# Lithium Salt Producers' Q3 Results Cool as Prices Slide From May Peak

Major Chinese lithium salt producers reported sharply lower third-quarter profits than the prior quarter, even as 2026 year-to-date revenue and profit remained far above year-earlier levels, according to third-quarter disclosures\. Ganfeng Lithium's Q3 net profit fell 68% quarter on quarter to RMB755 million, and Tianqi Lithium's fell 42% to RMB1\.36 billion, as carbonate lithium futures dropped below RMB100,000/tonne in mid-to-late October from above RMB200,000/tonne in mid-May 2026\.

By China EV Signal
Published: 2026-10-26T12:13:04.013Z
Updated: 2026-10-26T12:13:04.017Z
Canonical article: https://chinaevsignal.com/news/lithium-salt-producers-q3-results-cool

## Key takeaways

- Ganfeng Lithium's Q3 attributable net profit was RMB755 million, down 68% from the previous quarter, while its first three quarters revenue reached RMB36\.159 billion, up 147\.24% year on year, and net profit reached RMB5\.012 billion, up 19,540\.50%\.
- Tianqi Lithium's Q3 net profit was RMB1\.36 billion, down 42% quarter on quarter, with first three quarters revenue of RMB18\.279 billion \(up 147\.11%\) and net profit of RMB5\.602 billion \(up 3,013\.86%\)\.
- Salt Lake shares forecast first three quarters net profit of RMB8\.840 billion to RMB9\.050 billion, up 87\.96% to 92\.42% year on year, while its Q3 net profit was expected to fall 8% to 14% quarter on quarter\.

## 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\.

## Battery demand remains a support

According to GGII data, China's lithium battery shipments totaled 1,945GWh in the first three quarters of 2026, up 49% year on year\. Third-quarter shipments were 735GWh, up 46% year on year and 7\.3% quarter on quarter\.

Domestic new energy vehicle penetration exceeded 60%\. Industry statistics put total scheduled lithium battery output across the Chinese market at about 345GWh in October, up 3\.9% month on month\.

## Supply additions and cost expectations

The environmental assessment for the Yichun Jianxiawo lithium mine is continuing, and the mine corresponds to annual capacity of about 100,000 tonnes of LCE once fully operational\. The mining engineering safety review for Jiangte's Qiankeng lithium mine has passed, with theoretical annual output of 15,000 tonnes of LCE\.

Institutions estimate that the marginal full cost of carbonate lithium in 2027 will fall in the range of RMB85,000 to RMB90,000/tonne\. Chile has published plans to tender lithium projects in batches and substantially raise its long-term capacity target\.

## Original publisher

高工锂电. Published: 2026-10-26T11:22:20.000Z