Shanghai (ZXZC)- Chinese lithium battery materials supplier Ningbo Shanshan Co., Ltd. (“Shanshan”) said this week its net profit attributable to shareholders was forecasted to reach 1.6 billion yuan to 1.7 billion yuan ($237.724 million-$252.582 million) in the first half of 2022 (“H1 2022”), surging 111% to 124% compared to the same span in 2021.

After deduction of non-recurring profit and loss, Shanshan's H1 net profit belonging to shareholders was anticipated to stand between 1.35 billion yuan and 1.45 billion yuan ($200.579 million-$215.437 million), soaring 87% to 100% from the previous year.

Photo credit: Shanshan

The company said the robust growth in semi-annual net profit mainly benefitted from the massive demands for anode materials, which are buoyed amid the robust development of China's new energy vehicle ("NEV") industry, and the efforts to strengthen partnerships with strategic clients.

The rising net profit should also owe to the year-on-year spike in H1 anode materials shipments, which resulted from a smooth unleashing of the production capacity at Shanshan's Baotou base Phase Ⅱ.

In addition, the company's stable growth in polaroid business also somewhat contributed to the semi-annual net profit leap.

Another factor accounting for the profit increase was the investment income received from the transfer of 100% equity interest in Hunan Yongshan Lithium Co. Ltd.