关于参加青海辖区上市公司2025年 投资者网上集体接待日暨2024年度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，青海盐湖工业股份有限公司（以下简称 "公司"）将参加由青海证监局、青海证券业协会与深圳市全景网络有限公司联合 举办的"青海辖区上市公司 2025 年投资者网上集体接待日暨 2024 年度业绩说明 会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（ht tps://rs.p5w.net/），或关注微信公众号：全景财经，或下载全景路演 APP，参与本 次互动交流，活动时间为 2025 年 6 月 18 日（周三）15:00-17:00。届时公司高管 将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、项目建设和可 持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与! 特此公告。 证券代码：000792 证券简称：盐湖股份 公告编号：2025-036 青海盐湖工业股份有限公司 青海盐湖工业股份有限公司董事会 2025 年 ...

Group 1 - The capital market is optimistic about lithium carbonate prices hitting a bottom after falling below 60,000 yuan/ton, with futures prices now higher than spot prices [1][4] - The expectation of supply reduction in the lithium market is anticipated to shift the market from oversupply to a state of balance in the next three months [2][4] - The current high production levels of lithium salts in China indicate that significant supply cuts have not yet been initiated, despite the recent price drop [3][8] Group 2 - The recent price drop to 60,000 yuan/ton has prompted companies with higher safety margins to engage in futures hedging to mitigate price volatility risks [9][11] - Salt Lake Co., a leading lithium producer, has initiated futures hedging with a maximum contract value of 240 million yuan, aiming to stabilize operations [9][11] - Rongjie Co. has increased its futures hedging limit from 200 million yuan to 350 million yuan, reflecting a proactive approach to managing market risks [12] Group 3 - The domestic lithium carbonate production remains high, with May's output reaching 72,000 tons, indicating only marginal improvements in supply pressure [6][8] - The futures market has shown a shift, with the main contract price for July exceeding 60,000 yuan/ton, suggesting market optimism for price recovery in the second half of the year [4][13] - The participation of industry players in futures hedging is expected to enhance the price discovery function of the futures market, potentially leading to a rebound in lithium prices [13]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The 2025 Indian potash fertilizer contract price has been set at $349 per ton, which is expected to boost the potash fertilizer market [4][20] - The domestic potassium chloride market is experiencing limited supply and tight circulation, with domestic potassium chloride production reduced and inventory at low levels [21][22] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.73% this week [15] - The CCPI (China Chemical Product Price Index) reported 4033 points, down 1.08% from last week [17] Key Product Tracking - The price difference for polyester filament POY has expanded, while the price of chlorantraniliprole 97% continues to rise [29] - The domestic potassium chloride market is characterized by limited supply and cautious purchasing behavior from downstream buyers [21][22] Recommended and Beneficiary Stocks - Recommended stocks include Salt Lake Co., and Yaqi International; beneficiary stocks include Cangge Mining and Dongfang Iron Tower [27] - Other recommended stocks span various sectors including chemical leaders and fluorine chemicals [5]

Group 1 - The core viewpoint of the report indicates that the 2025 Indian potash contract price has been set at $349 per ton, which may boost the potash market's prosperity [2] - The transaction between Belarus and India's IPL involves a shipment of 650,000 tons, with the price being $70 per ton higher than the 2024 Indian contract price and $76 per ton higher than the 2024 Chinese import contract price [2] - Domestic potash prices are currently tight, with 60% potash self-delivery prices ranging from 2800 to 2830 RMB per ton, and market prices for 57% powder around 2400 to 2450 RMB per ton [2] Group 2 - The supply side shows limited circulation of potash due to reduced domestic production and low inventory levels, with port inventories at 2.062 million tons as of May 30 [2] - Demand for potash is currently weak, with cautious replenishment from buyers, but the low domestic inventory and the new Indian contract price may stimulate market activity [2] - Recommended stocks include Salt Lake Co. and Yara International, while benefiting stocks include Zangge Mining and Oriental Tower [2] Group 3 - A significant development in the nylon industry was reported, with the launch of a 100,000 tons/year acetonitrile facility by China Pingmei Shenma Group, marking a breakthrough in the production of key raw materials for nylon 66 [3] - The establishment of this facility is expected to reshape the nylon industry landscape in China [3] Group 4 - Recommended stocks in the chemical sector include Wanhu Chemical, Hualu Hengsheng, Hengli Petrochemical, and others, while benefiting stocks span various sectors including fluorine chemicals and new materials [4][5]

