Core Viewpoint - The company aims to become a leading global mining group by leveraging its substantial mineral resources and advanced extraction technologies, focusing on the synergistic development of its three main business segments: potassium, lithium, and copper [3]. Group 1: Business Performance - The company held a performance briefing on October 20, 2025, attended by 304 analysts and investors, discussing the operational performance for the first three quarters of 2025 [1][2]. - Revenue for the first three quarters increased by 3.35% year-on-year, driven primarily by a 34.04% increase in potassium chloride revenue, while lithium carbonate revenue decreased by 64.50% due to market price fluctuations and production halts [5]. - The average sales cost of potassium chloride was 978.69 RMB/ton, a decrease of 19.12% year-on-year, while the average selling price was 2919.81 RMB/ton, an increase of 26.88% year-on-year, resulting in a gross margin of 63.46%, up 20.78 percentage points [5]. Group 2: Strategic Developments - The company plans to optimize potassium chloride production and cost control, with the Laos potassium salt mine serving as a strategic reserve for future growth [3]. - The second phase of the joint venture with Jilong Copper is expected to significantly increase copper production upon commencement [3]. - The lithium carbonate project at the Mami Cuo salt lake is progressing steadily, with production adjustments made for the year due to earlier production halts [6][7]. Group 3: Shareholder Returns - The company has emphasized its commitment to shareholder returns, having distributed a total of 7.4 billion RMB in dividends from 2022 to 2024, with 1.569 billion RMB distributed in the first half of 2025 [4]. Group 4: Cost Control and Efficiency - The company has achieved significant cost control, with a notable reduction in operating costs contributing to improved profitability in the potassium chloride segment [5]. - The company is actively working on reducing environmental impacts through innovative mining techniques in its Laos potassium project [8]. Group 5: Future Outlook - The company is focused on enhancing its competitive edge through resource development and technological innovation in its core business areas of potassium, lithium, and copper [8].

Group 1: Investor Relations Activity - The investor relations activity involved 304 analysts and investors from various securities and asset management firms [3] - The meeting took place on October 20, 2025, via the "Cangge Mining Investor Relations" WeChat mini-program [3][4] Group 2: Company Overview and Strategic Goals - Cangge Mining aims to become a leading global mining group, leveraging its substantial mineral resource reserves and advanced technology in potassium and lithium extraction [4] - The company plans to enhance its resource volume and development technology in potassium and lithium to become a key supplier globally [4] Group 3: Financial Performance - In the first half of 2025, the company implemented cash dividends totaling CNY 1.569 billion, with cumulative dividends from 2022 to 2024 reaching CNY 7.4 billion [6] - Revenue increased by 3.35% year-on-year, primarily due to a 34.04% rise in potassium chloride revenue, while lithium carbonate revenue decreased by 64.50% due to market fluctuations [6] Group 4: Production and Sales Data - As of the end of Q3 2025, potassium chloride production reached 701,600 tons, achieving 70.16% of the annual target, while sales reached 783,800 tons, achieving 82.51% of the target [7] - Lithium production for the first three quarters was 6,021 tons, with sales of 4,800 tons and an average selling price of CNY 67,300 per ton [9] Group 5: Cost Management and Profitability - The average sales cost of potassium chloride decreased by 19.12% to CNY 978.69 per ton, while the average selling price increased by 26.88% to CNY 2,919.81 per ton, resulting in a gross margin of 63.46% [8] - The company continues to focus on cost control through process optimization and technological innovation [8] Group 6: Project Developments - The second phase of the Jilong Copper Mine project is progressing well, with significant milestones achieved in the construction of the second concentrator [12] - The Mali Mico Salt Lake project is on track, with construction of the photovoltaic power station and land use procedures underway [14]

