盐湖股份（000792）：2022中报点评：量稳价升，盈利稳健

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 1.371 billion yuan in Q2 2025, representing a year-on-year increase of 7% and a quarter-on-quarter increase of 20% [2][4]. - The company's core potassium chloride business showed resilience, with a production volume of approximately 1.0249 million tons in Q2 2025, a 6% increase quarter-on-quarter, and a sales volume of approximately 886,800 tons, remaining stable [5]. - Despite a decline in lithium carbonate prices, the potassium chloride prices continued to rise, enhancing the company's profitability [5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a net profit of 1.371 billion yuan, up 7% year-on-year and 20% quarter-on-quarter [2][4]. - The adjusted net profit was 1.365 billion yuan, reflecting a 6% year-on-year increase and a 19% quarter-on-quarter increase [2][4]. Potassium Chloride Business - The company realized potassium chloride revenue of 5.368 billion yuan in the first half of 2025, a slight increase of 0.55% year-on-year [5]. - The gross profit margin for potassium chloride was 59.95%, an increase of 6.43 percentage points year-on-year [5]. Lithium Carbonate Business - The company produced 11,500 tons of lithium carbonate in Q2 2025, a 35% increase quarter-on-quarter, with sales reaching 12,500 tons, a 54% increase quarter-on-quarter [5]. - The revenue from lithium carbonate in the first half of 2025 was 1.242 billion yuan, a decrease of 26.2% year-on-year [5]. Project Development - The company is progressing well with its core projects, with the 40,000 tons/year lithium salt project reaching 71% completion and expected to enter trial production by the end of September 2025 [9]. - The company is actively exploring potassium and lithium resources in various regions, including Southeast Asia, Africa, and South America [9]. Long-term Investment Value - The potassium fertilizer business is expected to continue providing stable cash flow, supported by substantial cash reserves of 19 billion yuan as of Q2 2025, indicating promising dividend expectations [9]. - The anticipated ramp-up of the lithium salt project and the expected benefits from the integration following the acquisition by a state-owned enterprise are expected to enhance the company's long-term growth potential [9].