首次披露！藏格矿业半年报谈盐湖提锂子公司停产来龙去脉

Core Viewpoint - The recent suspension of lithium resource extraction by Cangge Mining's subsidiary, Geermu Cangge Lithium Industry, has raised investor concerns, despite the company asserting that the lithium extraction process was not in violation of regulations [1][2]. Summary by Sections Suspension of Lithium Extraction - On July 16, 2025, Cangge Mining's subsidiary, Geermu Cangge Potash Co., received a notice from the Haixi State Natural Resources Bureau and the Haixi State Salt Lake Management Bureau to immediately cease lithium resource development activities [2]. - Following the notice, Geermu Cangge Lithium complied and halted production, while the company is actively working on the necessary procedures to resume lithium extraction once approvals are obtained [2][3]. Lithium Resource Development Background - Cangge Potash, the parent company of Geermu Cangge Lithium, has been involved in potassium fertilizer production from the underground brine of the Chaqi Salt Lake, generating significant by-products, including tail brine with low lithium chloride content [2]. - The company has not previously developed these resources due to technical challenges and low prices of lithium carbonate, but the recent price recovery has made low-concentration tail brine lithium extraction feasible [2][3]. Financial Performance - In the first half of 2025, Cangge Mining reported a revenue of 1.678 billion yuan, a decrease of 4.74% year-on-year, while net profit attributable to shareholders increased by 38.80% to 1.8 billion yuan [5]. - The revenue primarily came from potash and lithium carbonate businesses, as well as investment income from Tibet Julong Copper Co., in which Cangge Mining holds a 30.78% stake [5][6]. Potash and Lithium Business Insights - The average selling price of potassium chloride was 2,845 yuan per ton, up 25.57% year-on-year, while the average sales cost decreased by 7.36% to 996 yuan per ton, resulting in a revenue increase of 24.60% for the potash business [6]. - The average selling price of lithium carbonate was approximately 67,500 yuan per ton, with an average cost of 41,500 yuan per ton, leading to a 57.90% decline in revenue from the lithium business to 267 million yuan [6]. Future Projects - Cangge Mining is advancing its lithium carbonate project at the Mami Cuo Salt Lake, planning to construct a production capacity of 100,000 tons per year in two phases, with the first phase targeting 50,000 tons [7]. - The company has made significant progress in obtaining necessary permits for the Mami Cuo project and plans to commence construction in the third quarter of 2025 [7].