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Ganfeng Lithium (Shenzhen: 002460; also HKEX: 1772) is the world's largest lithium metal producer and China's largest lithium compounds producer, vertically integrated from brine and spodumene mining through lithium chemical conversion (carbonate, hydroxide, chloride, metal) to lithium-ion battery cells, EV/ESS battery packs, solid-state battery R&D (500-650 Wh/kg prototypes in small-scale production as of mid-2026), and battery recycling.
Widely reported (company IR bio, financial press) as Ganfeng's founder, Chairman, and single largest individual shareholder. GLEIF has an LEI on file for the company (see `lei:` above) but no parent/ownership relationship data filed — expected for an individually-controlled, not corporately-owned, listed company, not a filing gap. Exact current stake percentage not independently confirmed from a primary shareholder-register table this pass: a 2025-11 share-pledge-release announcement discloses the released tranche as 1.21% of Li's holding and 0.22% of total share capital, which implies a total holding in the high-teens percent of total share capital, but that is a derived estimate from a secondary aggregator's summary, not a number read directly off the FY2025 annual report's top-10-shareholders table — flagged for direct confirmation next pass rather than asserted as precise.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 27 suppliers, 26 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Supplier number 2 in both years and the only named entity in either top-5 list — Australian spodumene from a JV Ganfeng part-owns, i.e. upstream self-supply, not an arm's-length dependency. FY2024: CNY 1,385,914,654.38 / 6.82 percent.
A partnership disclosure in the business review, NOT a top-5 customer entry — grid-scale storage projects, no contract value given. Any revenue attached to it is unverified.
Related-party procurement (spodumene), H1-2025 interim report note 十四: RMB 452,844,318.88 against a board-approved RMB 3.590bn cap, not exceeded (H1-2024 comparative: RMB 753,931,129.80). This table has no percentage-of-total column, unlike the annual report's top-5 disclosure above.
H1-2024 comparative from the H1-2025 interim filing: RMB 753,931,129.80.
Procurement of steam etc.: RMB 97,026,773.07 against a RMB 500m cap, not exceeded (H1-2024: RMB 113,371,187.82).
H1-2024 comparative from the H1-2025 interim filing: RMB 113,371,187.82.
Procurement of LFP (lithium iron phosphate) etc.: RMB 53,580,538.66 against a RMB 300m cap, not exceeded (H1-2024: RMB 17,075,686.53). Disclosed as a related party via a key-management-personnel minority stake. Also a customer this period — see the separate `role: customer` rows below.
H1-2024 comparative from the H1-2025 interim filing: RMB 17,075,686.53.
Procurement of transport services etc.: RMB 29,276,099.47, approved on an as-needed basis (H1-2024: RMB 50,945,232.54). Also a customer this period (IT services) — see the separate `role: customer` rows below.
H1-2024 comparative from the H1-2025 interim filing: RMB 50,945,232.54.
Procurement of lithium mica etc.: RMB 17,034,501.53, approved on an as-needed basis. No H1-2024 comparative shown in the H1-2025 filing's related-party table — read as a new or below-threshold relationship in the prior period, not confirmed either way. Entity name inferred from the standard '湖南尖峰' short form used elsewhere in Ganfeng group disclosures for its lepidolite (lithium mica) supply chain; confirm the full legal name against a primary Hunan Jianfeng filing before citing externally.
Procurement of ore-processing/beneficiation equipment etc.: RMB 241,315.43 against a RMB 100m cap, not exceeded (H1-2024: RMB 1,659,406.93).
H1-2024 comparative from the H1-2025 interim filing: RMB 1,659,406.93.
Procurement of battery separator film: RMB 21,134.50, approved on an as-needed basis (H1-2024: RMB 1,600,712.90). Full legal name inferred from the '大连伊科' short form; unverified against a primary Dalian Yike filing.
H1-2024 comparative from the H1-2025 interim filing: RMB 1,600,712.90.
Procurement of lithium chloride etc.: RMB 9,422,309.23. The H1-2025 filing's related-party table lists this counterparty with a blank current-period cell, i.e. zero disclosed H1-2025 procurement — not written as an H1-2025 row since a blank comprehensive-table cell (unlike a top-5 table drop-out) is a stated zero, not censored. Also a customer both periods — see the separate `role: customer` rows below.
