察哈尔汗盐湖双雄

Core Viewpoint - The article discusses the transformation and recovery of two listed companies, Salt Lake Co. and Zangge Mining, which have both experienced significant ups and downs but have recently shown potential for growth and profitability due to strategic restructuring and market conditions. Group 1: Salt Lake Co. - Salt Lake Co. was originally a local state-owned enterprise that transitioned to a joint-stock company in 1996-1997, focusing on potassium fertilizer as its main business [1] - The company experienced rapid growth and was a high-performing stock during the 2004-2008 bull market, achieving over 30 times price increase [1] - After 2008, the company diversified into magnesium projects, leading to significant losses and a peak loss of 45.9 billion in 2019, resulting in bankruptcy restructuring [3] - In 2020, the company underwent judicial restructuring, divesting loss-making assets and refocusing on potassium fertilizer and lithium extraction, which improved its financial structure [3] - In 2025, the company was acquired by Minmetals Group, becoming a central enterprise, which enhanced its governance and strategic clarity [3] Group 2: Zangge Mining - Zangge Mining started as a private enterprise in 2002 and became the second-largest compound fertilizer company in China, listing in 2016 [4] - The company faced governance issues and financial troubles between 2019-2020, leading to a significant crisis and eventual restructuring [4] - In 2021, Zangge Mining restructured by introducing strategic investments and divesting bad assets, successfully removing delisting risks [4] - In April 2025, Zijin Mining became the largest shareholder, transforming the company from a private to a state-owned enterprise, which improved governance and risk control [4] Group 3: Market and Financial Performance - Both companies have similar business structures focusing on potassium fertilizer and lithium extraction, with Zangge Mining showing higher ROE due to its new ownership [6] - Salt Lake Co. is considered more attractive in terms of investment valuation compared to Zangge Mining [6] - Other companies in the potassium fertilizer sector, such as Yara International and Dongfang Tower, are also performing well, with Yara showing continuous high growth in recent quarters [6]