盐湖股份公告，预计2025年前三季度净利润为43亿元–47亿元，同比增长36.89%—49.62%。2025年7月1 日至9月30日，净利润预计为18亿元–22亿元，同比增长93.77%—136.83%。氯化钾产量约326.62万吨， 销量约286.09万吨；碳酸锂产量约3.16万吨，销量约3.15万吨。氯化钾价格上升带动盈利增长，碳酸锂 市场价格下行但整体业绩增长。 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) [2025 First Three Quarters Performance Forecast](index=1&type=section&id=1.1%202025%E5%B9%B4%E5%89%8D%E4%B8%89%E5%AD%A3%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1) The company expects significant year-over-year growth in net profit and adjusted net profit for 2025's first three quarters 2025 First Three Quarters Performance Forecast (January 1 to September 30, 2025) | Item | Current Period (Jan 1 - Sep 30, 2025) | Prior Period (Jan 1 - Sep 30, 2024) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders (yuan) | Profit: 4.30 billion – 4.70 billion | Profit: 3.1412507 billion | 36.89% – 49.62% | | Net Profit After Non-Recurring Gains/Losses (yuan) | Profit: 4.30 billion – 4.70 billion | Profit: 3.0704187 billion | 40.05% – 53.07% | | Basic Earnings Per Share (yuan/share) | Profit: 0.8100 – 0.8900 | Profit: 0.5936 | - | [2025 Third Quarter Performance Forecast](index=1&type=section&id=1.2%202025%E5%B9%B4%E7%AC%AC%E4%B8%89%E5%AD%A3%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1) The company forecasts Q3 2025 net profit and adjusted net profit to grow over 90% year-over-year 2025 Third Quarter Performance Forecast (July 1 to September 30, 2025) | Item | Current Period (Jul 1 - Sep 30, 2025) | Prior Period (Jul 1 - Sep 30, 2024) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders (yuan) | Profit: 1.80 billion – 2.20 billion | Profit: 928.9247 million | 93.77% – 136.83% | | Net Profit After Non-Recurring Gains/Losses (yuan) | Profit: 1.80 billion – 2.20 billion | Profit: 911.8124 million | 97.41% – 141.28% | | Basic Earnings Per Share (yuan/share) | Profit: 0.3400 – 0.4200 | Profit: 0.1755 | - | [Communication with Accounting Firm](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company communicated with its accounting firm on the forecast, with no major disagreements, but the data is unaudited - The financial data in this performance forecast is **unaudited** by a certified public accountant[5](index=5&type=chunk) - The company has communicated with its accounting firm regarding significant matters related to the performance forecast, and there are **no major disagreements** between the parties[5](index=5&type=chunk) [Explanation of Performance Changes](index=2&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance growth in 2025's first three quarters is driven by higher potassium chloride prices, despite lithium carbonate price declines - During the reporting period, potassium chloride production was approximately **3.2662 million tons**, with sales of approximately **2.8609 million tons**[6](index=6&type=chunk) - During the reporting period, lithium carbonate production was approximately **31,600 tons**, with sales of approximately **31,500 tons**[6](index=6&type=chunk) - Potassium chloride prices **increased** compared to the prior period, driving profitability growth in this business segment[6](index=6&type=chunk) - Lithium carbonate market prices experienced a **downward adjustment**, but the company's overall performance still achieved growth compared to the prior period[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This performance forecast is a preliminary, unaudited estimate, with final financial data to be disclosed in the 2025 first three quarters report - This performance forecast is a preliminary estimate by the company's finance department and is **unaudited**[7](index=7&type=chunk) - The specific financial data will be **fully disclosed** in the company's 2025 first three quarters report[7](index=7&type=chunk) [Other Relevant Information](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company designates specific media for information disclosure, and all official information is subject to publication in these selected outlets - The company designates Securities Times, Shanghai Securities News, Securities Daily, China Securities Journal, and Juchao Information Network (www.cninfo.com.cn) as its **official information disclosure media**[8](index=8&type=chunk) - All company information is subject to what is **published in the aforementioned selected media**[8](index=8&type=chunk)