Group 1 - The Chaka Salt Lake, covering an area of 5,856 square kilometers, is China's largest soluble potassium and magnesium salt deposit, with a total resource amount exceeding 60 billion tons [2] - The Qinghai Salt Lake Industry Co., Ltd. has increased its potassium fertilizer production capacity to 5 million tons annually, improving the resource utilization rate from 30% to over 70% [2] - The self-sufficiency rate of potassium fertilizer in China has risen from less than 10% to 60%, significantly contributing to national food security and sustainable agricultural development [2] Group 2 - The company is also focusing on the development of lithium and magnesium, achieving a 40% reduction in lithium extraction costs from brine compared to ore [3] - The annual output of lithium carbonate is 40,000 tons, sufficient to manufacture 15 million electric vehicle batteries [3] - The company is exploring the integration of "industry + tourism," aiming to develop an ecological tourism business segment, with projected visitor numbers to exceed 1.25 million in 2024 [3]

Group 1 - The price for India's potash fertilizer import contract has been set at $349 per ton, marking a $70 increase from the previous year, which is a 25% rise [1] - The contract was signed between Russian potash company BPC and Indian fertilizer importer IPL, with a total volume of 650,000 tons to be delivered by December 2025 [1] - The price aligns with market expectations, as industry insiders had anticipated a price around $350 per ton [1] Group 2 - India is the world's fourth-largest importer of potash fertilizer, with imports of 3.25 million tons in 2021 and an estimated 3 million tons in 2023 [2] - The domestic price of potash in China has seen significant increases, with local 60% potash prices ranging from 3,200 to 3,250 yuan per ton [2] - Recent production cuts from Belarus and Russia, which account for 39% of global potash exports, have intensified supply-demand tensions in the market [2]

Investment Rating - The report does not explicitly provide an investment rating for the chemical industry Core Views - In May 2025, the basic chemical index increased by 2.12%, ranking 19th among primary industries, with 22 out of 32 sub-industries showing growth [2][11] - The report highlights significant price increases in hydrochloric acid (43.38%), nitrogen (19.95%), and TDI (17.10%) among other chemicals [3][26] - The report notes the successful launch of production lines in SAILUN's factories in Indonesia and Mexico, marking a significant step in the company's global strategy [4] Summary by Sections Market Overview - In May 2025, major market indices showed positive growth: Shanghai Composite Index increased by 2.09%, Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32% [11] - The basic chemical index's performance was relatively strong, with 379 companies reporting positive returns and 159 companies reporting negative returns [22] Price Movements - The top ten chemicals with the highest price increases in May 2025 included hydrochloric acid (43.38%), nitrogen (19.95%), and TDI (17.10%) [3][26] - Conversely, the chemicals with the largest price declines included TMA (-36.36%) and dichloropropane (-22.38%) [34] Sub-Industry Performance - Among the secondary sub-industries, chemical fibers led with a growth of 7.98%, followed by agricultural chemicals at 3.89% [16] - The top five performing tertiary sub-industries included polyester (19.53%) and pesticides (10.97%) [18][21] Company Performance - The report lists the top ten basic chemical companies by monthly growth, with Suzhou Longjie leading at 84.09% [23] - The bottom ten companies included Boyuan Co., which saw a decline of -22.97% [25] Industry Insights - The report discusses the stable demand for hydrochloric acid, with supply issues noted in Hunan and Fujian provinces [28] - It also highlights the impact of environmental inspections on bromine production, leading to reduced supply and increased prices [29]

