证券代码：000408 证券简称：藏格矿业 公告编号：2025-023 藏格矿业股份有限公司 关于股东权益变动触及1%的公告 股东紫金国际控股有限公司保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 藏格矿业股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日收到紫金国 际控股有限公司（以下简称"紫金国际"）《关于增持藏格矿业股份的告知函》， 2025 年 2 月 5 日至 2025 年 4 月 9 日，紫金国际通过深圳证券交易所交易系统以 集中竞价方式累计增持公司 A 股股份 14,715,300 股，期间公司注销回购股份导 致股东持股比例被动增加，紫金国际及其一致行动人累计权益变动触及 1%，具 体变动情况如下： 一、本次股东增持情况 | | | 日期 | | 公司总股本 增持股数 | | 增持比例 | 累计持股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （股） | （股） | | 比例 | | 2025 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company's revenue from potassium and lithium segments has declined significantly due to falling sales prices [2][3] - The investment income from the giant copper mine has increased, contributing significantly to the company's overall profit [4] - Future growth in potassium and lithium production capacity is anticipated, supported by ongoing projects [9][10] Revenue and Profit Summary - In 2024, the company achieved a revenue of 3.251 billion yuan, a year-on-year decrease of 37.79%, with a net profit of 2.580 billion yuan, down 24.56% [1][11] - The average selling price of potassium chloride decreased by 14.91% to 2,115.25 yuan/ton, while the average selling cost increased by 7.18% to 1,167.04 yuan/ton [2] - For lithium carbonate, the revenue fell by 48.40% to 1.022 billion yuan, with the average selling price dropping by 60.81% to 75,200 yuan/ton [3] Copper Mine Investment - The company holds a 30.78% stake in Giant Copper, which produced 166,300 tons of copper in 2024, generating an investment income of 1.928 billion yuan, accounting for 74.72% of the company's net profit [4] - The investment income from Giant Copper increased by 48.72% year-on-year, indicating strong performance in the copper segment [4] Future Projections - Revenue projections for 2025-2027 are 3.307 billion yuan, 3.730 billion yuan, and 4.720 billion yuan respectively, with net profits expected to be 3.023 billion yuan, 4.336 billion yuan, and 5.220 billion yuan [11][13] - The company is expected to benefit from significant cost advantages in lithium extraction and anticipated increases in production capacity for both lithium and potassium [11] Project Development - The company is advancing multiple projects, including the development of potassium resources in Laos and lithium projects in Tibet, which are expected to enhance future production capacity [9][10]

