# Jiangxi Ganfeng Lithium (002460.SHE)

Canonical: https://gigainvestors.com/s/002460.SHE

Analysis as of: 2026-10-16T07:35:28.508Z. Financial observations: FY2007–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 40.01 per share; close as of 2026-10-15.

Estimated value: low CNY 10.96 per share, central CNY 11.85 per share, high CNY 13.02 per share. Buy at or below the central value CNY 11.85 per share. Valuation as of 2026-10-16T07:35:28.508Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.85×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.40×

- FY2018: 0.27×

- FY2019: 0.09×

- FY2020: 0.21×

- FY2021: 0.51×

- FY2022: 0.54×

- FY2023: 0.16×

- FY2024: -0.12×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 19.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 2.2%

- Typical minus recent gross margin: 19.6 pp

- Typical gross margin (annual median): 28.7%

- Recent gross margin (lower of latest and 3-year median): 9.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.9%

- ROIC including acquisitions, ten-year median: 5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.3%

- FY2017: 39.1%

- FY2018: 17.8%

- FY2019: 3.3%

- FY2020: 7.4%

- FY2021: 24.8%

- FY2022: 43.8%

- FY2023: 7.0%

- FY2024: -3.0%

- FY2025: 2.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.47×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 14B

- Net income, five-year total: CNY 30B

- Return on incremental invested capital: 3.7%

- Working capital / revenue, annual change: -2.6 pp

- Working capital / revenue, change between three-year averages: -17.0 pp

- Working capital / revenue, final three-year average: 17.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -0.58×

- FY2024: 4.53×

- FY2025: 0.47×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 17.8% vs 2.2%

- Per-share earnings: 0.42 to 0.79 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.2%

- Ordinary dilution, 5-year annual growth: 8.8%

- Market cap gain: CNY 99B

- Cumulative retained earnings: CNY 26B

- Diluted shares, 10-year annual growth: 6.2%

- Diluted shares, 5-year annual growth: 8.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.3%

- Per-share value change: CNY 0.37

- Per-share value, starting three-year median: CNY 0.42

- Per-share value, ending three-year median: CNY 0.79

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 21B

- Cumulative net income, 10 years: CNY 35B

- ROIC, first three-year median: 17.8%

- ROIC, last three-year median: 2.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.42

- FY2017: CNY 1.34

- FY2018: CNY 1.24

- FY2019: CNY 0.32

- FY2020: CNY 0.77

- FY2021: CNY 3.63

- FY2022: CNY 10.17

- FY2023: CNY 2.46

- FY2024: CNY -1.03

- FY2025: CNY 0.79

### accounting: pass

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.46×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: 12.1%

- FY2018: 4.9%

- FY2019: -2.2%

- FY2020: 1.3%

- FY2021: 6.7%

- FY2022: 10.1%

- FY2023: 5.2%

- FY2024: -7.2%

- FY2025: -1.2%

## Holders

## Price story

Down 76% since Nov 2021 · sales +22.1%

Story as of 2026-10-16T10:00:04.988Z; price observation 2026-10-15.

Price needs cash profits to grow 21.1% a year for ten years

### Sales · FY2024–2025

sales +22.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 2.8B 

- FY2017: CNY 4.4B 

- FY2018: CNY 5.0B 

- FY2019: CNY 5.3B 

- FY2020: CNY 5.5B 

- FY2021: CNY 11B 

- FY2022: CNY 42B 

- FY2023: CNY 33B 

- FY2024: CNY 19B 

- FY2025: CNY 23B 

### Gross margin · FY2025

gross margin 15.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 34.2% 

- FY2017: 40.7% 

- FY2018: 36.0% 

- FY2019: 23.1% 

- FY2020: 21.4% 

- FY2021: 39.8% 

- FY2022: 49.4% 

- FY2023: 8.7% 

- FY2024: 9.0% 

- FY2025: 15.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in chemicals; annual sales are CNY 23.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2025: revenue 23081732746.32; grossProfit 3628844584.01; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002460.SHE: Ganfeng Lithium Group Co., Ltd. manufactures and sells lithium products in China. The company offers lithium hydroxide, carbonate, fluoride, chloride, and other compounds; lithium metals, battery grade lithium metal, lithium foil, and other lithium alloys; cesium and rubidium compounds; and Organo lithium compounds. It also provides power battery, energy storage system, 3C digital batteries, consumer electronics battery, and solid state lithium batteries; lithium battery materials, such as precursor materials and materials for solid state lithium batteries; and battery recycling solutions. In addition, the company offers raw materials to automotive, battery, and materials manufacturers; energy storage equipment for clean energy sources, including solar and wind power; battery solutions for consumer electronic devices, such as mobile phones, headphones, and robot vacuum cleaners; and lithium-ion battery systems for industrial vehicles, as well as engages in recycling, processing, and reusing resources from used batteries. Its products are used in electric vehicles, energy storage, aerospace, functional materials, and pharmaceuticals industries. Ganfeng Lithium Group Co., Ltd. was founded in 2000 and is headquartered in Xinyu, China.

