Group 1: Financial Performance - In 2025, the company achieved a revenue of CNY 3.577 billion, a year-on-year increase of 10.03% [10] - The net profit attributable to shareholders was CNY 3.852 billion, up 49.32% year-on-year [10] - The cash dividend issued in 2025 and the expected annual cash dividend totaled CNY 3.922 billion, representing 102% of net profit [7] Group 2: Production Goals - In 2026, the company plans to produce 1 million tons of potassium chloride and 150,000 tons of industrial salt [9] - The company aims to produce and sell 11,000 tons of lithium carbonate in 2026 [9] - The expected copper concentrate production from the joint venture is between 300,000 and 310,000 tons, with the company's share being approximately 92,300 to 95,400 tons [9] Group 3: Cost Management - The average sales cost of potassium chloride in 2025 was CNY 961.62 per ton, a decrease of CNY 205.44 per ton, or 17.60% [11] - The company implemented cost control measures that resulted in a 16% reduction in controllable management expenses compared to 2024 [12] - Supply chain efficiencies led to a 10.27% decrease in material procurement costs [12] Group 4: Resource Development - The company is focusing on comprehensive resource utilization at the Qarhan Salt Lake, with plans to produce 1.5 million tons of industrial salt by 2026 [4] - The company has obtained mining rights for various minerals, including potassium, magnesium, lithium, and boron, enhancing its resource base [4] - The company is committed to developing lithium and potassium resources while exploring other minerals like boron and magnesium [14] Group 5: Employee Welfare - The company has established a comprehensive welfare system that includes various benefits and incentives to enhance employee satisfaction [6] - Specific measures include free accommodation, heating subsidies, and personalized benefits for employees from other regions [6] Group 6: Strategic Planning - The company aims to maintain a high dividend policy while ensuring sustainable growth and capital expenditure for future projects [8] - The company plans to focus on core potassium and lithium businesses while pursuing quality resource acquisitions [15] - The company is committed to optimizing its governance structure and enhancing competitiveness under the new major shareholder [13]

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company achieved a revenue of 3.58 billion yuan in 2025, representing a year-on-year growth of 10.0%. The net profit attributable to shareholders was 3.85 billion yuan, up 49.3% year-on-year [7] - The company plans to distribute a cash dividend of 15.0 yuan per 10 shares, totaling 2.35 billion yuan, with a dividend payout ratio of 102% and a dividend yield of 3.1% [7] - The company is experiencing a three-pronged growth driven by potassium, lithium, and copper, with significant capacity expansion and price increases expected in the coming years [7] Financial Projections - Revenue projections for 2026, 2027, and 2028 are 7.19 billion yuan, 13.25 billion yuan, and 20.13 billion yuan, respectively, with growth rates of 101.0%, 84.3%, and 51.9% [8] - Net profit attributable to shareholders is projected to reach 8.03 billion yuan, 12.28 billion yuan, and 14.50 billion yuan for the same years, with growth rates of 108.3%, 53.0%, and 18.0% [8] - Earnings per share are expected to increase to 5.11 yuan, 7.82 yuan, and 9.23 yuan over the next three years [8] Segment Performance - Lithium production is expected to face challenges due to regulatory issues, with a projected output of 0.88 million tons in 2025, down from previous levels [7] - Potassium prices have risen significantly, with the company achieving a selling price of 2,964 yuan per ton, a 28.6% increase year-on-year [7] - Copper production from the company's major mine is projected to reach 30-31 million tons in 2026, with profitability driven by rising copper and molybdenum prices [7]

