证券代码：000408 证券简称：藏格矿业 公告编号：2025-049 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"）第十届董事会第二次（临时） 会议通知及会议议案材料于2025年5月30日以邮件、电子通讯等方式送达第十届 董事会全体董事和列席人员。会议采取通讯方式于2025年6月3日召开。会议应到 董事9名，实到董事9名。会议由董事长吴健辉先生主持，全体董事均采取通讯方 式参加会议。公司高级管理人员线上列席了会议。本次会议召集召开符合《中华 人民共和国公司法》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《关于制定〈董事会会议提案管理规定〉的议案》 董事会认为，公司根据法律法规等相关规定，制定《董事会会议提案管理规 定》，便于公司董事充分了解董事会提案内容及相关信息，加强决策的科学性， 有利于公司进一步规范董事会提案管理工作，提高公司治理水平和董事会决策效 率。具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的《董 事会会议提案管理规定》。 表决结果：同意 9 票，反 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 2.58 billion yuan for 2024, a year-on-year decrease of 24.56%. The net profit excluding non-recurring items was 2.547 billion yuan, down 28.76% year-on-year. In Q4 2024, the net profit attributable to shareholders was 712 million yuan, an increase of 57.76% year-on-year and 24.71% quarter-on-quarter [2][4]. Financial Performance Summary - In 2024, the company achieved total revenue of 32.51 billion yuan, with a gross profit of 14.60 billion yuan, representing a gross margin of 45% [14]. - The copper segment produced 166,300 tons with revenue of 12.838 billion yuan and a net profit of 6.263 billion yuan. The company holds a 30.78% stake in the copper business, yielding an investment income of 1.928 billion yuan, accounting for 75% of the net profit [9]. - The lithium segment generated revenue of 1.022 billion yuan, down 48% year-on-year, with a gross margin of 45.44%, a decrease of 35.07 percentage points. The net profit was 491 million yuan, with lithium production at 11,566 tons, a 4% decrease year-on-year [9]. - The potassium segment reported revenue of 2.21 billion yuan, down 31% year-on-year, with a net profit of 261 million yuan. The average selling price of potassium chloride was 2,115 yuan per ton, down 15% year-on-year [9]. Future Outlook - The company has set production and sales targets for 2025, aiming for potassium chloride production of 1 million tons and sales of 950,000 tons, as well as lithium carbonate production and sales of 11,000 tons each [9]. - The company is accelerating copper production expansion, with the second phase of the copper project expected to commence production by the end of 2025, significantly enhancing profitability [9]. - The company is also advancing lithium resource development, with expectations for faster progress in obtaining mining permits [9].

Group 1 - The announcement details the release of share pledges by the major shareholder, Tibet Cangge Investment Group Co., Ltd., indicating a positive development for the company [1][2] - The specific number of shares released from pledge is 40,000,000, which represents 2.55% of the total share capital [1] - As of the announcement date, the total pledged shares by the shareholder and its concerted parties amount to 262,287,430 shares, accounting for 82.97% of their holdings [2] Group 2 - The total number of shares held by the major shareholder is 316,109,015, which constitutes 20.13% of the company's total share capital [2] - The announcement confirms that the released shares do not include shares locked by executives, indicating a focus on shareholder liquidity [2]

证券代码：000408 证券简称：藏格矿业 公告编号：2025-048 藏格矿业股份有限公司 关于 5%以上股东部分股份解除质押的公告 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。 藏格矿业股份有限公司（以下简称"公司"）近日接到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"）函告，获悉其所持有公司的部分 股份办理了解除质押手续，具体事项如下： 一、股东股份解除质押的基本情况 | 股东 | 是否为控 | 本次解除 质押股份 | 占其 | 占公 | | | | 解除 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | | 所持 | 司总 | | | | | | | | | 第一大股 | | 股份 | 股本 | 质押起始日 | | | | | 质权人 | | 名称 | | 数量 | | | | | | 日期 | | | | | 东及其一 | （股） | 比例 | 比例 | | | | | | | | | 致行动人 | | ...

