华福证券研报指出，藏格矿业2025H1归母净利润18亿元，同比+38.8%；25Q2归母净利润10.53亿元，环 比+48%。202H1年巨龙铜业产铜9.28万吨，销量9.27万吨，公司持有巨龙铜业30.78%的股权，报告期内 公司取得投资收益12.64亿元，同比+48%，占公司归母净利润70.22%，成为公司重要收益来源。锂钾铜 三业务扩展持续推进。其中，巨龙铜矿二期采选改扩建工程已完成项目立项核准、环评批复等关键证照 手续办理，预计将于2025年底建成投产。考虑到公司成本优势显著以及铜业务稳步增长，维持"买入"评 级。 ...

中邮证券研报指出，藏格矿业氯化钾盈利稳健，巨龙铜矿表现亮眼。公司2025H1氯化钾产量48.52万 吨、销量53.59万吨，分别完成全年产量目标的48.52%和销量目标的56.41%；碳酸锂产量5,170吨、销量 4,470吨，分别完成全年产量目标的47.00%和销量目标的40.64%。同时，受今年上半年钾肥大合同签订 及海外大型厂商联合减产影响，国内氯化钾价格同比明显上涨，公司氯化钾平均含税售价2,845元/吨， 同比增长25.57%，平均销售成本996元/吨，同比下降7.36%。受供需错配影响，2025H1碳酸锂价格在6 万-8万元/吨区间震荡运行，公司碳酸锂平均含税售价67,470元/吨，平均销售成本41,478元/吨，依然保 持了稳健的盈利能力。随着碳酸锂价格企稳，铜价高位震荡，巨龙铜业扩产顺利，预计公司归母净利润 为37.11/54.77/59.58亿元，YOY为44%/48%/9%，对应PE为20.65/13.99/12.86。综上，给予"买入"评级。 ...

中邮证券有限责任公司李帅华,杨丰源近期对藏格矿业（000408）进行研究并发布了研究报告《氯化钾盈利稳健，巨 龙铜矿表现亮眼》，给予藏格矿业买入评级。 藏格矿业 l盈利预测 l巨龙铜业二期建设，推动未来业绩增长 参股公司巨龙铜业实现矿产铜产量9.28万吨，销量9.27万吨。公司持有巨龙铜业30.78%的股权，取得投资收益12.64亿 元，占公司归母净利润的70.22%，巨龙铜业投资收益同比增加4.09亿元，增幅47.82%。巨龙铜业正全力推进改扩建二 期项目的建设，目前已完成关键证照手续办理，预计将于2025年底建成投产。二期项目建成达产后巨龙铜业年矿产铜 将达30万-35万吨，为未来业绩增长奠定良好的资源储备与产能基础。 我们预计2025-2027年，随着碳酸锂价格企稳，铜价高位震荡，巨龙铜业扩产顺利，预计公司归母净利润为 37.11/54.77/59.58亿元，YOY为44%/48%/9%，对应PE为20.65/13.99/12.86。综上，给予"买入"评级。 l公司发布25H1业绩报告，Q2归母净利润10.53亿元 2025H1公司实现营收16.78亿元，与上年同期17.62亿元相比，同比减少约4.7% ...

Core Insights - As of August 5, a total of 116 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stocks with the longest consecutive net inflow days are Huicheng Environmental Protection and Chengdi Xiangjiang, both achieving 17 consecutive trading days of net inflows [1] - Other notable stocks with significant consecutive net inflow days include Gaomei Co., Juhe Materials, China Baoan, Langkun Technology, Jichuan Pharmaceutical, Jiuri New Materials, Xinlicheng, Cangge Mining, Tianzhihang, and Jingcheng Co., with inflow days ranging from 9 to 15 [1]

