证券代码：000408 证券简称：藏格矿业 公告编号：2025-038 藏格矿业股份有限公司 关于调整第二期员工持股计划相关事项的公告 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"）于 2025 年 5 月 16 日召开第九 届董事会第二十二次（临时）会议、第九届监事会第十五次（临时）会议审议通 过了《关于调整第二期员工持股计划相关事项的议案》，同意对公司第二期员工 持股计划（以下简称"本次员工持股计划"）参与人数及参加对象、首次授予及 预留份额等内容进行调整。 根据公司 2024 年年度股东大会的授权及公司《第二期员工持股计划》《第 二期员工持股计划管理办法》的相关规定，本次调整事项在董事会审批权限范围 内，无需提交公司股东大会审议。现将调整事项说明如下： 一、第二期员工持股计划的股票来源及数量 公司于 2022 年 10 月 31 日召开第九届董事会第三次（临时）会议及第九届 监事会第三次（临时）会议、于 2022 年 11 月 16 日召开 2022 年第二次临时股东 大会分别审议通过了《关于以集中竞 ...

藏格矿业股份有限公司监事会 关于调整第二期员工持股计划相关事项的审核意见 藏格矿业股份有限公司（以下简称"公司"）监事会根据《关于上市公司实 施员工持股计划试点的指导意见》（以下简称《指导意见》）、《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》等相关法律、法规及规 范性文件的规定，全体监事认真审阅了相关会议资料，并对相关事项进行了充分 全面的讨论与分析，现就调整公司第二期员工持股计划相关事项发表审核意见如 下： 综上所述，监事会认为，公司此次调整第二期员工持股计划相关事项，不会 损害公司及全体股东，特别是中小股东的利益，符合公司长远发展的需要。 藏格矿业股份有限公司监事会 2025 年 5 月 17 日 公司本次员工持股计划拟定的新增持有人均符合《指导意见》及其他法律、 法规、规范性文件规定的持有人条件，符合员工持股计划规定的持有人范围，其 作为公司本次员工持股计划持有人的主体资格合法、有效，公司不存在以摊派、 强行分配等方式强制员工参加第二期员工持股计划的情形。 监事蔺娟女士为本次员工持股计划的参加对象，系关联监事，在审议第二期 员工持股计划有关议案时已回避表决。 ...

本公司及监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。 一、监事会会议召开情况 藏格矿业股份有限公司（以下简称"公司"）第九届监事会第十五次（临时） 会议通知及会议议案材料于 2025 年 5 月 13 日以邮件、电子通讯等方式送达第九 届监事会全体监事和其他列席人员。会议采取现场结合通讯方式于 2025 年 5 月 16 日在成都市高新区天府大道北段 1199 号 2 栋 19 楼会议室召开。会议由监事 会主席邵静女士主持，侯选明先生、蔺娟女士以通讯方式参会，应到监事 3 人， 实到监事 3 人。公司部分高级管理人员列席了会议。会议的召集召开符合《公司 法》和《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过了《关于调整第二期员工持股计划相关事项的议案》 证券代码：000408 证券简称：藏格矿业 公告编号：2025-040 藏格矿业股份有限公司 第九届监事会第十五次（临时）会议决议公告 监事蔺娟女士为本次员工持股计划的参加对象，系关联监事，在审议该议案 时已回避表决。具体内容详见公司同日刊登于巨潮资讯网（http://www.cninfo.co m.cn ...

证券代码：000408 证券简称：藏格矿业 公告编号：2025-039 藏格矿业股份有限公司 第九届董事会第二十二次（临时）会议决议公告 公司董事会根据《关于上市公司实施员工持股计划试点的指导意见》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》的相关规 定及 2024 年年度股东大会的授权，将公司第二期员工持股计划参与人数由不超 过 210 人调整为不超过 214 人；新增曹三星先生、李健昌先生、张立平女士和肖 瑶先生为第二期员工持股计划参加对象；调整了首次授予及预留份额等内容，并 修订了《藏格矿业股份有限公司第二期员工持股计划》《藏格矿业股份有限公司 第二期员工持股计划管理办法》。 1 此次新增参加第二期员工持股计划的对象中，曹三星先生、李健昌先生和张 立平女士获授份额，待 2025 年第一次临时股东大会审议通过其任职董事资格后 生效。 董事肖宁先生与参与第二期持股计划的肖瑶先生存在关联关系，董事肖瑶先 生、张萍女士、方丽女士为第二期员工持股计划的参加对象，系关联董事，在审 议该议案时已回避表决。具体内容详见公司同日在巨潮资讯网（http://www.cnin fo.com.cn ...

