证券代码：000408 证券简称：藏格矿业 公告编号：2025-064 一、 二、 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。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日—2025 年 6 月 30 日 2、预计的业绩：□扭亏为盈 ☑同向上升 □同向下降 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东 | 盈利：175,000 万元-190,000 万元 | 盈利：129,699.38 万元 | | 的净利润 | 比上年同期增长：34.93%-46.49% | | | 扣除非经常性损益后 | 盈利：177,000 万元-192,000 万元 | 盈利：127,756.93 万元 | | 的净利润 | 比上年同期增长：38.54%-50.29% | | | 基本每股收益 | 盈利：1.1205 元/股-1.2165 元/股 | 盈利：0.8258 元/股 | 二、与会计师事务所沟通情况 公司已就业绩预告有关事项与会计师事务所进行了预沟通，双方在业绩预告 方面不存在分歧。本次业 ...

藏格矿业：上半年净利同比预增34.93%-46.49% 智通财经7月11日电，藏格矿业(000408.SZ)公告称，2025年半年度预计归属于上市公司股东的净利润为 17.5亿元-19亿元，比上年同期增长34.93%-46.49%。报告期内，公司净利润增长主要由于参股公司西藏 巨龙铜业有限公司实现较好盈利，公司预计对其确认的投资收益约12.65亿元，较上年同期增长约 48.08%。 ...

Group 1: Fund Overview - The fund "Chunhou Xinzhe C" (Fund Code: 007812) is a mixed-type fund under Chunhou Fund, established on August 21, 2019, with a total management scale of 737 million yuan [1] - As of July 10, 2025, the fund achieved a one-year return of 18.96%, outperforming the benchmark growth rate of 15.19% and the CSI Mixed Fund Index return of 15.41% [1] - Since its inception, the fund's return has reached 91.65%, significantly exceeding the performance benchmark of 12.05% [1] Group 2: Risk Management and Performance - The fund's maximum drawdown over the past three years is 23.32%, which is better than the average level of similar mixed funds [1] - The maximum drawdown recovery days are 238, ranking in the top 15% among similar mixed funds [1] Group 3: Fund Size and Share Structure - As of March 31, 2025, the fund's size reached 130 million yuan [2] - The latest announcement shows that as of March 31, 2025, the fund's shares totaled 6.8 million [3] Group 4: Holder Structure and Institutional Investment - According to the 2024 annual report, the fund has an institutional holder ratio of 46.23% [4] - As of the first quarter of 2025, there are three institutional fund holders with a total holding size of 17.31 million yuan, accounting for 13.31% of the fund [4] Group 5: Company Research and Project Updates - On June 25, 2025, Chunhou Fund conducted research on the listed company Cangge Mining [5] - The company plans to start the first phase of the Mali Cuo project construction in the third quarter of 2025, with an estimated construction period of 9-12 months [6] - The project aims for a lithium production capacity of 50,000 tons per year, with a long-term capacity target of 100,000 tons [7]

Investment Rating - The report rates the industry as "Positive" [6] Core Insights - Potassium is one of the three essential nutrients for crop growth, often referred to as "the grain of food" [2] - The global potassium fertilizer market is projected to reach USD 28.12 billion in 2024, with a compound annual growth rate (CAGR) of 3.9% expected until 2033 [27] - The supply of potassium is dominated by a few major players, leading to a clear oligopoly in the industry [2][44] Industry Overview - Potassium is essential for crop growth, with a market size exceeding USD 100 billion [15] - The potassium resource is divided into solid potassium ores and potassium brine, with solid potassium ores being the majority [28] - Global potassium resources are unevenly distributed, with China holding only 4% of the world's reserves, leading to significant reliance on imports [2][53] Demand Analysis - Global potassium fertilizer demand is expected to grow steadily due to population increases, with an average annual growth rate of 2.67% projected from 2024 to 2030 [3] - Key regions driving demand include China, Southeast Asia, and Brazil, with specific agricultural practices increasing potassium usage [3][18] - By 2030, global potassium fertilizer demand is anticipated to reach 85.2 million tons [3] Supply Analysis - Capital expenditures for greenfield potassium projects are substantial, with development cycles typically ranging from 7 to 10 years [4] - Major projects, such as BHP's Jansen project, are expected to significantly increase global potassium production capacity [4][20] - If current projects are completed on schedule, global potassium production could reach 90.9 million tons by 2030, with a CAGR of 2.35% from 2024 to 2030 [4] Price Trends - Short-term price trends for potassium fertilizers are expected to be strong, influenced by supply constraints and high demand in key markets [5] - The price of potassium fertilizers is projected to face upward pressure until 2026, after which it may stabilize as new projects come online [5][26] - The long-term price will be supported by marginal costs, despite potential oversupply in the future [5]

