Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

Group 1 - The company has received notification from its controlling shareholder, Tibet Cangge Venture Investment Group Co., Ltd., regarding the pledge of shares, with the total pledged shares exceeding 80% of their holdings [2][3] - The pledged shares amount to 19 million shares, which are part of an agreement signed with Zijin International Holdings Limited for the transfer of control [2][3] - As of the announcement date, the controlling shareholder and its concerted actors have pledged a total of 296,780,487 shares, accounting for 50.06% of their holdings and 18.90% of the company's total share capital, with a corresponding financing balance of 2.605 billion yuan [4] Group 2 - The controlling shareholder and its concerted actors have a total of 403,870,514 shares pledged within the next year, representing 68.13% of their holdings and 25.72% of the company's total share capital, with a financing balance of 3.789 billion yuan [5] - The financing for the pledged shares is expected to be sourced from operating income, stock dividends, investment income, and other revenues [5][11] - The company confirms that the pledge of shares will not affect its production, main business, or governance [5][11] Group 3 - Tibet Cangge Venture Investment Group Co., Ltd. has a total borrowing balance of 3.515 billion yuan, with 1.682 billion yuan due in the next six months and 2.523 billion yuan due in the next year [6] - The company plans to transfer 276,692,503 shares at a price of 35 yuan per share, which will generate proceeds of 6.843 billion yuan, primarily to repay the aforementioned debts [6][9] - The controlling shareholder has confirmed that there are no non-operational fund occupations or violations that would harm the company's interests [5][11]

证券代码：000408 证券简称：藏格矿业 公告编号：2025-031 藏格矿业股份有限公司 关于控股股东部分股份质押的公告 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。 特别风险提示： 截至本公告披露日，藏格矿业股份有限公司（以下简称"公司"）控股股东 西藏藏格创业投资集团有限公司（以下简称"藏格创业投资"）及其一致行动人 肖永明先生、四川省永鸿实业有限公司（以下简称"永鸿实业"）、林吉芳女士、 肖瑶先生合计质押股份数量占其所持公司股份数量比例已超过 80%。敬请投资 者注意投资风险。 公司近日接到控股股东藏格创业投资函告，获悉其所持有公司的部分股份办 理了质押业务，具体事项如下： 一、股东股份质押的基本情况 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次质押数 量（股） 占其所 持股份 比例 （%） 占公司 总股本 比例 （%） 是否为限 售股（如 是，注明 限售类 型） 是否 为补 充质 押 质押起始日 质押 到期 日 质权人 质押 用途 藏 格 创 业 投资 是 19,000,000 5.25 1.21 否 否 2025 ...

Core Viewpoint - Cangge Mining reported a strong performance in Q1 2025, with a net profit of 747 million yuan, marking a year-on-year increase of 41.18%, despite a declining revenue trend in the potassium and lithium sectors due to market conditions [1][2]. Financial Performance - In Q1 2025, Cangge Mining achieved a net profit of 747 million yuan, up 41.18% year-on-year and 4.94% quarter-on-quarter [2]. - The operating cash flow showed a significant increase of 143.80%, reaching 104 million yuan [1]. - The company demonstrated resilience in its operations, breaking the downward trend caused by falling potassium and lithium prices [2]. Business Segments - The growth in Q1 2025 was primarily driven by the copper segment, which contributed 610 million yuan in investment income, a 73.3% increase year-on-year [3]. - The potassium fertilizer business also saw significant revenue growth due to rising prices and increased demand during the spring farming season [3]. Market Context - China faces a significant potassium fertilizer resource gap, with 56% of arable land lacking potassium [4]. - The domestic potassium fertilizer market experienced price fluctuations, with prices for domestic potassium chloride reaching 3,286 yuan per ton due to reduced supply from international suppliers and increased domestic demand [4]. Supply Response - Cangge Mining responded to supply pressures by ramping up production, achieving a potassium chloride output of 159,400 tons in Q1 2025, a year-on-year increase [5]. - The company sold 178,500 tons of potassium chloride, reflecting a 27.85% increase compared to the previous year [5]. Strategic Developments - Cangge Mining's major shareholder changes, with Zijin Mining acquiring a controlling stake, are expected to enhance the company's resource development capabilities [6][7]. - The acquisition is anticipated to improve the company's governance and mitigate risks associated with the previous controlling shareholder's equity pledges [7]. Market Sentiment - Following the change in control, Cangge Mining's stock price reached a historical high of 37.89 yuan per share, with a maximum increase of 32.25% during the quarter [8]. - Long-term investors, including social security funds, have shown renewed interest in the company, indicating confidence in its performance and long-term value [8].

