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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Jiangxi Special Electric Motor Co.,Ltd    002176   CNE1000007F4

JIANGXI SPECIAL ELECTRIC MOTOR CO.,LTD

(002176)
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End-of-day quote. End-of-day quote SHENZHEN STOCK EXCHANGE - 01/25
6.71 CNY   +5.01%
2020China's Ganfeng posts profit jump, quits deal to take over more lithium lines
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2017Electric vehicle car and battery makers invest in mines
RE
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China's Ganfeng posts profit jump, quits deal to take over more lithium lines

10/29/2020 | 09:19am EST

(Reuters) - Ganfeng Lithium, one of the world's top producers of the commodity used in electric-vehicle batteries, on Thursday reported a big jump in third-quarter profit but pulled out of a deal that would have boosted its output.

The Chinese company, which supplies lithium to automakers including Tesla Inc and BMW, posted net income of 174 million yuan ($26 million) for July-September, a filing to the Shenzhen Stock Exchange showed.

That was up more than fivefold from 33.4 million yuan a year earlier, when Ganfeng had reported a sharp drop in the value of its financial assets, and marked its best result since the first quarter of 2019.

Revenues rose 8.5% year-on-year to 1.51 billion yuan in the third quarter but fell 7.5% in the first nine months of 2020, in which Ganfeng managed to eke out only a 0.4% increase in profit.

In China, prices for battery chemical lithium carbonate <AM-99C-LTCB> are down some 10% year-to-date amid ample supply.

"The company's production and sales ... increased, but the price of lithium salt products fell," Ganfeng said, noting its lithium battery sales had also climbed.

In a separate filing, Ganfeng said it had terminated a deal announced in August that would have seen it take over 25,000 tonnes of annual lithium carbonate and 5,000 tonnes of lithium hydroxide production from smaller firms including Jiangxi Special Electric Motor Co.

The two sides "failed to reach an agreement on the technological transformation plan for the lithium salt production lines" and opted to terminate the agreement, which would have run from this month to March 2023, it said.

Ganfeng produced just over 54,000 tonnes of lithium carbonate equivalent in 2019.

Upstream, one of its raw material suppliers, Australian spodumene producer Altura Mining, announced on Monday it had gone into receivership, although a Ganfeng spokesman played down the impact on the company.

($1 = 6.7029 Chinese yuan renminbi)

(Reporting by Tom Daly, Kirsten Donovan)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALTURA MINING LIMITED 0.00% 0.07 End-of-day quote.0.00%
BMW AG -1.07% 71.31 Delayed Quote.-1.27%
GANFENG LITHIUM CO., LTD. 0.32% 140 End-of-day quote.38.34%
JIANGXI SPECIAL ELECTRIC MOTOR CO.,LTD 5.01% 6.71 End-of-day quote.79.89%
PILBARA MINERALS LIMITED 2.61% 1.18 End-of-day quote.35.63%
SHENZHEN STOCK EXCHANGE A SHARE INDEX 0.28% 2533.5252 Real-time Quote.3.94%
TESLA, INC. -2.14% 864.16 Delayed Quote.22.46%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.04% 6.4932 Delayed Quote.-0.36%
VOLKSWAGEN AG -1.83% 160.02 Delayed Quote.4.99%
All news about JIANGXI SPECIAL ELECTRIC MOTOR CO.,LTD
2020China's Ganfeng posts profit jump, quits deal to take over more lithium lines
RE
2017Electric vehicle car and battery makers invest in mines
RE
More news
Financials
Sales 2019 2 595 M 401 M 401 M
Net income 2019 -2 024 M -313 M -313 M
Net Debt 2019 1 424 M 220 M 220 M
P/E ratio 2019 -3,16x
Yield 2019 -
Capitalization 11 910 M 1 837 M 1 839 M
EV / Sales 2018 3,97x
EV / Sales 2019 3,02x
Nbr of Employees 4 456
Free-Float 70,7%
Chart JIANGXI SPECIAL ELECTRIC MOTOR CO.,LTD
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Jiangxi Special Electric Motor Co.,Ltd Technical Analysis Chart | 002176 | CNE1000007F4 | MarketScreener
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Managers and Directors
NameTitle
Jun Zhu Chairman & President
Xiao Ying Zhang Chairman-Supervisory Board
Liang Ping Long Chief Financial Officer
Min Feng Peng Director
Shun Min Lu Director
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