“钾+锂”双轮驱动叠加投资收益 藏格矿业2025年净利同比预增超四成

Core Viewpoint - The company, Cangge Mining, is expected to report a significant increase in net profit for 2025, driven by strong performance in its potassium chloride and lithium carbonate businesses, alongside effective cost management and increased investment income [1][3]. Group 1: Potassium Chloride Business - Cangge Mining's potassium chloride business achieved a substantial breakthrough in 2025, with production reaching 1.0336 million tons and sales at 1.0843 million tons, exceeding annual operational targets [2]. - The average selling price of potassium chloride increased year-on-year, contributing to strong revenue and profit growth in this segment [2]. - The average sales cost of potassium chloride decreased by 19.12% year-on-year to 978.69 yuan per ton, while the average selling price rose by 26.88% to 2919.81 yuan per ton, resulting in a gross margin increase of 20.78 percentage points to 63.46% [2]. Group 2: Lithium Carbonate Business - The lithium carbonate business saw rapid recovery, with production of 8,808 tons and sales of 8,957 tons in the previous year, contributing positively to overall profit growth [3]. - The market price for lithium carbonate experienced a phase of recovery due to improved downstream demand and inventory replenishment, allowing the company to effectively mitigate the impact of previous production halts [3]. Group 3: Investment Income - Investment income emerged as a significant highlight for Cangge Mining in 2025, with confirmed investment income of approximately 2.68 billion yuan, largely due to the performance of its stake in Tibet Julong Copper Co., which benefited from rising copper prices and increased production capacity [3]. Group 4: Overall Performance and Future Outlook - The expected increase in Cangge Mining's 2025 performance is attributed to enhanced operational capabilities in its dual main businesses of potassium and lithium, alongside favorable industry cycles [4]. - The company is solidifying its position in domestic potassium fertilizer production while accelerating its expansion in the new energy metals sector, thereby building a diversified profit growth system [4]. - Industry expectations suggest that continued cost advantages in potassium production, further capacity release in lithium operations, and long-term returns from quality resource projects will enhance the company's overall competitiveness and operational capabilities [4].