电动汽车风起云涌，全球市场如同一锅沸水，西边是澳大利亚硬岩矿山，南边是智利盐湖，打法粗暴、 消耗巨大，生态伤痕随处可见，绿色梦想背后，污染和资源消耗的矛盾愈发尖锐。 而在中国青藏高原，盐湖静卧，2400万吨锂资源静静等待，镁锂比高达500：1，长年被当作化学难题， 技术门槛如同一道高墙，望而却步者无数，过去的开发者，多半铩羽而归。 2025年春，五矿盐湖公司在柴达木盆地悄然启动"原卤直提"，把钛系吸附剂和纳滤膜技术结合，锂回收 率一下子跳到了60%，从前只有36%，这一步，打破了困局，也让国际同行们坐不住了。 兰州大学陈熙萌团队随后亮相，石墨烯复合膜闪耀登场，分离系数1000：1，锂纯度99.9%，一张膜决 定成败，背后的技术含量，远超普通人想象。 青藏高原阳光最盛，科学家们灵感一现，模仿盐生植物的蒸腾，把太阳能变成提锂"魔术师"，二氧化锰 材料偏爱锂离子，90%选择性成功率，整个生产过程能源需求砍掉87%，碳足迹几乎消失。 这还不止，提锂同时产出淡水，达到世界卫生组织饮用水标准，青藏高原水资源稀缺，这项"副产品"， 几乎成了当地的生命线，技术革新给干旱高原带来双重福利。 中国锂资源自给率已到80%，全球锂盐 ...

Core Viewpoint - Cangge Mining's 2025 mid-term report indicates a mixed performance with a decline in total revenue but significant growth in net profit and cash flow [2][6]. Operational Overview - The total operating revenue for Cangge Mining was 1.678 billion yuan, a year-on-year decrease of 4.74% - The net profit attributable to shareholders was 1.8 billion yuan, an increase of 38.8% - The net profit after deducting non-recurring items was 1.808 billion yuan, up 41.55% - In Q2, the operating revenue was 1.126 billion yuan, down 1.86% year-on-year, while the net profit attributable to shareholders was 1.053 billion yuan, up 37.15% [2]. Profitability Analysis - The company's gross profit margin was 56.66%, an increase of 15.46% year-on-year - The net profit margin reached 106.98%, up 45.89%, indicating effective cost control and enhanced product value [3]. Main Revenue Composition - Potassium chloride accounted for 1.399 billion yuan of revenue, representing 83.34% of total revenue, with a gross margin of 61.84% - The production of potassium chloride was 485,200 tons, with sales of 535,900 tons and an average selling price (including tax) of 2,845 yuan/ton, a year-on-year increase of 25.57% - The average sales cost was 996 yuan/ton, down 7.36% year-on-year [4]. Lithium Carbonate - Lithium carbonate generated 267 million yuan in revenue, making up 15.90% of total revenue, with a gross margin of 30.53% - The production of lithium carbonate was 5,170 tons, with sales of 4,470 tons and an average selling price (including tax) of 67,470 yuan/ton - Revenue from lithium carbonate decreased by 57.90% year-on-year, with a gross margin decline of 19.75% [5]. Financial Condition - The net cash flow from operating activities increased by 137.19%, primarily due to a significant decrease in tax payments compared to the previous year - The net cash flow from investing activities surged by 2,838.7%, attributed to a substantial increase in cash received from investment income - The net cash flow from financing activities rose by 124.77%, mainly due to a decrease in cash paid for dividend distributions [6]. Asset and Liability - As of the end of the reporting period, total assets were 16.893 billion yuan, with net assets attributable to shareholders at 15.723 billion yuan and a debt-to-asset ratio of 7.03% - Cash and cash equivalents amounted to 3.314 billion yuan, a year-on-year increase of 306.56% - Accounts receivable decreased by 48.58% to 49.1686 million yuan, while interest-bearing liabilities increased by 2,990.97% to 253 million yuan [7]. Investment Income - Cangge Mining's stake in Julong Copper achieved revenue of 7.562 billion yuan and net profit of 4.166 billion yuan - The company holds 30.78% of Julong Copper, resulting in an investment income of 1.264 billion yuan, accounting for 70.22% of the company's net profit attributable to shareholders [8]. Development Prospects - Cangge Mining ranks second in domestic potassium chloride production and is a leader in the exploration and application of lithium extraction technology from salt lakes globally - The company holds mining rights for the 724.35 square kilometers of the Qinhai Chaka Salt Lake and other rich mineral resources, laying a solid foundation for sustainable and stable future development [9].

Core Viewpoint - Recent rumors suggest that Chinese lithium extraction technology suppliers may suspend the export of adsorbents, potentially impacting the lithium salt supply chain in response to the Ministry of Commerce's new export restrictions [1][2]. Group 1: Export Restrictions and Impact - The Ministry of Commerce has added "direct lithium extraction technology from brine" to the export restriction list, which includes adsorbent material synthesis technologies and related equipment [1]. - Analysts believe that China's lithium extraction technology, particularly from salt lakes, is more advanced compared to spodumene extraction, with Argentina being a key target for development [1]. - Argentina currently has over 60 lithium projects, with more than 20 in advanced development stages, making it the most densely populated region for lithium brine projects globally [1]. Group 2: Export Trends and Market Response - Despite the potential restrictions, data shows that China's aluminum salt adsorbent exports to Argentina have been declining, with a projected export volume of only 0.54 million tons in 2024, down 3.06% year-on-year [2]. - The application of aluminum salt adsorbents in Argentina is limited due to environmental assessments, with most projects using sedimentation methods rather than adsorption techniques [4]. - Some Argentine lithium companies believe that the recent legislative proposals may face disputes and are unlikely to be implemented immediately, indicating that Chinese suppliers will not completely abandon overseas markets [4].