On October 28, Ganfeng Lithium announced that its third-quarter revenue reached Yuan 6.249 billion, a year-on-year increase of 44.10%. And its net profit was Yuan 557 million, surging 364.02% compared to the same period last year. For the first three quarters, revenue totaled Yuan 14.625 billion, up 5.02% YoY, while net profit was Yuan 26 million, turning from deficits to profit compared to the previous year.
The significant performance growth was primarily driven by increased gains from changes in the fair value of held financial assets, as well as profits from the disposal of some energy storage stations and the affiliated company LAC. Meanwhile, expanded sales scale contributed to revenue growth. However, operating cash flow faced pressure due to declining lithium prices. (Note: The company reported a net loss of Yuan 175 million in Q2.)
Edited by Cassie Li, lixiangying@mysteel.com