Core Viewpoint - The agricultural sector is experiencing a rebound, with the Agricultural ETF from E Fund (562900) showing a significant increase of 2.18% in half a day, leading the industry ETF performance [1][3]. Agricultural Sector Performance - The Agricultural ETF from E Fund (562900) has a half-day trading volume of 694.27 million yuan and a total scale of 0.99 billion units [3]. - Other agricultural ETFs, such as Agricultural 50 ETF (159827) and Agricultural ETF (159825), also showed positive performance with increases of 1.75% and 1.74% respectively [5]. - The Agricultural ETF (159825) has a larger scale of 29.85 billion units and a half-day trading volume of 8529 million yuan [5]. ETF Share Changes - The Agricultural ETF from E Fund (562900) has seen a slight increase in shares this year, with an addition of 11 million units, representing a growth of 12.54% [2]. - The Agricultural ETF (159825) also experienced a share increase of over 10%, adding 474 million units this year [2]. Investment Logic - Domestic grain prices have been rising due to reduced grain imports and drought conditions, indicating a strong demand in the agricultural sector [3]. - Long-term policies focus on food security and improving agricultural productivity, with transgenic biotechnology expected to accelerate under supportive policies [3]. - Upgrades in seed products are anticipated to boost sales and prices for quality seed companies, with leading companies currently valued at a low point, highlighting their long-term investment potential [3]. Major Holdings in Agricultural Indices - The major stocks in the China Modern Agriculture Theme Index include: - Muyuan Foods (002714) with a weight of 14.77% - Wens Foodstuffs Group (300498) with a weight of 14.57% - Haida Group (002311) with a weight of 14.29% [4][6]. - The index reflects companies involved in various agricultural sectors, including animal husbandry, feed, and agricultural machinery [5].

Core Viewpoint - The price of battery-grade lithium carbonate has been continuously declining in 2023, with significant drops observed compared to previous months and the same period last year [1][2][3]. Price Trends - As of May 29, 2023, the price of battery-grade lithium carbonate was 60,200 yuan/ton, down 1.63% from the previous day and 44.97% lower than the same time last year [1][2]. - The price has decreased from approximately 78,800 yuan/ton at the beginning of the year [1]. Supply and Demand Dynamics - The current market is experiencing a reduction in production capacity for battery-grade lithium carbonate, with expectations of supply-side cutbacks as prices continue to fall [2]. - The industry is facing a long-term oversupply situation, which is expected to suppress any potential price rebounds [2][3]. - The breakeven price for lithium carbonate processing companies is generally considered to be around 70,000 yuan/ton, but current prices have fallen below this threshold, leading many companies to reduce or halt production [2]. Industry Impact - The decline in lithium carbonate prices has negatively affected the performance of lithium-related listed companies, with most reporting revenue declines in 2024 [4]. - Companies are adjusting their cost structures and accelerating the development of domestic and international salt lake capacities to maintain profitability [4]. - For example, Qinghai Salt Lake Industry Co., Ltd. plans to apply for a project loan of up to 1.8 billion yuan to support the construction of a 40,000-ton/year lithium salt integrated project [4]. Future Outlook - The supply of lithium carbonate is expected to continue growing from June to August 2023, while demand may enter a seasonal downturn [3]. - The industry anticipates that the overall market will remain in an oversupply situation until significant production cuts occur at mining operations [3].

Core Viewpoint - The lithium carbonate price continues to decline, prompting companies to engage in hedging activities to mitigate risks associated with price volatility [2][5]. Group 1: Market Dynamics - On May 29, the main contract for lithium carbonate futures fell below the critical threshold of 60,000 yuan/ton, closing at 58,860 yuan/ton [2]. - The ongoing decline in lithium carbonate prices has led to increased hedging demand among industry players [2]. - Salt Lake Co. announced its intention to conduct futures hedging to reduce the impact of price fluctuations on its operations, which has drawn significant attention in the industry [2][5]. Group 2: Cost Structure - The production costs of lithium carbonate vary significantly among companies due to differences in processing methods, raw material sources, and operational costs [3]. - The mainstream production cost of lithium carbonate is between 75,000 and 85,000 yuan/ton, with some projects exceeding 90,000 yuan/ton [3]. - Salt Lake Co. benefits from a lower production cost of 30,000 to 40,000 yuan/ton, which is significantly advantageous compared to other methods [4]. Group 3: Financial Performance - Despite the overall decline in lithium carbonate prices, Salt Lake Co. reported a net profit of 4.663 billion yuan in 2024, leading the lithium mining sector [4]. - The gross profit margin for Salt Lake Co.'s lithium carbonate products reached 50.68% in 2024, well above the industry average [4]. Group 4: Industry Outlook - The current supply-demand mismatch is expected to persist, leading to continued accumulation of social inventory of lithium carbonate [5]. - Analysts suggest that even if lithium carbonate prices fall below production costs, companies may maintain production to fulfill long-term contracts [6]. - A stabilization in lithium carbonate prices may only occur if there are signs of production cuts or controlled shipment rates from companies [6].