Group 1 - The core viewpoint of the article highlights a significant increase in China's M&A market activity in Q1 2025, with a total of 1,647 disclosed M&A events, representing a year-on-year increase of 0.98%, and a transaction scale of approximately 7,779 billion RMB, up about 115.30% year-on-year [1][3][6]. Group 2 - In terms of regional distribution, Beijing led the M&A market with a transaction scale of 5,467 billion RMB, a year-on-year increase of 629.29%. Shanghai followed with 1,638 billion RMB, up 92.30%, while Guangdong experienced a decline of 22.97% with a transaction scale of 619 billion RMB [6]. - The banking sector dominated the industry distribution, with a transaction scale of 5,048 billion RMB, reflecting a staggering year-on-year increase of 3,725.95%. The materials industry and capital goods sector followed with 495 billion RMB and 308 billion RMB, increasing by 64.48% and 67.32% respectively [9]. - The method of acquisition showed that new stock issuance acquisitions led with a scale of 5,073 billion RMB, accounting for 64.33% of the total. Agreement acquisitions and capital increase acquisitions followed with 1,449 billion RMB and 409 billion RMB, representing 18.38% and 5.19% of the total respectively [11][13]. Group 3 - The top three purposes of M&A transactions were horizontal integration, asset adjustment, and diversification strategy, with transaction scales of 456 billion RMB, 439 billion RMB, and 116 billion RMB respectively [15][17]. - M&A transactions exceeding 100 billion RMB accounted for the highest proportion, making up 71.27% of the total transaction amount, while those between 10 billion and 100 billion RMB accounted for 16.05% [18]. Group 4 - The top three M&A transactions by scale in Q1 2025 were: 1. China Bank's 8.48% equity change with a transaction amount of 1,650 billion RMB 2. Postal Savings Bank's 15.54% equity change at 1,175.80 billion RMB 3. Bank of Communications' 10.92% equity change at 1,124.20 billion RMB [20][24]. Group 5 - In terms of financial advisory rankings, Guotai Junan led with a transaction scale of 1,124.20 billion RMB, followed by Guotou Securities and Shenwan Hongyuan with 162.47 billion RMB and 158.96 billion RMB respectively [26][28]. - For completed M&A transactions, Dongfang Securities ranked first with 980.31 billion RMB, while Jialin Capital and Zhongyin Securities both had 976.15 billion RMB [29]. Group 6 - The leading law firm in M&A transactions was King & Wood Mallesons with a transaction scale of 1,186.32 billion RMB, followed by JY Law Firm and Zhong Lun Law Firm with 115.62 billion RMB and 55.36 billion RMB respectively [32][34]. - In accounting firms, Ernst & Young ranked first with 169.94 billion RMB, followed by Rongcheng with 132.76 billion RMB and Xinyong Zhonghe with 42.66 billion RMB [35][37]. Group 7 - The top asset appraisal institution was Zhonglian Asset Appraisal with 207.29 billion RMB, followed by Guozhonglian and Zhuoxin Dahua with 133.57 billion RMB and 108.33 billion RMB respectively [38][40].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% against the market benchmark within the next six months [22]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with operating income at 3.251 billion yuan, down 37.79% year-on-year, and net profit attributable to shareholders at 2.58 billion yuan, down 24.56% year-on-year [3][15]. - The lithium business showed a mixed performance with a production of 11,566 tons, down 4.12% year-on-year, but sales volume increased by 31.68% to 13,582 tons due to rising market demand [4]. - The potassium business faced challenges with a production of 1.073 million tons, down 1.94% year-on-year, and sales volume down 19.21% [5]. - The investment income from the Giant Dragon Copper Mine was a significant contributor, amounting to 1.928 billion yuan, representing a 48.77% increase year-on-year and accounting for 74.72% of the company's net profit [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved an operating income of 927 million yuan, a 65% increase quarter-on-quarter, and a net profit of 712 million yuan, up 25% quarter-on-quarter [3]. - The average selling price of lithium carbonate in 2024 was 85,000 yuan per ton, down 60.81% year-on-year, while the average market price was 90,500 yuan per ton, down 65.6% [4]. - The average selling price of potassium chloride was 2,305.66 yuan per ton, down 14.91% year-on-year [5]. Business Segments - The lithium segment's gross margin was 45.44%, down 35.07 percentage points year-on-year, primarily due to increased costs from brine prices and equipment maintenance [4]. - The potassium segment's gross margin was 44.83%, down 11.37 percentage points year-on-year, attributed to increased environmental compliance costs [5]. - The company is expanding its lithium, potassium, and copper operations, with significant progress in obtaining mining rights and project developments [6]. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2025-2027 is 3.013 billion, 4.133 billion, and 6.159 billion yuan, respectively, reflecting an upward adjustment due to unexpected copper price increases [7]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 19, 14, and 9 times, respectively, indicating a favorable valuation outlook [7].

藏格矿业（000408）披露的投资者关系活动记录表显示，近日，公司召开电话会议，长江证券、民生证 券等的121位分析师和投资者参与。此外，公司还召开2024年年度网上业绩说明会，公司相关负责人介 绍2024年度经营情况并对投资者问题做了回复。 据介绍，藏格矿业在钾锂铜三个板块的资源储备与产能扩张上取得实质性进展，锂资源方面，公司进一 步增加对国能矿业的持股比例，其穿透持股提升至21.09%，并积极推进麻米错项目采矿证审批与项目 施工准备工作；钾资源方面，公司已取得老挝万象塞塔尼县和巴俄县区157.72平方公里钾盐矿储量证， 对应氯化钾资源量约为9.84亿吨，已向老挝能矿部矿管司提交可行性研究报告并同步开展环评报告的编 制，并于2024年完成了200万吨/年氯化钾一期项目的设计招标工作；铜矿资源方面，巨龙铜矿二期改扩 建项目预计将于2025年底建成投产，达产后一二期合计年矿产铜将达30-35万吨，与此同时巨龙铜矿在 增储方面取得重大突破，巨龙铜业新增铜金属资源量1472.6万吨，截至2024年末，巨龙铜业(含巨龙铜 矿及知不拉铜矿)保有资源量铜2561万吨、银1.5万吨、钼165万吨。 记者注意到，在上述调研中 ...