Core Insights - The domestic potassium fertilizer industry is experiencing significant profit growth among leading companies in Q3, with notable increases in net profits reported by Salt Lake Co., Zangge Mining, and Oriental Tower [1][2][3]. Group 1: Salt Lake Co. - Salt Lake Co. is expected to report a net profit of 4.3 billion to 4.7 billion yuan, representing a year-on-year growth of 36.89% to 49.62 [1]. - The estimated net profit for Q3 is between 1.8 billion to 2.2 billion yuan, exceeding market expectations with a year-on-year increase of 93.77% to 136.83% [1]. - The rise in potassium chloride prices compared to the same period last year has driven profitability in this business segment, with a production volume of approximately 3.2662 million tons and sales of about 2.8609 million tons in the first three quarters [1]. Group 2: Zangge Mining - Zangge Mining reported a net profit of 2.75 billion yuan for the first three quarters, a year-on-year increase of 47.26%, with Q3 net profit reaching 951 million yuan, up 66.49% year-on-year [2]. - The company's growth is characterized by a "dual engine" model, with both potassium fertilizer sales and investment income contributing significantly; potassium chloride sales reached 783,800 tons, a 9.62% increase year-on-year, with an average price of 2,919.81 yuan/ton, up 26.88% [2]. - Despite a decline in lithium carbonate prices, the company has mitigated risks through various strategies, including releasing state reserves and expanding mining rights [2]. Group 3: Oriental Tower - Oriental Tower anticipates a net profit of 750 million to 900 million yuan for the first three quarters, reflecting a year-on-year growth of 60.83% to 93.00% [3]. - The estimated Q3 net profit ranges from 257 million to 407 million yuan, showing a year-on-year increase of 36.7% to 116.5% [3]. - Key factors for the high growth include full-capacity operation of potassium fertilizer production lines and an optimized business structure, with the chemical segment (primarily potassium fertilizer) accounting for 66.8% of revenue [3]. Group 4: Market Trends - The import price of potassium chloride fluctuated around 3,200 yuan/ton in Q3, reflecting a quarter-on-quarter increase of approximately 200 yuan/ton [4]. - The market price for potassium chloride (60% powder) from Qinghai Salt Lake is projected to be 2,550 yuan/ton by the end of 2024, maintaining a high level since mid-July when it rose to 3,200 yuan/ton [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is set to resume lithium production from the salt lake, with the Giant Dragon Phase II project expected to ramp up soon [1] - The report highlights a significant rebound in lithium prices and stable copper prices, leading to an upward revision of the company's net profit forecasts for 2025-2027 [8] - The company has adjusted its lithium production and sales plan for the year, with a focus on maintaining profitability amid fluctuating market conditions [8] Financial Performance Summary - For 2023, total revenue is projected at 5,226 million yuan, a decrease of 36.22% year-on-year, while net profit attributable to shareholders is expected to be 3,420 million yuan, down 39.52% [1] - The company anticipates a recovery in revenue starting in 2024, with a projected increase of 3.73% to 3,372 million yuan, and a significant profit increase of 48.11% in 2025, reaching 3,821 million yuan [1][8] - The earnings per share (EPS) is forecasted to improve from 1.64 yuan in 2024 to 2.43 yuan in 2025, reflecting a positive trend in profitability [1] Production and Sales Insights - Lithium production for the first three quarters of 2025 is reported at 6,021 tons, a decrease of 35% year-on-year, with sales at 4,800 tons, down 53% [8] - The company has received mining permits for the Chaqi Salt Lake and officially resumed lithium production on October 11, 2025, adjusting its annual production target to 8,510 tons [8] - Potassium chloride production for the same period is reported at 700,000 tons, with sales increasing by 10% [8] Investment Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 have been revised to 38.2 billion yuan, 57.3 billion yuan, and 86.4 billion yuan respectively, indicating a year-on-year growth of 48%, 50%, and 51% [8] - The price-to-earnings (P/E) ratio is projected to decrease from 22x in 2025 to 10x in 2027, suggesting an attractive valuation as earnings grow [1][8]

