Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The report emphasizes the significance of the recent issuance of the "Mining License" and "Property Rights Certificate" by the Ministry of Natural Resources, which alleviates market concerns regarding the company's ability to continue lithium salt operations [1][4] - The company is positioned to benefit from its high-quality assets, favorable timing, and promising collaborations, particularly in copper, potassium chloride, and lithium carbonate sectors [2] - The report forecasts a substantial increase in net profit for the years 2025 to 2027, with expected figures of 34.39 billion, 49.06 billion, and 62.26 billion respectively, indicating a strong growth trajectory [2][3] Summary by Sections Company Overview - The company, Cangge Mining (000408.SZ), has received essential mining licenses that support its long-term development in potassium and lithium resources [1][4] Financial Projections - Revenue and net profit projections for 2025-2027 are as follows: - Revenue: 34.39 billion (2025), 49.06 billion (2026), 62.26 billion (2027) - Net Profit: 3.43 billion (2025), 4.91 billion (2026), 6.22 billion (2027) [3] - Earnings per share (EPS) are projected to be 2.19 (2025), 3.12 (2026), and 3.96 (2027) [3] Market Position - The company is strategically positioned in the market with significant assets in the Chaharhan Salt Lake and a stake in Jilong Copper, which are expected to enhance its competitive edge [2]

1. Market Analysis - On October 9, 2025, the main contract 2511 of lithium carbonate opened at 73,200 yuan/ton and closed at 73,340 yuan/ton, with a 0.27% change in the closing price compared to the previous day's settlement price. The trading volume was 361,093 lots, and the open interest was 229,022 lots, down from 231,964 lots the previous trading day. The current basis was 170 yuan/ton (average price of electric carbon - futures). The number of lithium carbonate warehouse receipts was 42,379 lots, a change of 670 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was quoted at 72,900 - 74,200 yuan/ton, unchanged from the previous trading day, and the price of industrial - grade lithium carbonate was quoted at 70,700 - 71,900 yuan/ton, also unchanged. The price of 6% lithium concentrate was 830 US dollars/ton, a change of - 5 US dollars/ton from the previous day. After the holiday, the market trading was light, and both upstream and downstream were on the sidelines. New production lines were put into operation at both the spodumene and salt lake ends, and the total output of lithium carbonate in October was expected to have growth potential. In terms of demand, the new energy vehicle market in the power sector was growing rapidly in both commercial and passenger vehicles, and the energy storage market had strong supply and demand. Overall, although the supply increased steadily in October, a stage of tight supply was formed [1]. - According to the latest weekly data, the weekly output increased by 119 tons to 20,635 tons. The output from spodumene production increased slightly, while the output from mica production decreased slightly. The weekly inventory decreased by 2,024 tons to 134,801 tons. The inventory of smelters increased, while the inventory in the intermediate links and downstream decreased [2]. - In September 2025, Chile exported 8,367 tons of lithium sulfate (equivalent to about 4,307 tons of LCE), all to China, with year - on - year and month - on - month increases of 9% and 21% respectively. The average export price was 3,249 US dollars/ton, with year - on - year and month - on - month increases of 561% and 45% respectively. From January to September 2025, Chile exported a total of 62,000 tons of lithium sulfate (equivalent to about 31,900 tons of LCE), a year - on - year increase of 127% (an increase of 34,700 tons) [2]. - In September 2025, Chile exported 15,900 tons of lithium carbonate, with year - on - year and month - on - month decreases of 13% and 6% respectively. The average export price was 8,704 US dollars/ton, with year - on - year and month - on - month increases of 15% and 2% respectively. Among them, the amount exported to China was 11,100 tons (a month - on - month decrease of 1,881 tons, a month - on - month decrease of 14%), the amount exported to Japan was 370 tons, and the amount exported to South Korea was 3,999 tons. From January to September 2025, Chile exported a total of 164,700 tons of lithium carbonate, a year - on - year decrease of 8.5% (a decrease of 15,300 tons). The amount exported to China was 120,900 tons, a year - on - year decrease of 17% (a decrease of 23,900 tons), the amount exported to Japan was 4,801 tons, a year - on - year increase of 36%, and the amount exported to South Korea was 29,900 tons, a year - on - year decrease of 76% [2]. - On October 9, 2025, Cailian Press reported that Zangge Mining (000408.SZ) announced that its wholly - owned subsidiary, Golmud Zangge Potash Fertilizer Co., Ltd., recently received the Certificate of Real Estate Right (Mining Right) and the Mining License issued by the Ministry of Natural Resources of the People's Republic of China. The mine is the Qarhan Salt Lake Potash - Magnesium Mine of Golmud Zangge Potash Fertilizer Co., Ltd., with an area of 724.3493 square kilometers and a mining depth from 2,680 meters to 2,658 meters above sea level. The mining minerals include the main mineral of potash salt, and the associated minerals of salt, magnesium salt, lithium ore, and boron ore [3]. 2. Strategy - The futures market opened high and closed low on the day. There was some support during the consumption peak season. The short - term supply - demand pattern was good, and the inventory continued to decline, providing some support to the market. It was expected that the market would fluctuate in the short term. The policy disturbances at the mine end had weakened to some extent. If the mines were restarted later and consumption weakened, the market might decline [4]. - Unilateral: In the short term, conduct range - bound operations and sell hedges on rallies [4]. - There were no strategies for inter - period, cross - variety, spot - futures, and options trading [5].

