Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance is driven by rising potassium chloride prices, leading to significant year-on-year growth in revenue and net profit. The company reported a revenue of 3.119 billion yuan, up 14.5% year-on-year, and a net profit of 1.145 billion yuan, up 22.52% year-on-year. The performance aligns with expectations [5][6] - The company is expected to maintain its leading position in the domestic potassium chloride market and as a low-cost model for lithium carbonate, benefiting from integration into the China Minmetals system and the development of a world-class salt lake industry base [5][6] Financial Performance Summary - Q1 2025 potassium chloride production was approximately 964,900 tons (down 14.1% year-on-year), with sales of about 891,100 tons (up 16.1% year-on-year). Lithium carbonate production was around 8,514 tons (down 2.1% year-on-year), with sales of 8,124 tons (down 17.9% year-on-year) [6] - The average market price for potassium chloride (60% powder) in Q1 2025 was 2,812 yuan/ton, up 11.3% year-on-year, while the average price for lithium carbonate (industrial grade, 99%, domestic) was 74,000 yuan/ton, down 21.5% year-on-year [6] - The company's gross margin and net margin for Q1 2025 were 53.44% and 40.41%, respectively, showing improvements compared to the previous year [7] - The company forecasts net profits of 5.248 billion yuan, 5.774 billion yuan, and 6.107 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.99, 1.09, and 1.15 yuan per share [5][8] Market Position and Future Outlook - The company is actively integrating into the China Minmetals system and the broader salt lake industry, which is expected to enhance its growth trajectory and operational stability [5][6] - The report highlights the importance of monitoring contract negotiations and seasonal demand patterns for potassium chloride in the upcoming months [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company's Q1 performance met expectations, with revenue of 3.119 billion yuan, a year-on-year increase of 14.5%, and a quarter-on-quarter decrease of 33.43%. The net profit attributable to shareholders was 1.145 billion yuan, up 22.52% year-on-year and down 24.80% quarter-on-quarter. The company maintains its profit forecast for 2025-2027, expecting net profits of 5.248 billion, 5.774 billion, and 6.107 billion yuan respectively [5][6] - The company is strengthening its position as a leader in domestic potassium chloride and a low-cost model for lithium carbonate, actively integrating into the China Minmetals system and the Chinese salt lake industry, aiming for high-quality development [5][6] Summary by Sections Financial Performance - In Q1 2025, the company produced approximately 964,900 tons of potassium chloride (down 14.1% year-on-year) and sold about 891,100 tons (up 16.1% year-on-year). The average market price for potassium chloride was 2,812 yuan/ton, an increase of 11.3% year-on-year. The average price for lithium carbonate was 74,000 yuan/ton, a decrease of 21.5% year-on-year [6][7] - The company's gross profit margin and net profit margin for Q1 2025 were 53.44% and 40.41%, respectively, showing improvements compared to the previous year [7] Market Outlook - As of April 23, 2025, the market prices for potassium chloride and lithium carbonate were 2,720 yuan/ton and 69,500 yuan/ton, reflecting year-on-year changes of +20.9% and -38.2%, respectively. The short-term outlook for potassium chloride indicates a loose supply and weak price adjustments, with attention needed on large contract negotiations and summer fertilizer stocking [6][7] Valuation Metrics - The company’s earnings per share (EPS) for 2025 is projected at 0.99 yuan, with corresponding price-to-earnings (P/E) ratios of 16.5, 15.0, and 14.2 for 2025, 2026, and 2027, respectively [5][8]