Group 1 - The company believes that domestic potassium chloride supply will be tight in the first half of 2025, with fertilizer demand expected to rise as autumn approaches, potentially driving prices up [1] - In the first half of the year, the average sales cost of potassium chloride was 996 yuan/ton, a year-on-year decrease of 7.36%. The company is optimizing costs through various measures, including enhancing production operations and improving resource extraction efficiency [1] - The company is steadily advancing its Laos potassium mine project, with a recent kickoff meeting for research on underground mining systems held in July [1] Group 2 - The company is actively communicating with regulatory authorities regarding the renewal of the mining license for the Chaerhan Salt Lake and is awaiting approval from the Ministry of Natural Resources [2] - Lithium production for the first half of the year reached 5,170 tons, with sales of 4,470 tons, resulting in a net profit of approximately 48.52 million yuan. The company believes the impact of lithium production suspension on overall performance is limited [2] - The company has initiated the first phase of the Xizang Mami Cuo project, with an estimated construction period of 9 to 12 months [2] Group 3 - The company's strategic goal is to become a world-class mining group by 2027, focusing on potassium and lithium resources to enhance resource reserves, production capacity, and development technology [3] - The company is addressing competition issues with its controlling shareholder, with a 60-month timeframe for resolution through various methods such as asset injection or restructuring [3]

公司点评 | 藏格矿业 巨龙铜业贡献主要业绩，半年报慷慨分红重视股东回报 证券研究报告 2025 年 08 月 05 日 藏格矿业（000408.SZ）2025H1 点评 1）铜：根据公司半年报内容，2025H1 巨龙铜业实现矿产铜产量 9.28 万吨， 销量 9.27 万吨；实现营收 75.62 亿元，净利润 41.66 亿元。公司持有巨龙 铜业 30.78%的股权，上半年取得投资收益 12.64 亿元、占比归母净利润为 70.22%；巨龙铜业投资收益同比增加 4.09 亿元、增幅为 47.82%。巨龙铜 矿二期采选改扩建工程预计 2025 年底建成投产，二期项目投产后巨龙铜业 矿产铜年产量约 30-35 万吨，预计将为公司业绩贡献显著增量。 2）氯化钾：受今年上半年钾肥大合同签订及海外大型厂商联合减产影响， 国内氯化钾价格同比明显上涨，上半年公司氯化钾平均售价（含税）为 2845 元/吨、同比增长 25.57%；平均销售成本为 996 元/吨、同比下降 7.36%； 上半年公司氯化钾业务收入为 13.99 亿元，同比增长 24.60%；毛利率为 61.84%，同比增长 13.56%。 3）碳酸锂：受供需错 ...

藏格矿业 20250803 摘要 藏格矿业在紫金矿业控股下，通过成本控制和资源开发，实现营收 16.78 亿元，归母净利润 18 亿元，同比增长 38.8%，扣非净利润 18.08 亿元，同比增长 41.55%，经营性净现金流 8.34 亿元，同比增 长 137.19%。 作为国内第二大钾肥生产企业，藏格矿业积极响应粮食安全政策，上半 年氯化钾平均销售均价含税达到 2,845 元/吨，同比增长 25.57%。氯 化钾总产量 48.52 万吨，销量 53.59 万吨，实现营业收入 13.99 亿元， 同比增长 24.6%，毛利率 61.84%，同比增长 13.56%。 公司碳酸锂业务通过技术创新和质量管控，上半年实现碳酸锂产量 5,170 吨，销量 4,470 吨，实现营业收入 2.67 亿元。尽管面临行业供 需错配，公司通过优化生产工艺提升产品质量。 巨龙铜业是利润增长引擎，上半年实现铜产量 9.28 万吨，销量 9.27 万 吨，实现营收 75.62 亿元，净利润 41.66 亿元。藏格矿业持有巨龙铜业 30.78%股权，取得投资收益 12.64 亿元，占归母净利润 70%以上。二 期扩建工程进展顺利，达产 ...