Group 1 - The core transaction on October 13 involved a block trade of 2.69 million shares of Salt Lake Co., with a transaction value of 59.42 million yuan and a trading price of 22.09 yuan per share [2][4] - Over the past three months, Salt Lake Co. has recorded a total of 11 block trades, amounting to a cumulative transaction value of 4.672 billion yuan [3] - The closing price of Salt Lake Co. on the same day was 22.09 yuan, reflecting a 0.45% increase, with a daily turnover rate of 1.82% and a total trading volume of 2.096 billion yuan [3] Group 2 - The latest margin financing balance for Salt Lake Co. stands at 3.356 billion yuan, showing a decrease of 254 million yuan over the past five days, which is a decline of 7.05% [4] - The company, Qinghai Salt Lake Industry Co., Ltd., was established on August 25, 1997, with a registered capital of 5.291572541 billion yuan [4]

Group 1 - A total of 78 stocks in the A-share market experienced block trading today, with a total transaction value of 2.925 billion yuan [1] - The top three stocks by transaction value were SF Holding, Zhongwei Company, and Guangqi Technology, with transaction values of 717 million yuan, 357 million yuan, and 299 million yuan respectively [1] - Among the stocks, 20 were traded at par, 7 at a premium, and 51 at a discount; Midea Group, Northern Shares, and Qingdao Beer had the highest premium rates of 10.71%, 10.68%, and 10.12% respectively [1] Group 2 - The top stocks by institutional buying were Zhongwei Company (354 million yuan), Tianshan Aluminum (127 million yuan), and Jinli Permanent Magnet (72.22 million yuan) [2] - The leading stocks by institutional selling included Cangge Mining (11.30 million yuan), Baiwei Storage (8.94 million yuan), and Ningde Times (7.53 million yuan) [2]

Group 1 - On October 13, Salt Lake Co., Ltd. executed a block trade of 2.69 million shares, with a transaction value of 59.42 million yuan, accounting for 2.76% of the total transaction value for the day [1] - The transaction price was 22.09 yuan, which was in line with the market closing price of 22.09 yuan [1]

Group 1 - The chemical sector experienced a significant pullback on October 13, with the chemical ETF (516020) declining by 3.19% [1][2] - Key stocks in the sector, including Tongkun Co., Ltd., fell over 7%, while several others like Xin Fengming and Huafeng Chemical dropped more than 6%, negatively impacting the overall sector performance [1][2] - The chemical ETF has seen a capital inflow of over 80 million yuan in the last three trading days, indicating renewed interest from investors [1][2] Group 2 - The chemical industry is currently at a historical low in terms of profitability and valuation, with a profit margin of 4.14% for the chemical raw materials and products sector as of August 2025 [3] - The price-to-book ratio for the chemical ETF (516020) is at 2.4 times, which is in the 41.57 percentile of the last decade, suggesting a favorable long-term investment opportunity [3] - The construction of new projects in the basic chemical sector has seen a decline for three consecutive quarters, confirming a supply turning point and indicating a potential improvement in the industry landscape [4] Group 3 - Investment strategies suggest focusing on sectors with significant profit elasticity, such as pesticides, organic silicon, and polyester filament, which are expected to benefit from supply-side improvements [4] - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Industry [4] - Investors can also consider the chemical ETF linked funds (A class 012537/C class 012538) for exposure to the chemical sector [4]

Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 11.57% during trading, with a transaction volume of 359 million yuan, indicating active market trading [3] - The latest scale of the Rare Metal ETF reached 3.08 billion yuan, marking a new high since its inception and ranking first among comparable funds [3] - The ETF's share reached 3.67 billion shares, also a new high since inception, and ranks first among comparable funds [3] - Over the past three days, the Rare Metal ETF has seen continuous net inflows, with a maximum single-day net inflow of 358 million yuan, totaling 551 million yuan [3] - As of October 10, the net value of the Rare Metal ETF has increased by 17.31% over the past three years [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly increase being five months and a maximum increase of 66.25%, averaging a monthly return of 8.60% [3] Group 2: Cobalt Export Quotas and Market Dynamics - According to CITIC Construction Investment, cobalt export quotas for Congo (Kinshasa) have been finalized, with Luoyang Molybdenum, Glencore, and Eurasian Resources holding the top three shares at 35.9%, 27.3%, and 21.6% respectively [4] - The total quota for 2026 and 2027 is set at 96,600 tons, which includes a basic quota of 87,000 tons allocated to production enterprises and a strategic quota of 9,600 tons [4] - Under the quota system, only about 44% of production can be exported, resulting in a reduction of over 100,000 tons [4] - Based on estimates for 2024, with a supply of 270,000 tons and demand of 230,000 tons, the market is expected to shift from a surplus of about 70,000 tons to a shortage of about 30,000 tons, potentially driving cobalt prices higher [4] Group 3: Rare Earth Export Controls - The Ministry of Commerce has issued four documents to strengthen rare earth export controls, adding five categories of medium and heavy rare earths to the export control list [4] - The controls also extend to the entire industrial chain, including equipment, technology, and raw materials, with additional regulations on overseas military and high-end semiconductor demands [4] - The strategic position of rare earths has been further reinforced through these measures [4] Group 4: Rare Metal Index and Investment Opportunities - As of September 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and others, collectively accounting for 59.91% of the index [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [4]

Core Viewpoint - The chemical sector experienced a pullback on October 10, with the chemical ETF (516020) showing a decline of 1.01% as of the report time, reflecting a broader downturn in the industry [1][2]. Group 1: Market Performance - The chemical ETF (516020) opened lower and continued to fluctuate at low levels, ultimately dropping by 1.01% [1][2]. - Key stocks in the lithium battery supply chain saw significant declines, with Tianqi Lithium falling over 8%, and other companies like Duofu and Enjie also experiencing notable drops [1][2]. - The basic chemical sector attracted substantial capital inflow, with a net inflow of 23.4 billion yuan over the past five trading days, ranking second among 30 sectors [3]. Group 2: Valuation and Investment Outlook - As of October 9, the chemical ETF (516020) had a price-to-book ratio of 2.41, which is relatively low compared to the historical average, indicating potential value for long-term investment [4]. - The construction of new projects in the basic chemical sector has shown a negative growth trend for three consecutive quarters, suggesting a supply-side slowdown and a more favorable market outlook [5]. - Analysts suggest that core assets in the chemical sector are entering a long-term value zone, with expectations for a recovery in both valuation and profitability [5]. Group 3: Investment Strategy - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap stocks, which may provide a more efficient way to invest in the sector [6]. - Investors can also consider using the chemical ETF linked funds (Class A 012537/Class C 012538) for exposure to the chemical sector [6].

Group 1 - The core transaction on October 9 involved 2 million shares of Salt Lake Co., with a transaction value of 44 million yuan, at a price of 22.00 yuan, reflecting a discount of 1.83% compared to the closing price of the day [2] - In the last three months, Salt Lake Co. has recorded a total of 10 block trades, amounting to 4.612 billion yuan [3] - The closing price of Salt Lake Co. on the day of the transaction was 22.41 yuan, showing an increase of 7.48%, with a daily turnover rate of 3.08% and a total transaction amount of 3.575 billion yuan [3] Group 2 - The latest margin financing balance for Salt Lake Co. is 3.345 billion yuan, which has decreased by 372 million yuan over the past five days, representing a decline of 10.00% [4] - Salt Lake Co. was established on August 25, 1997, with a registered capital of 5.291572541 billion yuan [4]

Group 1 - On October 9, Salt Lake Co., Ltd. executed a block trade of 2 million shares, with a transaction value of 44 million yuan, accounting for 1.22% of the total transaction volume for the day [1][2] - The transaction price was set at 22 yuan per share, which represents a discount of 1.83% compared to the market closing price of 22.41 yuan [1][2]