Procurement of battery modules etc.: RMB 1,327,433.62. H1-2025 cell blank in the filing's related-party table (stated zero, not right-censored — see the Zhejiang Shaxing note above for the same reading).
Sale of power-battery assemblies etc.: RMB 111,224,904.78 — the largest single related-party sale this period, up from RMB 19,825,796.42 in H1-2024 (+461%). Full legal name inferred from the '重庆瑞驰' short form; unverified against a primary Chongqing Ruichi filing.
H1-2024 comparative from the H1-2025 interim filing: RMB 19,825,796.42.
Sale of lithium carbonate etc.: RMB 22,415,752.80 (H1-2024: RMB 28,158,753.56). Filing gives only the short form 'LAR', likely Lithium Argentina AG (formerly Lithium Americas, Ganfeng's Cauchari-Olaroz JV partner per this dossier's production footprint) or a subsidiary thereof — plausible but not confirmed by full legal name in the filing text extracted; treat the entity-identity read as secondary-grade even though the RMB figure itself is from a primary filing.
H1-2024 comparative from the H1-2025 interim filing: RMB 28,158,753.56. Same entity-identity caveat as the H1-2025 row.
Sale of battery-grade lithium carbonate etc.: RMB 22,334,450.00 (H1-2024: RMB 70,275,270.79, -68.2%).
H1-2024 comparative from the H1-2025 interim filing: RMB 70,275,270.79.
Sale of processed lithium metal etc.: RMB 5,053,649.24 (H1-2024: RMB 12,089,913.91).
H1-2024 comparative from the H1-2025 interim filing: RMB 12,089,913.91.
Sale of sodium hydroxide etc.: RMB 3,304,234.56 (H1-2024: RMB 3,111,844.95).
H1-2024 comparative from the H1-2025 interim filing: RMB 3,111,844.95.
Sale of lithium carbonate etc.: RMB 3,334,513.26. H1-2025 cell blank in the filing's related-party table (stated zero, not right-censored).
Related-party procurement (spodumene), H1-2026 interim report note 十四: RMB 1,725,921,734.39 against a board-approved RMB 3,496,450,000.00 cap, not exceeded (+281% vs the H1-2025 comparative of RMB 452,844,318.88 on file above).
Procurement of lithium mica (lepidolite) etc.: RMB 130,203,729.28, approved on an as-needed basis (H1-2025 comparative on file above: RMB 17,034,501.53, +664%). NAME CORRECTION: this filing gives the full legal name as 湖南尖峰矿业有限公司 (Hunan Jianfeng MINING Co., Ltd.) — the H1-2025 row above recorded '湖南尖峰水泥有限公司' (...CEMENT Co., Ltd.), inferred from a short form and flagged unverified at the time. 矿业 (mining), not 水泥 (cement), is the correct reading.
Procurement of LFP (lithium iron phosphate) etc.: RMB 121,715,785.31 against a RMB 500m cap, not exceeded (H1-2025 comparative on file above: RMB 53,580,538.66, +127%).
Procurement of steam etc.: RMB 108,481,424.97 against a RMB 500m cap, not exceeded (H1-2025 comparative on file above: RMB 97,026,773.07, +12%).
Procurement of transport services etc.: RMB 40,554,573.89, approved on an as-needed basis (H1-2025 comparative on file above under the name '江西锂电云科技有限公司及其子公司': RMB 29,276,099.47, +39% — identical amount confirms the same entity). The H1-2026 filing's fuller legal name reads 供应链管理 (Supply Chain Management), not 科技 (Technology) as previously recorded — likely the same group entity under different internal short-forms across filing years, not independently confirmed against a registry.
First appearance as a related-party SUPPLIER in this dossier: procurement of cobalt chloride, RMB 34,355,752.22 (H1-2025: nil disclosed). Related-party status is consistent with Ganfeng's ~6.9% minority equity stake noted in this dossier's Cobalt exposure section (2021 SMM/Metal.com-sourced, ~RMB 300m).
First appearance as a related-party SUPPLIER (previously only a customer in this dossier): procurement of potassium chloride etc., RMB 2,929,100.92 (H1-2025: nil disclosed on the procurement side).
First appearance as a related-party SUPPLIER (previously only a customer in this dossier): procurement of lithium-rich manganese oxide, RMB 65,612.83 (H1-2025: nil disclosed on the procurement side).
