证券代码：000408 证券简称：藏格矿业 公告编号：2024-077 藏格矿业股份有限公司 关于股份回购进展情况的公告 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。 藏格矿业股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日召开第九届 董事会第十四次会议，2024 年 8 月 26 日召开 2024 年第一次临时股东大会，审议 通过了《关于回购公司股份方案的议案》，公司以 1.5 亿元（含）—3 亿元（含） 自有资金、以回购价格不超过 35.90 元/股（含）回购公司股份用于注销并减少注 册资本。本次回购股份的实施期限为自股东大会审议通过本次回购股份方案之日 起 12 个月内。公司因实施 2024 年半年度权益分派，回购价格由不超过 35.90 元/ 股（含）调整为不超过 35.64 元/股（含）。具体内容详见公司在巨潮资讯网（http: //www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公告编号：2024 -050）、《回购报告书》（公告编号：2024-059）、《关于 2024 年半年度权益分派实 施后调整回购股 ...

特此公告。 证券代码：000408 证券简称：藏格矿业 公告编号：2024-076 藏格矿业股份有限公司董事会 藏格矿业股份有限公司 2024年11月28日 关于公司申请广州期货交易所碳酸锂指定交割厂库的进展公告 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。 藏格矿业股份有限公司（以下简称"公司"）于2023年7月17日召开第九届董 事会第七次（临时）会议，审议通过了《关于公司申请广州期货交易所碳酸锂指 定交割厂库的议案》，同意公司向广州期货交易所（以下简称"广期所"）申请碳 酸锂指定交割厂库的资质。 2024年11月27日，广期所发布了《关于调整碳酸锂期货指定交割库的公告》 （广期所发〔2024〕316号），决定新增公司全资子公司格尔木藏格锂业有限公司 为碳酸锂期货交割厂库。 公司全资子公司被指定为广期所碳酸锂期货交割厂库有利于进一步扩大公 司在业内的知名度和影响力，对公司后续拓展业务渠道、增加经济效益等产生积 极作用。 1 ...

证券代码：000408 证券简称：藏格矿业 藏格矿业股份有限公司投资者关系活动记录表 编号：2024-017 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-----------|--------------------|---------------------------------------|--------------|-------|-------|-------| | | | | | | | | | | | □媒体采访 | | □特定对象调研 □分析师会议 □业绩说明会 | | | | | | 投资者关系 | | | □新闻发布会 □路演活动 | | | | | | 活动类别 | □现场参观 | | | | | | | | | ■其他 | （调研及电话会议） | | | | | | | | | | 华泰有色 张智杰 雪球私募 史旭超 | | | | | | | | | 国投证券 覃晶晶 国寿资管 张祖贤 | | | | | | | 朱雀基金 | 佘金花 | 奕旻投资 卢佳 | | | | | ...

Summary of Conference Call on Fangge Mining Company Overview - **Company**: Fangge Mining - **Main Operations**: The company operates in three main business segments: 1. Fertilizer production with a capacity of 2 million tons, achieving an actual output of slightly over 1 million tons annually [1] 2. Carbonate chain production with a capacity of 10,000 tons [1] 3. Copper production through its stake in Julong Mining, which has an annual copper output of approximately 180,000 tons [1] Key Points and Arguments - **Production Capacity and Output**: - Fertilizer production capacity is 2 million tons, but actual production is around 1 million tons [1] - The carbonate chain has a production capacity of 10,000 tons [1] - Julong Mining produced 12.2 million tons of copper in the first three quarters, with sales of 12.06 million tons [3] - **Financial Performance**: - The net profit for the first three quarters reached 4.428 billion [3] - The company’s total revenue for the third quarter was approximately 2.32 billion, showing a decline due to lower product prices [10] - Forecasted revenue for 2025 is expected to be around 4.875 billion, with a potential increase to over 4 billion by 2026 [11] - **Cost Efficiency**: - The company’s cost of production for fertilizer is estimated at around 1,200 to 1,300 per ton, indicating a low-cost production model [2] - The net profit per ton of copper is reported to be over 30,000 [3] - **Future Growth and Projects**: - The company is looking to expand its operations, with plans for a second phase of the Julong project expected to be completed by the end of 2025, targeting a production capacity of 300,000 tons [9] - The company is also exploring additional projects in Laos, with a significant resource estimate of 9.84 billion tons [8] - **Market Conditions**: - The overall supply-demand structure in the industry is improving, with reduced overcapacity compared to previous years [10] - The company is positioned well in the market, with a competitive edge due to its low production costs and strong management [4] Other Important Information - **Management Changes**: The actual control of the company has shifted to the founder's sons, with the founder no longer involved in daily operations, which is seen as a positive development [12][13] - **Investment Potential**: The company is viewed as a potential high-dividend stock, with a current valuation that is considered attractive [12][14] - **Risks**: The company has faced some operational risks due to management changes, but these are not expected to significantly impact overall performance [13] This summary encapsulates the key insights from the conference call regarding Fangge Mining's operations, financial performance, future growth prospects, and market conditions.

