Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [2][5]. Core Insights - The report highlights a return to weak realities from strong expectations in the cobalt and lithium markets, with prices rebounding before retreating [14][15]. - The easing of US-China trade relations is expected to buffer the downward trend in lithium prices, although the overall market remains cautious [14][15]. - Cobalt market dynamics are characterized by a tightening supply and a cautious outlook from industry players, with many adopting a wait-and-see approach [16]. Summary by Sections 1. Cycle Assessment - The lithium sector is experiencing a slight price decline, with the Wuxi 2507 contract down 1.57% to 62,600 CNY/ton, and the Guangxi 2507 contract down 1.94% to 61,800 CNY/ton [14]. - Lithium concentrate prices have decreased to 712 USD/ton, down 13 USD/ton from the previous period [14]. - Recommended stocks for overweight positions include Zhongmin Resources, Yahua Group, Cangge Mining, Ganfeng Lithium, Keda Manufacturing, and Tibet Mining [14]. 2. Company and Industry Dynamics Tracking - The report notes significant developments in the industry, including a major discovery at the Tamarack copper-nickel project in Minnesota [19]. - The International Cobalt Institute predicts a shift to a cobalt shortage by the early 2030s, driven by demand growth outpacing supply [19]. - Salt Lake Co. has signed a project cooperation letter indicating a potential investment of around 300 million USD in Highfield Resources [19]. 3. Key Data: New Energy Material Production, Imports, and Metal Prices - Domestic production of lithium carbonate and lithium hydroxide saw a month-on-month decline in April [20]. - Lithium carbonate production decreased by 7% month-on-month but increased by 40% year-on-year [22]. - Cobalt sulfate production increased by 11% month-on-month and 48% year-on-year [23]. - The average price of battery-grade lithium carbonate fell by 2.15% to a range of 66,100-64,600 CNY/ton [57]. 4. Listed Company Profit Forecasts - Ganfeng Lithium is projected to have a PE ratio of 86.06 for 2025, while Tianqi Lithium is rated cautiously with a PE of 58.30 for 2025 [94]. - Huayou Cobalt is rated for an overweight position with a PE of 11.79 for 2025 [94].

前十大流通股东累计持有： 13229.07万股，累计占流通股比： 25.4%，较上期变化： -66.26万股。 | 名称 持有数量(万股) | | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 西藏矿业（000762）资产经营有限公司 | 10873.35 | 20.88 | 不变 | | 成都天齐实业(集团)有限公司 | 460.00 | 0.88 | 不变 | | 招商银行股份有限公司-南方中证1000交易型开放式指数证 | | | | | 券投资基金 | 312.64 | 0.60 | -31.26 | | 中国工商银行股份有限公司-汇添富中证新能源汽车产业指 | | | | | 数型发起式证券投资基金(LOF) | 275.16 | 0.53 | -30.42 | | 段林华 | 274.18 | 0.53 | 不变 | | 香港中央结算有限公司 | 247.21 | 0.47 | 17.49 | | 中国建设银行股份有限公司-富国中证新能源汽车指数型证 | | | | | 券投资基金 | 210.42 | 0.40 | ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥67,741,157.68, a decrease of 54.16% compared to ¥147,774,688.94 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥13,439,922.41, representing a decline of 156.77% from a profit of ¥23,672,747.97 in the previous year[5] - The basic and diluted earnings per share were both -¥0.0258, down 156.83% from ¥0.0454 in the same period last year[5] - Operating profit for the current period is -¥14,222,467.47, compared to an operating profit of ¥46,610,807.42 in the previous period[17] - Net profit for the current period is -¥16,222,467.47, a significant decline from a net profit of ¥39,391,429.90 in the previous period[18] - The company reported a loss attributable to shareholders of the parent company of -¥13,439,922.41, compared to a profit of ¥23,672,747.97 in the previous period[18] Cash Flow - The net cash flow from operating activities decreased by 60.16%, amounting to ¥11,186,210.20 compared to ¥28,078,437.38 in the prior year[5] - Operating cash flow for the current period is ¥11,186,210.20, a decrease of 60% from ¥28,078,437.38 in the previous period[20] - The company’s total cash inflow from operating activities is ¥93,440,335.91, down from ¥158,446,905.76, indicating a decrease of approximately 41%[20] - Total cash inflow from investment activities is ¥74,350,390.27, down from ¥104,084,388.89, reflecting a decline of approximately 29%[20] - Net cash flow from investment activities is -¥137,725,402.70, an improvement from -¥550,690,510.52 in the previous period[20] - Cash and cash equivalents at the end of the period stand at ¥775,995,566.10, down from ¥1,109,986,826.20, indicating a decrease of about 30%[21] - The net increase in cash and cash equivalents for the current period is -¥131,639,607.61, compared to -¥532,063,419.70 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,430,761,684.35, a slight decrease of 0.15% from ¥7,441,890,475.23 at the end of the previous year[5] - Total liabilities amount to ¥3,559,183,549.31, slightly up from ¥3,556,868,626.70 in the previous period[16] - Total equity stands at ¥3,871,578,135.04, down from ¥3,885,021,848.53 in the previous period[16] - Non-current assets total ¥6,029,788,722.20, slightly down from ¥6,054,809,919.17 at the beginning of the period[15] - The company’s inventory decreased to ¥58,345,536.26 from ¥69,167,390.64[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 117,329[11] - The largest shareholder, Tibet Mining Assets, holds 20.86% of the shares, totaling 108,733,483 shares[11] - The company has a total of 0 preferred shareholders at the end of the reporting period[13] Expenses and Investments - Management expenses rose by 34.69% to ¥24,446,413.23, mainly due to increased utility costs[9] - The company recorded a non-operating expense of ¥2,000,000.00 related to donations made during the reporting period, a significant increase of 2139.86% compared to the previous year[9] - Investment income increased by 33.96% to ¥6,484,384.70, attributed to higher returns from financial products[9] Strategic Outlook - Future outlook and strategic initiatives were not explicitly mentioned in the provided documents, suggesting a focus on recovery and stabilization following the reported losses[17][18] - The company held a board meeting on March 31, 2025, to discuss various proposals, including the annual profit distribution plan[14]

