STOCKS | Ganfeng Lithium Expects H1 Profit of RMB 3.65B-4.6B

Ganfeng Lithium (1772) issued a profit alert, forecasting a turnaround to profit for the first half ended June 30, with attributable profit to shareholders expected at RMB 3.65 billion to RMB 4.6 billion, according to Ming Pao. Excluding non-recurring gains and losses, attributable profit is expected at RMB 3.0 billion to RMB 4.2 billion. The company attributed the improvement to rapid growth in the global new energy industry, rising downstream demand for lithium salts, and a significant year-on-year increase in selling prices for its lithium salt products. It also cited gradual capacity releases from lithium resource projects that helped optimize its cost structure, as well as continued growth in energy storage demand and higher production and sales volumes in its lithium battery segment.