Core Viewpoint - Cangge Mining (000408.SZ) achieved a historic milestone in 2025 with net profit exceeding operating income, driven by strong performance in its potassium, lithium, and copper segments, alongside significant investment income from its subsidiary, Tibet Julong Copper Industry Co., Ltd. [3][4] Financial Performance - In 2025, Cangge Mining reported operating income of 3.577 billion yuan, a year-on-year increase of 10.03%, and a net profit attributable to shareholders of 3.852 billion yuan, up 49.32% year-on-year [5] - The company’s potassium chloride business generated sales revenue of 2.949 billion yuan, a 33.42% increase, with a gross margin of 64.64%, up 19.81 percentage points [5] - The lithium carbonate segment faced challenges, with production falling short of the planned 11,000 tons due to a temporary shutdown, resulting in sales revenue of 593 million yuan, down 41.98% year-on-year [5][6] Investment Contributions - The significant investment income of 2.782 billion yuan from Tibet Julong Copper accounted for 72.23% of the net profit, marking a 44.34% increase year-on-year [6] - Tibet Julong Copper produced 193,800 tons of copper with revenue of 16.663 billion yuan and net profit of 9.141 billion yuan in 2025 [6] Strategic Developments - In 2025, Zijin Mining became the controlling shareholder of Cangge Mining, enhancing its strategic resource portfolio and operational capabilities [7] - The company plans to produce 1 million tons of potassium chloride and 16,400 tons of battery-grade lithium carbonate in 2026, aiming for substantial growth in its core business segments [8] Future Challenges - Cangge Mining faces challenges in maintaining high investment income from Tibet Julong Copper amid fluctuating copper prices and production costs [7][8] - The performance in 2026 will be critical for Cangge Mining to sustain its valuation above 100 billion yuan, relying on the successful ramp-up of potassium and lithium production [8]

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 3.58 billion yuan in 2025, representing a year-on-year growth of 10.0%. The net profit attributable to shareholders was 3.85 billion yuan, up 49.3% year-on-year [7]. - The company plans to distribute a cash dividend of 15.0 yuan per 10 shares, totaling 2.35 billion yuan, with a dividend payout ratio of 102% and a dividend yield of 3.1% [7]. - The company is experiencing a three-pronged growth strategy driven by potassium, lithium, and copper, with significant capacity expansion and price increases expected in these segments [7]. Financial Projections - Revenue projections for 2026, 2027, and 2028 are 7.19 billion yuan, 13.25 billion yuan, and 20.13 billion yuan, respectively, with growth rates of 101.0%, 84.3%, and 51.9% [8]. - The net profit attributable to shareholders is projected to reach 8.03 billion yuan in 2026, 12.28 billion yuan in 2027, and 14.50 billion yuan in 2028, with corresponding growth rates of 108.3%, 53.0%, and 18.0% [8]. - The earnings per share (EPS) are expected to be 5.11 yuan in 2026, 7.82 yuan in 2027, and 9.23 yuan in 2028, with price-to-earnings (PE) ratios of 16, 10, and 9, respectively [8]. Segment Performance - Lithium production and sales for 2025 were 8,800 tons and 9,000 tons, respectively, showing a decline due to compliance issues, with a cost per ton of 43,000 yuan, up 5.1% year-on-year [7]. - Potassium chloride sales were 1.033 million tons, with a price increase of 28.6% year-on-year, and a significant reduction in cost per ton to 962 yuan, down 17.6% year-on-year [7]. - Copper production from the Jilong mine reached 194,000 tons, with a net profit of 9.14 billion yuan, benefiting from a 7.5% increase in LME copper prices [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Insights - The company achieved a revenue of 3.577 billion yuan in 2025, representing a year-on-year growth of 10.03%. The net profit attributable to shareholders reached 3.852 billion yuan, up 49.32% year-on-year, and the net profit after deducting non-recurring items was 4.031 billion yuan, increasing by 58.28% [1][2]. - The potassium chloride business generated a revenue of 2.949 billion yuan, with a year-on-year growth of 33.42%, and the gross margin improved by 19.81 percentage points to 64.64%. The average selling price for potassium chloride was 2,964 yuan per ton, up 28.6% year-on-year [2]. - The company’s lithium carbonate business saw a revenue decline of 42.0% to 593 million yuan, primarily due to a production halt from July to October, resulting in a 23.9% drop in production and a 34.1% drop in sales [2]. - Investment income from the associated company, Jilong Copper, increased by 44.34% to 2.78 billion yuan, driven by a copper production of 194,000 tons and a net profit of 9.14 billion yuan [2]. Financial Summary - The company’s revenue and profit forecasts for 2026-2028 have been revised upwards, with expected net profits of 7.235 billion yuan, 8.510 billion yuan, and 10.017 billion yuan for 2026, 2027, and 2028 respectively [4][5]. - The projected earnings per share (EPS) for 2026, 2027, and 2028 are 4.61 yuan, 5.42 yuan, and 6.38 yuan respectively, indicating a strong growth trajectory [5][12]. - The company’s return on equity (ROE) is expected to be 34.16% in 2026, reflecting robust profitability [12]. Project Developments - The second phase of the Jilong Copper Mine has commenced production, increasing the processing capacity from 150,000 tons per day to 350,000 tons per day, which is expected to significantly enhance investment returns [3]. - The Xizang Mami Cuo Salt Lake project is progressing, with the first phase planned to produce 50,000 tons of lithium carbonate annually, expected to commence full production in Q3 2026 [3]. - The Laos potassium salt mine project is also advancing, with a planned annual production capacity of 2 million tons of potassium chloride [3].