Group 1 - The core viewpoint of the news is the performance of the CSI Chemical Index, which has shown an increase of 1.62% in the past month and 4.43% in the past three months, with a year-to-date increase of 4.43% [1] - The CSI Chemical Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weighted stocks in the CSI Chemical Index include Wanhua Chemical (7.35%), Salt Lake Industry (3.68%), and Satellite Chemical (2.22%) among others [1] Group 2 - The market share of the CSI Chemical Index holdings is distributed as follows: Shenzhen Stock Exchange 52.02%, Shanghai Stock Exchange 47.73%, and Beijing Stock Exchange 0.24% [1] - The composition of the CSI Chemical Index holdings by industry shows that chemical products account for 33.16%, chemical raw materials 27.50%, and agricultural chemicals 19.69% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2]

Core Insights - The company reported a significant decline in both revenue and net profit for the fiscal year 2024, with revenue at 3.25 billion yuan, down 37.79% year-on-year, and net profit at 2.58 billion yuan, down 24.56% year-on-year [2][3]. Financial Performance - Revenue for 2024 was 3,250,800,389.88 yuan, compared to 5,225,721,163.41 yuan in 2023, reflecting a decrease of 37.79% [3]. - Net profit attributable to shareholders was 2,579,985,938.80 yuan, down from 3,419,880,869.14 yuan in the previous year, a decline of 24.56% [3]. - The net profit after deducting non-recurring gains and losses was 2,546,928,908.93 yuan, a decrease of 28.76% from 3,575,112,721.34 yuan in 2023 [3]. - The net cash flow from operating activities was 919,201,790.93 yuan, down 69.20% from 2,984,047,979.57 yuan in the previous year [3]. - Basic and diluted earnings per share were both 1.64 yuan, down 24.77% from 2.18 yuan in 2023 [3]. - The weighted average return on equity was 19.40%, down from 27.62% in the previous year [3]. Asset and Equity Position - Total assets at the end of 2024 were 15,083,281,912.76 yuan, an increase of 7.04% from 14,091,584,562.19 yuan in 2023 [3]. - Net assets attributable to shareholders were 13,865,071,905.51 yuan, up 6.18% from 13,057,776,309.67 yuan in the previous year [3]. Business Segments - The core business segments of potassium, lithium, and copper showed significant synergy, with potassium chloride production reaching 1.073 million tons, exceeding the target by 2.19% [2]. - The sales volume of potassium chloride was 1.0449 million tons, with a stable average sales cost of 1,167 yuan per ton and a gross margin of 44.83% [2]. - The lithium carbonate segment achieved a production volume of 11,600 tons and sales of 13,600 tons, with an average cost of 41,000 yuan per ton and a gross margin of 45.44% [2]. - The investment income from the associated company, Julong Copper Industry, contributed 1.928 billion yuan, accounting for 74.72% of the net profit, becoming a significant support for overall performance [2]. Resource Reserves - The company possesses rich potassium and lithium mineral resource reserves, primarily from the Chahar Salt Lake and the Laos potassium salt project [4]. - The Chahar Salt Lake is noted as the largest soluble potassium salt deposit discovered in China, while the Laos project has an estimated potassium chloride resource of approximately 984 million tons [4]. - In the lithium resource sector, the company is advancing into Tibet, with proven lithium chloride resources of about 250.11 thousand tons, equivalent to approximately 217.74 thousand tons of lithium carbonate [4]. - The company has established a "three-in-one" innovation ecosystem over two decades, enhancing its research and development capabilities [4].

Group 1 - The company is advancing the second phase expansion project of the Tibet Julong Copper Mine, which is expected to be completed and put into production by the end of 2025, with an annual ore processing capacity exceeding 100 million tons and copper production of 300,000 to 350,000 tons, making it the largest copper mine in China and the largest single copper mine to be put into production globally this century [2] - The third phase of the Julong Copper Mine project has been planned, with a potential annual production capacity of 600,000 tons if approved, further solidifying its position as a top global copper mine [2] - The company anticipates short-term fluctuations in copper prices due to U.S. trade policies and interest rate cut expectations, while long-term benefits are expected from rigid supply at the mining end and increased demand for copper from energy transition and AI applications [2] Group 2 - In resource development, the company reported smooth progress in the renewal of the mining license for the Qarhan Salt Lake, having completed key approvals such as the "Resource Verification Report," aiming to complete the renewal before the license expires [2] - Regarding the potassium fertilizer business, the company noted that under national supply guarantee policies, the state reserve auction prices remain in the range of 2,800 to 2,900 yuan per ton, with regional prices affected by logistics costs; the increase in potassium fertilizer costs in 2024 is mainly due to investments in green mining construction, but these costs are not expected to be persistent, maintaining stable costs at reasonable levels [2] Group 3 - In the lithium salt sector, the company believes that attention should be paid to the progress of high-cost capacity elimination by 2025, while benefiting from demand driven by electric vehicles, energy storage markets, and solid-state battery technological innovations, maintaining a long-term positive outlook on supply-demand dynamics [3] - The company employs a "full production and full sales" strategy for lithium carbonate sales, with prices adjusted based on real-time market dynamics [3] - The company is actively advancing the mining license approval process for the Tibet Mami Cuo Salt Lake project, having completed construction preparations and process optimization, with plans to collaborate with Longjing Environmental Protection for the construction of a supporting energy station to ensure rapid commencement after approval [3] Group 4 - The company addressed the reason for a 40 million yuan asset impairment provision in the fourth quarter of 2024, which was due to equipment impairment caused by the shutdown of the potassium fertilizer production unit, but emphasized that this impact is not expected to be persistent [4]

