▲图为察尔汗盐湖。何启金/摄 青藏高原生态系统丰富多样、也十分脆弱，加强生态环境保护，实现生态功能最大化， 是这一区域的主要任务。要始终坚持生态优先、绿色发展，认真实施青藏高原生态保护法， 全面落实主体功能区规划要求，把青藏高原建设成为生态文明高地。 青海对国家生态安全、民族永续发展负有重大责任，必须承担好维护生态安全、保护三 江源、保护"中华水塔"的重大使命，对国家、对民族、对子孙后代负责。 盐湖资源是青海的第一大资源，也是全国的战略性资源，务必处理好资源开发利用和生 态环境保护的关系。发展循环经济是提高资源利用效率的必由之路，要牢固树立绿色发展理 念，积极推动区内相关产业流程、技术、工艺创新，努力做到低消耗、低排放、高效益，让 盐湖这一宝贵资源永续造福人民。 ——习近平 三江之源，中华水塔。 地处青藏高原核心区域的青海是资源富省、战略要省，也是国家重要的生态安全屏障。 这里，黄河、长江、澜沧江源起奔流，生态地位特殊而重要，生态责任重大而艰巨。 习近平总书记强调，青藏高原生态系统丰富多样、也十分脆弱，加强生态环境保护，实 现生态功能最大化，是这一区域的主要任务。要始终坚持生态优先、绿色发展，认真实施青 藏高 ...

Company Overview - Salt Lake Co., Ltd. is a leading producer of potassium fertilizer and lithium extraction from salt lakes, leveraging resources from the Chaka Salt Lake in Qinghai, China [2] - The company has a potassium chloride production capacity of 5 million tons and lithium carbonate capacity of 40,000 tons, achieving a dual profit driver [2] - For the fiscal year 2024, the expected revenue from potassium chloride and lithium carbonate is 11.7 billion and 3.1 billion yuan, accounting for 77% and 20% of total revenue respectively [2] Strategic Development - The company is integrating into the China Minmetals Corporation system, with 2025 marking the beginning of this transition [2] - By 2030, the company aims to achieve an annual production capacity of 10 million tons of potassium fertilizer and 200,000 tons of lithium salts [2] - The long-term vision includes establishing a comprehensive lithium battery lifecycle industry and a green hydrogen recycling industry by 2035 [2] Potassium Fertilizer Segment - Salt Lake Co. is the domestic leader in potassium fertilizer, with stable production and sales [3] - The company is expected to benefit from a recovery in potassium fertilizer prices due to supply disruptions from major producers [3] - The company also plays a crucial role in national potassium fertilizer reserves, with a task to maintain a reserve of 500,000 tons [3] Lithium Extraction Segment - The company is recognized as a low-cost leader in lithium extraction from salt lakes, with a current capacity of 40,000 tons and an additional 40,000 tons project under construction [4] - The production cost for lithium is projected to be 36,500 yuan per ton in 2024, providing a competitive edge during price downturns [4] - The lithium market is expected to see a shift towards oversupply, with prices stabilizing between 60,000 to 80,000 yuan per ton by 2025 [4] Financial Projections - The company’s net profit is forecasted to reach 5.88 billion, 6.42 billion, and 7.17 billion yuan for the years 2025, 2026, and 2027 respectively, with growth rates of 26.2%, 9.0%, and 11.7% [4] - The current price-to-earnings ratio (PE) is projected to be 14, 13, and 12 for the years 2025, 2026, and 2027 [4] - The average PE for comparable companies in the potassium and lithium sectors is significantly higher, indicating potential undervaluation of Salt Lake Co. [4]

Core Insights - The event on April 30, 2025, in Xining, Qinghai Province, aimed to promote high-quality technological achievements and accelerate the industrialization of laboratory results, particularly in the salt lake chemical industry [1][3] - Qinghai's salt lake resources are the province's primary resource, rich in various elements, with potassium, sodium, magnesium, and lithium reserves ranking first in the country, holding a potential economic value of trillions of yuan [3][5] Group 1 - The event featured reports from experts from institutions such as the Chinese Academy of Sciences and several universities, discussing technologies like magnesium-based intercalated functional materials and direct lithium extraction methods [3][5] - Qinghai's salt lake industry has diversified, forming five major industrial clusters: potassium salt, sodium salt, magnesium salt, lithium salt, and chlor-alkali, moving towards the goal of becoming a "world-class salt lake industry base" [5][6] Group 2 - In recent years, Qinghai has overcome key technologies for the development and utilization of salt lake resources, establishing innovation platforms and gathering talented teams in the field [6] - The event was seen as a starting point for cooperation and exchange, aiming to contribute to the innovative development of the salt lake industry through technological empowerment [8]