Group 1: Gold Market Analysis - The current gold market is driven by "reserve value" rather than "trading value," with central banks increasing gold reserves as a safeguard against the weakening trust in the US dollar [6][7][10] - Since 2016, there have been three significant expansions in the cracks of dollar credit, correlating with major surges in gold prices [6][8][9] - The World Gold Council reports that 95% of global central banks plan to increase their gold holdings in the next 12 months, indicating strong support for gold prices [7] Group 2: Hikvision (002415.SZ) Performance - Hikvision's revenue for the first three quarters of 2025 reached 657.58 billion yuan, a year-on-year increase of 1.18%, with a net profit of 93.19 billion yuan, up 14.94% [17][19] - The company is focusing on domestic business opportunities and has seen a narrowing decline in its SMBG business, with a significant increase in cash flow [18][19] - Future revenue projections for Hikvision are 950.36 billion yuan, 1,022.84 billion yuan, and 1,121.42 billion yuan for 2025-2027, with net profits expected to be 140.40 billion yuan, 155.57 billion yuan, and 173.44 billion yuan respectively [19] Group 3: Siyuan Electric (002028.SZ) Performance - Siyuan Electric reported a revenue of 138.27 billion yuan for the first three quarters of 2025, a 32.86% increase, with a net profit of 21.91 billion yuan, up 46.94% [21][22] - The company has a strong order backlog and is actively preparing for increased business demand, with inventory rising by 44.58% [21][22] - Future net profit projections for Siyuan Electric are 29.03 billion yuan, 37.32 billion yuan, and 48.05 billion yuan for 2025-2027, with corresponding EPS of 3.72, 4.78, and 6.15 yuan [22] Group 4: Fuyao Glass (600660.SH) Performance - Fuyao Glass achieved a revenue of 333.0 billion yuan in the first three quarters of 2025, a 17.6% increase, with a net profit of 70.6 billion yuan, up 28.9% [24][26] - The company is experiencing a transition in management, which is expected to support its strategic development [25][26] - Future revenue projections for Fuyao Glass are 460 billion yuan, 525 billion yuan, and 608 billion yuan for 2025-2027, with net profits expected to be 94 billion yuan, 106 billion yuan, and 124 billion yuan respectively [26] Group 5: Tunan Co. (688231.SH) Performance - Tunan Co. reported a revenue of 8.59 billion yuan for the first three quarters of 2025, a decrease of 20.5%, with a net profit of 1.23 billion yuan, down 52.2% [28][29] - The company is in a phase of investment and production ramp-up, which has temporarily affected profitability [28][29] - Future revenue projections for Tunan Co. are 15.2 billion yuan, 20.6 billion yuan, and 25.6 billion yuan for 2025-2027, with net profits expected to be 2.8 billion yuan, 4.2 billion yuan, and 5.3 billion yuan respectively [29] Group 6: Cangge Mining (000408.SZ) Performance - Cangge Mining achieved a revenue of 24.01 billion yuan in the first three quarters of 2025, a 3.35% increase, with a net profit of 27.51 billion yuan, up 47.26% [31][32] - The growth in Q3 was notable despite the suspension of lithium carbonate production, driven by copper and potassium chloride businesses [31][32] - Future EPS projections for Cangge Mining are 2.19, 3.12, and 3.96 yuan for 2025-2027, with corresponding PE ratios of 26, 18, and 15 [33]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance has significantly improved due to the rise in potassium chloride and copper prices, with a notable increase in net profit [2][3] - The resumption of lithium carbonate production and the steady progress of new projects are expected to contribute positively to future earnings [3] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.401 billion yuan, a year-on-year increase of 3.35% - The net profit attributable to shareholders reached 2.751 billion yuan, up 47.26% year-on-year, while the net profit after deducting non-recurring gains and losses was 2.756 billion