Group 1: Company Operations and Financial Performance - The company is actively working on the renewal of the mining license for the Chaqi Salt Lake, with key reports already approved and the process progressing smoothly [2] - The average cost of potash fertilizer has remained stable over the past three years, despite a year-on-year increase in 2024 due to investments in green mining [2] - The company maintains a positive outlook on the supply-demand dynamics of lithium salts, driven by trends in electric vehicles and energy storage [2] Group 2: Sales and Pricing Strategies - The sales strategy for lithium carbonate focuses on full production and sales, adjusting the sales pace based on market conditions and price forecasts [3] - Potash prices are influenced by national supply policies, with current auction prices ranging from CNY 2800 to CNY 2900 per ton [2] Group 3: Project Development and Future Plans - The Ma Mi Cuo project is in the process of obtaining mining permits, with groundwork already laid for construction to begin once approvals are secured [3] - The second phase of the Jilong Copper Mine is expected to be completed by the end of 2025, with an annual ore processing capacity exceeding 100 million tons and copper production of 300,000 to 350,000 tons [4] - Future phases of the Jilong Copper Mine could potentially increase production capacity to 600,000 tons of copper annually, making it the largest copper mine globally [4] Group 4: Financial Adjustments and Asset Management - A CNY 40 million asset impairment in Q4 2024 was due to production adjustments and the temporary shutdown of certain potash production units, which is not expected to recur [6]

Core Viewpoint - The company, Cangge Mining, is a significant player in the potassium-lithium salt and copper production sectors in China, leveraging opportunities in the global energy transition and expanding its business lines to include lithium and copper production [1][2]. Group 1: Potassium Fertilizer Business - Cangge Mining began its potassium fertilizer business in 2002 and has established a leading position in the industry by integrating resources from various potassium fertilizer companies, securing mining rights over 724.35 square kilometers in the Chaharhan Salt Lake [3]. - In 2024, the company achieved a potassium chloride production of 1.07 million tons and sales of 1.04 million tons, with potassium chloride product revenue accounting for over 60% of total revenue, solidifying its market leadership [3]. - The company is advancing its potassium salt resource reserves in Laos, having signed exploration agreements with the Laotian government and planning to develop a project with an annual production capacity of 200,000 tons of potassium chloride, which will double its total production capacity upon completion [3]. Group 2: Lithium Production - Cangge Mining established Cangge Lithium in 2017 and began lithium carbonate production in January 2019, achieving battery-grade standards [5][6]. - By the end of 2024, the company indirectly holds a 27% stake in Mami Cuo Mining and has completed the acquisition of a 39% stake in Guoneng Mining, which has significant lithium and potassium reserves [6]. - The company's lithium extraction process has a notable cost advantage, maintaining a production cost of 30,000 to 40,000 yuan per ton, while the average selling price of lithium carbonate in 2024 is 85,000 yuan per ton [7]. Group 3: Copper Production - Cangge Mining is the second-largest shareholder of Jilong Copper, holding a 30.78% stake, and the Jilong Copper Mine is recognized as the largest copper mine in China by registered resource volume [10]. - In 2024, Jilong Copper's production reached 166,000 tons, with expectations for significant increases following the approval of expansion projects [12]. - The company anticipates that copper prices will trend upward due to supply constraints, positioning itself to benefit from this market dynamic [15]. Group 4: Financial Performance and Shareholder Returns - In 2024, Cangge Mining's revenue reached 3.25 billion yuan, with a net profit of 2.58 billion yuan, driven significantly by investment returns from the copper segment [1]. - The company has implemented a second employee stock ownership plan with performance targets indicating confidence in achieving high growth in 2025 [16]. - Cangge Mining has prioritized shareholder returns, distributing 408 million yuan in cash dividends and repurchasing shares worth 300 million yuan in 2024, with total cash dividends over the past three years amounting to 7.429 billion yuan [17]. Group 5: Strategic Partnerships and ESG Initiatives - Cangge Mining announced a significant share transfer to Zijin Mining, which will become the controlling shareholder, potentially enhancing project development and operational efficiency [19]. - The company is committed to ESG principles, integrating sustainable development into its operations and actively participating in national carbon reduction strategies [21].