### Why customers stay

Margins ranged from 8.7% to 15.7% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2023: grossProfit / revenue = 8.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2024: grossProfit / revenue = 9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2025: grossProfit / revenue = 15.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); 10-year return on capital observations [[2016,0.17278420282238457],[2017,0.3912599326774724],[2018,0.1775100578751537],[2019,0.032725737891723984],[2020,0.07354585280147859],[2021,0.2478991896481918],[2022,0.437920397001782],[2023,0.06984488254072024],[2024,-0.030033597053188442],[2025,0.02197265525408495]]; median 0.12316502781193159. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 3.7% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2016: growth capex 415362273.58; upkeep 90842420; owner earnings 464365101. Growth capex / owner earnings = 0.894473492270471.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2017: growth capex 246771712.56; upkeep 106143636; owner earnings 1469078132. Growth capex / owner earnings = 0.1679772553853521.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2018: growth capex 322345910.55515957; upkeep 876036352.8048403; owner earnings 610907647.1951597. Growth capex / owner earnings = 0.5276508029243632.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2020: growth capex 107264689.28673887; upkeep 1103019666.823261; owner earnings 186496415.17673898. Growth capex / owner earnings = 0.5751568424791771.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2021: growth capex 3058143444.84; upkeep 355220101; owner earnings 5224426052.578. Growth capex / owner earnings = 0.5853549105802647.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2022: growth capex 4460825041.89; upkeep 488892083; owner earnings 20498328299.308. Growth capex / owner earnings = 0.21761896759359606.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); FY2025: growth capex 4464853478.969461; upkeep 2956885913.210539; owner earnings 750245606.257461. Growth capex / owner earnings = 5.9511891062475115.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); Incremental return on capital 0.037229344066795865, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); Dividend observations: [[2016,77549265.11],[2017,117109561.81],[2018,348289547.93],[2019,387779993],[2020,387849995],[2021,416830344],[2022,431952171],[2023,2547612205.75],[2024,1609866000],[2025,1374562092.58]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 35.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002460.SHE SharesStats.PercentInsiders = 35.483 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.1% yearly over ten years; actual growth was 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:28.508Z); Ten-year compound average after fade. Initial solved rate 0.2945329203497654. Price 40.01; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1118637292425268 → FY2025 0.36745258086912336. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 32.17 per share