yuan, an increase of 49.27% year-on-year - For Q3 2025, the company reported a revenue of 723 million yuan, a year-on-year increase of 28.71%, but a quarter-on-quarter decrease of 35.76% [1] Product Sales and Pricing - The potassium chloride sales volume for the first three quarters of 2025 was 783,800 tons, a year-on-year increase of 9.6%, primarily due to the release of approximately 80,000 tons from national reserves - The average selling price of potassium chloride was approximately 2,920 yuan per ton, reflecting a year-on-year increase of 26.9% - The company’s lithium carbonate sales volume was 4,800 tons, a decrease of 53.0% year-on-year, with an average selling price of 67,300 yuan per ton, down 24.6% year-on-year [2] Investment Income - The company received investment income of 1.95 billion yuan from its associate, Julong Copper Industry, representing a year-on-year increase of 43.1% - Julong Copper's copper production was 142,500 tons, up 16.8% year-on-year, with sales volume of 142,400 tons, an increase of 18.1% year-on-year, and an average selling price of 83,000 yuan per ton, up 8.0% year-on-year [2] Future Outlook - The company has resumed production at its lithium subsidiary and adjusted its lithium carbonate production and sales plan for 2025, expecting both to reach 8,510 tons - New projects, including the completion of photovoltaic power station construction contracts and the progress of the Laotian potassium salt mine project, are on track [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been raised, with expected net profits of 3.645 billion, 4.845 billion, and 5.828 billion yuan respectively - The report maintains the "Buy" rating based on the anticipated growth driven by rising potassium chloride and copper prices [3][4]

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core View of the Report The report suggests that lithium carbonate will experience a relatively strong and volatile trend, and investors should pay attention to the sustainability of demand [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Market Data**: The closing prices of the 2511 and 2601 contracts are 75,700 and 75,780 respectively. The trading volumes are 366,375 and 303,602, and the open interests are 159,000 and 271,858 [2]. - **Basis Data**: The basis between spot and 2511 contract is -2,350, and between spot and 2601 contract is -2,430. The basis between 2511 and 2601 contracts is -80 [2]. - **Raw Material Data**: The prices of lithium spodumene concentrate (6%, CIF China) and lithium mica (2.0% - 2.5%) are 846 and 1,825 respectively. The price of battery - grade lithium carbonate is 73,350 [2]. 3.2 Macro and Industry News - **Price Information**: SMM's battery - grade lithium carbonate index price is 73,349 yuan/ton, up 285 yuan/ton from the previous trading day. The average price of battery - grade lithium carbonate is 73,350 yuan/ton, up 350 yuan/ton, and that of industrial - grade lithium carbonate is 71,100 yuan/ton, up 350 yuan/ton [3]. - **Policy News**: Sichuan Province will optimize and adjust the 2025 subsidy policy for trading in old cars and electric bicycles. The subsidy policy for car scrapping and replacement in 2025 has been suspended since October 18, 2025 [4]. - **Company News**: From January to September 2025, Zangge Mining's lithium carbonate production was 6,021 tons, reaching 70.75% of the annual production target, and sales were 4,800 tons, completing 56.4% of the annual sales target. The company's photovoltaic power station construction contract for the Mamilcuo Salt Lake project has been signed, and the project plant construction is progressing as planned [4]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 1, indicating a relatively strong trend [4].

藏格矿业 （000408.SZ）经营稳健。 10月16日，藏格矿业三季报出炉。2025年前三季度，藏格矿业实现营业收入24.01亿元，同比增长 3.35%；归属于上市公司股东的净利润（以下简称"归母净利润"）为27.51亿元，同比增长47.26%。 藏格矿业称，2025年第三季度，巨龙铜矿二期改扩建工程迎来重大进展。第二选矿厂精选系统已成功试 车，为后续清水联动试车奠定了良好基础，有力保障了项目如期投产。同时，德庆普尾矿库主排洪隧洞 下游段也已安全精准贯通，进一步为二期项目的顺利建成提供坚实支撑。 2025年前三季度，藏格矿业已分别完成全年氯化钾产销量目标的70.16%、82.51%；平均售价（含税） 同比增长26.88%；平均销售成本同比下降19.12%；毛利率同比增加20.78%。为响应国家政策要求，保 障市场供应，公司于2025年前三季度释放国储氯化钾库存约8万吨。因此，报告期内销售量高于生产量 约8.22万吨。 此外，2025年前三季度，藏格矿业 碳酸锂 平均售价（含税）同比下降24.59%；平均销售成本同比增长 2.98%；毛利率同比下降18.42%。 藏格矿业在三季报中详细披露了各业务板块的主要生 ...

