2025Q4 Nova Andino Litio锂盐销量同比增长52%至6.62万吨，且预计2026年销量将同比增长超过10%

Investment Rating - The industry is rated as "Recommended" [6] Core Insights - In Q4 2025, Nova Andino Litio's lithium salt sales reached 66,200 tons, marking a year-on-year increase of 52% and a quarter-on-quarter increase of 5% [1] - The average price of lithium salt in Q4 2025 was $9,986 per ton, reflecting a year-on-year increase of 24% and a quarter-on-quarter increase of 20% [1] - The company’s total revenue for Q4 2025 was $1.3239 billion, representing a year-on-year growth of 23% and a quarter-on-quarter growth of 13% [7] - The gross profit for Q4 2025 was $448.5 million, which is a 53% increase year-on-year and a 30% increase quarter-on-quarter [7] Summary by Sections Lithium Business - Q4 2025 lithium salt revenue was $736.5 million, up 38% year-on-year and 22% quarter-on-quarter [10] - Q4 2025 lithium salt gross profit was $265 million, showing a 94% increase year-on-year and a 63% increase quarter-on-quarter [14] Specialty Plant Nutrition (SPN) - Q4 2025 SPN sales were 253,200 tons, a 7% increase year-on-year but a 9% decrease quarter-on-quarter [3] - The average price for SPN in Q4 2025 was $987 per ton, up 4% year-on-year and 6% quarter-on-quarter [3] Iodine and Derivatives - Q4 2025 iodine and derivatives sales reached 3,800 tons, a 19% increase year-on-year and a 12% increase quarter-on-quarter [4] - The average price for iodine and derivatives was $71,553 per ton, with a year-on-year increase of 1% and a quarter-on-quarter decrease of 1% [4] Potassium Fertilizer - Q4 2025 potassium fertilizer sales were 74,800 tons, a 55% decrease year-on-year but a 12% increase quarter-on-quarter [5] - The average price for potassium fertilizer was $519 per ton, reflecting a 31% year-on-year increase and a 3% quarter-on-quarter increase [5] Financial Performance - Q4 2025 pre-tax profit was $336.4 million, a 74% increase year-on-year and a 27% increase quarter-on-quarter [7] - Q4 2025 net profit was $183.8 million, a 53% increase year-on-year [9]