[Important Notice and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, management guarantees, and definitions of key terms used throughout the report for clarity [Important Notice](index=4&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) Management guarantees report accuracy and completeness; no cash dividends or bonus shares planned - The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[10](index=10&type=chunk) - The company's principal, chief accountant, and accounting department head declare the financial report to be true, accurate, and complete[10](index=10&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms, company names, related parties, and the reporting period for accurate report interpretation - Company, the Company, and Salt Lake Stock refer to Qinghai Salt Lake Industry Co., Ltd[17](index=17&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[17](index=17&type=chunk) - China Minmetals is the company's ultimate controlling shareholder, and China Salt Lake is the controlling shareholder[17](index=17&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Company profile, key financial performance, and non-recurring gains and losses are presented [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Qinghai Salt Lake Industry Co., Ltd. (000792) is listed on Shenzhen Stock Exchange; contact and disclosure info unchanged - Stock Abbreviation: Salt Lake Stock, Stock Code: **000792**, Listed Exchange: Shenzhen Stock Exchange[23](index=23&type=chunk) - Company Legal Representative: Hou Zhaofei[23](index=23&type=chunk) - The company's contact information and information disclosure locations remained unchanged during the reporting period[25](index=25&type=chunk)[26](index=26&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, revenue decreased by 6.30%, but net profit attributable to shareholders increased by 13.69%, with operating cash flow significantly up by 76.28%, and both total assets and net assets growing 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,780,620,522.27 | 7,236,628,197.19 | -6.30% | | Net Profit Attributable to Shareholders of Listed Company | 2,515,130,477.62 | 2,212,325,948.88 | 13.69% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 2,509,247,590.09 | 2,158,606,288.53 | 16.24% | | Net Cash Flow from Operating Activities | 6,162,615,889.20 | 3,495,899,624.96 | 76.28% | | Basic Earnings Per Share (RMB/share) | 0.4753 | 0.4181 | 13.68% | | Diluted Earnings Per Share (RMB/share) | 0.4753 | 0.4181 | 13.68% | | Weighted Average Return on Net Assets | 7.12% | 6.70% | 0.42% | | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from End of Prior Year** | | | Total Assets | 49,058,579,702.16 | 45,782,850,934.85 | 7.15% | | Net Assets Attributable to Shareholders of Listed Company | 39,077,305,446.02 | 36,574,787,737.51 | 6.84% | [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 5.88 million RMB, primarily from government subsidies and fair value changes, positively impacting net profit after tax 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,075,671.11 | | Government subsidies recognized in current profit or loss | 9,008,269.05 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 1,359,675.56 | | Other non-operating income and expenses apart from the above | -2,284,090.90 | | Less: Income tax impact | 1,030,947.17 | | Impact on minority interests (after tax) | 94,347.90 | | Total | 5,882,887.53 | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's main business operations, core competencies, financial performance, investment activities, and risk management strategies [Main Business Operations During the Reporting Period](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core businesses are potash and lithium salts, operating in industries with concentrated global supply, high import dependence for potash, and volatile prices for lithium, driven by strong new energy vehicle demand - Potash industry overview: Global potash capacity is highly concentrated, with Canada, Russia, and Belarus accounting for **65%**; China's output is **13%**, ranking fourth globally[38](index=38&type=chunk) - Potash import dependence: China heavily relies on potash imports, with a **67% import dependency in 2024**, primarily from Russia, Belarus, Canada, and Laos[39](index=39&type=chunk)[40](index=40&type=chunk) - Potash price trend: Reduced production from Russia and Belarus, coupled with increased transportation costs, is expected to drive international potash prices up, with China's 2025 import contract price rising **27% to $346/ton**[43](index=43&type=chunk)[45](index=45&type=chunk) - Lithium salt industry trends: Global lithium resource capacity is expanding in 2025, with slow mine clear-out, potentially leading to wide price fluctuations; domestic lithium carbonate output increased by **45.1% year-on-year**, and imports rose by **15.3%**[49](index=49&type=chunk)[51](index=51&type=chunk)[53](index=53&type=chunk) - Lithium salt demand forecast: Global lithium carbonate demand is projected to reach **1.462 million tons in 2025**, a **19.2% year-on-year increase**, primarily driven by power battery and energy storage sectors[54](index

Group 1 - The agricultural chemical sector increased by 1.07% on August 29, with Yuntu Holdings leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] - Key stocks in the agricultural chemical sector showed significant price increases, with Yuntu Holdings rising by 3.88% to a closing price of 11.52 [1] Group 2 - The agricultural chemical sector experienced a net outflow of 355 million yuan from institutional investors, while retail investors saw a net inflow of 361 million yuan [2] - Major stocks like Salt Lake Co. and Baiao Chemical had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - Salt Lake Co. had a net inflow of 98.03 million yuan from institutional investors, while it faced a net outflow of 99.10 million yuan from retail investors [3]