Core Viewpoint - Cangge Mining has obtained a new mining license that includes lithium, allowing the resumption of its lithium extraction project after a previous suspension due to the absence of lithium in the prior license [2][4][9] Group 1: Company Developments - Cangge Mining's subsidiary, Gelmu Cangge Potash Co., has received a mining license valid from August 10, 2025, to December 1, 2029, which includes various minerals such as lithium, magnesium, and boron [3][4] - The company plans to maintain its annual production and sales target of 11,000 tons of lithium carbonate, with adjustments based on the resumption timing and progress [2][6] - The lithium extraction project had been suspended since July 17 due to regulatory issues, but with the new license, the project is now back in operation [4][7] Group 2: Industry Context - Other lithium extraction companies in the Qinghai region are also receiving renewed mining licenses, indicating a trend towards regulatory compliance and increased production capacity in the sector [7][8] - The lithium extraction industry benefits from lower marginal costs, allowing companies to maintain substantial profit margins even during downturns in lithium prices [9] - The new mining license not only secures the long-term development of potash but also clarifies the legal basis for lithium resource development, supporting the growth of the new energy sector [9]

Core Viewpoint - Cangge Mining has obtained a new mining license that includes lithium, allowing the resumption of its lithium extraction project after a previous suspension due to licensing issues [1][3][5]. Group 1: Company Developments - Cangge Mining's subsidiary, Gelmu Cangge Potash Co., has received a mining license valid from August 10, 2025, to December 1, 2029, which now includes lithium, magnesium, and boron alongside potash [2][4]. - The company plans to maintain its annual production and sales target of 11,000 tons of lithium carbonate, with adjustments based on the resumption timeline and progress [1][5]. Group 2: Production Challenges - Despite the resumption of operations, Cangge Mining faces challenges in meeting its production target due to a two-month suspension and seasonal production variations in Qinghai, where winter conditions can hinder lithium extraction efficiency [5][6]. - In the first half of the year, Cangge Mining produced 5,170 tons of lithium carbonate, achieving 47% of its annual target, compared to 55.32% in the same period last year [5]. Group 3: Industry Context - The recent licensing developments reflect a trend towards stricter compliance and regulation in the salt lake lithium extraction industry, as highlighted by new regulations in Qinghai [6][7]. - The acquisition of the new mining license is significant for Cangge Mining as it secures the legal basis for lithium resource development and enhances the company's competitive edge in the market [7].

Core Viewpoint - Cangge Mining Co., Ltd. has received mining rights and licenses for various minerals, which is significant for its long-term development and resource utilization [1] Group 1: Mining Rights and Licenses - Cangge Mining's subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd., has obtained the "Real Estate Certificate (Mining Rights)" and "Mining License" from the Ministry of Natural Resources of the People's Republic of China [1] - The new licenses include not only potash but also additional minerals such as salt, magnesium salt, lithium, and boron, enhancing the company's resource portfolio [1] Group 2: Strategic Importance - The acquisition of these licenses ensures the long-term development of potash, stabilizing the supply of potassium chloride and contributing to national food security [1] - The clarity provided by the new licenses supports the company's lithium resource development, offering a legal foundation for lithium extraction from salt lakes, which is crucial for the growth of the new energy industry [1] - The comprehensive utilization of co-associated minerals will maximize resource value and enhance the company's core competitiveness [1]