Financial Performance - The company's operating revenue for Q1 2025 was ¥3,118,932,237.28, representing a 14.50% increase compared to ¥2,723,898,945.70 in the same period last year[5] - Net profit attributable to shareholders was ¥1,144,507,177.17, up 22.52% from ¥934,106,456.19 year-on-year[5] - The net profit after deducting non-recurring gains and losses reached ¥1,144,000,370.95, marking a 30.78% increase from ¥874,779,892.81 in the previous year[5] - The basic earnings per share increased to ¥0.2163, a rise of 22.55% compared to ¥0.1765 in the same period last year[5] - Total operating revenue for the current period reached ¥3,118,932,237.28, an increase of 14.5% compared to ¥2,723,898,945.70 in the previous period[20] - Net profit for the current period was ¥1,260,344,253.52, representing a 20.1% increase from ¥1,048,653,877.25 in the previous period[22] - Earnings per share (EPS) for the current period was ¥0.2163, compared to ¥0.1765 in the previous period, indicating a growth of 22.5%[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥46,768,426,125.41, reflecting a 2.15% increase from ¥45,782,850,934.85 at the end of the previous year[5] - Total liabilities decreased to ¥5,926,071,328.56 from ¥6,188,817,190.80, a reduction of 4.2%[19] - Total equity increased to ¥40,842,354,796.85 from ¥39,594,033,744.05, reflecting a growth of 3.1%[19] - The total current assets were CNY 28.98 billion, up from CNY 27.76 billion at the beginning of the period[18] - The total non-current assets were CNY 17.78 billion, slightly down from CNY 18.02 billion at the beginning of the period[18] Cash Flow - Cash flow from operating activities was ¥1,410,429,616.94, an increase of 4.87% compared to ¥1,344,893,875.04 in the same period last year[5] - Cash flow from operating activities was ¥3,309,599,255.13, compared to ¥3,436,556,148.91 in the previous period, showing a decline of 3.7%[24] - The net cash flow from operating activities was CNY 1,410,429,616.94, an increase from CNY 1,344,893,875.04 in the previous period, reflecting a growth of approximately 4.3%[25] - The net cash flow from investment activities was negative at CNY -2,036,443,542.01, compared to a positive CNY 485,428,511.74 previously, indicating a substantial decline[25] - Cash outflow from financing activities totaled CNY 10,016,471.36, a decrease from CNY 419,079,899.54 in the previous period, showing a reduction of approximately 97.6%[25] - The net increase in cash and cash equivalents was CNY -635,010,143.20, contrasting with a positive increase of CNY 1,434,755,830.62 in the prior period[26] Investments - The company reported a significant increase of 180.77% in receivables financing, amounting to ¥70,112,146.87, due to the reclassification of certain notes[9] - Investment income surged by 1416.86% to ¥54,012,546.53, primarily due to the reclassification of interest from large certificates of deposit[9] - The company experienced a 604.47% increase in cash paid for investments, totaling ¥5,720,258,541.01, attributed to the purchase of large certificates of deposit[11] - The company received CNY 3,870,000,000.00 from investment recoveries, a significant increase from CNY 1,506,244,288.64 previously[25] - Cash paid for investments reached CNY 5,720,258,541.01, compared to CNY 812,000,000.00 in the prior period, indicating a substantial increase in investment activity[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 214,370[13] - The company’s major shareholder, China Salt Lake Industry Group, holds 12.87% of the shares, totaling 681,288,695 shares[13] - The company has established a consistent action relationship with its major shareholders, including China Salt Lake Industry Group and ICBC Financial Asset Investment Co., Ltd.[14] Production and Inventory - The production of potassium chloride was approximately 964,900 tons, with sales around 891,100 tons; lithium carbonate production was about 8,514 tons, with sales of approximately 8,124 tons[15] - The company’s inventory at the end of the period was CNY 999.09 million, slightly up from CNY 984.23 million at the beginning of the period[18] - The company’s short-term borrowings increased to CNY 12.24 million from CNY 11.30 million at the beginning of the period[18]

证券代码：000792 证券简称：盐湖股份 公告编号：2025-030 青海盐湖工业股份有限公司 关于高级管理人员退休离职的公告 本公司及董事会、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。 青海盐湖工业股份有限公司（以下简称"公司"）董事会分别收到何永平先生、 马金山先生、罗永成先生书面辞职报告。具体情况如下： 因到法定退休年龄，何永平先生申请辞去公司总工程师、首席科学家职务， 马金山先生申请辞去公司总经济师职务，罗永成先生申请辞去公司营销总监职务， 辞去前述职务后何永平先生、马金山先生、罗永成先生不再担任公司及控股子公 司的任何职务。 根据《公司法》《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》《公司章程》等相关规定，何永平先生、马金山先生、罗永成先 生书面的辞职报告自送达董事会时生效。何永平先生、马金山先生、罗永成先生 的退休离职不会影响公司管理和正常经营。 截至本公告披露日，何永平先生、罗永成先生未持有公司股票，马金山先生 持有公司股份 14,000 股，离职后，马金山先生所持公司股份其持有的公司股份 将继续按照《上市公司董事和高 ...

电话：86-971-8587800 8587781 电子邮箱：jfsjmytd@163.com 目 录 | 一、关于本次股东大会的召集、召开程序 | 2 | | --- | --- | | 二、关于出席本次股东大会人员的资格 | 4 | | 三、关于本次股东大会的表决程序 | 5 | | 四、结论意见 | 14 | 青海竞帆律师事务所 关于青海盐湖工业股份有限公司 2024 年 年度股东大会之 法律意见书 Jingfan China,810001 青 海 竞 帆 律 师 事 务 所 青海竞帆律师事务所 股东大会法律意见书 青 海 竞 帆 律 师 事 务 所 地址：青海省西宁市西关大街 130 号青海银行 18 楼 邮编：810000 青海竞帆律师事务所 股东大会法律意见书 青海竞帆律师事务所 关于青海盐湖工业股份有限公司 2024 年 年度股东大会的法律意见书 （2025）青竞律（非诉）字第（1538）号 致：青海盐湖工业股份有限公司 青海竞帆律师事务所（以下简称"本所"）接受青海盐 湖工业股份有限公司（以下简称"公司"）的委托，指派王 占瑾、安蕊律师（以下简称"本所律师"）出席公司召开的 2024 年年度股 ...

