Production Capacity and Structure - The company has established a potassium fertilizer production capacity of 500,000 tons per year, with the potassium fertilizer subsidiary responsible for approximately 400,000 tons, accounting for 80% of total capacity [2] - The remaining 100,000 tons are produced by subsidiaries with unique processes, enabling differentiated production and supply of various potassium fertilizer products [2] Market Outlook - In 2024, China's total potassium chloride imports are projected to reach 12.63 million tons, a 9% year-on-year increase, with an import dependency of 67% [2] - The demand for potassium fertilizer is expected to remain stable and increase due to national strategies aimed at ensuring food security and enhancing agricultural productivity [2] - Geopolitical factors have led to significant price fluctuations in potassium fertilizer, with international prices rising due to supply constraints from major producers [3] Strategic Initiatives - The company is actively expanding its potassium salt resource reserves through geological exploration and resource acquisitions to ensure long-term supply stability [3] - A project cooperation agreement has been signed for the control of potassium mining projects in Canada and Spain, focusing on resource evaluation and economic feasibility [4] Technological Advancements - The company has developed five core processing technologies for potassium extraction, establishing itself as a leader in the industry [5] - The new lithium salt integrated project is expected to enhance lithium recovery rates by approximately 25% and significantly reduce energy consumption [7] Cost Management - The company emphasizes meticulous cost control across all operational aspects, aiming to reduce production costs through standardized management and efficiency improvements [10] - Strategies include optimizing sales and logistics costs, as well as labor costs, to enhance overall profitability [10] Shareholder Returns - The company is exploring diversified shareholder return methods and is committed to maintaining a stable profit distribution policy [9] - The integration into the China Minmetals Corporation framework is expected to enhance operational efficiency and competitive advantage [12] Future Development Strategy - The company aims to build a world-class salt lake industry base, focusing on sustainable development and resource optimization [12] - It plans to leverage the advantages of the China Minmetals Corporation to enhance its role in national strategic resource security and green development [13]

Core Viewpoint - *ST Dongjing is currently facing significant challenges, including three consecutive years of net losses and being subject to delisting risk warnings. However, the entry of Zhu Haifei as the new controlling shareholder may signal a potential turnaround for the company [1][9]. Group 1: Company Control Change - On June 4, *ST Dongjing announced that Wuxi Haotian Yiyi Investment Co., Ltd. will acquire control of the company for 361 million yuan, with Zhu Haifei becoming the actual controller [1][3][4]. - Following the equity transfer, Wuxi Haotian Yiyi will hold 48.616 million shares, representing 19.97% of the total share capital, and will indirectly control an additional 24.3995 million shares, totaling 29.99% of the voting rights [3][4]. Group 2: Financial Performance - *ST Dongjing has reported continuous net losses since 2022, with net profits of -69.11 million yuan in 2022, -66.60 million yuan in 2023, and an expected -73.45 million yuan in 2024 [10]. - The company's revenue for the years 2022 to 2024 was approximately 181 million yuan, 173 million yuan, and 217 million yuan, respectively [10]. Group 3: Market Reaction - Following the announcement of the control change, *ST Dongjing's stock price hit the daily limit up on June 5, closing at 6.57 yuan per share, with a total market capitalization of approximately 1.599 billion yuan [5]. - The stock had previously experienced consecutive limit-up days prior to the announcement, raising questions about potential insider trading [5]. Group 4: Zhu Haifei's Background - Zhu Haifei, the new controlling shareholder, has a strong background in investment management, overseeing eight funds with a total management scale exceeding 10 billion yuan [6][7]. - His investment portfolio includes companies in mining, biotechnology, and semiconductors, indicating a diverse investment strategy [8].