Core Viewpoint - The company has received mining rights and licenses for its subsidiary, which will enhance its ability to develop potassium resources and support the country's food security [1] Group 1: Mining Rights and Licenses - The company’s subsidiary, Golmud Cangge Potash Co., Ltd., has obtained the "Real Estate Certificate (Mining Rights)" and "Mining License" from the Ministry of Natural Resources of the People's Republic of China [1] - The mining area is 724.3493 square kilometers, with a mining depth ranging from 2680 meters to 2658 meters [1] Group 2: Resource Development and Strategic Importance - The main mineral to be extracted is potassium salt, with associated minerals including salt, magnesium salt, lithium ore, and boron ore [1] - The acquisition of these licenses will help ensure long-term development of potassium salt and stabilize the supply of potassium chloride, contributing to national food security [1] Group 3: Legal and Competitive Advantages - The licenses provide a legal basis for the company's lithium resource development, supporting its lithium extraction business and the growth of the new energy industry [1] - The comprehensive utilization of associated minerals will maximize resource value and enhance the company's core competitiveness [1] Group 4: Uncertainties in Resource Development - The development and utilization of mineral resources are subject to various factors, including natural conditions, mining technology, market demand, and policy changes, leading to uncertainties in expected outcomes [1]

Core Viewpoint - Cangge Mining has received significant mining rights and licenses for its subsidiary, which will enhance its mineral resource portfolio and operational capabilities [1] Group 1: Company Developments - Cangge Mining's wholly-owned subsidiary, Golmud Cangge Potash Co., Ltd., has obtained the "Real Estate Property Certificate (Mining Rights)" and "Mining License" from the Ministry of Natural Resources [1] - The newly acquired licenses allow the company to expand its mining operations to include not only potash but also associated minerals such as salt, magnesium salt, lithium ore, and boron ore [1]

证券代码：000408 证券简称：藏格矿业 公告编号：2025-078 藏格矿业股份有限公司 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。 关于藏格钾肥取得不动产权证书（采矿权）与采矿许可证的公告 近日，藏格矿业股份有限公司（以下简称"公司"）全资子公司格尔木藏格 钾肥有限公司（以下简称"藏格钾肥"）收到了中华人民共和国自然资源部颁发 的《不动产权证书（采矿权）》与《采矿许可证》。具体情况如下： 一、《不动产权证书（采矿权）》主要信息 6、开采矿种：主矿种为钾盐，共伴生矿种为矿盐、镁盐、锂矿、硼矿 7、权利期限：2025 年 08 月 10 日至 2029 年 12 月 01 日 8、采矿权人：格尔木藏格钾肥有限公司（统一社会信用代码：9163000071 059531XC） 二、《采矿许可证》主要信息 1、证号：XC6300002010066120068127 2、采矿权人：格尔木藏格钾肥有限公司（统一社会信用代码：9163000071 059531XC） 1、证号：DC6300002010066120068127 2、 矿山名称：格尔木藏格钾肥有限公司察 ...

Core Viewpoint - Cangge Mining (000408.SZ) has received mining rights and licenses for its subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd., which will enhance the long-term development of potash resources and support national food security [1] Group 1: Mining Rights and Licenses - The company’s subsidiary has obtained the "Real Estate Certificate (Mining Rights)" and "Mining License" from the Ministry of Natural Resources of the People's Republic of China [1] - The mining area covers 724.3493 square kilometers, with a mining depth ranging from 2680 meters to 2658 meters [1] Group 2: Resource Development and Utilization - The main mineral extracted will be potash, with associated minerals including salt, magnesium salt, lithium ore, and boron ore [1] - The acquisition of these rights will provide a legal basis for lithium resource development and support the lithium extraction business, contributing to the development of the new energy industry [1] Group 3: Strategic Implications - The development of mineral resources is expected to maximize resource value and enhance the company's core competitiveness [1] - The company aims to stabilize the supply of potassium chloride and ensure the long-term development of potash resources, which is crucial for national food security [1]

Core Viewpoint - The company has received mining rights and licenses for various minerals, which is significant for its long-term development and competitive positioning in the market [1] Group 1: Mining Rights and Licenses - The company’s wholly-owned subsidiary, Geermu Cangge Potash Fertilizer Co., Ltd., has obtained the "Real Estate Certificate (Mining Rights)" and "Mining License" from the Ministry of Natural Resources of the People's Republic of China [1] - The new licenses include not only potash but also additional minerals such as salt, magnesium salt, lithium, and boron, which enhances the company's resource portfolio [1] Group 2: Strategic Importance - The acquisition of these licenses ensures the long-term development of potash, stabilizing the supply of potassium chloride and contributing to national food security [1] - The clarity in the company's rights to develop lithium resources provides a legal foundation for its lithium extraction business, supporting the growth of the new energy industry [1] - The promotion of comprehensive utilization of associated minerals maximizes resource value and enhances the company's core competitiveness [1]