藏格矿业股份有限公司 关于回购公司股份方案的公告暨回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：000408 证券简称：藏格矿业 公告编号：2026-022 5、回购股份的回购期限：自董事会审议通过本次回购股份方案之日起不超 过 12 个月。 6、回购资金来源：公司自有资金。 7、相关股东是否存在减持计划：经公司核实，公司董事、高管、控股股东、 实际控制人、持股 5%以上的股东西藏藏格创业投资集团有限公司及其一致行动 人在未来 3 个月、未来 6 个月没有减持计划；持股 5%以上的股东宁波梅山保税 港区新沙鸿运投资管理有限公司（以下简称"新沙鸿运"）回复截至本次董事会 审议回购议案之日，暂无股份减持计划，但在未来 6 个月可能存在减持安排。若 相关主体未来拟实施增减持计划，将严格按照有关法律、法规及中国证监会、深 1 圳证券交易所发布的规范性文件之规定及时履行信息披露义务。 重要内容提示： 1、回购股份的种类：藏格矿业股份有限公司（以下简称"公司"）发行的 人民币普通股（A 股）股票。 2、回购股份的目的：本次回购的股份将用于实施公司员 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2026-023 基于对公司未来发展信心及长期价值的认可，为维护广大投资者利益并建立 长效激励机制，充分调动公司董事、高级管理人员、核心及骨干人员的积极性， 将股东利益、公司利益和核心团队个人利益有效结合，促进公司长远发展，公司 拟以自有资金不低于人民币 2 亿元（含）且不超过人民币 4 亿元（含），回购价 格不超过人民币 85.38 元/股（含），通过集中竞价交易方式回购公司部分已发行 的人民币普通股（A 股）股份用于实施员工持股计划或股权激励，具体回购股份 的数量以回购实施完毕或期限届满时实际回购的股份数量为准。本次回购股份的 实施期限为自董事会审议通过本次回购方案之日起 12 个月内。 为确保公司顺利实施本次股份回购，根据《中华人民共和国公司法》和《公 一、董事会会议召开情况 藏格矿业股份有限公司（以下简称"公司"）第十届董事会第九次（临时） 会议通知及会议材料于 2026 年 3 月 20 日以电子邮件等方式送达第十届董事会全 体董事和其他列席人员。会议采取现场结合通讯方式于 2026 年 3 月 23 日在成都 市高新区天府大道北段 1199 号 ...

证券研究报告|行业研究周报 ►印尼 RKAB 审批进度不及预期，供应不确定性对镍矿 价格或有支撑 截止到 3 月 20 日，LME 镍现货结算价报收 16770 美元/ 吨，较 3 月 13 日下跌 3.29%，LME 镍总库存为 283512 吨， 较 3 月 13 日减少 0.40%；沪镍报收 13.33 万元/吨，较 3 月 13 日价格下跌 2.73%，沪镍库存为 63661 吨，较 3 月 13 日增加 0.02%；截止到 3 月 20 日，硫酸镍报收 3.36 万元/吨，较 3 月 13 日价格上涨 2.13%。根据 SMM，目前，ESDM 截至 3 月中 旬已批准镍矿配额约 1 亿吨的 RKAB 配额，剩余的 1.6 亿至 1.7 亿吨预计将在 3 月底前完成审批。然而，受 3 月 18 日至 24 日开斋节假期影响，审批进度或将出现滞后，导致短期内 供应紧张局面难以缓解。此外，根据金十数据 3 月 9 日消息， 在上月一处工厂废弃物区域发生致命山体滑坡后，印尼四家镍 厂已暂时停产。据知情人士透露，位于印尼苏拉威西岛莫罗瓦 利工业园(印尼大型镍生产中心)运营的四座高压酸浸(HPAL)工 厂已停产 ...

