ETS(SZ:002545)2025-05-12 09:24Project Progress and Achievements - The "Solid Potash Mine Safety Green Mining and Processing Technology and Standards" project has entered the mid-term acceptance stage, with several breakthrough technical indicators for overseas potash mining currently under review by the National Science and Technology Department [1][2] - The project has been officially implemented for 2 years, with improvements in recovery rates being one of the key indicators [2] Financial Performance and Sales - The average sales price of potassium chloride in 2024 was between 2000-2600 RMB (including tax), while the international CFR price ranged from 270-310 USD. Currently, domestic port prices are around 3000 RMB, and international Southeast Asia CFR prices are between 350-360 USD, indicating various degrees of increase [5][10] - The company reported a cash balance of 3.86 billion RMB, with interest-bearing liabilities increasing significantly, raising concerns about cash management efficiency [13][18] Investment and Development Plans - The Laos Circular Economy Industrial Park project has a planned investment of 1 billion USD, focusing on diversified development including potash fertilizer processing and renewable energy [2][29] - The company is prioritizing the 1 million tons of potash salt planning in the Nongbo area for development, with capital investment for 2 million tons of potash salt extraction exceeding 3 billion RMB [5][9] Stakeholder Engagement and Communication - The company has received feedback regarding the need for more detailed disclosures in production and sales metrics, suggesting a shift to ton-based reporting for clarity [2] - There is an ongoing effort to enhance investor relations and communication, with a commitment to regular updates on shareholder numbers and project progress [5][13] Regulatory and Environmental Considerations - The company is actively seeking tax incentives related to the export of potash products and has submitted applications to relevant government departments [14] - The environmental impact of projects, particularly in the Laos region, is being closely monitored, with measures in place to address water management challenges [6][14]