Flash | 30 Mar 2026 12:05:57 ET │ 11 pages +852-2501-2441 jack.shang@citi.com Anna Wang Ganfeng reported its 2025 net profit at Rmb1,613mn, swinging back to positive territory, in line with its preliminary results alert. Implied 4Q25 net profit delivered Rmb1,587mn, including the investment income of ~Rmb1.2bn (mainly on the sale of independent ESS program). Stripping out the investment income and asset impairment, core NP should come to as Rmb768mn in 4Q25, +73% QoQ, due to the lithium price uplift and bat ...

March 30, 2026 02:43 PM GMT Ganfeng Lithium Co. Ltd. | Asia Pacific 2025 Helped by Non-recurring; Tailwinds Ahead Reaction to earnings Unchanged In-line Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS | Stock Rating | | | Equal-weight | | | --- | --- | --- | --- | --- | | Industry View | | | Attractive | | | Price target | | | Rmb68.50 | | | Up/downside to price target (%) | | | (15) | | | Shr price, close (Mar 30, 2026) | | | Rmb80.15 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][20][6] Core Views - The company achieved significant profit improvement, with a revenue of 23.08 billion yuan in 2025, up 22.08% year-on-year, and a net profit of 1.613 billion yuan, up 177.77% year-on-year [2][9] - The company has made breakthroughs in lithium resource projects, consolidating its leading position in the industry [1][3] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling approximately 315 million yuan [2][14] Financial Performance - In Q4 2025, the company reported a revenue of 8.457 billion yuan, a year-on-year increase of 69.78%, and a net profit of 1.587 billion yuan, up 210.73% year-on-year [2][9] - The company’s lithium product production reached approximately 182,400 tons in 2025, an increase of 40.05% year-on-year, with sales of about 184,800 tons, up 42.47% year-on-year [2][13] - The company’s operating cash flow for 2025 was 2.945 billion yuan, down 42.94% year-on-year [9][14] Lithium Resource Projects - The company has several ongoing lithium resource projects, including the Mt Marion lithium spodumene project in Australia, which plans to upgrade its processing technology by 2026 [3][17] - The Cauchari lithium salt lake project in Argentina is expected to produce 34,100 tons of lithium carbonate in 2025, with plans for further expansion [3][17] - The Goulamina lithium spodumene project is projected to produce 336,600 tons of lithium concentrate in 2025 [3][17] Future Outlook - The company expects revenues of 42.149 billion yuan in 2026, with a year-on-year growth rate of 82.6%, and net profits of 6.777 billion yuan, reflecting a growth rate of 320.2% [4][20] - The company aims to achieve a total lithium product design capacity of at least 600,000 tons by 2030 [18][20] - The company is expanding its lithium salt deep processing capacity to meet the growing demand for lithium products [18][20]

Core Viewpoint - Macquarie's report indicates that Ganfeng Lithium (01772) achieved a net profit of 1.613 billion RMB last year, nearing the upper limit of earnings forecast, with a significant increase in lithium prices contributing to this performance [1] Financial Performance - The net profit for the fourth quarter reached 1.6 billion RMB, contrasting sharply with a net loss of 1.4 billion RMB recorded in the fourth quarter of 2024, primarily due to the rise in lithium prices [1] - The forecast for Ganfeng Lithium's net profit after tax has been raised by 8% and 9% for 2026 and 2027, respectively, to 4.4 billion RMB and 5 billion RMB, with a new projection for 2028 set at 5.6 billion RMB [1] Target Price and Rating - The target price for Ganfeng Lithium has been increased from 83.5 HKD to 86 HKD, while maintaining an "outperform" rating [1] Business Expansion - The company plans to increase capital for its battery division to further expand its downstream battery business, which is expected to be a significant driver of revenue and profit beyond lithium [1] Market Outlook - The expectation for lithium prices is supported by the Chinese government's promotion of energy storage system capacity pricing policies, which are anticipated to enhance profitability and drive further construction of energy storage stations [1] - Supply tightness is expected due to disruptions in supply from Jiangxi and Zimbabwe [1]

Key Points - The main focus of the article is on the significant outflow of capital from major stocks as of April 1, with specific figures indicating the amounts withdrawn from each company [1] Group 1: Major Stocks with Capital Outflow - Sunshine Power experienced the highest capital outflow, totaling 2.487 billion yuan [1] - BYD saw a capital outflow of 1.139 billion yuan [1] - Pingtan Development had an outflow of 634 million yuan [1] - EVE Energy faced a capital outflow of 614 million yuan [1] - Goldwind Technology recorded an outflow of 582 million yuan [1] - Demingli experienced a capital outflow of 561 million yuan [1] - JuLi Rigging had an outflow of 512 million yuan [1] - Shunhao Co. saw a capital outflow of 496 million yuan [1] - Ganfeng Lithium experienced an outflow of 425 million yuan [1] - Chifeng Jilong Gold had a capital outflow of 401 million yuan [1] - Xinwei Communication recorded an outflow of 397 million yuan [1] - Lioo Co. faced a capital outflow of 382 million yuan [1] - CATL saw an outflow of 364 million yuan [1] - BlueFocus Communication Group experienced a capital outflow of 358 million yuan [1] - Zaiseng Technology had an outflow of 356 million yuan [1] - TuoRi New Energy recorded a capital outflow of 347 million yuan [1] - Shenjian Co. faced an outflow of 326 million yuan [1] - Fenghuo Communication had a capital outflow of 320 million yuan [1] - Shenzhou High-Speed Railway experienced an outflow of 292 million yuan [1] - Hengtong Optic-Electric recorded a capital outflow of 290 million yuan [1]