代码不同，命也不同。 作者 | 破浪 编辑 | 小白 今年以来大家对化工ETF的热情极高，只要名字里带"化工"二字的产品，份额都出现了不同程度的增 长。 事实上，这里面的门道多得很，差之毫厘，收益可能就谬以千里。 涨幅断层式领先背后的真相 要说近期化工类产品的"显眼包"，莫过于建信基金旗下的能源化工ETF建信（159981.SZ）。 在多数化工类ETF还在跟随权益市场震荡寻底时，这款产品却走出了断层式的领先涨幅。 （来源： 市值风云APP ） 它能领先的关键在于它跟踪的指数——易盛能化A。 但有趣的是，代码不同，命也不同。表现最好的今年收益快接近35%了，而其它均不到5%。 | 序号 | 证券代码 | 证券名称 | > | 区间净申购额估算值(区间 ... 今年以来回报 [記始交易日期]2026-01-01 交易日期 20... [截止交易日期]2026-03-19 [是否年化]非... | | | 基金规模合并值 [交易日期]202 ... 跟踪指数名称 [单位]亿元 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | [单位]亿元 | ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：企业公告、绿电储能，封面：图虫创意 3月17日，藏格矿业披露， 2025年实现营业收入35.77亿元，同增10.3%，净利润38.5亿元，同增 49.32%。实现扣非后归母净利润40.31亿元，同比增长58.28%。 其中，藏格矿业第四季度实现收入11.7亿，同比增长27%；实现净利润12.7亿，同比增长82%。 | | | | | 2025 年末 | 2024 年末 | 本年末比上年末增减 | 2023 年末 | | --- | --- | --- | --- | --- | | 总资产 | 17, 692, 154, 203. 25 | 15.083.281. 912. 76 | 17. 30% | 14.091. 584. 562. 19 | | 归属于上市公司股东的净 资产 | 16, 243, 552, 634. 19 | 13, 865, 071, 905. 51 | 17. 15% | 13, 057, 776, 309. 67 | | | 2025 年 | 2024 年 | 本年比上年增减 | ...

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][15]. Core Insights - The company has demonstrated significant revenue growth, with a reported revenue of 3.58 billion yuan in 2025, reflecting a year-on-year increase of 10.0%. The net profit attributable to shareholders reached 3.85 billion yuan, up 49.3% year-on-year, and the net profit excluding non-recurring items was 4.03 billion yuan, increasing by 58.3% [4]. - The company has optimized its production costs significantly, particularly in potassium chloride, achieving an average selling price of 2,700 yuan per ton, which is a 28.6% increase year-on-year, while reducing unit sales costs by 17.6% to 1,000 yuan per ton [5]. - Investment income has notably increased, with the company holding a 30.78% stake in the Giant Dragon Copper Mine, which generated a revenue of 16.66 billion yuan and a net profit of 9.14 billion yuan in 2025. The investment income from this stake was 2.78 billion yuan, accounting for 72.2% of the company's net profit [7]. Financial Performance Summary - In 2025, the company achieved a return on equity (ROE) of 23.7%, an increase of 5.1 percentage points year-on-year, with a debt-to-asset ratio of 8.3% at the end of the reporting period [4]. - The company plans to produce 1.64 million tons of battery-grade lithium carbonate in 2026, with significant contributions expected from its projects in Tibet and Laos [9]. - The projected net profits for 2026, 2027, and 2028 are estimated at 7.09 billion yuan, 8.78 billion yuan, and 9.88 billion yuan, respectively, indicating robust growth potential [9].

公司点评 | 藏格矿业 业绩超预期+三年发展战略规划发布，进入高增长时期 证券研究报告 2026 年 03 月 17 日 藏格矿业（000408.SZ）2025 年报点评 事件：公司公告 2025 年年报，实现营收 35.77 亿元，同比增长 10.03%；归 母净利润 38.52 亿元，同比增长 49.32%；扣非后增长 58.28%。 2025 年业绩超预期，既有增长、更有质量。公司 2025 年实现营收 35.77 亿 元，同比增长 10.03%；归母净利润 38.52 亿元，同比增长 49.32%；扣非后 归母净利润为 40.31 亿元，同比增长 58.28%，业绩增长超出我们预期。 1）盈利能力方面，毛利率为 59.24%，同比提升 14.33 个百分点；净利率为 107.28%，同比提升 28.24%；ROE 为 25.59%，同比提升 6.42 个百分点。 经营性净现金流为 21.00 亿元，同比增长 128.49%；资产负债率为 8.35%， 总体来看公司业绩既有增长，更有质量。 2）分产品和业务来看：1、钾肥，产量为 103.32 万吨、销量为 108.43 万吨， 含税销售价格为 2964 ...