Core Viewpoint - The company is struggling to sell its subsidiary, Baiyin Zabuye Lithium Industry Co., Ltd., despite significantly reducing the asking price by 75% from the initial valuation of 684 million yuan to 176.92 million yuan, indicating severe challenges in the lithium market [1][2]. Financial Performance - In 2024, the company reported total revenue of 622 million yuan, a decrease of 22.76% year-on-year, and a net profit of 112 million yuan, down 31.79% [2]. - The core lithium product business, which accounts for 52.46% of total revenue, saw a revenue decline of 40.76%, with gross margin dropping from 75.53% to 31.85%, a reduction of 43.68 percentage points [2]. - The company experienced a significant quarterly loss of 40.47 million yuan in Q4 2024, marking a 179.77% year-on-year decline, the lowest quarterly performance in recent years [2]. Operational Challenges - Both major subsidiaries are facing losses, with Zhakaze Zabuye Lithium Industry reporting a net loss of 10.02 million yuan, a 104.93% year-on-year decline, and Baiyin Zabuye recording a loss of 12.21 million yuan [3]. - Environmental compliance issues have added pressure, with the company facing criticism for ecological damage and resource wastage [3]. Market Conditions - The price of battery-grade lithium carbonate has fallen to 61,000 yuan per ton, an 18.72% decrease since the beginning of the year, approaching the marginal cash cost of domestic production [4]. - The lithium market is experiencing oversupply, with social inventory exceeding 90,000 tons for three consecutive months, and new lithium projects in Argentina expected to increase annual production capacity by nearly 80% [5]. Strategic Direction - The company aims to optimize its asset structure and reduce investment risks through the sale of underperforming assets, but faces challenges due to valuation declines and liquidity issues in the current market environment [6]. - The company acknowledges the need to balance resource endowment with market realities as it navigates its transformation path [7].

【环球网财经综合报道】今年以来，电池级碳酸锂价格一路下探，市场格局与产业链发展暗流涌动。生意社数据 显示，5月28日该产品价格为6.12万元/吨，较前一日跌1.64%；29日最新价降至6.02万元/吨，较前一日再跌 1.63%，同比降幅高达44.97%，年初价格还在7.88万元/吨附近徘徊。 价格低位震荡引发业内对供需格局及产业链发展的深度关注。生意社碳酸锂数据分析师称，当前电池级碳酸锂处 于降产能阶段，矿端减产仅是止跌信号，供过于求的市场格局将长期压制价格反弹，预计短期价格将在震荡中运 行。陕西巨丰投资资讯有限责任公司投资顾问总监郭一鸣指出，7万元/吨是碳酸锂加工企业的盈亏平衡线，如今 价格已跌破，众多企业或陷入减产停产困境，下游企业虽原材料成本降低，但在激烈市场竞争中也未必能从中受 益。 锂盐企业深受锂价下跌之苦，业绩普遍承压。同花顺数据显示，2024年A股8家锂相关上市公司营收全线下滑，除 锦州永杉锂业净利润同比上涨外，其余7家均出现同比下滑。为保证盈利空间，锂盐企业纷纷调整成本结构，加速 布局国内外盐湖产能。5月26日，盐湖股份公告拟向银团申请不超过18亿元项目贷款，用于4万吨/年基础锂盐一体 化项目 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][9]. Core Views - The company is positioned as a leader in potassium fertilizer and lithium extraction from salt lakes, leveraging dual profit drivers from both sectors [8][11]. - The integration into China Minmetals Corporation's system is expected to enhance the company's capabilities and establish a world-class salt lake industry base by 2025 [8][11]. Company Overview - The company, based in Qinghai, is the largest potassium fertilizer and lithium extraction enterprise in China, with a potassium chloride production capacity of 5 million tons and lithium carbonate capacity of 40,000 tons as of the 2024 annual report [8][16]. - The company has a strategic focus on the comprehensive development of the Qarhan Salt Lake resources, establishing a circular economy model centered on potassium [16][21]. Potassium Sector - The company is the domestic leader in potassium fertilizer, with stable production and sales, and is expected to benefit from a recovery in potassium prices due to supply constraints [11][41]. - The global potassium fertilizer market is highly concentrated, with major producers controlling over 70% of the capacity, leading to a long-term reliance on imports for China [41][43]. - The company is expected to maintain a stable potassium chloride sales volume of 5 million tons annually from 2025 to 2027, with projected average sales prices of 2,750, 2,700, and 2,650 RMB per ton respectively [10][41]. Lithium Sector - The company is recognized as a low-cost leader in lithium extraction from salt lakes, with an anticipated increase in lithium production capacity due to ongoing projects [11][63]. - The report forecasts a steady growth in lithium sales volume, with expectations of 43,000 tons in 2025, 60,000 tons in 2026, and 80,000 tons in 2027 [10][63]. - The lithium market is expected to experience price stabilization in 2025, with projected average sales prices of 60,000, 71,000, and 80,000 RMB per ton from 2025 to 2027 [10][63]. Profit Forecast and Valuation - The company is projected to achieve net profits of 5.88 billion, 6.42 billion, and 7.17 billion RMB from 2025 to 2027, with year-on-year growth rates of 26.2%, 9.0%, and 11.7% respectively [9][10]. - The current price-to-earnings (P/E) ratios are estimated at 14, 13, and 12 for the years 2025 to 2027, indicating a favorable valuation compared to industry peers [9][10].