Investment Rating - The industry investment rating is "Positive" and maintained [10]. Core Viewpoints - Copper prices have been leading the industrial metals market, with LME copper expected to surpass $11,000 per ton in May 2024, marking a new high since 2006. From 2000 to July 3, 2025, copper prices have increased by 431%, compared to 58% for aluminum, 319% for lead, and 124% for zinc [2][4][16]. Summary by Sections Long-term Perspective: Metal Prices - Supply and Demand Analysis Framework - The ideal scenario for commodity prices is when demand grows while supply is constrained. Demand determines the industry's ceiling, while supply influences profitability. If demand continues to grow, weak supply responses lead to stronger price performance. Copper is characterized by growing demand and constrained supply [5][20][42]. - Demand is assessed through three dimensions: volume, growth rate, and structure. Volume indicates the industry's ceiling, growth rate reflects industry potential, and structure indicates demand stability. A more diversified demand structure leads to greater stability [5][42]. - Supply is evaluated based on reserves, grade, and mine dispersion. Reserves indicate resource scarcity, grade reflects extraction difficulty, and mine dispersion affects the slope of the cost curve. Generally, lower reserves and grades lead to higher price levels due to increased development costs [5][42][43]. Copper: Growing Demand, Constrained Supply - Copper exhibits the most stable upward demand trend among industrial metals. It is primarily used as a conductor, with over 70% of copper products serving this role. The global electrification trend supports copper demand, aligning closely with global electricity consumption and GDP growth rates [6][21][28]. - On the supply side, copper resources are relatively scarce, with reserves only about one-tenth of iron ore and bauxite. The average grade of copper is lower than that of aluminum, and the industry has the highest mine dispersion, leading to a steep cost curve. New copper mines take over five years to develop, making supply responses to demand changes slow [7][29][31]. Investment Strategy: Focus on Quality Copper Companies - Given the long-term upward trend in copper prices, despite short-term uncertainties in the U.S. economy, it is recommended to invest in copper companies with resource advantages and strong growth expectations. Companies such as Zijin Mining, Luoyang Molybdenum, and Cangge Mining are highlighted as potential investment targets [8][47].

Meeting Overview - The company held its third (temporary) meeting of the tenth board of directors, which approved the proposal to convene the second temporary shareholders' meeting of 2025, in compliance with relevant laws and regulations [1][4]. Attendance and Voting - A total of 304 shareholders attended the meeting, representing 59.2531% of the total valid voting shares [1]. - Among the attendees, 295 were small shareholders, representing 4.9418% of the total valid voting shares [1]. Proposal Voting Results - Proposal 1: The financial service agreement with Zijin Mining Group Finance Co., Ltd. was approved with a majority vote [2]. - Proposal 2: The application for comprehensive bank credit and provision of guarantees by the company and its wholly-owned subsidiary was also approved [2]. - Proposal 3: The revision of the "Independent Director Work Rules" was passed [3]. - Proposal 4: The revision of the "Compensation Performance Management System for Directors and Senior Management" was approved [3]. Valid Voting Rights - The total share capital of the company is 1,570,225,745 shares, with 1,570,991 shares in the repurchase account not entitled to voting rights [4]. - The effective voting rights total 1,481,283,000 shares after accounting for shares with waived voting rights [4]. Legal Compliance - The meeting's convening, attendance, voting procedures, and results were confirmed to be in accordance with the Company Law of the People's Republic of China and relevant regulations [5].

证券代码：000408 证券简称：藏格矿业 公告编号：2025-063 藏格矿业股份有限公司 2025年第二次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、现场会议时间：2025年7月8日（星期二）下午2:30。 2、网络投票时间：2025 年 7 月 8 日（星期二）： A、通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 7 月 8 日 9:15～9:25，9:30～11:30，13:00～15:00； B、通过深圳证券交易所互联网投票系统投票的时间为：2025 年 7 月 8 日 9:15～15:00 期间的任意时间。 3、会议召开地点：青海省格尔木市昆仑南路 15-02 号 14 楼会议室。 4、会议召开方式：现场表决与网络投票相结合的方式。 5、会议召集人：藏格矿业股份有限公司（以下简称"公司"）第十届董事 会。 6、会议主持人：董事长吴健辉先生。 会议召开的合法、合规性 ...

