根据市场公开信息及8月4日披露的机构调研信息，知名私募景林资产近期对1家上市公司进行了调研， 相关名单如下： 1）藏格矿业 （上海景林资产管理有限公司参与公司电话会议） 调研纪要：公司董事会秘书李瑞雪先生介绍了2025年上半年生产经营情况，氯化钾价格受供需错配支 撑，下半年有望上行。控股股东变更为紫金矿业后，公司制定了2027年达全球一流矿业水平的战略目 标，紫金将在资源、技术和管理等方面提供支持。上半年紫金赋能体现在公司治理、管理层融合等方 面，实现了"国有规范+民营活力"的双重优势。察尔汗盐湖采矿证续期进展顺利，藏格锂业停产对公司 业绩影响有限，预计下半年恢复生产。氯化钾成本优化显著，未来仍有降本空间。老挝钾矿项目稳步推 进，麻米错项目取得采矿许可证并启动一期工程建设，预计9-12个月建成。龙木错和结则茶卡项目加快 委托加工生产线建设，推进自建线项目落地。公司将继续坚持稳健经营，保持合理分红政策，让投资者 共享公司发展成果。 机构简介： 上海景林资产管理公司（"上海景林"）是一家以投资境内、外上市公司股票为主的资产管理公司，是在 中国证券投资基金业协会登记注册的私募基金管理公司，持有香港9号牌。上海景林从 ...

Financial Data and Key Metrics Changes - SQM reported the highest first quarter lithium sales volumes in the company's history, with a 20% year-on-year increase, driven by strong demand from the electric vehicle market in China and Europe [5] - Average realized prices for lithium in Q2 2025 are expected to be lower than in Q1 2025 due to recent price declines [6][56] - The iodine business experienced record average prices amid tight supply and steady demand, particularly for X-ray contrast media applications [8] Business Line Data and Key Metrics Changes - Lithium sales volumes increased significantly, while the potassium business saw a substantial decrease in volumes compared to the previous year due to a strategic focus on high lithium content brines [10] - Specialty Plant Nutrition (SPN) sales volumes grew healthily, with an upward trend in prices driven by strong demand for potassium chloride [9] Market Data and Key Metrics Changes - The global lithium demand is expected to grow by 17% in 2025, with SQM's sales projected to grow by approximately 15% year-on-year [28][61] - The market is currently experiencing oversupply, which has led to price pressures, particularly in China [68] Company Strategy and Development Direction - SQM is focused on expanding lithium production capacity to meet growing demand, with plans to reach 240,000 metric tons of lithium carbonate and 100,000 metric tons of lithium hydroxide [8] - The company is investing in operational efficiencies and capacity expansions across its business lines, including iodine and specialty plant nutrition [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the lithium market, despite current pricing challenges, and believes that the price environment is not sustainable for the industry [82] - The company is well-prepared to take advantage of future market recoveries, with a strong balance sheet and low-cost production capabilities [18][84] Other Important Information - SQM's dividend policy stipulates a distribution of 30% of net income for 2025, with no interim dividends planned for the first quarter [46] - The Mt. Holland project is progressing well, with expectations of cash-positive operations even at current prices [80] Q&A Session Summary Question: Expectations for operating cash flow in Q2 - Management indicated that they are far from breakeven costs and expect to be significantly above that in Q2 [14][15] Question: Impact of lower lithium prices on capital structure - Management reassured that the strong balance sheet allows for continued investment in growth projects despite lower operating cash flow [16][18] Question: Current political noise in Chile regarding Codelco JV - Management described the situation as "noise" and confirmed that the transaction is proceeding as planned, with execution expected in the second half of the year [21][25] Question: Lithium sales growth forecast - Management maintained that they have not updated their annual volume forecast for 2025, but expect similar or slightly lower volumes in Q2 compared to Q1 [28] Question: Pricing dynamics in China - Management noted that they have various pricing mechanisms with customers, but could not provide specifics due to confidentiality [34] Question: CapEx requirements for growth plans - Management stated that the CapEx plan will be reviewed and shared with the market in the upcoming months, with no updates currently available [52] Question: Production costs and expectations - Management confirmed that they expect to reduce operational costs during the year and are implementing several cost reduction initiatives [77] Question: Outlook for Mt. Holland project - Management indicated that the Mt. Holland operation is cash positive and progressing as planned, with a focus on ramping up production [80][92]