Core Viewpoint - The acquisition of Cangge Mining by Zijin Mining, valued at 13.7 billion yuan, marks a significant transformation in the mining industry, particularly in the development of the Qarhan Salt Lake, which holds vast mineral resources [1][11]. Group 1: Management and Operational Changes - Following the acquisition, Zijin Mining is rapidly advancing reforms at Cangge Mining, focusing on organizational management upgrades while preserving the company's unique characteristics [2][3]. - The company has initiated a comprehensive governance reform, including the integration of supervisory functions into the board of directors, establishing a clear internal governance framework [3][4]. - Cangge Mining is emphasizing cost reduction and efficiency improvements, with monthly cost analyses and the introduction of intelligent equipment to enhance production processes [4][5]. Group 2: Technological Innovations and Environmental Considerations - Cangge Mining has developed a one-step method for lithium extraction from low-concentration brine, significantly contributing to the supply of battery-grade lithium and supporting the renewable energy sector [5][6]. - The company is committed to ecological protection, implementing measures such as resource recycling and the use of electric vehicles to minimize environmental impact [6][7]. - Cangge Mining is also focusing on the comprehensive utilization of by-products, exploring innovative technologies for resource recovery [7][8]. Group 3: Future Development and Strategic Goals - The company has outlined four key transformation directions, including management innovation, digitalization, and the strengthening of core business advantages in potassium and lithium resources [8][9]. - Cangge Mining's future plans include the construction of a lithium-boron mining project in the Mami Cuo Salt Lake, with an estimated lithium carbonate equivalent reserve of approximately 2.1774 million tons [9][10]. - The strategic goal is to become a globally competitive mining group, leveraging the advantages of state-owned enterprise management and private sector vitality [11].

Market Strategy - The market is experiencing a volume contraction rebound, with the military industry sector showing strong performance [5][6] - The overall A-share market saw a rise of 0.76%, with the Shanghai Composite Index up by 0.66% and the Sci-Tech 50 Index up by 1.22% [6][7] - The military industry, machinery equipment, and non-ferrous metals sectors performed well, while social services, oil and petrochemicals, and retail sectors lagged behind [7] Company Performance - **Ninebot Company (689009.SH)** reported a 2025 semi-annual net profit increase of 108.45%, with total revenue of 11.742 billion yuan, up 76.14% year-on-year [23][24] - **Yingzi Network (688475.SH)** achieved a net profit growth of 7.38% in the first half of 2025, with total revenue of 2.827 billion yuan, reflecting a 9.45% increase [26][27] - **Taincon (301263.SZ)** announced positive preliminary results for its CKBA ointment in phase II clinical trials for vitiligo, meeting expected targets [29][30] - **Cangge Mining (000408.SZ)** reported a significant profit increase due to the performance of the Jilong Copper Mine, with total revenue of 1.678 billion yuan and a net profit of 1.8 billion yuan [32][34] Economic Dynamics - The actual use of foreign capital in Hunan Province reached 420 million USD in the first half of 2025, marking a 23% year-on-year increase, significantly higher than the national average [37][38]

近期藏格矿业（000408）发布2025年中报，证券之星财报模型分析如下： 经营概况 藏格矿业发布的2025年中报显示，公司营业总收入为16.78亿元，同比下降4.74%；归母净利润为18.0亿 元，同比上升38.8%；扣非净利润为18.08亿元，同比上升41.55%。按单季度数据看，第二季度营业总收 入为11.26亿元，同比下降1.86%；第二季度归母净利润为10.53亿元，同比上升37.15%；第二季度扣非 净利润为10.58亿元，同比上升51.25%。 盈利能力分析 资产负债 截至报告期末，公司资产总额为168.93亿元，归属于上市公司股东的净资产为157.23亿元，资产负债率 为7.03%。货币资金为33.14亿元，同比增加306.56%；应收账款为4916.86万元，同比减少48.58%；有息 负债为2.53亿元，同比增加2990.97%。 本报告期藏格矿业的盈利能力显著提升，毛利率为56.66%，同比增加15.46%；净利率为106.98%，同比 增加45.89%。这表明公司在控制成本和提高产品附加值方面取得了显著成效。 主营收入构成 氯化钾是公司的主要收入来源，主营收入为13.99亿元，占总收入 ...