Core Viewpoint - Salt Lake Co., Ltd. is seeking to optimize its capital structure and reduce financing costs by applying for a project loan of up to 1.8 billion yuan from a syndicate of five financial institutions for its integrated lithium salt project [1][2]. Group 1: Project Loan and Financial Strategy - The company plans to apply for a project loan not exceeding 1.8 billion yuan, with a loan term of 2 years, to be used specifically for the construction and equipment procurement of a 40,000 tons/year integrated lithium salt project [2][3]. - The project is expected to benefit from a 1.5% annual interest subsidy on the principal amount due to its compliance with national financial policies [2]. Group 2: Project Development and Production Capacity - The 40,000 tons/year integrated lithium salt project commenced construction in June 2023, with a total investment of 7.098 billion yuan, aiming to produce 20,000 tons of battery-grade lithium carbonate and 20,000 tons of lithium chloride [2][3]. - The company plans to produce 3,000 tons of lithium carbonate by 2025, with an overall production capacity of 43,000 tons of lithium carbonate by that year [2][4]. Group 3: Financial Performance and Market Position - After two consecutive years of declining performance, the company reported a revenue of 3.119 billion yuan and a net profit of 1.145 billion yuan in Q1 2025, marking a year-on-year increase of 14.5% and 22.52%, respectively [1][5]. - The company’s revenue had previously dropped significantly in 2023 and 2024, with a total revenue of 21.579 billion yuan and 15.134 billion yuan, reflecting a year-on-year decline of 29.8% and 29.86% [4][5]. Group 4: Strategic Partnerships and Market Expansion - The company is enhancing its lithium salt industry chain through acquisitions, including a recent agreement to invest approximately 300 million USD in Highfield Resources Limited, aiming to become its largest shareholder [6].

Market Overview - The A-share market showed narrow fluctuations today, with mixed performance across major indices. The Shanghai Composite Index closed flat at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points. The ChiNext Index decreased by 0.33% to 2032.76 points, and the Sci-Tech 50 Index remained unchanged at 995.25 points. Overall, 3559 stocks rose, 1691 fell, and 160 remained flat, with total trading volume in the Shanghai and Shenzhen markets amounting to 10864 billion, a decrease of 30.81 billion from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as comprehensive services, environmental protection, real estate, national defense and military industry, social services, and beauty care led the gains. Conversely, industries like food and beverage, automotive, banking, non-ferrous metals, telecommunications, and biomedicine experienced declines [1]. Sector Highlights - The top-performing concept sectors today included primary real estate developers, restructuring, pet economy, Huakun Zhenyu, Nanjing State-owned Assets, ST sectors, selected food processing, lithium extraction from salt lakes, pre-made dishes, solar thermal power generation, new urbanization, low-priced stocks in the ChiNext, urban village renovation, central enterprise automobiles, and the poultry industry [1].