青海树人律师事务所 关于藏格矿业股份有限公司 2025 年第二次临时股东会之 法律意见书 北京树成 · 青海树人 · 四川树业 | www.shurenlawfirm.com 法律意见书 青海树人律师事务所 致:藏格矿业股份有限公司 藏格矿业股份有限公司(以下简称"藏格矿业"或"公司"2025 年第二次临 时股东会会议（以下简称"本次会议"）于 2025 年 7 月 8 日下午 2:30 在青海省格 尔木市昆仑南路 15-02 号 14 楼会议室召开,青海树人律师事务所 (以下简称"本 所")接受公司委托,指派王雁律师、张子杰律师出席本次会议,并就本次会议的 相关法律问题发表意见。为出具本法律意见书,本所律师依照《中华人民共和国 公司法》(以下简称"《公司法》")《中华人民共和国证券法》(以下简称"《证券法》") 《上市公司股东会规则》(以下简称"《股东会规则》")等法律、法规和规范性文 件及《藏格矿业股份有限公司章程》(以下简称"《公司章程》")的有关规定和要 求,对公司提供的与本次会议相关的文件、资料予以核查、验证,并就有关事项 向公司及有关人员予以询问、核实。 声 明 本所律师本次所发表的法律意见，系依 ...

Group 1 - The company held its first meeting of the second employee stock ownership plan on July 6, 2025, with 207 out of 210 holders attending, representing 96.47% of the total shares involved in the plan [1][2] - The meeting approved the establishment of a management committee for the second employee stock ownership plan to ensure its smooth operation and protect the rights of the holders [1][3] - The management committee consists of three members, elected by the holders, with the chairman selected by a majority vote among the committee members [2][3] Group 2 - The meeting also elected three members to the management committee, all of whom are company employees, ensuring no conflicts of interest with major shareholders or controlling entities [2][3] - The management committee was authorized to handle various matters related to the employee stock ownership plan, including initial and change registrations of shares, stock sales after lock-up periods, and distribution of benefits [3][4] - The authorization for the management committee is effective from the date of the meeting until the termination of the employee stock ownership plan [4]

Core Viewpoint - Since 2025, control transactions of listed companies have become increasingly active, with a 140% increase in announcements compared to the same period last year, indicating a trend towards restructuring and transformation in various industries [1][2]. Group 1: Control Transactions Overview - As of June 2025, 72 listed companies disclosed announcements regarding control changes, up from 30 in the same period last year [1]. - In June alone, 22 companies announced control changes, compared to only 2 in June of the previous year [1]. - Among these transactions, 31 companies utilized voting rights arrangements, including voting rights abandonment and delegation, to achieve control [1]. Group 2: Company Characteristics - The 31 companies involved in control changes span 14 different industries, with notable representation from electronics, textiles, and machinery [2]. - The majority of these companies are small-cap private enterprises, with over 70% having a market capitalization below 5 billion [2]. - 15 of the 31 companies reported negative net profits for 2024, indicating poor performance, with 13 of these experiencing a year-on-year decline in net profit [3]. Group 3: Voting Rights Arrangements - Out of the 31 companies, 19 chose to abandon voting rights, while 11 opted for voting rights delegation [4][7]. - The average share transfer ratio for companies using voting rights abandonment is approximately 21.89%, while the average for those using voting rights delegation is about 11.68% [8][9]. Group 4: Transaction Pricing - Control transaction prices have seen an increase compared to last year, with typical prices for control ranging from 300 million to 1 billion, depending on the company's market conditions [12][15]. - The average transaction price for companies with total transaction amounts below 500 million is approximately 345 million, while those between 500 million and 1 billion average around 730 million [15]. - Notably, *ST Taihe's control transaction exhibited a high premium of 199.28%, while Suo Ao Sensor's transaction was at a discount of nearly 20% [19][21]. Group 5: Factors Influencing Pricing - Factors affecting control transaction pricing include the anticipated future value of the acquiring company's industry, existing company issues, and the original controlling shareholder's willingness to negotiate [24].