证券代码：000408 证券简称：藏格矿业 公告编号：2024-075 藏格矿业股份有限公司 关于股份回购进展情况的公告 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。 公司回购股份的时间、回购股份价格及集中竞价交易的委托时段等均符合 《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定，具 体说明如下： 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 藏格矿业股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日召开第九届 董事会第十四次会议，2024 年 8 月 26 日召开 2024 年第一次临时股东大会，审议 通过了《关于回购公司股份方案的议案》。公司以 1.5 亿元（含）—3 亿元（含） 自有资金、以回购价格不超过 35.90 元/股（含）回购公司股份用于注销并减少注 册资本。本次回购股份的实施期限为自股东大会审议通过本次回购股份方案之日 起 12 个月内。公司因实施 2024 年半年度权益分派，回购价格由不超过 35.90 ...

Summary of Zangge Mining's 3-Quarter Economic Exchange Meeting 2024 Company Overview - **Company**: Zangge Mining - **Meeting Date**: 3rd Quarter of 2024 Key Financial Performance - **Gross Profit**: 8.68 billion yuan in Q3 2024, with a deductible profit of 8.47 billion yuan [1] - **Q3 Performance**: Gross profit of 5.71 billion yuan and deductible profit of 5.69 billion yuan [1] - **Net Income (First Three Quarters)**: 15.101 billion yuan [1] - **Production and Sales**: - Net production: 75.62 million tons - Sales: 71.50 million tons - Approximately 70% of the overall production and sales plan completed [1] Carbon Dioxide Production - **Income from Carbon Dioxide**: 8.06 billion yuan in the first three quarters [2] - **Production Volume**: 9,277 tons with sales of 10,210 tons [2] - **Cost Reduction**: Average cost of carbon dioxide decreased by 14% to 35,000 yuan per ton compared to the first half of the year [2] G-Long Project Updates - **Investment Contribution**: G-Long contributed 3.63 billion yuan [2][3] - **Project Progress**: G-Long II approved by the government; construction of mining facilities is underway [2][3] - **Future Capacity**: Planned increase in selection scale by 200,000 tons per day, raising total production from 150,000 to 200,000 tons [3] Resource Reserves - **Copper and Metal Resources**: Total resource in the giant copper mine reached 25.88 million tons [4] - **Mameituo Salt Lake Project**: Project approval and issuance are in progress [4] Cash Dividend and Share Repurchase - **Cash Dividend**: 2.6 yuan per share, totaling 4.08 billion yuan planned for distribution [5] - **Share Repurchase**: 3.03 million shares repurchased as part of a marketing strategy [5][6] Challenges and Market Conditions - **Production Decline**: Noted decline in production and sales of certain products due to climate changes and global warming [7] - **Cost Increases**: Steady increase in costs attributed to infrastructure upgrades and maintenance [8][15] Future Outlook - **Production Targets**: Anticipated completion of production targets for the year, with adjustments based on market conditions [14] - **Cost Management**: Limited room for further cost reductions; reliance on technological optimization for future cost management [15] Additional Insights - **Mining Rights**: Ongoing efforts to secure mining rights and approvals for various projects [9][10] - **Market Predictions**: Stable price expectations for key products, with potential fluctuations based on international market dynamics [19] Conclusion - The meeting highlighted Zangge Mining's strong financial performance in Q3 2024, ongoing project developments, and strategic initiatives for cost management and shareholder returns. The company remains focused on achieving its production targets while navigating market challenges and optimizing operational efficiencies.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Views - The company's performance is under short-term pressure due to declining prices of key products such as potassium and lithium, with a significant drop in revenue and net profit reported for the first three quarters of 2024 [2][4]. - The future potential of the Jilong Copper Mine is highlighted, with expectations for increased production and investment returns as the second phase of the project progresses towards trial production in early 2026 [4][7]. - The company is advancing various key projects, which are expected to enhance its resource reserves, particularly in potassium and lithium [5][7]. Financial Performance Summary - For 2024, the company is projected to generate revenues of 3.19 billion yuan, a decrease of 38.9% year-on-year, with a net profit of 2.45 billion yuan, down 28.5% [7]. - The company's operating income for the first three quarters of 2024 was reported at 2.32 billion yuan, a decline of 44.53% year-on-year, with a net profit of 1.87 billion yuan, down 37.08% [2][4]. - The cash flow from operating activities showed a significant decrease of 73.13% year-on-year, while investment activities generated a positive cash flow, increasing by 111.94% [3]. Product Sales and Pricing Summary - The sales volume of potassium chloride decreased by 28.22% year-on-year, with an average selling price of 2,301.21 yuan per ton, down 15.40% [2]. - The sales volume of lithium carbonate increased by 31.56% year-on-year, but the average selling price fell sharply by 63.73% to 89,250.72 yuan per ton [2]. Project Development Summary - The company has made progress in its projects, including securing potassium salt reserves in Laos and advancing lithium projects in Tibet, which are expected to significantly enhance its resource base [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The potassium and lithium sector remains sluggish, while copper mining investment returns continue to grow [1] - The company reported a significant decline in revenue and net profit for Q3 2024, with revenue at 562 million yuan, down 59.65% year-on-year, and net profit at 571 million yuan, down 39.42% year-on-year [1][4] - Despite the downturn in potassium and lithium prices, the company maintains a cost advantage in lithium extraction from salt lakes, and future growth in lithium and potassium production is expected [4] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved revenue of 2.324 billion yuan, a decrease of 44.53% year-on-year, and a net profit of 1.868 billion yuan, down 37.08% year-on-year [1][4] - The average selling price of potassium chloride decreased by 15.40% year-on-year, while sales costs increased by 16.84% [1] Production and Sales - Potassium chloride production for the first three quarters of 2024 was 756,200 tons, up 1.32% year-on-year, but sales dropped by 28.22% to 715,000 tons [1] - Lithium carbonate production for the same period was 9,277.5 tons, an increase of 12.84% year-on-year, with sales reaching 10,210 tons, up 31.56% year-on-year [1] Future Outlook - The company forecasts revenues of 3.307 billion yuan, 3.730 billion yuan, and 4.720 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.545 billion yuan, 2.768 billion yuan, and 3.267 billion yuan [4][6] - The company is expected to benefit from the expansion of copper production capacity at the Jilong Copper Mine, with copper production projected to reach 300,000 to 350,000 tons annually after the second phase is completed by the end of 2025 [2][3]