Core Viewpoint - The lithium carbonate industry is currently facing significant challenges, with prices falling below the breakeven point for many producers, leading to operational difficulties and potential bankruptcies [3][4][5]. Price Trends - As of May 15, the average price of domestic battery-grade lithium carbonate was 65,050 yuan per ton, marking a decline of over 10,000 yuan since the beginning of the year [2]. - The price drop has been attributed to insufficient downstream demand and increased supply, with some traders contributing to the downward pressure by offloading inventory [2][5]. Industry Impact - The breakeven price for lithium carbonate processing companies is generally considered to be 70,000 yuan per ton, and many producers are struggling to remain profitable at current price levels [4]. - Some companies have resorted to production cuts and maintenance to reduce costs, while others are attempting to maintain customer relationships despite the challenging market [3][4]. Supply and Demand Dynamics - The supply of lithium carbonate is expected to continue increasing, while downstream demand, particularly from the electric vehicle and energy storage sectors, is stabilizing without significant growth [5]. - Inventory levels have reached a high of 96,000 tons as of April 30, indicating a loose supply in the market [6]. Future Outlook - Industry experts believe that a recovery in lithium prices is unlikely in the short term due to ongoing supply increases and stable demand [5]. - Companies are focusing on cost reduction and resource self-sufficiency to enhance competitiveness, with some considering strategic shifts from expansion to value creation [8][9]. Technological Innovation - Investment in technological innovation is seen as crucial for improving extraction efficiency and reducing costs, which could help alleviate resource constraints and influence market pricing mechanisms [9].

相比锂周期高点时对矿山的青睐，周期低谷时，企业更倾向于生产成本更低的盐湖提锂。就在上个月，新疆就发生了一起高溢价的盐湖资产竞拍。 每经记者｜胥帅 每经编辑｜张海妮 由于碳酸锂行情低迷，资本市场几乎都要忘记这个曾经的"宠儿"。 锂企"龙头"天齐锂业（SZ002466，股价30.23元，市值496.14亿元）在4月创出年内股价新低。 《每日经济新闻》记者发现，碳酸锂价格虽然在下跌，但最近三个交易日有止跌趋势，价格也走到了关键博弈点"6.5万元"。 记者采访锂企高管和行业分析师发现，"6.5万元"是外购矿石提锂以及南美盐湖提锂到岸的成本线。 图片来源：每日经济新闻（资料图） "6.5万元"是锂价成本的重要关卡 碳酸锂期货市场渐有企稳迹象。 以碳酸锂LC2506主力合约为例，其今年迎来月线四连跌，年内跌幅超过15%。到了5月12日，该主力合约价格一度触及每吨6.2万元的低点，此后迎来反弹， 形成"两阳包一阴"的底部形态，价格也保持在每吨6.5万元。碳酸锂期货价格的趋势和现货价格类似，5月13日，国内电池级碳酸锂基准价为65633元/吨，较 卓创资讯富宝锂电分析师苏津仪向《每日经济新闻》记者表示，目前进口6%锂辉石CI ...

Investment Rating - The report maintains an investment rating of "Recommended" for the non-ferrous metals industry [5][8]. Core Insights - In 2024, the prices of major metals such as gold and copper significantly increased, leading to substantial growth in the performance of related listed companies. Precious metal prices rose over 20% compared to 2023, with major companies experiencing a net profit growth rate exceeding 40%. Copper and aluminum prices increased by 7.89% and 7.53% respectively, while industrial metal companies saw a net profit growth of over 30% [5][16][24]. - The energy metals sector faced a sharp decline, with battery-grade lithium carbonate and lithium hydroxide prices dropping over 60%, resulting in a staggering 97.88% decrease in net profits for the sector [5][6][8]. Summary by Sections 1. Revenue and Profit - The non-ferrous metals industry achieved a total revenue of 3.47 trillion yuan in 2024, a 5.86% increase from 3.28 trillion yuan in 2023. The net profit reached 138.41 billion yuan, a slight increase of 1.77% from 136.01 billion yuan in 2023 [17][24]. 2. Precious Metals - The precious metals sector saw a revenue increase of 23.55% to 2909.62 billion yuan in 2024, with net profits rising by 48.24% to 122.85 billion yuan. The average LME gold price for 2024 was 2381.9 USD/oz, up 22.6% from 1942.89 USD/oz in 2023 [31][32][39]. 3. Industrial Metals - The industrial metals sector generated a revenue of 2.66 trillion yuan in 2024, an 8.17% increase from 2.46 trillion yuan in 2023, with net profits growing by 30.58% to 1083.61 billion yuan. The average LME copper price was 9146.79 USD/ton, a 7.89% increase from 8477.77 USD/ton in 2023 [43][44][56]. 4. Energy Metals - The energy metals sector's revenue fell to 155.07 billion yuan in 2024, a decline of 26.21% from 210.14 billion yuan in 2023, with net profits plummeting by 97.88% to 5.1 billion yuan. The average prices for battery-grade lithium carbonate and lithium hydroxide dropped by 65.02% and 68.93% respectively [61][70][71]. 5. Investment Recommendations - The report recommends leading companies in the industry such as Shandong Gold, Zhongjin Gold, Zijin Mining, and Ganfeng Lithium, highlighting their potential for growth and recovery in performance [8].