Investment Rating - The report maintains a "Buy" recommendation for the aluminum sector, highlighting ongoing supply disruptions and recovering demand as key factors for price fluctuations [2]. Core Insights - The report emphasizes that ongoing geopolitical tensions in the Middle East are exacerbating supply vulnerabilities, leading to a tight global aluminum market and high price volatility. The aluminum price is expected to remain elevated due to these factors [3][4]. - Domestic aluminum processing enterprises have shown a recovery in operating rates, with a 2.4 percentage point increase to 61.9% week-on-week, indicating a positive trend in demand recovery [3]. - The report suggests that the current geopolitical situation may not only be a short-term issue but could lead to a broader global supply crisis, particularly affecting aluminum and alumina imports and exports from the Middle East [3][4]. Industry Data Summary Production Data - The average profit for the electrolytic aluminum industry is around 8,800 CNY/ton, with expectations for sustained high profitability in the future [5]. - The report notes that the operating rates for various aluminum sectors have increased, with aluminum wire and cable production rising by 2 percentage points to 65%, and aluminum profiles seeing a significant increase of 7.3 percentage points to 51.8% [3]. Inventory Data - Global aluminum inventories are reported to be at historically low levels, with LME registered warehouse receipts continuing to rise, indicating a tightening supply situation [4][5]. Consumption Data - The report highlights that domestic aluminum apparent consumption is on an upward trend, with expectations for improved performance during the "Golden March" consumption period [4]. Company Performance - The report mentions that Jiaozuo Wanfang has achieved record high performance in 2025, with a revenue of 6.495 billion CNY, a year-on-year increase of 0.46%, and a net profit of 1.071 billion CNY, up 81.95% year-on-year [6][11]. - The company is also pursuing a significant asset restructuring to enhance its resource security and profitability stability by integrating its operations across the aluminum value chain [11]. Stock Recommendations - The report recommends focusing on companies within the aluminum sector such as China Hongqiao, Hongchuang Holdings, and others, indicating a positive outlook for the aluminum and precious metals sectors [12].

藏格矿业股份有限公司 企业行为准则（试行） 第一条 目的 第一章 总 则 第二章 管 治 藏格行为准则的制定参考了《联合国全球契约十项原则》《联合国工商企业 与人权指导原则》《联合国反腐败公约》等国际标准和行业优秀实践。 第三条 适用范围 本准则适用于藏格及藏格境内外直接或间接投资的全资、控股企业，同时该 准则也作为藏格项目投资以及供应商筛选的重要标准。藏格将推动相关合作伙伴 遵守本准则，任何违反本准则的行为都有可能损害其与藏格的业务关系，甚至导 致终止双方的合作关系。 藏格矿业股份有限公司（以下简称"藏格"或"我们"）以公平和道德的方式开 展业务，并积极承担对社会和环境的企业责任，致力于成为一家受人尊敬、负责 任的矿业企业。 第四条 依法合规 我们以遵守法律法规为行为的基础。本准则的制定是基于合法合规这一根本 理念，任何人都必须遵守运营所在地的法律法规，尊重当地风俗，避免出现违法 和不当行为。 第五条 利益相关方需求 我们尊重利益相关方的意见和诉求。我们会主动与利益相关方沟通，更好地 了解他们的关注点，并将了解到的情况融入公司的业务开展中。 藏格制定本准则旨在阐明藏格与各利益相关方的业务往来中所采取的行为 ...