资金流向方面，主力资金净流出1.34亿元，特大单买入2.56亿元，占比11.39%，卖出3.86亿元，占比 17.20%；大单买入5.68亿元，占比25.31%，卖出5.72亿元，占比25.47%。 赣锋锂业今年以来股价涨22.13%，近5个交易日涨8.75%，近20日涨14.83%，近60日涨12.02%。 今年以来赣锋锂业已经1次登上龙虎榜，最近一次登上龙虎榜为3月27日，当日龙虎榜净买入8.23亿元； 买入总计18.96亿元 ，占总成交额比18.82%；卖出总计10.73亿元 ，占总成交额比10.65%。 资料显示，江西赣锋锂业集团股份有限公司位于江西省新余市经济开发区龙腾路,香港湾仔皇后大道东 248号大新金融中心40楼，成立日期2000年3月2日，上市日期2010年8月10日，公司主营业务涉及从事各 种深加工锂产品的研究、开发、生产与销售。主营业务收入构成为：锂系列产品55.79%，锂电池系列 产品35.67%，其他8.54%。 赣锋锂业所属申万行业为：有色金属-能源金属-锂。所属概念板块包括：磷酸铁锂、电池回收、三元锂 电、固态电池、固液电池等。 截至2月28日，赣锋锂业股东户数29.80万，较上 ...

Core Viewpoint - The company maintains an optimistic outlook on the demand side of the lithium industry, anticipating explosive growth in the energy storage sector through 2026, driven by emerging electricity consumption scenarios and increased global emphasis on energy independence [1] Group 1: Demand Trends - The energy storage sector has entered a phase of explosive growth, which is expected to continue until 2026 [1] - Emerging electricity consumption scenarios, such as AI computing centers and data centers, are driving increased demand for backup power and energy storage [1] - Geopolitical events in the Middle East are accelerating the electrification process in Southeast Asia and Australia, leading to a surge in sales of both four-wheeled and two-wheeled electric vehicles [1] Group 2: Supply Dynamics - Supply-side challenges include geopolitical issues, environmental concerns, community relations, and infrastructure delays, which hinder the progress of certain resource projects [1] - New supply releases may fall short of expectations, making it difficult for resource availability to keep pace with rapid demand growth [1] Group 3: Pricing and Risk Management - The tolerance of downstream automakers for lithium price fluctuations is relatively high, with limited impact on the overall cost of batteries and vehicles [1] - The introduction of lithium carbonate futures has significantly altered the industry's sales and pricing models, creating a linkage with the futures market [1] - The company leverages its integrated position in both lithium salts and battery production to engage in hedging activities, which helps mitigate price volatility risks [1]

证券日报网3月31日讯 ，赣锋锂业在接受调研者提问时表示，塞拉利昂锂项目近期取得了一些进展，预 计开采量大概200万吨/年，计划明年投产并形成较为稳定的供应。该项目取得政府支持并授予公司开采 矿权。Goulamina锂辉石品位非常优越，具备显著成本优势。Goulamina锂辉石项目采用当地及非洲邻国 的能源，不涉及霍尔木兹海峡，受中东石油危机冲击较小；治安方面，在马里政府的支持下可控，至今 未发生安全状况，项目生产及运输顺利。 （文章来源：证券日报） ...

证券日报网3月31日讯 ，赣锋锂业在接受调研者提问时表示，Mount Marion锂辉石项目用电来源主要是 电网，因此用电对柴油依赖较低，但运输及开采仍需要用柴油。长期来看，油价波动对全行业物流运输 成本存在影响。 （文章来源：证券日报） ...

Group 1 - The core strategy of the company for 2025 is to maintain prudent expansion and focus on high-quality assets, leading to a significant decrease in capital expenditure [1] - The company will continue to develop core projects that are low-cost and high-return, with a focus on advancing the Goulamina Phase II, Cauchari-Olaroz Phase II, and PPGS projects [1] - The Goulamina project is noted for its self-financing capability, which can cover part of the capital expenditure needed for expansion [1] Group 2 - The PPGS project will address its funding needs through market-based financing methods [1]