Group 1 - The core viewpoint indicates that the chemical industry is experiencing an increase in export and domestic market prices due to tight raw material supply and strong demand, leading to improved industry sentiment and active performance of related stocks such as Juhua Co. and Yalake Co. [1] - Institutional investors are optimistic about growth styles, particularly in cyclical leaders and the chemical sector, which shows price elasticity potential, with new capital focusing on low-priced assets [1] - Morgan Stanley believes that the A-share bull market can be sustained, supported by policies that promote the exit of outdated capacity in the petrochemical industry, with improved liquidity benefiting the market [1] Group 2 - Huachuang Securities highlights potential beneficiaries in the chemical sector under the scenario of RMB appreciation, particularly after a potential US dollar interest rate cut, which could lead to accelerated settlement of overseas corporate earnings and increased hot money inflow [2] - Beneficiary direction includes businesses with foreign currency cost settlements and RMB income settlements, such as large refining companies, with an example of Rongsheng Petrochemical potentially seeing a profit increase of 4 billion annually due to a 3% exchange rate fluctuation [2] - Foreign capital is expected to increase purchases of core assets, including major chemical companies like Wanhua Chemical and large refining firms, with a suggestion for foreign investors to consider buying chemical ETFs as a direct investment in the sector [2]

Group 1 - The core viewpoint of the articles highlights the positive performance of agricultural stocks and the grain industry index, with specific stocks like Agricultural Products (000061) and Cangge Mining (000408) showing significant increases in value [1][2] - As of August 29, 2025, the National Grain Industry Index (399365) has seen a rise in its component stocks, with a notable increase of 9.96% for Agricultural Products and 6.00% for Cangge Mining [1] - The total early rice production in China for 2025 is projected to be 28.513 million tons (570.3 billion jin), reflecting a year-on-year increase of 339,000 tons (6.8 billion jin), or 1.2% [1] Group 2 - The National Grain Industry Index (399365) closely tracks the performance of listed companies related to the grain industry on the Shanghai and Shenzhen stock exchanges [2] - As of July 31, 2025, the top ten weighted stocks in the National Grain Industry Index account for 50.43% of the index, with major companies including Dabeinong (002385) and Longping High-Tech (000998) [2] - The industry is expected to benefit from ongoing support policies for seed industry and the maturation of new biological breeding technologies, which may optimize the competitive landscape [1]

Group 1 - The core viewpoint of the news is that Salt Lake Co., Ltd. has shown significant stock performance and financial growth in recent months, with a notable increase in both stock price and revenue [1][2]. - As of August 29, Salt Lake's stock price increased by 22.05% year-to-date, with a 3.93% rise in the last five trading days and an 11.67% increase over the past 20 days [1]. - The company reported a revenue of 31.19 billion yuan for the first quarter of 2025, reflecting a year-on-year growth of 14.50%, and a net profit of 11.45 billion yuan, which is a 22.52% increase compared to the previous year [2]. Group 2 - Salt Lake Co., Ltd. primarily engages in the development, production, and sales of potassium fertilizers and lithium salts, with its main business revenue composition being 77.39% from potassium products and 20.32% from lithium products [1]. - The company has a total market capitalization of 106.3 billion yuan and a trading volume of 4.99 billion yuan on August 29 [1]. - The number of shareholders as of March 31 was 214,400, with an average of 24,683 circulating shares per person, indicating a slight increase in shareholder count but a decrease in average shares held [2][3].

证券代码：000792 证券简称：盐湖股份 公告编号：2025-049 青海盐湖工业股份有限公司 2025 年第二次临时股东会决议公告 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.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开情况 1.召开时间：2025 年 8 月 28 日（星期四）15:00 2.召开地点：青海省西宁市胜利路 19 号盐湖海润酒店 21 楼 3 号会议室。 3.召开方式：本次股东会采取现场投票、网络投票相结合的方式 4.召集人：公司九届董事会 5.主持人：董事长侯昭飞先生 6.本次股东会的召集、召开符合《公司法》、《公司章程》及《上市公司股东 会规则》的有关规定。 二、会议出席情况 1.出席本次股东会现场会议的股东（及代理人）共 9 人，代表股份 683,394,495 股，占公司有表决权股份总数的 12.9148%； 2.通过深圳证券交易所交易系统和互联网投票系统投票的股东共 1,985 人，代 表股份 1,089,069,420 股，占公司有表决权股份总数的 20.5 ...