西藏矿业（000762）公告，2025年第一季度营业收入6774.12万元，同比下降54.16%。净亏损1343.99万 元，去年同期净利润2367.27万元。 ...

股票代码：000762 股票简称：西藏矿业 编号：2025-011 西藏矿业发展股份有限公司 2024 年年度股东大会决议公告 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。 西藏矿业 一、重要提示 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会决议的情形。 二、会议召开的情况 1.召开时间： （1）现场会议时间：2025年4月23日14:30。 （2）网络投票时间：2025年4月23日，其中：通过深圳证券交 易所（以下简称"深交所"）交易系统投票的时间为：2025年4月 23日9:15-9:25,9:30-11:30和13:00-15:00；通过深交所互联网投 票系统（http://wltp.cninfo.com.cn）投票的时间为2025年4月23 日9:15-15:00。 2.召开地点：西藏矿业发展股份有限公司（以下简称"本公司" 或"公司"）所在地西藏自治区拉萨市柳梧新区慈觉林街道顿珠金 融城金玺苑15层。 3.召开方式：本次股东大会采用现场表决与网络投票相结合方 式召开。 4.召集人：西藏矿业发展股份有限公司董事会 三、 ...

2024 年年度股东大会 之 法律意见书 北京市金开（成都）律师事务所 中国·四川·成都·武侯区领事馆路 7 号保利中心南塔 1109 室 电话：028-8529 3955 传真：028-8529 3885 网址：http://www.jklawyers.cn 法律意见书 北京市金开（成都）律师事务所 关于 西藏矿业发展股份有限公司 法律意见书 北京市金开（成都）律师事务所关于西藏矿业发展股份有限 公司 2024 年年度股东大会之 法律意见书 致：西藏矿业发展股份有限公司 北京市金开（成都）律师事务所（以下简称"本所"）受西藏矿业发展股份 有限公司（以下简称"公司"）委托，指派贺鹏康律师、胡江律师（以下简称"本 所律师"）出席公司 2024 年年度股东大会（以下简称"本次股东大会"）。本所律 师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）及中国证券监督管理委员会（以下简称"中 国证监会"）发布的《上市公司股东大会规则》（以下简称《股东大会规则》）、《上 市公司治理准则》（以下简称《治理准则》）和深圳证券交易所发布的《深圳证券 交易所上市公司股东大 ...

投资要点： 事件 公司发布2024 年报。2024 年公司实现营收6.22 亿元，同比-22.76%，实现归母净利润1.12 亿元，同 比-31.79%，扣非净利润0.76亿元，同比-41.75%。24Q4 营收0.35 亿元，同比-85.8%，环比-82.04%，归 母净利润-0.4 亿元，同比-179.77%，环比-198.31%。 风险提示 铬矿量价齐升，毛利率显著提升 公司2025 年继续致力于扎布耶一期工艺的优化，并积极推进扎布耶二期建设及三期项目的策划工作。 扎布耶二期投产后，氯化钾即可实现销售。按可研报告，二期设计氯化钾产能15.6 万吨/年。公司2025 年计划生产铬铁矿10 万吨（富矿8 万吨，贫矿2 万吨），生产锂精矿5000 吨，生产碳酸锂产品7000 吨 和氯化钾产品93000 吨。 盈利预测与投资建议 我们预计公司2025-2027 年归母净利润为1.9/4.0/6.4 亿元（25-26年前值为4.0/6.3 亿元，主因二期投产慢 于预期，下调了锂和铬产量预测），同比+71%/111%/58%，公司作为中国少有的铬矿和西藏盐湖资源 拥有者，目前资源潜力未完全兑现，远期潜力巨大，维持" ...