Procurement of spare parts etc.: RMB 7,646.02, approved on an as-needed basis (H1-2025 comparative on file above under the name '山东鑫海矿业技术装备股份有限公司及其子公司': RMB 241,315.43, -97%). This filing's name reads 矿业集团 (Mining GROUP), not 矿业技术装备 (Mining Technology & Equipment) as previously recorded — flagged as a possible distinct group entity, not confirmed identical.
First appearance in this dossier and the single largest related-party transaction in the H1-2026 filing by far: sale of lithium-ion battery systems etc., RMB 949,708,686.13 (H1-2025: nil disclosed). Filing text gives only the short form '深圳易储' (also named elsewhere in this same interim report as a RMB 435m-limit guarantee counterparty, '深圳易储及其控股子公司'); the full legal name here is a plausible reconstruction, not read verbatim off a company-register table — confidence downgraded to secondary pending confirmation of the exact registered name.
Sale of battery-grade lithium carbonate etc.: RMB 152,623,815.39 (H1-2025 comparative on file above: RMB 22,334,450.00, +583%).
Sale of lithium carbonate etc.: RMB 135,145,347.26 (H1-2025 comparative on file above: RMB 22,415,752.80, +503%). Same entity-identity caveat as the H1-2025/H1-2024 rows above — the filing gives only the short form 'LAR'.
First appearance in this dossier: sale of lithium-ion batteries, RMB 38,462,390.91 (H1-2025: nil disclosed). Ganfeng-branded JV-style name ('分宜' is a Jiangxi county; '工投' suggests a local state industrial-investment platform as co-owner) — read as a downstream captive/JV customer, not an arm's-length industry buyer, pending confirmation of the ownership structure.
Sale of power-battery assemblies etc.: RMB 34,138,107.86, down from the H1-2025 comparative on file above of RMB 111,224,904.78 (-69%). NAME DISCREPANCY: this filing names the counterparty 重庆瑞驰汽车实业有限公司 (...Automobile INDUSTRIAL Co., Ltd.); the H1-2025 row above recorded '重庆瑞驰新能源汽车设计院有限公司' (...New Energy Vehicle DESIGN INSTITUTE Co., Ltd.) from the H1-2025 filing's own related-party table. Amounts are otherwise consistent in kind (same relationship, same transaction type), so this is very likely the same counterparty under two different legal-entity renderings within the Ruichi group rather than two unrelated companies — flagged, not resolved.
Sale of sodium hydroxide etc.: RMB 3,834,920.97 (H1-2025 comparative on file above: RMB 3,304,234.56, +16%).
Sale of processed potassium chloride etc.: RMB 2,825,415.93 (H1-2025: nil disclosed on the sales side; the H1-2024 comparative on file above, RMB 3,334,513.26, is from a non-adjacent period so is not chained into a delta here).
Sale of lithium hydroxide etc.: RMB 420,212.39, against an H1-2025 comparative of RMB 17,647.27 (+2,281%) — both figures from this same H1-2026 filing. First appearance of this counterparty as a customer in this dossier (the supplier-side relationship above is separately disclosed).
H1-2025 comparative from the same H1-2026 interim filing: RMB 17,647.27.
Sale of processed lithium metal etc.: RMB 133,592.92 (H1-2025 comparative on file above: RMB 5,053,649.24, -97%).
First appearance in this dossier: sale of lithium-ion batteries, RMB 4,163.87 (H1-2025: nil disclosed). Ganfeng-branded name suggests a controlled/JV downstream entity, not an arm's-length buyer.
First appearance in this dossier: sale of top caps, lithium-ion cells etc., RMB 54,481.89 (H1-2025: nil disclosed).
First appearance as a related-party CUSTOMER (previously only a supplier in this dossier): sale of IT services etc., RMB 54,441.82 (H1-2025: nil disclosed on the sales side).
First appearance in this dossier: sale of testing services etc., RMB 3,113.21 (H1-2025: nil disclosed). Filing text gives only the short form '江西领能'; the full legal name here is a plausible reconstruction, not confirmed verbatim — confidence downgraded to secondary.
