic procurement."}]},{"direction":"revenue","counterparty":"LG에너지솔루션","counterparty_slug":"lg-energy-solution","confidence":"mid","metric":{"type":"count","unit":"t","as_of":"2018-09-21","basis":"수산화리튬·탄산리튬 누적 공급 계약","value":92600,"period":"2019~2025","basis_en":"cumulative lithium hydroxide and carbonate supply contract"},"note":"LG화학·LG에너지솔루션에 수산화리튬·탄산리튬을 공급하는 장기 관계다. 2019년 1월부터 2025년 12월까지 간펑국제를 통해 총 9.26만 톤을 공급하는 계약을 맺었다.","note_en":"A long-term supplier of lithium hydroxide and carbonate to LG Chem / LG Energy Solution, under a contract to deliver 92,600 tons in total via Ganfeng International from January 2019 through December 2025.","sources":[{"stance":"confirms","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE disclosure (cninfo)","kind":"filing","lang":"zh","published_at":"2025-03-29","url":"http://static.cninfo.com.cn/finalpage/2025-03-29/1222949720.PDF","title":"江西赣锋锂业集团股份有限公司 2024年年度报告摘要","title_en":"Jiangxi Ganfeng Lithium 2024 Annual Report Summary","excerpt":"2024 연차보고서가 상장후 첫 적자, 광산~화합물~셀 수직통합을 기재. LG엔솔 장기공급 9.26만톤.","excerpt_en":"The 2024 annual report notes the first post-IPO loss and mine-to-cell integration; 92,600 t long-term supply to LG Energy Solution."},{"stance":"confirms","publisher":"중국분체망","publisher_en":"CNPowder","kind":"news","lang":"zh","published_at":"2018-09-21","url":"https://news.cnpowder.com.cn/47603.html","title":"7年供锂货9万吨！赣锋锂业与LG签订新合同保销路","title_en":"Ganfeng signs new contract with LG for about 90,000 tons of lithium over 7 years","excerpt":"간펑리튬과 간펑국제가 LG화학에 2019년 1월부터 2025년 12월까지 수산화리튬·탄산리튬을 총 9.26만 톤 공급하는 계약을 맺었다.","excerpt_en":"Ganfeng and Ganfeng International agreed to supply LG Chem with 92,600 tons of lithium hydroxide and carbonate in total from January 2019 to December 2025."}]},{"direction":"revenue","counterparty":"BMW","counterparty_slug":null,"confidence":"mid","metric":null,"note":"BMW와 장기 리튬 공급협약을 맺어 2020~2024년 BMW가 지정한 전지·정극재 공급사에 리튬화합물을 공급했다(이후 연장 가능).","note_en":"Signed a long-term lithium supply agreement with BMW to provide lithium chemicals to BMW's designated battery and cathode suppliers over 2020-2024, extendable thereafter.","sources":[{"stance":"confirms","publisher":"간펑리튬 IR","publisher_en":"Ganfeng Lithium IR","kind":"ir","lang":"en","published_at":"2019-12-11","url":"https://www.ganfenglithium.com/new_detail_en/id/15.html","title":"Ganfeng Lithium and BMW signed a long-term supply agreement","title_en":"Ganfeng Lithium and BMW signed a long-term supply agreement","excerpt":"간펑리튬과 간펑국제가 2020~2024년 BMW가 지정한 전지·정극재 공급사에 리튬화합물을 공급하는 장기협약을 체결했다.","excerpt_en":"Ganfeng and Ganfeng International signed a long-term agreement to supply lithium chemicals to BMW's designated battery or cathode material suppliers over 2020-2024."}]},{"direction":"revenue","counterparty":"Tesla","counterparty_slug":"tesla","confidence":"mid","metric":null,"note":"테슬라에 전지급 수산화리튬을 공급해 온 관계다. 2018년 첫 3년 계약(2018~2020)에 이어 2021년 11월 2022~2024년 3년 공급계약을 다시 체결했다. 수량·가격은 테슬라 발주에 따라 정해진다.","note_en":"A supplier of battery-grade lithium hydroxide to Tesla. After a first three-year deal (2018-2020), in November 2021 the two signed another three-year supply contract for 2022-2024, with volumes and prices set by Tesla's purchase orders.","sources":[{"stance":"confirms","publisher":"에너지트렌드","publisher_en":"EnergyTrend","kind":"news","lang":"zh","published_at":"2021-11-19","url":"https://m.energytrend.com/news/20211119-24352.html","title":"赣锋与特斯拉再签三年氢氧化锂供应合同","title_en":"Ganfeng and Tesla sign another three-year lithium hydroxide contract","excerpt":"간펑리튬이 특스라에 2022~2024년 수산화리튬을 공급하는 3년 계약을 체결했다.","excerpt_en":"Ganfeng signed a three-year contract to supply Tesla with lithium hydroxide over 2022-2024."},{"stance":"confirms","publisher":"마이닝닷컴","publisher_en":"MINING.COM","kind":"news","lang":"en","published_at":"2021-11-01","url":"https://www.mining.com/ganfeng-lithium-lands-fresh-three-year-supply-deal-with-tesla/","title":"Ganfeng Lithium lands three-year supply deal with Tesla","title_en":"Ganfeng Lithium lands three-year supply deal with Tesla","excerpt":"간펑리튬이 테슬라에 2022년부터 3년간 전지급 수산화리튬을 공급하는 계약을 맺었고, 이는 2018년 계약(생산능력의 약 20% 배정)의 갱신이다.","excerpt_en":"Ganfeng signed a three-year deal to supply Tesla with battery-grade lithium hydroxide from 2022, renewing a 2018 agreement under which it allocated about 20% of capacity."}]},{"direction":"cost","counterparty":"리튬 정련·가공·에너지·시약 공급 바스켓 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"리튬 화합물 정련·가공에 필요한 에너지, 시약, 설비 등을 조달한다. 개별 공급사 비중은 (비공개).","note_en":"Procures energy, reagents and equipment for lithium-compound refining and processing. Individual supplier shares are not disclosed.","sources":[{"stance":"mentions","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE (cninfo)","kind":"filing","lang":"zh","published_at":"2026-03-30","url":"http://static.cninfo.com.cn/finalpage/2026-03-31/1225059953.PDF","title":"江西赣锋锂业集团股份有限公司 2025年年度报告","title_en":"Ganfeng Lithium Group Co., Ltd. 2025 Annual Report","excerpt":"2025 연차보고서: 중류 리튬염 심가공·금속리튬 제련의 생산 구조. 개별 공급사·시약·에너지 비중은 비공개.","excerpt_en":"FY2025 annual report: mid-stream lithium-salt deep processing and lithium-metal smelting; individual suppliers/reagents/energy shares undisclosed."},{"stance":"mentions","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE disclosure (cninfo)","kind":"filing","lang":"zh","published_at":"2025-03-29","url":"http://static.cninfo.com.cn/finalpage/2025-03-29/1222949720.PDF","title":"江西赣锋锂业集团股份有限公司 2024年年度报告摘要","title_en":"Jiangxi Ganfeng Lithium 2024 Annual Report Summary","excerpt":"2024 사업보고서 요약은 중류 리튬염 심가공·금속리튬 제련의 생산 구조를 다룬다(개별 공급사 비중 비공개).","excerpt_en":"The FY2024 report summary covers midstream lithium-salt processing and lithium-metal smelting (individual supplier shares undisclosed)."}]}]}