盐湖股份：前三季度实现归母净利润45.03亿元 同比增长43.34%

Core Viewpoint - Salt Lake Co. reported strong financial performance for Q3 2025, with significant growth in revenue and net profit, driven by increased potassium chloride prices and successful lithium carbonate production trials [1][2]. Financial Performance - For the first three quarters, Salt Lake Co. achieved revenue of 11.111 billion, a year-on-year increase of 6.34%, and a net profit attributable to shareholders of 4.503 billion, up 43.34% [1]. - In Q3 alone, the company recorded revenue of 4.330 billion, representing a 34.81% year-on-year growth, and a net profit of 1.988 billion, a substantial increase of 113.97% [1]. Production and Sales - The company produced 3.2662 million tons of potassium chloride and sold 2.8609 million tons in the first three quarters [1]. - Lithium carbonate production reached 31,600 tons, with sales of 31,500 tons during the same period [1]. Market Dynamics - The increase in potassium chloride prices compared to the previous year contributed to the profitability of that business segment [1]. - Despite a downward adjustment in lithium carbonate market prices, the overall performance of the company improved compared to the previous year [1]. Capacity Expansion - The new lithium carbonate production capacity project commenced trial operations, with a 40,000 tons/year integrated lithium salt project nearing completion [1][2]. - The trial production phase has successfully yielded qualified battery-grade lithium carbonate products [1]. Strategic Initiatives - Salt Lake Co. is enhancing its lithium salt production capacity and market competitiveness through various internal and external resource optimization strategies [2]. - The company is actively pursuing exploration and resource management initiatives, including the "walking out of potassium" strategy to expand its potassium salt resource base [2][3]. Industry Positioning - The company aims to align with the strategic development goals of its controlling shareholder, China Salt Lake, to establish itself as a world-class enterprise [2][3]. - Salt Lake Co. is focused on the sustainable development of the salt lake industry, emphasizing its role in national food security and green low-carbon economic development [3].