公 华福证券 锂 2025 年 04 月 11 日 司 研 究 公 司 财 报 点 评 西藏矿业（000762.SZ） 西藏矿业 2024 年报点：产能释放提速，成长动能 充足 公司发布 2024 年报。2024 年公司实现营收 6.22 亿元，同比 -22.76%，实现归母净利润 1.12 亿元，同比-31.79%，扣非净利润 0.76 亿元，同比-41.75%。24Q4 营收 0.35 亿元，同比-85.8%，环比-82.04%， 归母净利润-0.4 亿元，同比-179.77%，环比-198.31%。 铬矿量价齐升，毛利率显著提升 投资要点： 事件 1）量：2024 年公司生产铬矿 12.6 万吨，同比+11.35%，销售 12.5 万吨，同比+5.21%，库存 1010 吨，同比+38912%。2）价：2024 年公 司铬矿石平均售价 2341 元/吨，同比+10.5%。3）利：2024 年公司铬矿 平均销售成本 854 元/吨，同比-16.4%，毛利率为 63.5%，同比+11.7pct。 锂矿量升价降，毛利率下降 1）量：2024 年公司锂矿生产 5083 吨，同比-34.61%，销售 9822 吨 ...

Group 1: Company Overview and Goals - Tibet Mining focuses on the development of lithium and chromium resources, establishing the Zabuye Phase II project as a benchmark for mineral resource development in the Qinghai-Tibet Plateau [3][69] - The company aims to become a leader in the green and sustainable development of mineral resources in the Qinghai-Tibet Plateau [72] - The production targets for 2025 include 100,000 tons of chromium ore, 5,000 tons of lithium concentrate, 7,000 tons of lithium carbonate, and 93,000 tons of potassium chloride [7][8] Group 2: Project Progress and Challenges - The Zabuye Phase II project is located in a high-altitude, low-oxygen area and is the first integrated lithium extraction project in the region [3][5] - As of the end of 2023, the project progress is at 90%, with a target of 95% completion by the end of 2024 [5][18] - The project has faced delays, with only 5% progress made in the past year, raising concerns about the timeline for completion [3][18] Group 3: Financial Performance and Market Conditions - The company reported a basic earnings per share of 0.21 yuan for 2024, with a cash dividend distribution of 0.5 yuan per 10 shares [70][71] - The direct cost of lithium carbonate from Zabuye Phase II is over 40,000 yuan per ton, while the comprehensive cost is below 5,000 yuan, approaching zero cost [10][31] - The company has consistently been profitable, despite stock price declines attributed to various market factors [6][20] Group 4: Investor Relations and Market Strategy - The company emphasizes the importance of investor relations management and plans to enhance communication with investors [64] - There are currently no plans for stock buybacks, and the company is focused on improving investor confidence through operational performance [6][34] - The company is closely monitoring the lithium market and adjusting strategies to mitigate risks associated with price fluctuations [19][66]

4月7日，西藏矿业连续7个交易日下跌，区间累计跌幅-15.49%。西藏矿业发展股份有限公司是经西藏自治区人民政府于1997年4月10日以藏政涵【1997】23 号文批准设立的股份有限公司,在深交所成功挂牌上市,成为西藏第五家上市公司。 财报显示，南方基金旗下南方中证1000ETF为西藏矿业前十大股东，去年四季度减持。今年以来收益率4.18%，同类排名877(总3442)。 | 南方中证1000ETF | | --- | | 今年以来各阶段业绩及同类排名 | | 阶段涨幅 | 李度涨幅 年度涨幅 | | | | | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 新功能:"小天 | | 阶段涨幅 | -1.98% | -1.09% | 10.34% | 型，智能问答 | | 同类平均6 | -1.87% | -1.09% | 6.45% | 准、专业的问 | | 沪深300 | -7.66% | -8.99% | -5.44% | | | 跟踪标的� | -11.73% | -15.54% | -3.44% | | | 同类排名 3 | | 2063 36 ...