Trade-press report on Pilbara Minerals' 15 Jan 2024 ASX announcement: 'The recent amendment results in a total allocation of up to 310,000tpa of spodumene concentrate over CY24, CY25 and CY26,' expanding a 2017 agreement under which Pilbara supplies 160,000 t/y from Pilgangoora to Ganfeng. Mirrors the row filed in pls.md/pilbara-minerals.md (duplicate dossiers for the same ASX-listed company); primary ASX PDF could not be parsed this pass, so confidence is downgraded to secondary.
Mirrors the row filed in mineral-resources.md. MinRes FY23 half-year results: 'Record lithium battery chemicals earnings from Mt Marion under the tolling agreement with Jiangxi Ganfeng Lithium Co. Ltd (Ganfeng)' and 'Extended Ganfeng tolling agreement to December 2023, with an option to extend to December 2024.' A toll-conversion arrangement (Ganfeng converts Mt Marion spodumene into lithium chemicals), not a confirmed outright sale; related_party: true because Ganfeng is the 50% JV co-owner of Mt Marion (see the 'Mt Marion Lithium Pty Ltd' rows above, the JV vehicle itself). Trade press reports the tolling deal was mutually ended around Jun 2023 with MinRes continuing to sell its spodumene share to Ganfeng directly at market price, but that wording is not independently confirmed from a primary release this pass.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
5 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 990 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Trade-press report on Pilbara Minerals' 15 Jan 2024 ASX announcement: 'The recent amendment results in a total allocation of up to 310,000tpa of spodumene concentrate over CY24, CY25 and CY26,' expanding the 2017 agreement under which Pilbara supplies 160,000 t/y of spodumene concentrate from Pilgangoora to Ganfeng. The primary ASX PDF (announcements.asx.com.au/asxpdf/20240115/pdf/05zf9p7cc6ys2g.pdf) could not be parsed this pass, so channel/confidence are downgraded to websearch/secondary pending a primary re-check, consistent with the POSCO row above. Ganfeng is a Chinese converter (see 002460.md); flow follows that.
Q2 2026 6-K: Ganfeng is entitled to 80% of the first 12,250 tpa of lithium carbonate under an offtake agreement at market-based prices (9,800 tpa at full capacity); the company sold about US$171.9m of lithium carbonate to Ganfeng in the six months to 30 Jun 2026, acting as agent with no net commission. Related party: Ganfeng also holds 46.7% of Minera Exar, ~9.6% of Lithium Argentina common shares, and will hold 67% of the PPG JV. share_pct omitted: the 80% applies to a fixed tranche, not to total sales.
Lithium Argentina's 6-K states Ganfeng is allocated 80% of the first 12,250 tpa of Lithium Argentina's 49% offtake entitlement (an allocation, not a share of Minera Exar sales). Ganfeng is also a 46.7% shareholder of Minera Exar. Bangchak (up to 6,000 tpa) is the other named buyer.
Trade press (MINING.COM) reports the Ganfeng tolling agreement ended effective 1 Jun 2023 by mutual agreement, with MinRes continuing to sell its share of Mt Marion spodumene concentrate to Ganfeng at prevailing market prices. Supersedes the earlier row citing the FY23 half-year tolling extension (MinRes Jan 2023), which the termination overtook; the termination page itself was not fetchable (HTTP 403) and no primary MinRes release was located, hence secondary. Ganfeng is also the 50% JV co-owner of Mt Marion, hence related_party: true. Ganfeng's conversion plants are in China (see 002460.md); flow follows that.
福建紫金锂元材料科技有限公司紫金矿业固态电池锂电新材料建设工程 EIA report (Fujian provincial 生态环境厅, 公示本, page 54): 'the project's main raw material is lithium chloride... externally-purchased anhydrous lithium chloride is mainly sourced from Anhui Tiantie Lithium Battery New Energy Co. (incl. its Jiangsu Changjili plant), Sichuan Ausheng New Materials Co., and Jiangxi Ganfeng Lithium Co. Ltd, among other suppliers' — Ganfeng verbatim-quoted and live-verified on this VPS 2026-09-10 (PDF fetched fresh, not recalled from memory). No share_pct disclosed — EIA reports name suppliers, never volumes or percentages. This is the supplier-side counterpart to Ganfeng's own dossier (002460), which carries no reciprocal customer row for Zijin — EIA filings are one-directional disclosure (name the supplier, not the buyer).
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 5 of its 5 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is coverage-limited.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇦🇷 AR accounts for 33% of severity-weighted pressure.