Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.678 billion yuan and a net profit attributable to shareholders of 1.8 billion yuan [1] - The gross profit margin for the potassium chloride business was 61.84%, while the lithium carbonate business had a gross profit margin of 30.53% [1] - The net cash flow from operating activities reached 834 million yuan, representing a year-on-year increase of 137.19% [2] Group 2: Potassium Chloride Business - The average selling price of potassium chloride (including tax) was 2,845 yuan per ton, an increase of 25.57% year-on-year, while the average sales cost was 996 yuan per ton, a decrease of 7.36% year-on-year [1] - The rise in potassium fertilizer prices is attributed to global supply-demand mismatches, including U.S. tariffs on Canadian potassium fertilizer and geopolitical uncertainties [1] - The company expects the tight supply-demand situation to support high prices as autumn fertilizer demand increases [1] Group 3: Lithium and Copper Projects - The company is actively pursuing the extension of its mining license for the Chaqi Mining Area, with approvals from various levels of government already received [2] - The first phase of the Mami Cuo Salt Lake project is expected to have a lithium production cost of approximately 31,000 yuan per ton, benefiting from efficient production processes and controlled investment scales [2] - The company anticipates significant contributions to its performance from the second phase of the Jilong Copper Mine, which is expected to be completed by the end of 2025, with an annual copper production of approximately 300,000 to 350,000 tons [3][4] Group 4: Synergies with Zijin Mining - The collaboration with Zijin Mining is expected to leverage world-class lithium resource reserves and the company's technical advantages in lithium extraction [3] - The synergy will manifest in low-cost lithium extraction processes, regional collaboration in Tibet, and enhanced resource management systems [3] - The company believes that Zijin Mining's control over Jilong Copper will improve operational efficiency and accelerate project development [3]