ETS(SZ:002545)2025-11-12 09:00Group 1: Market Supply and Demand - The overall supply of potassium chloride in 2025 is expected to be tight due to reduced production in Canada and escalating conflicts in the Middle East [2] - Despite improved relations between the US and Russia, transportation costs hinder Russian supply to China, limiting border trade [2] - Canadian products primarily serve North and South America, with limited supply to Asia, resulting in better market prices in China compared to Southeast Asia [2] Group 2: Project Progress - The mining rights review and ecological assessment for the Kunming Deyin Phosphate Mine project have been completed, with mining permit expected next year [2][3] - The project aims for an annual capacity of 2 million tons of raw ore and 1.1 million tons of concentrate, with a construction period of approximately 1.5 years [3] Group 3: Future Capacity Plans - The company plans to advance the second phase of the Laos Kaiyuan project, targeting an annual capacity of 1 million tons of potassium chloride, with a goal of reaching a total capacity of 3 million tons [3] - The phosphate project is also set to expand, with plans for a second phase of 2-3 million tons of raw ore after the first phase is operational [3] Group 4: Shareholding Information - The company holds 174 million shares of Qingdao Bank, with any potential reduction in holdings to be determined based on market conditions [3]