Bearish news incoming? 80-billion-yuan lithium battery industry leader sees Q3 net profit decline 68% quarter-on-quarter

On the evening of October 15, Ganfeng Lithium—the leading lithium battery company—released its third-quarter report for 2026. According to the announcement, the company achieved RMB 36.159 billion in operating revenue for the first three quarters of the year, representing a 147.24% year-on-year increase; net profit attributable to shareholders amounted to RMB 5.012 billion, surging 19,540.50% year-on-year (compared to approximately RMB 26 million in the same period last year—a very low base). In Q3 alone, operating revenue reached RMB 13.062 billion, up 109.03% year-on-year; net profit attributable to shareholders stood at RMB 755 million, up 35.62% year-on-year. The company attributed this growth primarily to rising prices for lithium-series products and increased sales volume of lithium battery series products. On a quarter-on-quarter basis, however, net profit attributable to shareholders fell from RMB 2.42 billion in Q2 to RMB 755 million in Q3—representing an approximate 68% decline. For the first three quarters, net profit attributable to shareholders after deducting non-recurring gains and losses totaled RMB 4.636 billion, up 592.14% year-on-year; net cash flow from operating activities amounted to RMB 2.295 billion, up 634.77% year-on-year; basic earnings per share were RMB 2.40. Contrasting sharply with this robust financial performance, Ganfeng Lithium’s secondary market performance has remained persistently weak. On October 15, Ganfeng Lithium’s A-share closed down 2.41% at RMB 40.01 per share—the lowest level of the year.

Lithium Resources Industry Special Report: Summary of Overseas Lithium Resource Companies’ Q4 Earnings Reports

Albemarle, a global leader in lithium, bromine, and catalyst solutions, produces lithium compounds through its own brine and hard-rock lithium resources. Its portfolio includes the La Negra processing plant at the Atacama Salt Flat in Chile, the Silver Peak brine project in the United States, a 49% stake in Australia’s Talison Greenbushes spodumene mine, and a 50% stake in Mt Wodgina. Revenue: Albemarle’s lithium business generated net sales of USD 404.7 million this quarter—a 12.67% increase quarter-on-quarter and a 12.86% increase year-on-year. This growth was driven primarily by higher lithium-related product prices (+18%), partially offset by lower sales volumes (−5%). The volume decline stemmed from shipment timing and a more evenly distributed pattern of customer demand across the year. Profitability: Adjusted EBITDA for the quarter totaled USD 138.2 million, up 10.56% quarter-on-quarter and 13.16% year-on-year—mainly attributable to higher net sales. Greenbushes produced 259,000 tonnes of lithium concentrate (including both chemical-grade and technical-grade) in Q4, down 3.4% quarter-on-quarter. The slight output decline resulted from unavailability of critical equipment at Chemical-Grade Processing Plant 1 (CGP1), leading to lower-than-expected recovery rates. The company expects to resolve this issue in Q1 2022, restoring production to normal levels. In H2 2021, Greenbushes produced a total of 526,000 tonnes of lithium concentrate; production for H1 2022 is forecast at 574,000–724,000 tonnes. According to IGO’s estimates, the Q4 cost of sales for lithium concentrate stood at AUD 388 per tonne—up 25.16% quarter-on-quarter—primarily due to higher royalty costs resulting from rising spodumene benchmark prices (royalty costs rose from AUD 90/tonne in Q3 2021 to AUD 146/tonne in Q4). The average FOB price for chemical-grade spodumene concentrate in H2 2021 was approximately USD 592/tonne; factoring in the lagged impact of continued benchmark price increases, IGO forecasts the H1 2022 FOB price will rise to around USD 1,770/tonne. Currently, Greenbushes operates three processing plants: two chemical-grade lithium concentrate plants (CGP1 & CGP2) and one technical-grade lithium concentrate plant (TGP). Three additional plants are planned: CGP3 and CGP4 (chemical-grade), and TRP (tailings reprocessing plant). Chemical-Grade Processing Plant 2 (CGP2) commenced commissioning and trial production in May 2021. Its concentrators have performed well, though optimization of recovery rates is expected to take about six months. Construction planning for CGP3 has been finalized, with a designed capacity of 500,000 tonnes/year. Construction is scheduled to begin in H2 2022, with commissioning expected in early 2025. IGO plans to commence investment in CGP4 in 2025.

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