ZANGGE MINING(SZ:000408) Xin Lang Cai Jing·2025-11-22 00:30Core Viewpoint - The company reported a significant decline in revenue and net profit for Q3 2025, with a revenue of 723 million and a net profit of 951 million, reflecting a quarter-on-quarter decrease of 35.76% and 9.72% respectively [1] Group 1: Copper Segment - The copper segment, particularly the performance of the subsidiary "Julong," remains strong, contributing an investment income of 686 million, which is a 5% increase quarter-on-quarter [2] - In Q3, copper and molybdenum prices increased, with copper production and sales reaching 49,700 tons [2] - The second phase of the Julong project has successfully completed trial operations, ensuring smooth production for the upcoming phase [2] Group 2: Lithium Segment - The lithium segment faced significant challenges due to production halts caused by mining permit issues, leading to a sharp decline in lithium production and sales [3] - In Q3, lithium salt production and sales were 851 tons and 330 tons respectively, with an average selling price of 65,100 per ton (including tax) and a production cost of 34,200 per ton, reflecting a nearly 0.5 million decrease quarter-on-quarter [3] - The company resumed production on October 11, with adjusted annual production and sales plans set at 8,510 tons, expecting Q4 sales to rebound [3] Group 3: Potash Segment - The potash segment continued to optimize costs, contributing approximately 356 million to net profit in Q3 [3] - Potash production and sales were 216,400 tons and 247,900 tons respectively, with an average selling price of 3,196 per ton (including tax), showing a 9% increase quarter-on-quarter [3] - The sales cost was 942 per ton, with a slight decrease quarter-on-quarter, indicating ongoing improvements in the cost structure [3] Group 4: Future Outlook - The company anticipates continued growth potential in its three main business segments: copper, lithium, and potash [4] - The second phase of the Julong project is expected to double production capacity by the end of 2025, with plans for a third phase that could reach a copper production capacity of 600,000 tons [4] - The collaborative development of lithium resources in Tibet is progressing, with the "Mami Cuo" project expected to significantly contribute to future growth [4] - The company is also expanding its overseas potash resource portfolio, currently holding approximately 984 million tons of potassium chloride resources in Laos [4]