Group 1 - The Shanghai Composite Index opened lower but rose later, with the CSI 300 Chemical Index reported at 2022.67 points [1] - The CSI 300 Chemical Index has decreased by 11.64% over the past month, 9.12% over the past three months, and 8.64% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.47%), Salt Lake Industry (14.14%), Baofeng Energy (7.62%), Juhua Co. (7.3%), Hengli Petrochemical (7.28%), Hualu Hengsheng (6.99%), Longbai Group (6.23%), Zangge Mining (6.19%), Satellite Chemical (6.02%), and Rongsheng Petrochemical (5.53%) [1] - The market share of the CSI 300 Chemical Index is 57.05% from the Shanghai Stock Exchange and 42.95% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.28%, polyurethane for 23.47%, potassium fertilizer for 20.33%, fluorochemical for 7.30%, titanium dioxide for 6.23%, and organic silicon for 4.39% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

Core Viewpoint - The company has reported significant financial changes in the first quarter, with notable increases in revenue and profit driven by higher sales of potassium chloride and investment income [10][12][18]. Financial Data Summary - The company’s trading financial assets decreased by 46.64 million yuan, a decline of 29.30%, due to the sale of some assets [4]. - Accounts receivable increased by 12.35 million yuan, a growth of 49.84%, attributed to extended credit to long-term quality customers [4]. - Other receivables decreased by 14.92 million yuan, a drop of 47.82%, mainly due to the recovery of receivables from a major shareholder [5]. - Other current assets increased by 154.23 million yuan, a rise of 52.38%, due to higher prepaid corporate income tax [5]. - Construction in progress rose by 46.58 million yuan, a growth of 43.76%, due to new project additions [6]. - Contract liabilities increased by 77.68 million yuan, a growth of 44.54%, due to higher customer prepayments [6]. - Inventory shares decreased by 150.97 million yuan, a decline of 33.48%, due to share buybacks and cancellations [6]. Profit and Loss Summary - Tax and additional charges increased by 13.24 million yuan, a growth of 46.22%, due to higher sales of potassium chloride [7]. - Financial expenses rose by 7.42 million yuan, a growth of 126.87%, due to reduced interest income and increased interest expenses [7]. - Investment income increased by 254.58 million yuan, a growth of 74.08%, due to significant gains from an investment in a copper company [7]. - Operating profit increased by 223.06 million yuan, a growth of 39.41%, driven by higher investment income [8]. - Total profit increased by 211.82 million yuan, a growth of 37.46%, and net profit increased by 218.57 million yuan, a growth of 41.47% [9]. Cash Flow Summary - Cash received from sales increased by 251.84 million yuan, a growth of 81.35%, due to higher potassium chloride sales [10]. - Cash received from other operating activities decreased by 253.00 million yuan, a decline of 73.31%, due to the absence of employee stock distribution payments [10]. - Cash paid for other operating activities decreased by 258.26 million yuan, a decline of 77.07%, also due to the absence of employee stock distribution payments [10]. - Cash recovered from investments increased by 68.98 million yuan, a growth of 120.77%, due to higher sales of trading financial assets [11]. - Cash paid for fixed assets decreased by 21.24 million yuan, a decline of 73.35%, due to reduced purchases for project construction [11]. - Cash received from borrowings increased by 75.00 million yuan, attributed to bank loans received by subsidiaries [12]. Production and Project Updates - The company produced 159,400 tons of potassium chloride, a year-on-year increase of 0.50%, and sold 178,500 tons, a year-on-year increase of 27.85% [13]. - The company produced 2,165 tons of lithium carbonate, a year-on-year decrease of 9.24%, and sold 1,530 tons, a year-on-year decrease of 61.46% [13]. - The company’s associate, Jilong Copper, produced 46,400 tons of copper, a year-on-year increase of 9.94% [13]. - The company is advancing several key projects, including the Laos potassium salt mine and the Xizang Mami Cuo salt lake project [14][15]. Shareholder Information - The company is undergoing a change in control, with a transfer agreement signed to transfer shares to Zijin International, which will become the controlling shareholder [17][18]. - The company completed the cancellation of 10,209,328 repurchased shares, reducing the total share capital [19]. - The company approved a second employee stock ownership plan, utilizing repurchased shares [20].

