证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 24 日 [Table_Title] SQM 锂盐销量同比增长 2 %至 5. 31 万吨， Kwinana 加工厂计划在 2026 年底达到额定产能 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q2 生产经营情况 1、锂盐业务 2025Q2 锂盐销量为 5.31 万吨，同比增长 2%，环比下降 3%。其中智利锂盐销量 5.17 万吨；国际部（Mt Holland）锂盐 销量 1300 吨。 2025Q2 锂盐平均实现价格为 8384 美元/吨，同比下跌 34%，环比下跌 8%。 2025Q2 锂盐单位销售成本为 7112 美元/吨，同比下降 24%，环比几乎持平。 2025Q2 SNP 平均实现价格为 983 美元/吨，同比上涨 1%，环比上涨 1%。 2025Q2SNP 单位销售成本为 856 美元/吨，同比增长 7%， 环比增长 6%。 2025Q2 SNP 单位毛利为 127 美元/吨，同比下降 28%，环 比下降 26%。 3、碘及其衍生物 2025Q2 碘及其 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, Barrick produced 797,000 ounces (24.79 tons) of gold, a 5% increase quarter-over-quarter but a 16% decrease year-over-year. Gold sales were 770,000 ounces (23.95 tons), up 3% quarter-over-quarter but down 19% year-over-year [1][2] - Copper production reached 59,000 tons in Q2 2025, marking a 34% increase quarter-over-quarter and a 37% increase year-over-year. Copper sales were 54,000 tons, up 6% quarter-over-quarter and 29% year-over-year [3][4] - The average realized gold price in Q2 2025 was $3,295 per ounce, a 14% increase quarter-over-quarter and a 41% increase year-over-year [2][7] - The average realized copper price was $4.36 per pound, reflecting a 3% decrease quarter-over-quarter and a 4% decrease year-over-year [4][6] Financial Performance - Total revenue for Q2 2025 was $3.681 billion, an 18% increase quarter-over-quarter and a 16% increase year-over-year [7][20] - Net profit for Q2 2025 was $811 million, a 71% increase quarter-over-quarter and a 119% increase year-over-year [7][20] - Adjusted net profit for Q2 2025 was $800 million, up 33% quarter-over-quarter and 44% year-over-year [7][20] - Operating cash flow for Q2 2025 was $1.329 billion, a 10% increase quarter-over-quarter and a 15% increase year-over-year [8][20] Key Business Developments - Barrick is involved in a dispute regarding mining conventions with the Malian government concerning the Loulo-Gounkoto complex, which has led to temporary operational halts [10] - The company completed the sale of its 50% interest in the Donlin gold project for $1 billion, recognizing $745 million in sales proceeds in Q2 2025 [11] - Barrick announced the sale of the Alturas project in Chile, receiving an upfront cash payment of $50 million [12] - A new stock buyback program was authorized, with $268 million of shares repurchased in Q2 2025 [13] 2025 Guidance - Barrick expects gold production in 2025 to be between 3.15 million and 3.50 million ounces, with cost guidance for gold remaining unchanged [16][22] - Copper production is projected to be between 200,000 and 230,000 tons, with cost metrics also provided [18][22]