Year-to-date profit still far above year-earlier levels
Ganfeng Lithium reported first three quarters revenue of RMB36.159 billion, up 147.24% year on year, and attributable net profit of RMB5.012 billion, up 19,540.50%, equivalent to a 195-fold increase.
Tianqi Lithium reported first three quarters revenue of RMB18.279 billion, up 147.11% year on year, and attributable net profit of RMB5.602 billion, up 3,013.86%, a roughly 30-fold increase.
Salt Lake shares forecast first three quarters attributable net profit of RMB8.840 billion to RMB9.050 billion, an increase of 87.96% to 92.42% year on year. Zangge Mining reported first three quarters revenue of RMB3.320 billion, up 38.23%, and attributable net profit of RMB6.109 billion, up 122.09%.
Third-quarter profits decline sequentially
Ganfeng Lithium's third-quarter attributable net profit was RMB755 million, down 68% from the previous quarter. Tianqi Lithium's third-quarter net profit was RMB1.36 billion, down 42% quarter on quarter.
Salt Lake shares expected third-quarter net profit to fall 8% to 14% from the previous quarter. Zangge Mining's third-quarter attributable net profit was RMB2.471 billion, up 19% quarter on quarter.
Carbonate lithium prices retreat from May peak
Carbonate lithium futures climbed above RMB200,000/tonne in mid-May 2026. By mid-to-late October 2026, futures had fallen below RMB100,000/tonne, with spot prices fluctuating around RMB100,000/tonne.
Full-scope carbonate lithium inventories fell from about 203,000 tonnes in early June to 113,600 tonnes at the end of September, a cumulative decline of about 44%. Some companies have locked in processing margins through hedging, and some plants are adjusting operating rates in line with market conditions.