- 2016-11: CNY 29.50 per share

- 2016-12: CNY 26.51 per share

- 2017-01: CNY 26.12 per share

- 2017-02: CNY 28.70 per share

- 2017-03: CNY 41.33 per share

- 2017-04: CNY 42.16 per share

- 2017-05: CNY 41.61 per share

- 2017-06: CNY 46.25 per share

- 2017-07: CNY 67.11 per share

- 2017-08: CNY 76.35 per share

- 2017-09: CNY 87.30 per share

- 2017-10: CNY 87.61 per share

- 2017-11: CNY 73.40 per share

- 2017-12: CNY 71.75 per share

- 2018-01: CNY 58.08 per share

- 2018-02: CNY 72.38 per share

- 2018-03: CNY 77.38 per share

- 2018-04: CNY 62.38 per share

- 2018-05: CNY 41.72 per share

- 2018-06: CNY 38.58 per share

- 2018-07: CNY 36.85 per share

- 2018-08: CNY 29.98 per share

- 2018-09: CNY 32.49 per share

- 2018-10: CNY 23.60 per share

- 2018-11: CNY 25.30 per share

- 2018-12: CNY 22.08 per share

- 2019-01: CNY 19.44 per share

- 2019-02: CNY 26.92 per share

- 2019-03: CNY 27.59 per share

- 2019-04: CNY 1,000,000.00 per share

- 2019-05: CNY 24.48 per share

- 2019-06: CNY 23.43 per share

- 2019-07: CNY 22.11 per share

- 2019-08: CNY 20.85 per share

- 2019-09: CNY 22.56 per share

- 2019-10: CNY 21.81 per share

- 2019-11: CNY 27.75 per share

- 2019-12: CNY 34.83 per share

- 2020-01: CNY 43.40 per share

- 2020-02: CNY 51.98 per share

- 2020-03: CNY 40.26 per share

- 2020-04: CNY 46.31 per share

- 2020-05: CNY 49.60 per share

- 2020-06: CNY 53.57 per share

- 2020-07: CNY 55.96 per share

- 2020-08: CNY 50.60 per share

- 2020-09: CNY 54.18 per share

- 2020-10: CNY 60.92 per share

- 2020-11: CNY 78.20 per share

- 2020-12: CNY 101.20 per share

- 2021-01: CNY 119.80 per share

- 2021-02: CNY 99.02 per share

- 2021-03: CNY 94.26 per share

- 2021-04: CNY 109.49 per share

- 2021-05: CNY 129.10 per share

- 2021-06: CNY 121.09 per share

- 2021-07: CNY 194.66 per share

- 2021-08: CNY 220.00 per share

- 2021-09: CNY 162.94 per share

- 2021-10: CNY 167.40 per share

- 2021-11: CNY 167.51 per share

- 2021-12: CNY 142.85 per share

- 2022-01: CNY 133.95 per share

- 2022-02: CNY 151.41 per share

- 2022-03: CNY 125.65 per share

- 2022-04: CNY 110.67 per share

- 2022-05: CNY 119.00 per share

- 2022-06: CNY 148.70 per share

- 2022-07: CNY 89.11 per share

- 2022-08: CNY 85.70 per share

- 2022-09: CNY 74.84 per share

- 2022-10: CNY 79.02 per share

- 2022-11: CNY 81.00 per share

- 2022-12: CNY 69.51 per share

- 2023-01: CNY 78.83 per share

- 2023-02: CNY 72.40 per share

- 2023-03: CNY 66.47 per share

- 2023-04: CNY 64.99 per share

- 2023-05: CNY 62.00 per share

- 2023-06: CNY 60.96 per share

- 2023-07: CNY 59.83 per share

- 2023-08: CNY 47.41 per share

- 2023-09: CNY 44.60 per share

- 2023-10: CNY 44.28 per share

- 2023-11: CNY 39.00 per share

- 2023-12: CNY 42.80 per share

- 2024-01: CNY 34.03 per share

- 2024-02: CNY 40.05 per share

- 2024-03: CNY 36.36 per share

- 2024-04: CNY 35.26 per share

- 2024-05: CNY 33.63 per share

- 2024-06: CNY 28.65 per share

- 2024-07: CNY 28.13 per share

- 2024-08: CNY 27.33 per share

- 2024-09: CNY 34.47 per share

- 2024-10: CNY 33.98 per share

- 2024-11: CNY 42.05 per share

- 2024-12: CNY 35.01 per share

- 2025-01: CNY 33.08 per share

- 2025-02: CNY 36.38 per share

- 2025-03: CNY 33.83 per share

- 2025-04: CNY 29.95 per share

- 2025-05: CNY 30.18 per share

- 2025-06: CNY 33.77 per share

- 2025-07: CNY 36.00 per share

- 2025-08: CNY 39.92 per share

- 2025-09: CNY 60.88 per share

- 2025-10: CNY 69.02 per share

- 2025-11: CNY 62.55 per share

- 2025-12: CNY 62.89 per share

- 2026-01: CNY 68.60 per share

- 2026-02: CNY 73.10 per share

- 2026-03: CNY 78.38 per share

- 2026-04: CNY 88.68 per share

- 2026-05: CNY 71.48 per share

- 2026-06: CNY 65.40 per share

- 2026-07: CNY 49.71 per share

- 2026-08: CNY 53.89 per share

- 2026-09: CNY 43.43 per share

- 2026-10: CNY 41.93 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.71 per share, central CNY 3.07 per share, high CNY 3.54 per share

- FY2017: low CNY 7.47 per share, central CNY 9.75 per share, high CNY 11.09 per share

- FY2018: low CNY 11.13 per share, central CNY 14.44 per share, high CNY 16.36 per share

- FY2019: low CNY 9.41 per share, central CNY 12.83 per share, high CNY 14.82 per share

- FY2020: low CNY 8.46 per share, central CNY 11.39 per share, high CNY 13.10 per share

- FY2021: low CNY 17.32 per share, central CNY 22.84 per share, high CNY 26.05 per share

- FY2022: low CNY 39.04 per share, central CNY 53.80 per share, high CNY 62.39 per share

- FY2023: low CNY 11.51 per share, central CNY 14.74 per share, high CNY 16.61 per share

- FY2024: low CNY 5.90 per share, central CNY 6.38 per share, high CNY 7.01 per share

- FY2025: low CNY 7.47 per share, central CNY 8.03 per share, high CNY 8.76 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:09.676Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.