证券代码：000408 证券简称：藏格矿业 藏格矿业股份有限公司 第二期员工持股计划 二零二五年四月 1 声明 本方案主要条款与公司2025年3月29日公告的《第二期员工持股计划 （草案）》《第二期员工持股计划（草案）摘要》内容一致。 2 风险提示 1、藏格矿业股份有限公司（以下简称"公司""本公司"或"藏格矿业"） 第二期员工持股计划（以下简称"本次员工持股计划"或"本员工持股计划"或 "员工持股计划"）已经公司2024年年度股东大会批准，能否达到计划规模、目 标存在不确定性。本次员工持股计划设立后将由公司自行管理。 2、有关本次员工持股计划的具体实施方案等属初步结果，本次员工持股计 划能否完成实施，存在不确定性。 3、股票价格受公司经营业绩、行业发展状况、宏观经济周期及投资者心理 等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资者对此应 有充分准备。 公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注意投 资风险。 3 特别提示 本公司及董事会全体成员保证本次员工持股计划不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的 法律责任。 一、藏格矿业 ...

藏格矿业股份有限公司 2024年年度股东大会决议公告 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、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 证券代码：000408 证券简称：藏格矿业 公告编号：2025-030 一、会议召开和出席情况 1 （一）会议召开情况 1、现场会议时间：2025年4月18日（星期五）下午2:30。 2、网络投票时间：2025 年 4 月 18 日（星期五）： 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 4 月 18 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 4 月 18 日 9:15～15:00 期间的任意时间。 3、会议召开地点：成都市高新区天府大道北段 1199 号 2 栋 19 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"）第九届董事会。 6、会议主持人：董事长肖宁先生。 会议 ...

藏格矿业股份有限公司（以下简称"公司"）第九届监事会第十四次（临时） 会议通知及会议议案材料于 2025 年 4 月 15 日以邮件、电子通讯等方式送达第九 届监事会全体监事和其他列席人员。会议采取现场结合通讯方式于 2025 年 4 月 18 日在成都市高新区天府大道北段 1199 号 2 栋 19 楼会议室召开。会议由监事 会主席邵静女士主持，侯选明先生、蔺娟女士以通讯方式参会，应到监事 3 人， 实到监事 3 人。公司部分高级管理人员列席了会议。会议的召集召开符合《公司 法》和《公司章程》的规定。 证券代码：000408 证券简称：藏格矿业 公告编号：2025-029 藏格矿业股份有限公司 第九届监事会第十四次（临时）会议决议公告 本公司及监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、监事会会议召开情况 藏格矿业股份有限公司监事会 2025 年 4 月 19 日 二、监事会会议审议情况 （一）审议通过了《关于公司 2025 年第一季度报告的议案》 经认真审阅，监事会认为：董事会编制和审议《2025 年第一季度报告》的 程序符合法律、行政法规及深圳证券交易所 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2025-028 藏格矿业股份有限公司 第九届董事会第二十次（临时）会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、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"）第九届董事会第二十次（临时） 会议通知及会议议案资料于2025年4月15日以邮件、电子通讯等方式送达第九届 董事会全体董事和列席人员。会议采取现场结合通讯方式于2025年4月18日在成 都市高新区天府大道北段1199号2栋19楼会议室召开。会议应到董事9名，实到董 事9名。会议由副董事长肖瑶先生主持，董事肖宁先生、钱正先生、朱建红女士 以及独立董事胡山鹰先生、刘娅女士采取通讯方式参加会议。公司全体监事、高 级管理人员列席了会议。本次会议召集召开符合《公司法》及《公司章程》的有 关规定，会议合法、有效。 二、董事会会议审议情况 全体与会董事经认真审议和表决，形成以下决议： （一）审议通过了《关于公司 2025 年第一季度报告的议案》 公司董事会认为《2025 年第一季度报告》的编制符合法律法规及深圳证券 交易所的相关规定 ...