ZANGGE MINING(SZ:000408) 光大证券研究·2025-10-20 23:07Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by rising prices of potassium chloride and copper, despite a decline in lithium carbonate sales volume [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.401 billion yuan, a year-on-year increase of 3.35% [4]. - The net profit attributable to shareholders reached 2.751 billion yuan, up 47.26% year-on-year [4]. - The adjusted net profit was 2.756 billion yuan, reflecting a 49.27% increase year-on-year [4]. - In Q3 2025, the company recorded a single-quarter revenue of 723 million yuan, a year-on-year growth of 28.71%, but a quarter-on-quarter decrease of 35.76% [4]. Product Performance - Potassium chloride sales volume for the first three quarters was 783,800 tons, a year-on-year increase of 9.6%, primarily due to the release of approximately 80,000 tons from national reserves [5]. - The average selling price of potassium chloride was approximately 2,920 yuan/ton, marking a year-on-year increase of 26.9% [5]. - Lithium carbonate sales volume decreased to 4,800 tons, down 53.0% year-on-year, with an average selling price of 67,300 yuan/ton, a decline of 24.6% [5]. Investment Gains - The company reported investment income of 1.95 billion yuan from its stake in Julong Copper Industry, a year-on-year increase of 43.1% [5]. - Julong Copper's copper production reached 142,500 tons, up 16.8% year-on-year, with sales volume of 142,400 tons, an 18.1% increase [5]. - The average selling price for copper was 83,000 yuan/ton, reflecting an 8.0% year-on-year increase, with a net profit per ton of 45,000 yuan, up 22.8% [5]. Project Developments - The company’s subsidiary, Cangge Lithium Industry, resumed production on October 11, 2025, following the acquisition of mining rights for various minerals [6]. - The company adjusted its 2025 lithium carbonate production and sales plan to 8,510 tons each [6]. - New projects include the completion of contracts for a photovoltaic power station at the Mami Cuo Salt Lake project and progress in the construction of a lithium hydroxide production line [6].