证券代码：000408 证券简称：藏格矿业 藏格矿业股份有限公司投资者关系活动记录表 编号：2024-016 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|--------------------------------|--------------------------------|----------------------------------------------|-------|--------------------------------------------------------|-------|-------|-------| | | □特定对象调研 □分析师会议 | | | | | | | | | | □媒体采访 | □业绩说明会 | | | | | | | | 投资者关系 活动类别 | □新闻发布会 □路演活动 | | | | | | | | | | □现场参观 | | | | | | | | | | ■其他 （电话会议） | | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, with Q1-Q3 2024 revenue at 2.32 billion yuan, down 45% year-on-year, and net profit attributable to shareholders at 1.87 billion yuan, down 37% year-on-year [2] - Lithium production and sales met expectations, with Q1-Q3 2024 lithium carbonate production at 9,278 tons, up 13% year-on-year, and sales at 10,210 tons, up 32% year-on-year [2] - The copper segment maintained high profitability, with Q1-Q3 2024 copper production at 122,000 tons and net profit of 4.3 billion yuan, reflecting a 34% year-on-year increase in investment income [4] Summary by Sections Financial Performance - Total revenue for 2024 is projected to be 3.124 billion yuan, a decrease of 40.21% year-on-year, while net profit is expected to be 2.538 billion yuan, down 25.77% year-on-year [1][5] - The company has significantly reduced costs, leading to an upward revision of profit forecasts for 2024-2026, with net profits expected to be 2.54 billion yuan, 2.73 billion yuan, and 4.26 billion yuan respectively [5] Lithium Segment - In Q3 2024, lithium carbonate revenue was 1.7 billion yuan, with an average selling price of 76,000 yuan per ton, down 25% quarter-on-quarter [2] - The average sales cost for lithium carbonate in Q3 was 35,000 yuan per ton, a decrease of 17% quarter-on-quarter [2] Potash Segment - Potash production in Q1-Q3 2024 was 760,000 tons, down 1.3% year-on-year, with sales down 28% [3] - The average selling price for potash in Q3 was 2,415 yuan per ton, an increase of 8% quarter-on-quarter [3] Copper Segment - The company’s copper production in Q1-Q3 2024 was 122,000 tons, with a net profit of 4.3 billion yuan, reflecting a strong performance [4] - The company anticipates that the second phase of the copper project will begin trial production in Q1 2026, increasing annual copper production capacity to 300,000-350,000 tons [4] Cash Flow and Capital Expenditure - Operating cash flow for Q1-Q3 2024 was 600 million yuan, down 73% year-on-year, with capital expenditure of 90 million yuan, down 63% [4]