证券研究报告|行业研究报告 [Table_Date] 2026 年 3 月 3 日 [Table_Title] 2025Q4 Nova Andino Litio 锂盐销量同比增长 52 % 至 6.62 万吨，且预计 2026 年销量将同比增长超过 10% [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q4 生产经营情况 2）国际部 2025Q4 锂精矿销量为 6.73 万吨（SC6），氢氧化锂销量 为 900 吨 LCE。 2、特种植物营养（SNP） 2025Q4 SNP 销量为 25.32 万吨，同比增长 7%，环比减少 9%。 2025Q4 SNP 平均实现价格为 987 美元/吨，同比上涨 4%，环比上涨 6%。 2025Q4 SNP 单位销售成本为 828 美元/吨，同比上涨 1%，环比上涨 4%。 1、锂盐业务 1）Nova Andino Litio（原智利锂业务部或 SQM Salar） 2025Q4 锂盐销量为 6.62 万吨，同比增长 52%，环比增长 5%。 2025Q4 锂盐平均实现价格为 9986 美元/吨，同比上涨 24% ...

Investment Rating - The industry is rated as "Recommended" [5] Core Insights - In Q2 2025, lithium sales volume increased by 2% year-on-year to 53,100 tons, while the average price decreased by 34% year-on-year to $8,384 per ton [1] - The company expects significant increases in lithium sales volume in the second half of 2025, with an updated annual sales guidance of approximately 20,000 tons LCE [11][12] Summary by Sections Lithium Business - Q2 2025 lithium sales volume was 53,100 tons, a 2% increase year-on-year but a 3% decrease quarter-on-quarter [1] - Average realized price for lithium was $8,384 per ton, down 34% year-on-year and 8% quarter-on-quarter [1] - Unit sales cost for lithium was $7,112 per ton, down 24% year-on-year and nearly flat quarter-on-quarter [1] - Unit gross profit for lithium was $1,272 per ton, down 62% year-on-year and 38% quarter-on-quarter [1] Specialty Plant Nutrition (SNP) - Q2 2025 SNP sales volume was 264,800 tons, a 1% decrease year-on-year and a 22% increase quarter-on-quarter [2] - Average realized price for SNP was $983 per ton, up 1% year-on-year and quarter-on-quarter [2] - Unit sales cost for SNP was $856 per ton, up 7% year-on-year and 6% quarter-on-quarter [2] - Unit gross profit for SNP was $127 per ton, down 28% year-on-year and 26% quarter-on-quarter [2] Iodine and Derivatives - Q2 2025 iodine and derivatives sales volume was 3,800 tons, a 7% decrease year-on-year and a 6% increase quarter-on-quarter [3] - Average realized price for iodine was $71,395 per ton, up 9% year-on-year and 1% quarter-on-quarter [3] - Unit sales cost for iodine was $33,724 per ton, up 11% year-on-year and 6% quarter-on-quarter [3] - Unit gross profit for iodine was $37,671 per ton, up 7% year-on-year but down 3% quarter-on-quarter [3] Potash - Q2 2025 potash sales volume was 85,300 tons, a 55% decrease year-on-year and a 15% decrease quarter-on-quarter [4] - Average realized price for potash was $474 per ton, up 23% year-on-year and 12% quarter-on-quarter [4] - Unit sales cost for potash was $433 per ton, up 25% year-on-year and 16% quarter-on-quarter [4] - Unit gross profit for potash was $41 per ton, up 1% year-on-year but down 15% quarter-on-quarter [4] Financial Performance - In Q2 2025, total revenue was $1.0427 billion, a 19% decrease year-on-year but a 1% increase quarter-on-quarter [6] - Sales cost was $789.1 million, down 13% year-on-year and up 8% quarter-on-quarter [6] - Gross profit was $253.6 million, down 34% year-on-year and 17% quarter-on-quarter [6] - Pre-tax profit was $147 million, down 49% year-on-year and 31% quarter-on-quarter [6][7] - Net income after tax was $88.4 million, down 59% year-on-year and 36% quarter-on-quarter [7]