2 1 Shi Ji Jing Ji Bao Dao·2025-03-29 12:47Core Viewpoint - Cangge Mining (藏格矿业) demonstrates strong resilience in performance, with significant contributions from its copper segment and a projected net profit exceeding 2.5 billion yuan for 2024, indicating ongoing high-quality development and new growth momentum [1] Financial Performance - In 2024, Cangge Mining achieved revenue of 3.251 billion yuan and a net profit attributable to shareholders of 2.580 billion yuan, with Q4 revenue reaching 927 million yuan, a quarter-on-quarter increase of 64.95% [1] - The company reported a total asset of 15.083 billion yuan, a 7.04% increase from the beginning of the year, and a net asset of 13.865 billion yuan, up 6.18% [1] Potassium and Lithium Operations - Cangge Mining produced 1.073 million tons of potassium chloride in 2024, achieving a completion rate of 102.19%, with sales of 1.045 million tons [2] - The potassium chloride segment generated revenue of 2.210 billion yuan with a gross margin of 44.83% [2] - The lithium carbonate production reached 11,566 tons with sales of 13,582 tons, a year-on-year increase of 31.7%, contributing 1.022 billion yuan in revenue and a gross margin of 45.44% [3] Copper Segment Contribution - The investment income from the associated company, Julong Copper, reached 1.928 billion yuan, accounting for 74.72% of the net profit, with a year-on-year increase of 48.72% [3] - Julong Copper's second-phase expansion is expected to be operational by the end of 2025, potentially doubling the copper production capacity [3] ESG and Social Responsibility - Cangge Mining has integrated social responsibility into its corporate values, receiving multiple awards for its contributions to community development and environmental sustainability [4] - The company initiated its first carbon inventory in 2024 and is committed to enhancing its ESG governance and green development practices [4] Shareholder Returns - Cangge Mining implemented a "dividend + buyback" strategy, distributing approximately 408 million yuan in mid-year dividends and accumulating a total cash dividend of 7.429 billion yuan from 2022 to 2024 [5] - The company has repurchased shares worth about 300 million yuan, successfully canceling 10.21 million shares [5] Strategic Collaboration with Zijin Mining - The acquisition by Zijin Mining is expected to enhance Cangge Mining's asset scale, resource reserves, and management efficiency, facilitating the achievement of international mining group standards [6] - The collaboration is anticipated to leverage both companies' strengths in lithium resource development and cost control [6] Resource Reserves and Future Outlook - Cangge Mining holds substantial resources, including potassium salt projects in Laos and lithium resources in the Marmizuo Salt Lake, which are expected to enhance economic benefits through potential technical cooperation with Zijin Mining [7] - The company aims to optimize its internal structure and expand its global operational management system, focusing on key resources like potassium and lithium to strengthen its competitive advantage [8]