前不久，藏格矿业（000408）（SZ000408，股价46.06元，市值723.2亿元）旗下锂业公司格尔木藏格锂 业有限公司（以下简称藏格锂业）开采锂资源被政府叫停。作为盐湖提锂的龙头之一，藏格矿业的锂业 务动向引发投资者关注。 在8月1日晚间发布的2025年半年报中，藏格矿业首次对外披露藏格锂业察尔汗盐湖提锂停产的来龙去 脉，并表示提锂过程并不违规。 具体办理进展包括：藏格钾肥已完成重要前置手续办理；藏格钾肥按照逐级报送审批原则，提交了采矿 权延续变更申请，目前县、州、省均已审查完毕并下发了同意的审查意见，现等待自然资源部下发审查 意见；自然资源部审查意见下发后，藏格钾肥可根据自然资源部批复，办理新的《采矿许可证》，该许 可证将包含新增矿种的开采权限。 藏格矿业认为，根据《中华人民共和国矿产资源法》第三十九条规定，采矿权人在开采主要矿种的同 时，对具有工业价值的共生和伴生矿产应当综合开采，综合利用，防止浪费。藏格锂业积极响应国家号 召，依托自主研发技术对伴生矿种氯化锂进行综合利用，履行了有关部门的立项审批程序，既符合国家 相关法律法规，亦深度契合国家及地方推动盐湖资源综合开发的产业政策导向。 披露藏格锂业 ...

此外，藏格矿业还披露老挝钾肥项目进展。公司老挝钾盐矿项目下设老挝发展与老挝塞塔尼，报告期 内，老挝发展的《可研报告》通过首轮技术评审；老挝塞塔尼的《勘探报告》通过评审，现等待《资源 储量证》下发。 资源储备方面，老挝发展已取得《资源储量证》,获批氯化钾资源总量9.84亿吨，伴生溴矿资源量1600万 吨。今年7月，老挝发展就地下开采系统充填研究攻关召开启动会，计划采用条带式房柱开采嗣后胶结 充填采矿法，不仅能大幅提升资源利用率，更能显著降低尾矿排放对生态环境的影响。 西藏麻米错提锂项目进入建设周期 锂盐方面，由于上半年碳酸锂价格低位运营，报告期内，藏格矿业碳酸锂平均售价(含税)67470元/吨； 平均销售成本41478元/吨，碳酸锂业务实现营业收入2.67亿元，同比降低57.90%；毛利率30.53%，同比 下降19.75%。 8月1日晚间，藏格矿业（000408）发布2025年半年报，报告期内公司实现营业收入16.78亿元，同比减 少4.74%；实现归母净利润18亿元，同比增加38.8%；实现扣非净利润18.08亿元，同比增加41.55%。截 至报告期末，公司资产总额168.93亿元，归属于上市公司股东的净资 ...

Core Viewpoint - The lithium resource extraction by Cangge Mining's subsidiary, Geermu Cangge Lithium Industry Co., Ltd., has been halted by the government, raising investor concerns about the company's lithium business [1][2]. Group 1: Company Operations - Cangge Mining's subsidiary, Geermu Cangge Lithium, was ordered to stop lithium resource development activities on July 16, 2025, by the Haixi Prefecture Natural Resources Bureau and the Haixi Salt Lake Management Bureau [2][4]. - Following the notification, Geermu Cangge Lithium complied and ceased production, while Cangge Mining is actively working on the necessary procedures to resume lithium resource extraction once approvals are obtained [4][6]. - The company disclosed in its 2025 semi-annual report that the lithium extraction process from the Chaqi Salt Lake is compliant with regulations, and it has been developing technology for extracting lithium from low-concentration brine since 2017 [5][7]. Group 2: Financial Performance - In the first half of 2025, Cangge Mining reported a revenue of 1.678 billion yuan, a year-on-year decrease of 4.74%, while net profit attributable to shareholders was 1.8 billion yuan, an increase of 38.80% [8][9]. - The average selling price of lithium carbonate was approximately 67,500 yuan per ton, with an average cost of about 41,500 yuan per ton, leading to a significant decline in revenue from the lithium business, which fell by 57.90% year-on-year to 267 million yuan [8][9]. - The potassium chloride business saw an increase in revenue to 1.399 billion yuan, a 24.60% rise year-on-year, with an average selling price of 2,845 yuan per ton, reflecting a 25.57% increase [8][9]. Group 3: Future Projects - Cangge Mining plans to develop the Mami Cuo Salt Lake project, aiming for an annual production capacity of 100,000 tons of lithium carbonate, with the first phase targeting 50,000 tons [9]. - The company has made significant progress in obtaining the necessary permits for the Mami Cuo project, with plans to start construction in the third quarter of 2025 [9].

Core Viewpoint - Cangge Mining reported a mixed performance in the first half of 2025, with a decrease in revenue but a significant increase in net profit, focusing on potassium and lithium resource development while navigating regulatory challenges [1][2][4]. Financial Performance - The company achieved operating revenue of 1.678 billion yuan, a year-on-year decrease of 4.74%, while net profit reached 1.8 billion yuan, an increase of 38.8% [1]. - The average selling price of potassium chloride was 2,845 yuan/ton, up 25.57% year-on-year, while the average sales cost was 996 yuan/ton, down 7.36% [2]. - The company reported potassium chloride production of 485,200 tons and sales of 535,900 tons, achieving 48.52% and 56.41% of the annual targets, respectively [2]. Business Operations - Cangge Mining is focusing on high-level development of salt lake resources, emphasizing cost control, quality improvement, and efficiency enhancement [1]. - In the lithium carbonate segment, the company produced 5,170 tons and sold 4,470 tons, meeting 47.00% and 40.64% of the annual targets, respectively [2]. - The average selling price of lithium carbonate was 67,470 yuan/ton, while the average sales cost was 41,478 yuan/ton, leading to a revenue of 267 million yuan, a year-on-year decrease of 57.90% [2]. Strategic Developments - Cangge Mining's investment in Jilong Copper Industry yielded a profit of 1.264 billion yuan, accounting for 70.22% of the company's net profit, with a year-on-year increase of 47.82% [3]. - The company is advancing the Xizang Mami Cuo project, having received necessary approvals and permits, with construction expected to start in Q3 2025 [3]. - Following a change in control to Zijin Mining, the company has appointed a new board and management team with diverse expertise in mining development and corporate governance [4]. Regulatory Compliance - The company has halted lithium resource development in response to regulatory notifications and is conducting a compliance review [4][5]. - Cangge Mining is actively engaging with regulatory authorities regarding the compliance of its lithium resource development activities and is working on the renewal of mining licenses [5].