A lithium major vertically integrated from mines to compounds, cells and recycling
Ganfeng Lithium
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.
002460.SZ Updated Jul 12, 2026 3 AI consumers
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).
Financials & Segments
- Total revenue · 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.
- Customer concentration · Diversified blue-chip customers (global cathode makers, cell suppliers, automakers), sales in 10+ countries, structured to avoid over-reliance on any single customer
- Segments · Lithium compounds · Upstream lithium resources · Cells and recycling
Revenue from
- 글로벌 정극재·셀·완성차 고객 (다변화) High confidence· Revenue ¥12.9B · 2025 · basic-chemical (lithium-compound) segment revenue CNY 12.876B (55.79% of total, +7.16%)
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.Confirms ZH Soochow Securities Published Apr 2, 2026: Ganfeng Lithium (002460): FY2025 results review — Add (Maintain)Confirms ZH SZSE (cninfo) Published Mar 30, 2026: Ganfeng Lithium Group Co., Ltd. 2025 Annual ReportConfirms ZH SZSE disclosure (cninfo) Published Mar 29, 2025: Jiangxi Ganfeng Lithium 2024 Annual Report Summary - LG Energy Solution Medium confidence· Count 92,600 t · 2019~2025 · cumulative lithium hydroxide and carbonate supply contract
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.Confirms ZH SZSE disclosure (cninfo) Published Mar 29, 2025: Jiangxi Ganfeng Lithium 2024 Annual Report SummaryConfirms ZH CNPowder Published Sep 21, 2018: Ganfeng signs new contract with LG for about 90,000 tons of lithium over 7 years - BMW Medium confidence
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.Confirms EN Ganfeng Lithium IR Published Dec 11, 2019: Ganfeng Lithium and BMW signed a long-term supply agreement - Tesla Medium confidence
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.Confirms ZH EnergyTrend Published Nov 19, 2021: Ganfeng and Tesla sign another three-year lithium hydroxide contractConfirms EN MINING.COM Published Nov 1, 2021: Ganfeng Lithium lands three-year supply deal with Tesla
Pays to
- 리튬 정광·염수 (자체 광산·염호 지분) High confidence
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.Confirms ZH SZSE disclosure (cninfo) Published Mar 29, 2025: Jiangxi Ganfeng Lithium 2024 Annual Report Summary - 리튬 정련·가공·에너지·시약 공급 바스켓 (비공개) Low confidence
Procures energy, reagents and equipment for lithium-compound refining and processing. Individual supplier shares are not disclosed.Mentions ZH SZSE (cninfo) Published Mar 30, 2026: Ganfeng Lithium Group Co., Ltd. 2025 Annual ReportMentions ZH SZSE disclosure (cninfo) Published Mar 29, 2025: Jiangxi Ganfeng Lithium 2024 Annual Report Summary
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Tesla | lead1 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Ganfeng Lithium | node | +12 | -17.4 | -56.1 | +0.1 | +108.3 | -21.8 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥80 · Price ¥53.63 (07-10) · Upside +49%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Guosen Securities · 刘孟峦·杨耀洪 | 优于大市 | — | Apr 1, 2026 | Report ↗ |
| UOB Kay Hian | 买入 | ¥80 | Jan 26, 2026 | Report ↗ |
Reiterates Outperform after 2025 revenue of RMB23.08bn (+22.1%), net profit RMB1.61bn (+177.8%) and lithium output of 182.4kt (+40%), citing progress at the Mt Marion and Cauchari lithium projects.