Ganfeng Lithium Deep Research Report: Integrated Upstream-Midstream-Downstream Layout, Industry Leader Advancing Step by Step

The company possesses lithium product supply capacity of no less than 200,000 tonnes LCE (lithium carbonate equivalent) and, in the longer term, aims to achieve a supply capacity of no less than 600,000 tonnes LCE, supported by a competitively advantaged portfolio of lithium resource projects. Downstream, the company actively expands into lithium battery development to explore new profit drivers. Its lithium battery business covers five major categories—consumer batteries, polymer small cells, solid-state lithium batteries, lithium power batteries, and energy storage batteries—with over twenty product variants. R&D and production bases are established in Xinyu, Dongguan, Suzhou, and Huizhou. Products serve diverse applications including electric buses, airport equipment, electric vessels, photovoltaic energy storage, smart home devices, 5G communications, Bluetooth earphones, and medical devices. Building on its strength in consumer batteries, the company has successfully entered the power and energy storage battery markets. Its polymer battery production line (30 million units/day) and TWS (True Wireless Stereo) battery production line (350,000 units/day) contribute most significantly to revenue, with key customers including OPPO, vivo, Huawei, and Xiaomi. In the power battery segment, Ganfeng Lithium’s wholly owned subsidiary Ganfeng Lithium Energy supplied the Qilu Costin EC1—the latest model from Chery New Energy—marking its official entry into this market. By end-2020, Ganfeng Lithium Energy’s lithium iron phosphate (LFP) battery capacity reached 1 GWh, with plans to expand to 3 GWh. In the energy storage battery segment, the company maintains ongoing collaboration with State Grid Corporation and several hydroelectric companies. From July to August 2021, Ganfeng Lithium Energy signed strategic cooperation memoranda with Dongfeng Motor, Batri, and Jinko Solar, covering areas such as automotive power batteries, solid-state battery development, photovoltaic energy storage applications, and comprehensive recycling of spent lithium batteries. The company is advancing research, development, and industrialization of next-generation solid-state lithium batteries under a clear technical roadmap. Solid-state batteries represent a core R&D focus for the coming years. In 2017, the company established its first pilot production line for solid-state lithium batteries, producing hybrid solid-liquid batteries with an energy density of 280 Wh/kg. As demand for retired battery processing grows, the company’s lithium battery recycling business holds substantial growth potential. The massive lithium power battery market inevitably generates opportunities in battery recycling and secondary utilization. Developing battery recycling and cascade utilization not only avoids resource waste and environmental pollution but also yields significant economic returns and investment opportunities. On one hand, it diversifies lithium raw material sourcing; on the other, it provides battery manufacturers and automakers with full-lifecycle solutions—strengthening customer relationships. The company’s retired battery dismantling and comprehensive metal recovery project currently achieves an annual processing capacity of 34,000 tonnes. Looking ahead, the company plans to construct a large-scale integrated facility capable of recycling 100,000 tonnes of retired lithium batteries annually, while expanding NCM precursor production capacity to support the establishment of a circular lithium product ecosystem and further perfect its industrial chain layout. Key products from the lithium battery recycling project include battery-grade lithium carbonate, lithium hydroxide, and NCM precursor materials. Currently, both major types of lithium batteries—lithium iron phosphate (LFP) and nickel-cobalt-manganese (NCM)—can be recycled and reused. The recycling technology for spent LFP batteries uses discarded LFP batteries as feedstock, subjecting them to discharge, dismantling and crushing, acid leaching, impurity removal, and other steps to produce lithium chloride solution. This solution then enters the company’s lithium chloride production system to manufacture anhydrous lithium chloride, battery-grade lithium carbonate, lithium hydroxide, and other products.

2026 Observation Report on Chinese Enterprises’ Overseas Investment and Dispute Resolution in Energy and Minerals

Global energy investment reached USD 3.3 trillion in 2025, of which clean energy accounted for approximately USD 2.2 trillion and fossil fuels around USD 1.1 trillion. The investment ratio between clean energy and fossil fuels remained roughly 2:1. Solar PV investment totaled about USD 450 billion—surpassing upstream oil investment. However, the investment logic for critical minerals is shifting: affected by sharp price corrections in lithium, nickel, and cobalt in 2024, mining investment growth slowed to 11% in 2025, down from an average annual growth rate of 24–29% over the preceding three years. Investment focus has shifted from ‘scale expansion’ toward ‘value chain integration.’ Resource nationalism has entered a new phase. Traditional resource nationalism primarily manifested through higher taxes, royalties, or nationalization. The new wave centers not on ‘sharing benefits,’ but on mandating downstream processing and refining facilities within the host country—framed as green industrialization—to enhance value addition, reduce carbon emissions, and impose outright bans on raw mineral exports. This shift imposes substantially higher infrastructure construction costs on Chinese investors, lengthens payback periods, and increases exposure to sunk-cost risks. The core dispute in Ganfeng Lithium’s arbitration against the Mexican government (ICSID Case No. ARB/24/21) concerns Mexico’s designation of lithium as a ‘strategic mineral’ and its subsequent cancellation of previously granted exploration and exploitation concessions. A pivotal question before the arbitral tribunal is: Under what circumstances do non-discriminatory regulatory measures adopted by a state for legitimate public interest purposes cross the threshold into indirect expropriation?

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