Summary of Cangge Mining Conference Call Company Overview - **Company**: Cangge Mining - **Key Products**: Potassium Chloride, Lithium Carbonate, Copper Industry Insights - **Potassium Chloride**: Stable growth expected, with production target of 1 million tons and sales target of 950,000 tons for the year 2025. The first quarter production was 159,400 tons, a 0.5% increase year-on-year, with sales up nearly 28% to 178,500 tons [2][3] - **Lithium Carbonate**: Annual production and sales target set at 11,000 tons, with first quarter production at 2,165 tons and sales at 1,530 tons. The production cost for lithium carbonate is projected to be around 31,000 yuan per ton, significantly lower than current costs [2][9] - **Copper**: The first quarter production reached 46,000 tons with a net profit of approximately 43,000 yuan per ton, an increase from 38,000 yuan in 2024. The second phase of the project is expected to be operational by the end of 2025, leading to significant capacity release [2][5] Strategic Developments - **Project Expansion**: Cangge Mining plans to gradually release production capacity for potassium chloride, lithium carbonate, and copper over the coming years. The focus will be on stabilizing potassium chloride production, prioritizing lithium project development, and advancing the second and third phases of the Giant Dragon Copper Mine [2][7][8] - **Cost Optimization**: The company is implementing cost-saving measures, particularly in lithium production, which is expected to lower overall costs as new projects come online [2][9] - **Solid-State Battery Technology**: The company is monitoring developments in solid-state battery technology and plans to establish a new team to track advancements in lithium sulfide and related products [2][15] Financial Performance - **Cash Flow**: Cangge Mining reported strong cash flow with no debt, allowing for capital expenditures to be financed through leverage [3][22] - **Dividend Policy**: The company aims to maintain a stable dividend policy, influenced by capital expenditure needs and investor return strategies [3][23][21] Market Outlook - **Copper Prices**: Long-term copper prices are expected to remain strong due to supply constraints and steady demand from sectors such as renewable energy and manufacturing [2][12] - **Potassium Fertilizer Prices**: Potassium fertilizer prices are projected to remain high, with current prices between 2,000 to 2,600 yuan per ton, and first quarter sales prices exceeding 2,700 yuan [2][12][14] Project Updates - **Mami Cuo Salt Lake**: The project is expected to start production in 2026, with a significant reduction in production costs anticipated [2][11] - **Laos Potash Project**: Progress has been made in obtaining necessary permits, with a long-term goal of achieving a production scale of 3 to 5 million tons [2][17] - **Giant Dragon Copper Mine**: The second phase is on track for completion by the end of 2025, with significant increases in production capacity and net profit expected thereafter [2][10][21] Conclusion Cangge Mining is positioned for growth across its key product lines, with strategic expansions and cost optimizations in place. The company is well-prepared to navigate market dynamics and capitalize on favorable pricing trends in the copper and potassium fertilizer markets.

Group 1 - Lithium prices have dropped to 63,000 yuan/ton, falling below the cost line for many integrated lithium extraction companies, leading to a challenging operating environment for some firms [1][4] - In Q1 2025, 14 out of 21 listed lithium mining companies in A-shares reported profits, while 7 incurred losses, indicating a divergence in performance within the sector [1][2] - The overall revenue of listed lithium mining companies in Q1 2025 reached 43.965 billion yuan, a year-on-year increase of 16.03%, while net profit surged by 1340.4% to 3.343 billion yuan compared to the same period in 2024 [2][3] Group 2 - Major companies like Ganfeng Lithium and Tianqi Lithium showed significant performance divergence, with Ganfeng reporting a revenue decline of 25.43% to 3.772 billion yuan and a net loss of 356 million yuan, while Tianqi turned a profit of 104 million yuan after a loss of 3.897 billion yuan in the previous year [2][3] - The lithium salt production capacity continues to grow, with domestic production of lithium carbonate, lithium hydroxide, and lithium chloride increasing by 35.35%, 29.54%, and 37.14% respectively in 2024 [4][5] - Despite the price drop, many companies have not reduced production capacity; for instance, Ganfeng Lithium and Yahua Group increased their lithium carbonate production by approximately 24% and 10% respectively [5][6] Group 3 - The demand side faces challenges, as the penetration rate of new energy passenger vehicles has not increased significantly, leading to uncertainty in achieving expected growth for the year [6] - The overall market for lithium carbonate remains weak, with supply-demand imbalances persisting unless significant production cuts occur [6]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to influence market dynamics positively [8][14]. - The steel sector has experienced a three-year adjustment period, leading to a favorable cost-performance ratio at current levels. The profitability and stability of leading enterprises have significantly improved [8][14]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks, with domestic demand pricing becoming more relevant due to high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The average price for rebar is 3,296 CNY per ton, reflecting a slight decrease of 0.8% [15][18][37]. - The overall steel price index has seen a minor decline of 0.71%, with cold-rolled steel prices dropping by 1.33% [37]. Industrial Metals - The copper smelting fee has deepened into negative territory, with a reported fee of -43.5 USD per thousand tons, indicating a challenging environment for copper producers [17]. Precious Metals - Gold prices are expected to continue rising due to increased demand driven by tariffs and inflation expectations. The COMEX gold price reached 3,329.1 USD per ounce, a 2.52% increase week-on-week [17]. New Energy Metals - Lithium carbonate production in March 2025 reached 71,260 tons, a year-on-year increase of 66.53%. The price for battery-grade lithium carbonate is reported at 65,700 CNY per ton [16][41].