According to a report published by UBS, Ganfeng Lithium announced its results for the first nine months of 2026, with a net profit of 5,012 billion yuan, reaching 65% of the bank's forecast for the full year 2026. Net profit for the third quarter was 755 million yuan, up 36% year on year and down 69% month on month, lower than the bank and market expectations. The bank pointed out that lower performance expectations were mainly due to falling lithium carbonate sales prices in the third quarter, which were delayed and mismatched with inventory costs of higher-priced spodumene, which is estimated to have caused a loss of about 630 million yuan, which explains most of the gap with market expectations. Furthermore, the month-on-month decline in investment income was mainly due to the weakening profits of the associated company Mt Marion, the high sales revenue base of Pilbara in the second quarter, and seasonal factors. The company said in an analysts' conference call that the outlook is largely unchanged, production expansion plans are still progressing according to schedule, and capital expenditure is expected to increase next year, depending on the scope of PPG financing and Mariana upgrades. Management believes that the price of lithium carbonate is close to the bottom, and the risk is biased upward. The bank expects investors to respond negatively to the third quarter results, maintaining a “buy” rating and target price of HK$44.28.

According to a report published by UBS, Ganfeng Lithium announced its results for the first nine months of 2026, with a net profit of 5,012 billion yuan, reaching 65% of the bank's forecast for the full year 2026. Net profit for the third quarter was 755 million yuan, up 36% year on year and down 69% month on month, lower than the bank and market expectations. The bank pointed out that lower performance expectations were mainly due to falling lithium carbonate sales prices in the third quarter, which were delayed and mismatched with inventory costs of higher-priced spodumene, which is estimated to have caused a loss of about 630 million yuan, which explains most of the gap with market expectations. Furthermore, the month-on-month decline in investment income was mainly due to the weakening profits of the associated company Mt Marion, the high sales revenue base of Pilbara in the second quarter, and seasonal factors. The company said in an analysts' conference call that the outlook is largely unchanged, production expansion plans are still progressing according to schedule, and capital expenditure is expected to increase next year, depending on the scope of PPG financing and Mariana upgrades. Management believes that the price of lithium carbonate is close to the bottom, and the risk is biased upward. The bank expects investors to respond negatively to the third quarter results, maintaining a “buy” rating and target price of HK$44.28.