Credit Brief — GANFENG LITHIUM GROUP CO., LTD. (赣锋锂业)
002460.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 李良彬
- Registered address: 江西省新余市经济开发区龙腾路
- Office address: 江西省新余市经济开发区龙腾路
- Actual controller: 公司董事长李良彬家族
- Employees: 19,257
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 9,914.0 | 9,482.4 | 5,944.1 | 8,421.7 | 11,175.7 |
| Trading financial assets | 216.0 | 89.4 | 15.5 | 140.3 | 459.0 |
| Accounts receivable | 7,894.9 | 4,948.2 | 3,967.5 | 6,771.9 | 9,506.8 |
| Other receivables | 316.4 | 99.3 | 255.3 | 1,446.8 | 285.2 |
| Inventories | 10,111.1 | 8,264.0 | 8,613.1 | 13,001.7 | 15,150.0 |
| Long-term equity investments | 10,191.9 | 13,593.8 | 13,326.8 | 11,573.7 | 12,505.4 |
| Fixed assets | 4,825.5 | 12,288.2 | 16,382.8 | 21,220.6 | 21,805.6 |
| Construction in progress | 9,548.2 | 11,298.0 | 19,352.3 | 15,491.9 | 15,592.4 |
| Intangible assets | 14,299.6 | 17,957.0 | 21,539.3 | 20,767.0 | 20,283.8 |
| Total assets | 79,159.9 | 91,697.9 | 100,832.3 | 113,258.1 | 122,260.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 2,109.1 | 6,529.0 | 9,069.4 | 9,187.2 | 8,979.4 |
| Notes payable | 2,294.2 | 2,684.9 | 3,430.8 | 3,240.5 | 4,047.1 |
| Accounts payable | 7,693.5 | 6,247.2 | 8,766.3 | 12,893.3 | 13,081.0 |
| Contract liabilities | 492.7 | 282.3 | 174.3 | 1,850.2 | 1,844.1 |
| Other payables | 354.5 | 395.1 | 1,815.5 | 675.7 | 1,249.3 |
| Current portion of non-current liabilities | 1,521.5 | 3,076.0 | 6,958.8 | 7,320.5 | 6,809.1 |
| Long-term borrowings | 9,137.1 | 15,616.3 | 15,258.7 | 16,144.1 | 18,902.5 |
| Bonds payable | 0.0 | — | 354.5 | 1,145.0 | 940.4 |
| Total liabilities | 30,293.6 | 39,382.0 | 53,244.4 | 61,420.5 | 67,388.7 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,017.0 | 2,017.2 | 2,017.2 | 2,096.7 | 2,096.7 |
| Capital reserve | 12,381.9 | 12,131.4 | 10,348.7 | 12,864.9 | 13,047.4 |
| Retained earnings | 28,066.0 | 30,995.6 | 25,206.9 | 26,503.7 | 30,290.1 |
| Equity attributable to owners of the parent | 44,042.8 | 47,034.1 | 41,782.4 | 45,145.5 | 48,198.7 |
| Minority interests | 4,823.5 | 5,281.8 | 5,805.5 | 6,692.1 | 6,672.9 |
| Total equity | 48,866.3 | 52,315.9 | 47,587.9 | 51,837.6 | 54,871.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 41,822.5 | 32,971.7 | 18,906.4 | 23,081.7 | 23,096.9 |
| Cost of sales | 21,120.5 | 28,396.9 | 16,861.3 | 19,452.9 | 15,819.4 |
| Selling expenses | 117.4 | 177.4 | 146.8 | 171.6 | 108.6 |
| Administrative expenses | 933.3 | 982.4 | 871.4 | 1,185.4 | 563.6 |
| Finance costs | -83.4 | 581.5 | 873.5 | 1,534.1 | 658.1 |
| Investment income | 3,996.7 | 3,314.8 | 101.4 | 1,805.0 | 1,130.1 |
| Operating profit | 22,762.6 | 5,218.3 | -2,295.8 | 1,187.0 | 6,237.7 |
| Profit before tax | 22,778.7 | 5,258.7 | -2,301.2 | 1,187.8 | 6,201.1 |
| Net profit | 20,460.6 | 4,575.2 | -2,630.3 | 1,262.5 | 4,431.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.71x | 1.39x | 0.69x | 0.92x | 1.12x |
| Quick ratio | 1.17x | 0.98x | 0.42x | 0.58x | 0.74x |
| Debt-to-asset ratio | 38.3% | 42.9% | 52.8% | 54.2% | 55.1% |
| Total debt / EBITDA | 0.53x | 3.32x | 39.75x | 6.44x | 3.79x |
| EBITDA interest coverage | 286.84x | 13.07x | 0.91x | 3.42x | 14.28x |
| Gross margin | 49.5% | 13.9% | 10.8% | 15.7% | 31.5% |
| Net margin | 48.9% | 13.9% | -13.9% | 5.5% | 19.2% |
| Return on equity (ROE) | 41.9% | 8.7% | -5.5% | 2.4% | 8.1% |
| Revenue growth | — | -21.2% | -42.7% | 22.1% | 0.1% |
| Net profit growth | — | -77.6% | -157.5% | 148.0% | 251.0% |
| Receivable days | 69 | 55 | 77 | 107 | 150 |
| Cash received / revenue | 85.6% | 103.5% | 90.7% | 81.5% | 78.9% |
| Operating CF / net profit | 0.61x | 0.03x | -1.96x | 2.33x | 0.30x |
| Free cash flow | -1,605.9 | -8,356.5 | 328.5 | -672.1 | 91.4 |
Mechanical risk flags
- ⚠ Current ratio: 0.92 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.58 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.54 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: 3.42 (level: medium, reference threshold: <5.0)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 220.7 vs -431.7 CNY mn (deviation 151.13%, severity mid)
Sources: 2023年年度报告.pdf p.132 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.123 「货币资金」. CF-statement figure above the balance-sheet movement by 652.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -3,652.5 vs -3,538.3 CNY mn (deviation 3.13%, severity mid)
Sources: 2024年年度报告.pdf p.152 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.143 「货币资金」. CF-statement figure below the balance-sheet movement by 114.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 2,227.0 vs 2,477.6 CNY mn (deviation 10.11%, severity mid)
Sources: 2025年年度报告.pdf p.137 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.128 「货币资金」. CF-statement figure below the balance-sheet movement by 250.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 3,091.8 vs 2,754.0 CNY mn (deviation 10.93%, severity mid)
Sources: 2026年半年度报告.pdf p.81 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.69 「货币资金」. CF-statement figure above the balance-sheet movement by 337.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 8,421.7 | 2025年年度报告.pdf | 128 | 货币资金 | 8421690110.98 (元) |
| Total assets | 2025 | 113,258.1 | 2025年年度报告.pdf | 129 | 资产总计 | 113258091671.48 (元) |
| Accounts receivable | 2025 | 6,771.9 | 2025年年度报告.pdf | 128 | 应收账款 | 6771876033.55 (元) |
| Fixed assets | 2025 | 21,220.6 | 2025年年度报告.pdf | 128 | 固定资产 | 21220555679.29 (元) |
| Short-term borrowings | 2025 | 9,187.2 | 2025年年度报告.pdf | 129 | 短期借款 | 9187219745.34 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.