Ganfeng Lithium announced first-quarter 2026 results showing a sharp rebound after last year’s loss.

• Revenue reached RMB 9.20 billion, up 143.81% year on year, driven by higher sales prices and volumes of lithium and lithium battery products.

• Net profit attributable to shareholders came in at RMB 1.84 billion versus a RMB 0.36 billion loss a year earlier; core earnings after deducting non-recurring items were RMB 1.42 billion.

• Non-recurring gains, mainly from fair-value changes and investment disposals, contributed RMB 0.42 billion, accounting for 22.8% of total net profit.

• Operating cash flow turned positive to RMB 0.79 billion from a negative RMB 1.57 billion in the prior-year period, reflecting stronger cash collections from customers.

• Gross business expansion pushed operating costs up 96.86% to RMB 6.46 billion, while R&D spending rose 88.57% to RMB 0.36 billion, underscoring continued investment in technology.

• The balance sheet remained solid: total assets increased 4.96% from end-2025 to RMB 118.87 billion, and net assets attributable to shareholders rose 2.91% to RMB 46.46 billion. The weighted average ROE improved to 4.02% from –0.86% a year ago.

• Short-term borrowings stood at RMB 9.89 billion, with total interest-bearing debt (short- and long-term) rising alongside new commercial paper issuance and long-term loans. Cash and cash equivalents climbed to RMB 10.15 billion, providing liquidity for ongoing projects.

• Shareholder structure remained concentrated: HKSCC Nominees held 23.04%, while Chairman Li Liangbin directly owned 18.06% of outstanding shares.

The company’s unaudited figures highlight a strong turnaround, supported by robust lithium market conditions and improved capital management.