Investment Rating - The report maintains a recommendation for the non-ferrous metals industry, highlighting ongoing uncertainties regarding tariffs and record high prices for gold and silver [2][3]. Core Views - The report emphasizes that while short-term tariff uncertainties persist, precious metals are expected to trend upward in the long term due to factors such as geopolitical risks and central bank gold purchases [6][8]. - The performance of companies like Zijin Mining and Huayou Cobalt is noted, with both showing strong revenue growth and profitability in their recent quarterly reports [6][8]. Industry Overview - **Basic Industry Data**: The non-ferrous metals sector comprises 125 listed companies with a total market capitalization of approximately 45,379.37 billion yuan and a circulating market value of about 39,608.97 billion yuan [3]. - **Price Performance**: The absolute performance over the last 12 months is reported at 69.1%, with a relative performance of 50.0% [4]. Precious Metals - **Market Trends**: Gold futures closed at 999.8 yuan per gram, up 10.9% week-on-week, while silver futures rose 10.53% to 12,249 yuan per kilogram [6]. - **Company Performance**: Zijin Mining reported a total revenue of 2,542.0 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.33%, with net profit rising by 55.45% to 378.64 billion yuan [6][8]. New Energy Metals - **Cobalt Market**: The report notes that cobalt prices are on the rise, with the average price for electrolytic cobalt reaching 381,000 yuan per ton, a 9.01% increase from the previous week [8]. - **Company Insights**: Huayou Cobalt's revenue for the first three quarters of 2025 was 589.41 billion yuan, up 29.57% year-on-year, with net profit increasing by 39.59% to 42.16 billion yuan [8]. Stock Recommendations - The report recommends focusing on the performance of precious metals stocks, particularly companies like Zhongjin Gold and Chifeng Jilong Gold Mining, as well as silver stocks such as Xingye Silver Tin [7][8].

公告显示，7月初，藏格矿业主导的西藏麻米错盐湖项目取得采矿证，标志着项目正式进入建设实施阶 段。据三季报披露，该项目正按计划推进，现已完成光伏电站建设合同签订，全力推进用地手续办理； 厂房建设进度整体符合预期，并与多家银行对接项目贷款事宜，资金保障工作稳步落实。 据介绍，麻米错盐湖项目产品方案为年产电池级碳酸锂5万吨，同时回收硼元素，副产硼砂1.7万吨，矿 山生产服务期33年(不含建设期2年)。项目估算总投资为45.37亿元，全部为企业投资。 此外，藏格矿业于10月14日披露公告称，公司全资子公司藏格钾肥收到了自然资源部颁发的《不动产权 证书(采矿权)》与《采矿许可证》。据了解，此次藏格钾肥取得《不动产权证书(采矿权)》与《采矿许 可证》，在延续主矿种钾盐的基础上，新增了矿盐、镁盐、锂矿、硼矿共伴生矿种。藏格矿业相关人士 表示，这有利于保障钾盐长期开发，稳定氯化钾供应，助力国家粮食安全；明晰公司开发锂资源的用益 物权基础，为盐湖提锂业务提供法定支撑，助力新能源产业发展；推动共伴生矿综合利用，最大化资源 价值，增强公司核心竞争力。 中证报中证网讯(记者何昱璞)藏格矿业（000408）近日披露了2025年三季报， ...