Summary of the Conference Call for Cangge Mining Company Overview - **Company**: Cangge Mining - **Industry**: Mining (Potash, Lithium, Copper) Key Financial Highlights - **2025 Revenue**: CNY 35.77 billion, up 10.03% YoY - **Net Profit**: CNY 38.52 billion, up 49.32% YoY - **Operating Cash Flow**: CNY 21 billion, up 128.49% YoY - **Dividend Proposal**: CNY 39.22 billion, payout ratio of 102% [2][4][12] Business Segment Performance Potash Segment - **Revenue**: CNY 29.49 billion, up 33.42% YoY - **Gross Margin**: 64.64% - **Unit Cost**: CNY 961.62/ton, down 17.6% YoY - **Production Target for 2026**: 1 million tons [2][4][9] Lithium Segment - **Revenue**: CNY 5.93 billion - **Gross Margin**: 34.82% - **Production Target for 2026**: 16,500 tons, up 87% YoY - **Dami Salt Lake Project**: Expected to start production in Q3 2026, with a total lithium capacity target of 60,000 tons by 2028 [2][4][9][10]. Copper Segment (Julong Copper) - **Investment Income**: CNY 27.82 billion, up 44.34% YoY - **Profit Contribution**: 72.23% of net profit - **Production Target for 2026**: 310,000 tons, up 60% YoY [2][4][5][9]. Cost Management and Efficiency - **Debt Ratio**: 8.35% at the end of 2025 - **Cost Control Measures**: - Management fees down 16% - Procurement costs down 10.27% - Average sales cost of potash reduced by CNY 205/ton [3][6]. Project Updates Dami Salt Lake - **Current Status**: Construction phase, expected to start production in Q3 2026 [7][8]. Laos Potash Project - **Current Status**: Phase one of 1 million tons is being advanced, with a target of 1.25 million tons by 2028 [7][8]. Julong Copper Phase II - **Current Status**: Commissioned in January 2026, increasing annual copper production to 300,000-350,000 tons [8][14]. Future Production Plans - **2026 Production Goals**: - Potash: 1 million tons - Lithium: 16,500 tons - Copper: 310,000 tons - Industrial Salt: 1.5 million tons [9][10]. Strategic Development Goals - **2028 Targets**: - Potash: 1.25 million tons - Lithium: 120,000 tons - Continued collaboration with Zijin Mining for resource acquisitions [10][11]. Shareholder Returns and Sustainability - **Dividend Policy**: Cash dividends to be maintained, with a focus on sustainable returns based on financial health and project funding needs [12][13]. Market and Investor Relations - **Investor Engagement**: Increased communication with investors, including 142 calls and over 300 responses to inquiries in 2025 [22]. Risk Management - **Hedging Strategy**: Currently no plans for lithium hedging, but cautious evaluation of market conditions for future strategies [21]. Conclusion Cangge Mining is positioned for growth with strong financial performance, strategic project developments, and a commitment to shareholder returns. The focus on cost management and operational efficiency will support its ambitious production targets and expansion plans in the coming years.

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The energy storage lithium battery sector is experiencing an upward trend, while Europe and North America continue to face electricity shortages [1] - The report highlights the strong demand for energy storage and the ongoing positive outlook for the industry, driven by various government policies and market dynamics [3][7] Industry Trends - The report notes significant price increases in various segments, including lithium carbonate and battery materials, indicating a robust market environment [3] - The energy storage capacity in the U.S. is projected to grow significantly, with expectations of 51% year-on-year growth in 2026 [7] - The report emphasizes the importance of new energy policies in various regions, including the U.S. and Europe, which are expected to further stimulate demand for energy storage solutions [3][19] Company Performance - Notable companies such as CATL and Tianqi Lithium are highlighted for their strong financial performance, with CATL's net profit expected to reach 72.2 billion yuan in 2025, a year-on-year increase of 42.3% [3] - The report mentions several companies with significant growth potential, including Ningde Times, Sunshine Power, and others, which are positioned well in the energy storage and lithium battery markets [3][6] Investment Strategy - The report suggests a focus on leading companies in the energy storage and lithium battery sectors, recommending investments in firms like CATL, Yihua Lithium Energy, and others due to their strong growth prospects and market positions [3][6] - The report also indicates a favorable outlook for companies involved in the development of solid-state batteries and advanced energy storage technologies [3][4]