证券代码：002785 证券简称：万里石 | | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | □媒体采访  业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（电话会议） | | | 参与单位名称 | 投资者网上提问 | | | 及人员姓名 | | | | 时间 | 2025 年 5 月 日（周四）下午 15:40-17:00 | 15 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远程的方 | | | | 式召开业绩说明会 | | | | 公司董事长：胡精沛先生； | | | 上市公司接待 | 公司副总经理、财务总监：朱著香女士； | | | 人员姓名 | 公司董事会秘书：殷逸伦先生； | | | | 公司独立董事：陈泽艺女士。 | | | | 为进一步加强与投资者的互动交流，厦门万里石股份有限公司（以下简称"公 | | | | 司"）参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司联合举 | | | | 办的"厦门辖区上市 ...

相比锂周期高点时对矿山的青睐，周期低谷时，企业更倾向于生产成本更低的盐湖提锂。就在上个月，新疆就发生了一起高溢价的盐湖资产竞拍。 每经记者｜胥帅 每经编辑｜张海妮 由于碳酸锂行情低迷，资本市场几乎都要忘记这个曾经的"宠儿"。 锂企"龙头"天齐锂业（SZ002466，股价30.23元，市值496.14亿元）在4月创出年内股价新低。 《每日经济新闻》记者发现，碳酸锂价格虽然在下跌，但最近三个交易日有止跌趋势，价格也走到了关键博弈点"6.5万元"。 记者采访锂企高管和行业分析师发现，"6.5万元"是外购矿石提锂以及南美盐湖提锂到岸的成本线。 图片来源：每日经济新闻（资料图） "6.5万元"是锂价成本的重要关卡 碳酸锂期货市场渐有企稳迹象。 以碳酸锂LC2506主力合约为例，其今年迎来月线四连跌，年内跌幅超过15%。到了5月12日，该主力合约价格一度触及每吨6.2万元的低点，此后迎来反弹， 形成"两阳包一阴"的底部形态，价格也保持在每吨6.5万元。碳酸锂期货价格的趋势和现货价格类似，5月13日，国内电池级碳酸锂基准价为65633元/吨，较 卓创资讯富宝锂电分析师苏津仪向《每日经济新闻》记者表示，目前进口6%锂辉石CI ...

Group 1: 2024 Operational Challenges and Responses - In 2024, the company faced significant market downturns and a reduction in external orders, impacting operational performance [2] - The company adjusted its market strategy, enhanced internal incentives, and focused on core business areas to address these challenges [2] - The company achieved a substantial increase in order acquisition, securing 50% of the total 2.2 million tons from the top 10 water treatment projects in the country [2] Group 2: Financial Performance and Investment Losses - The company reported an investment loss of approximately 420 million from its stake in Yunnan Water, which affected overall performance [3] - The subsidiary, Liangye, incurred a loss of about 150 million, further impacting the company's financial results [3] Group 3: Strategic Directions for 2025 - The company plans to restructure its business by integrating renewable energy with seawater desalination and salt chemical industries [4] - It aims to enhance its pharmaceutical sector, having completed pilot tests for various membrane products, with ongoing sales efforts [4] - The company is focusing on lithium extraction from salt lakes, improving the performance and cost-effectiveness of its titanium-based adsorbents [4] Group 4: Operational Improvements and Innovations - The company is advancing the standardization, digitalization, and cost-effectiveness of its water service operations [4] - It is reinforcing its competitive edge in traditional water treatment membrane technologies, achieving significant advancements in efficiency [4] - The company is implementing targeted strategies to boost sales in the industrial membrane sector, capitalizing on opportunities arising from the US-China trade tensions [4] Group 5: Risk Management and Future Outlook - The company anticipates a manageable impact from potential further impairment losses from Yunnan Water, estimated at just over 100 million [6] - The company is committed to improving governance, internal controls, and addressing historical risks in a phased manner [4]