Zhi Tong Cai Jing·2025-08-27 06:54Group 1 - Goldman Sachs reported that Ganfeng Lithium (002460)(01772) recorded a net loss of 536 million RMB in the first half of the year, an improvement from a loss of 759 million RMB in the same period last year [1] - Excluding one-time items, the recurring net loss was 442 million RMB, compared to a recurring profit in the same period last year [1] - The performance was below expectations primarily due to lower-than-expected profits from lithium chemicals, and the company did not declare an interim dividend this year [1] Group 2 - Goldman Sachs maintained a "Neutral" rating for Ganfeng's H shares, raising the target price from 19 HKD to 28 HKD, while maintaining a "Sell" rating for Ganfeng's A shares, increasing the target price from 21.4 RMB to 30.5 RMB [1] - The firm lowered its 2025 recurring profit forecast for Ganfeng by 28% to reflect lower-than-expected average selling prices for lithium hydroxide and a decrease in lithium sales volume in the first half of the year [1] - However, the recurring profit forecasts for 2026 and 2027 were raised by 12% to 44% due to lower-than-expected production costs for certain projects [1]