青海竞帆律师事务所 关于青海盐湖工业股份有限公司 2025 年 第二次临时股东会之 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 股东会法律意见书 青 海 竞 帆 律 师 事 务 所 青海竞帆律师事务所 关于青海盐湖工业股份有限公司 2025 年 第二次临时股东会的法律意见书 （2025）青竞律（非诉）字第（3202）号 致：青海盐湖工业股份有限公司 地址：青海省西宁市西关大街 130 号青海银行 18 楼 邮编：810000 电话：86-971-8587800 8587781 电子邮箱：jfsjmytd@163.com 目 录 | 一、本次股东大会的召集、召开程序 | 4 | | --- | --- | | 二、关于出席本次股东会人员的资格 | 5 | | 三、关于本次股东会的表决程序 | 6 | | 四、结论意见 | 8 | 青海竞帆律师事务所 股东会法律意见书 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，指派安 蕊、段义君律师（以下简称"本所律师"）出席公司召开的 2025 年第二次临时股 ...

Core Viewpoint - The petrochemical industry is experiencing a mixed performance, with the China Petrochemical Industry Index showing a slight decline, while the petrochemical ETF has demonstrated significant annual growth and high tracking accuracy [1][2]. Group 1: Index Performance - As of August 28, 2025, the China Petrochemical Industry Index has decreased by 0.1% [1]. - The petrochemical ETF (159731) has dropped by 0.39%, with the latest price at 0.77 yuan [1]. - Over the past year, the petrochemical ETF has seen a net value increase of 20.37% [1]. Group 2: ETF Performance Metrics - The highest single-month return for the petrochemical ETF since inception was 15.86%, with the longest consecutive monthly gains being three months and a maximum increase of 19.49% [1]. - The average monthly return during the rising months is 5.30% [1]. - The ETF has outperformed its benchmark with an annualized excess return of 8.15% over the last three months [1]. Group 3: Industry Insights - Since 2024, the growth rate of fixed asset investment in the industry has noticeably slowed, leading to marginal improvements on the supply side [1]. - China's global market share in chemical products is steadily increasing, indicating a potential new cycle for the chemical industry [1]. - Short-term overseas demand may face challenges, but there is optimism for domestic demand and supply dynamics to improve, particularly for related industry targets [1]. - In the medium to long term, the chemical sector is expected to restart a new cycle against a backdrop of low oil prices and global recovery [1]. Group 4: Top Holdings in the Index - As of July 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index account for 56.18% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical [2]. - The top three stocks by weight are Wanhua Chemical (10.04%), China Petroleum (9.51%), and China Petrochemical (8.07%) [4].

Group 1 - The chemical sector experienced a significant rise on August 26, with the chemical ETF (516020) opening strong and reaching an intraday increase of 2.08%, closing with a gain of 1.39% [1] - Key stocks in the sector included titanium dioxide, nitrogen fertilizers, and rubber products, with notable gains from Zhongke Titanium, Luxi Chemical, and Sinochem International, all rising over 6% [1] - Foreign investment firms are optimistic about the chemical industry, citing improved export expectations and supportive policies that may benefit cyclical sectors like chemicals [2][3] Group 2 - The chemical industry has faced challenges such as declining product prices and reduced capacity utilization, leading to shrinking profit margins [3] - Recent data indicates that the chemical ETF (516020) is at a low valuation point, with a price-to-book ratio of 2.22, suggesting a favorable time for investment [3] - The basic chemical sector has seen substantial capital inflow, with a net inflow of 64.93 billion and a total of 1583.72 billion over the past 60 days, ranking it among the top sectors for investment [4] Group 3 - Future prospects for the chemical industry may improve as policies aimed at reducing excess capacity are implemented, potentially leading to a more favorable competitive landscape [5] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with significant holdings in large-cap stocks [5]

Group 1 - The core viewpoint of the news is that Salt Lake Co., Ltd. has shown significant stock performance and financial growth, with a notable increase in share price and market capitalization [1][2]. - As of August 26, the stock price of Salt Lake Co., Ltd. rose by 2.05% to 19.95 CNY per share, with a total market capitalization of 105.57 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 21.20%, with a 4.40% rise in the last five trading days and a 26.51% increase over the past 60 days [1]. Group 2 - For the first quarter of 2025, Salt Lake Co., Ltd. reported a revenue of 3.12 billion CNY, representing a year-on-year growth of 14.50%, and a net profit attributable to shareholders of 1.15 billion CNY, up 22.52% year-on-year [2]. - The company has distributed a total of 5.31 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. - As of March 31, 2025, the number of shareholders increased to 214,400, while the average circulating shares per person decreased by 0.16% to 24,683 shares [2][3].