Summary of M&A Activity in Q1 2025 Core Insights - The M&A market in Q1 2025 saw a total of 534 transactions with a combined value of 2371.86 billion RMB, maintaining a steady volume compared to the same period last year [2][21] - The most active sectors for M&A transactions included traditional industries, smart manufacturing, and energy and power [23][25] Group 1: Transaction Volume and Value - In Q1 2025, there were 421 newly disclosed M&A transactions valued at 1040.28 billion RMB, with 173 completed transactions worth 1282.89 billion RMB [21][23] - Traditional industries led the transaction volume with 94 deals (17.60%), followed by smart manufacturing with 71 deals (13.30%) and energy and power with 48 deals (8.99%) [23][25] Group 2: Sector Analysis - The largest disclosed transaction value was in traditional industries, reaching 190.52 billion RMB, followed by cultural entertainment at 156.09 billion RMB and e-commerce at 119.67 billion RMB [4][25] - Within traditional industries, the most active sub-sectors included traditional manufacturing (35 deals), construction (15 deals), traditional energy (7 deals), and real estate and home furnishings (5 deals) [3][25] Group 3: Regional Distribution - M&A activity was predominantly concentrated in the eastern coastal regions of China, with Guangdong leading with 60 transactions, followed by Jiangsu (49 transactions) and Shanghai (43 transactions) [5][27] - In terms of transaction value, Guangdong also topped the list with 225.39 billion RMB, followed closely by Shanghai at 223.26 billion RMB and Jiangsu at 112.65 billion RMB [5][27] Group 4: Transaction Size and Company Age - The majority of transactions were small, with 70 deals (26.02%) valued at under 10 million RMB, followed by 36 deals in the 200 million to 500 million RMB range [6][29] - Companies established between 5 to 10 years accounted for 25.90% of the M&A targets, with 109 such companies involved [31] Group 5: Public Company Acquisitions - A total of 22 publicly listed companies were acquired in Q1 2025, indicating a shift in control for these firms [8][32] - Notable transactions included two "A and A" deals and one "A and H" deal, highlighting the ongoing consolidation in the market [8][32] Group 6: Acquisition Methods and Buyer Intentions - Agreement-based acquisitions remained the dominant method, accounting for 78.93% of transactions, followed by share issuance for asset purchases at 8.38% [10][34] - The primary motive for acquisitions was horizontal integration, representing 63.49% of the transactions, aimed at market expansion and long-term development [12][36] Group 7: Institutional Participation and Exits - Institutions participated in 58 acquisition transactions, primarily in sectors like healthcare, energy, and automotive [14][38] - Notable exits included 47 transactions involving institutional investors, with significant activity in energy and automotive sectors [16][40]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

长江商报消息 ●长江商报记者 江楚雅 2025年一季度，藏格矿业实现归母净利润7.47亿元，同比增长41.18%；经营性现金流净流入1.04亿元， 同比增长143.80%。 藏格矿业（000408.SZ）收到巨额现金分红款。 15.39亿现金分红落袋 藏格矿业公告显示，公司已收到参股公司巨龙铜业的现金分红款，金额达15.39亿元。 公开资料显示，藏格矿业持有巨龙铜业30.78%股权，后者旗下拥有驱龙铜矿、知不拉铜矿及荣木错拉 铜矿，均位于西藏墨竹工卡县。此外，巨龙铜业在2024年新增备案铜资源量1472.6万吨，保有铜资源量 2561万吨，是国内备案铜资源量最多的矿山企业。 作为藏格矿业的重要业绩支柱，2021年至2023年期间，巨龙铜业营业收入和净利润均实现了翻倍式增 长。2024年，巨龙铜业生产铜精矿16.63万吨，为藏格矿业贡献投资收益19.28亿元，占其全年净利润比 重达74.72%。 此外，据藏格矿业在接受机构调研时透露，巨龙铜矿二期改扩建工程正全面推进，计划于2025年底建成 投产。项目达产后，其年采选矿石量将超1亿吨、年产铜30万—35万吨，成为国内采选规模最大、全球 本世纪投产的最大单体铜矿山 ...

Group 1 - The chemical sector showed strong performance on May 23, with the chemical ETF (159870.SZ) rising by 0.53% and the related index, the segmented chemical index (000813.CSI), increasing by 0.57% [1] - Key constituent stocks such as Wanhua Chemical, Yalake Co., and Guangwei Composites saw gains of 0.75%, 1.00%, and 1.62% respectively, indicating positive market sentiment [1] - The price of polyester FDY increased by 8.92% from the beginning of the month to 7424 yuan/ton, driven by rising raw material costs, which improved profit expectations for related companies [1] Group 2 - Securities research from Industrial Securities highlighted that the valuation of core chemical assets is currently at historically low levels, with significant safety margins [1] - For example, the historical PB percentiles for Wanhua Chemical and Huafeng Chemical are both below 1%, while Baofeng Energy and Hualu Hengsheng are below 20%, indicating strong investment value [1] - Huibo Intelligent Investment Research emphasized that AI technology is transforming R&D paradigms and production models in the chemical industry, with leading companies enhancing efficiency and reducing costs through technologies like intelligent coal blending systems [1]

Group 1 - Tian Tie Technology signed a strategic cooperation framework agreement with Shenzhen Xinjie Energy to collaborate on solid-state battery lithium metal anode materials supply, research, and production [1] - Tian Tie Technology will supply battery-grade lithium metal products and is committed to an annual procurement volume of no less than 100 tons for a minimum of 5 years [1] - This partnership is expected to enhance the development of solid-state battery technology and solidify Tian Tie Technology's position in the lithium metal anode materials market [1] Group 2 - Cangge Mining received a cash dividend of 1.539 billion yuan from its associate company, Julong Copper, reflecting Julong Copper's strong operational performance and financial stability [2] - The cash dividend is anticipated to positively impact Cangge Mining's future operating performance and enhance its cash flow [2] - This financial gain will support Cangge Mining's further investments and development in the mining sector [2] Group 3 - Wanhua Chemical announced a scheduled maintenance shutdown for its 800,000 tons/year MDI, 360,000 tons/year TDI, and 400,000 tons/year PVC production facilities starting June 5, 2025, for approximately 45 days [3] - The maintenance is part of the annual routine and is not expected to have a significant impact on the company's overall production operations [3] - This maintenance reflects the company's commitment to equipment upkeep and safety, ensuring stable operations and product quality post-maintenance [3]