证券代码：000792 证券简称：盐湖股份 公告编号：2025-028 青海盐湖工业股份有限公司 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 5.主持人：董事长侯昭飞先生 6.本次股东大会的召集、召开符合《公司法》、《公司章程》及《上市公司股 东大会规则》的有关规定。 二、会议出席情况 出席本次股东大会的股东（及代理人）共 4,569 人，代表股份 2,676,744,383 股，占公司有表决权股份总数的 50.5850％。其中： 1.出席本次股东大会现场会议的股东（及代理人）共 8 人，代表股份 925,463,043 股，占公司有表决权股份总数的 17.4894%； 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1.召开时间：2025 年 4 月 23 日（星期三）14:30 2.召开地点：青海省西宁市城中区长江路 45 号三榆大酒店五楼万象厅。 3.召开方式：本次股东大会采取现场投票、网络投票相结合的方式 4.召集人：公司九届董事会 8、关 ...

Core Viewpoint - China Minmetals plans to increase its stake in the listed company by acquiring no less than 212 million shares within six months, reflecting confidence in the company's stock value [1][2] Group 1: Shareholding and Control - China Minmetals will use its own or self-raised funds for the share purchase, ensuring its stake will not be less than 29%, thereby further solidifying control [2] - As of April 9, 2025, the total shares held or controlled by the company will reach 1.34 billion shares, accounting for approximately 25.3% of the listed company [2] - After the planned increase, the total shareholding will exceed 29.3%, enhancing the controlling power of the actual controller [2] Group 2: Corporate Identity and Future Prospects - The company has transitioned to a central state-owned enterprise (SOE) status, with China Minmetals becoming the controlling shareholder [3] - The partnership with Qinghai Provincial State-owned Assets Supervision and Administration Commission and Qinghai Guotou is expected to facilitate overseas mineral resource development and domestic acquisitions [3] - China Minmetals has plans for significant production capacities in lithium carbonate, potassium chloride, and magnesium building materials, which may synergize with the company's existing operations [3] Group 3: Financial Forecast - The company maintains its profit forecast for 2025-2027, expecting net profits of 6.625 billion, 7.859 billion, and 8.173 billion yuan, with corresponding price-to-earnings ratios of 13X, 11X, and 11X [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The controlling shareholder, China Minmetals, plans to increase its stake in the company by at least 212 million shares within six months, reflecting confidence in the company's value [8][9] - The company has transitioned to a central enterprise identity, with the establishment of the China Salt Lake Industry Group, enhancing its potential for overseas resource development and domestic acquisitions [9] - The financial forecast for the company remains stable, with expected net profits of 6.625 billion, 7.859 billion, and 8.173 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-earnings ratios of 13X, 11X, and 11X [9][10] Financial Data Summary - As of December 31, 2024, the company has a net asset value per share of 6.73 yuan and a debt-to-asset ratio of 13.52% [6][10] - Projected total revenue for 2023 is 21.579 billion yuan, with a year-on-year growth rate of -29.8%, followed by 15.134 billion yuan in 2024 [10] - The gross profit margin is expected to decline from 56.0% in 2023 to 47.8% in 2025, with a return on equity (ROE) forecasted to be 24.8% in 2023 and 15.4% in 2025 [10]

数据统计显示，中证新能源汽车主题指数近一个月下跌8.57%，近三个月下跌1.59%。 从中证新能源汽车主题指数持仓样本的行业来看，工业占比50.74%、可选消费占比28.41%、原材料占 比18.04%、信息技术占比2.70%、医药卫生占比0.11%。 据了解，中证新能源汽车主题指数选取业务涉及新能源整车、电机电控、锂电设备、电芯电池、电池材 料等新能源汽车产业的上市公司证券作为指数样本，反映新能源汽车产业上市公司证券的整体表现。该 指数以2014年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证新能源汽车主题指数十大权重分别为：比亚迪（13.24%）、宁德时代 （9.19%）、汇川技术（7.42%）、赛力斯（5.78%）、盐湖股份（3.38 ...

Group 1 - The Shanghai Composite Index opened lower but rose later, with the CSI 300 Chemical Index reported at 2022.67 points [1] - The CSI 300 Chemical Index has decreased by 11.64% over the past month, 9.12% over the past three months, and 8.64% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.47%), Salt Lake Industry (14.14%), Baofeng Energy (7.62%), Juhua Co. (7.3%), Hengli Petrochemical (7.28%), Hualu Hengsheng (6.99%), Longbai Group (6.23%), Zangge Mining (6.19%), Satellite Chemical (6.02%), and Rongsheng Petrochemical (5.53%) [1] - The market share of the CSI 300 Chemical Index is 57.05% from the Shanghai Stock Exchange and 42.95% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.28%, polyurethane for 23.47%, potassium fertilizer for 20.33%, fluorochemical for 7.30%, titanium dioxide for 6.23%, and organic silicon for 4.39% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]