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： 藏格矿业股份有限公司（以下简称"公司"）本次拟续聘会计师事务所符合 财政部、国务院国资委、证监会印发的《国有企业、上市公司选聘会计师事务所 管理办法》（财会〔2023〕4 号）的规定。 公司于 2026 年 3 月 13 日召开第十届董事会第八次会议，审议通过了《关于 公司续聘 2026 年度审计机构的议案》，同意续聘天衡会计师事务所（特殊普通 合伙）（以下简称"天衡会计师事务所"）为公司 2026 年度财务审计及内部控 制审计机构，该事项尚需提交公司 2025 年年度股东会审议。现将相关情况公告 如下： 证券代码：000408 证券简称：藏格矿业 公告编号：2026-014 藏格矿业股份有限公司 关于续聘2026年度审计机构的公告 一、续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 名称：天衡会计师事务所（特殊普通合伙） 企业类型：特殊普通合伙企业 统一社会信用代码：913200000831585821 执行事务合伙人：郭澳 成立日期：2013 年 11 月 04 日 主要经营场所：南京市 ...

2025 可持续发展报告 Sustainability Report 2025 藏格矿业股份有限公司 股票代码：000408 目录 | 前言 | 05 | | --- | --- | | ※ 董事长致辞 | 05 | | ※ 关于藏格矿业 | 06 | | ※ 可持续发展治理与战略 | 10 | | ※ 利益相关方沟通 | 14 | | ※ 双重重要性评估 | 15 | | ※ 可持续发展亮点表现 | 27 | | 环境承诺与绿色共生 | | --- | | ※ 议题管理进展 | | ※ 应对气候变化 | | ※ 能源与碳排放管理 | | ※ 环境管理体系 | | ※ 水资源管理 | | ※ 排放与废弃物管理 | | ※ 生态保护与土地管理 | 为国家关键矿产资源安全构筑起战略屏障 | 职业健康与安全责任 | | --- | | ※ 议题管理进展 | | ※ 安全管理体系 | | ※ 安全风险防控 | | ※ 化学品管理 | | ※ 职业健康保障 | | 人才赋能与责任链路 | 78 | | --- | --- | | ※ 议题管理进展 | 79 | | ※ 多元、平等与包容 | 80 | | ※ 人才吸引与 ...

为便于广大投资者更全面深入地了解公司 2025 年度业绩、生产经营情况及 现金分红情况，公司定于 2026 年 3 月 14 日（星期六）上午 9:30 至 11:00，以"现 场互动+网络直播互动"相结合的方式召开 2025 年度业绩暨现金分红说明会。本 次会议将在海南省三亚市天涯区三亚湾路 63 号设立互动会场，并通过网络直播 与更多投资者进行实时交流。 藏格矿业股份有限公司（以下简称"公司"）于 2026 年 3 月 14 日在巨潮资 讯网（http://www.cninfo.com.cn）披露了《2025 年年度报告》及其相关文件。 投资者可登录"藏格矿业投资者关系"小程序参与互动交流、观看视频直播。 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问通道自发出公告 之日起开放。 证券代码：000408 证券简称：藏格矿业 公告编号：2026-018 参与方式一：在微信小程序中搜索"藏格矿业投资者关系"； 藏格矿业股份有限公司 关于召开2025年度业绩暨现金分红说明会的公告 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。 出席本次业绩说明会的人员 ...