Summary of the Conference Call on Cangge Mining Company Overview - Cangge Mining has a rich history, starting from a small hotel business in Golmud, Qinghai, founded by the founder's family in the 1980s. The current chairman and general manager are the founder's twin sons [2][3] - The company initially focused on potassium fertilizer development, establishing its first potassium fertilizer project in 2002 [3][4] Business Segments and Operations - Cangge Mining currently operates three main business segments: lithium extraction from salt lakes, potassium fertilizer production, and copper mining [6][7] - The company holds a 30.78% stake in the Jinlong Copper Mine, which is a significant asset in its portfolio [5][16] - As of 2024, the company has a lithium production capacity of 10,000 tons and potassium fertilizer production capacity of 1 million tons, both operating at full capacity [6][18] Financial Performance - The cost of potassium fertilizer production is estimated between 1,300 to 1,400 CNY per ton, while lithium extraction costs are significantly higher, around 50,000 CNY per ton [7][19] - The projected profit for 2024 is estimated to be between 2.4 to 2.5 billion CNY, with expectations of increasing to 3.3 to 3.4 billion CNY in 2025 [19][20] Future Development Plans - The company plans to expand its potassium fertilizer operations in Laos, targeting a total capacity of 3 million tons, with initial production expected by 2026 [10][11] - In Tibet, the company is working on developing the Mani Cuo salt lake project, with a planned capacity of 100,000 tons [12][14] - The Jinlong Copper Mine is undergoing an expansion, aiming for a total production capacity of 300,000 tons by the end of 2024, with further phases planned to reach 600,000 tons by 2027 [17][18] Market Position and Strategic Insights - Cangge Mining is positioned as a pure mining company, focusing on resource extraction and development [5] - The company has a strong confidence in its market position, supported by strategic partnerships and a solid operational framework [20] Additional Insights - The company is navigating some debt-related challenges but maintains a strong outlook due to its operational strengths and market collaborations [20] - The projected increase in production capacity for lithium and copper is expected to nearly double by 2026, indicating significant growth potential [8][18]

关于控股股东部分股份解除质押并再质押的公告 证券代码：000408 证券简称：藏格矿业 公告编号：2024-034 藏格矿业股份有限公司 一、 二、 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 截至本公告披露日，藏格矿业股份有限公司（以下简称"公司"）控股股东 西藏藏格创业投资集团有限公司（以下简称"藏格创业投资"）及其一致行动人 肖永明、四川省永鸿实业有限公司（以下简称"永鸿实业"）、林吉芳合计质押 股份数量占其所持公司股份数量比例已超过 80%。敬请投资者注意投资风险。 公司近日接到控股股东藏格创业投资函告，获悉其所持有公司的部分股份办 理了解除质押并再质押的业务，具体事项如下： | | | | 占其 | | 是否为 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 是否为控股 | 本次质押 | 所持 | 占公司 | 限售股 | 是否 | 质押 | 质押 | | | 质 | | 东 | 股东或第一 | ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨藏格矿业（ ） 000408.SZ [碳Ta酸b锂le_经T营itle强] 劲，巨龙铜矿贡献核心盈利 ——藏格矿业 年一季报点评 2024 报告要点 [2T0a2b4le年_S一um季m度a，ry公] 司实现归母净利5.29亿元，同比-43%，环比+17%；扣非归母净利5.78亿 元，同比-37%，环比-8%。 ...

华福证券 锂 2024年05月18日 公 司 藏格矿业（000408.SZ） 买入（维持评级） 研 究 2023 年年报及 2024 年一季报点评：锂钾售价下 当前价格： 28.36元 滑拖累公司业绩，巨龙铜业投资收益丰厚 基本数据 总股本/流通股本(百万股) 1,580.44/1,580.42 投资要点： 流通A股市值(百万元) 44,820.67 每股净资产(元) 8.61 资产负债率(%) 4.71  公司先后发布2023年年报及2024年一季报。23年公司实现营业收入 一年内最高/最低价(元) 34.08/20.90 52.3亿元，同比-36.2%；归母净利润34.2亿元，同比-39.5%；扣非归母净 一年内股价相对走势 利润35.8亿元，同比-37.2%。2024Q1 公司实现营业收入6.1亿元，环比 -40.8%；归母净利润5.3亿元，环比+17.3%；扣非归母净利润5.8亿元，环 公 比-7.7%。2024全年藏格钾肥与藏格锂业就卤水销售产生的税务问题对利润 司 造成的影响约2.14亿元。 财 报  2023年：成功实现全年生产目标。1）量：2023年计划生产氯化钾100 点 万吨，实际生产 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2024-033 二、对公司的影响 关于银行账户解除冻结的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 藏格矿业股份有限公司（以下简称"公司"）分别于 2024 年 3 月 16 日、2024 年 4 月 18 日、2024 年 4 月 30 日披露了部分银行账户被冻结及解除冻结的公告（公 告编号：2024-008、2024-026、2024-032），除基本存款账户未解除冻结外，其余账 户均已解除冻结。 近日，公司通过银行查询获悉，公司基本存款账户已解除冻结，具体情况如下： | 公司名称 | 开户银行 | 银行账号 | 账户性质 | 解除冻结金额（元） | | --- | --- | --- | --- | --- | | 藏格矿业 | | | | | | 股份有限 | 中国农业银行***分行 | 289**********1121 | 基本存款户 | 327,330.00 | | 公司 | | | | | 一、本次账户及资金解除冻结情况 藏格矿业股份有限公司 截至本公告披露日，公司全部被冻结银行 ...

证券研究报告·公司点评报告·能源金属 藏格矿业（000408） 2024 年一季报点评：业绩符合预期，碳酸锂 2024 年 05月 02日 成本优势维持 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 阮巧燕 营业总收入（百万元） 8,194 5,226 3,672 3,591 3,595 执业证书：S0600517120002 同比（%） 126.19 (36.22) (29.73) (2.20) 0.10 021-60199793 归母净利润（百万元） 5,655 3,420 2,692 3,069 4,045 ruanqy@dwzq.com.cn 同比（%） 296.19 (39.52) (21.28) 14.01 31.81 证券分析师 岳斯瑶 EPS-最新摊薄（元/股） 3.58 2.16 1.70 1.94 2.56 执业证书：S0600522090009 P/E（现价&最新摊薄） 8.0 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2024-031 藏格矿业股份有限公司 关于召开2024年第一季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 藏格矿业股份有限公司（以下简称"公司"）于 2024 年 04 月 30 日在巨潮资 讯网（http://www.cninfo.com.cn/）上披露了《2024 年第一季度报告》。 为便于广大投资者进一步了解公司 2024 年一季度经营情况，公司定于 2024 年 04 月 30 日（星期二）下午 3:00 至 5:00 在"藏格矿业投资者关系"小程序举 行 2024 年第一季度网上业绩说明会。 本次网上业绩说明会将采用网络远程的方式举行，投资者可登陆"藏格矿业 投资者关系"小程序参与互动交流。为广泛听取投资者的意见和建议，公司提前 向投资者征集问题，提问通道自发出公告之日起开放。 参与方式一：在微信小程序中搜索"藏格矿业投资者关系"； 参与方式二：微信扫一扫以下二维码： 投资者依据提示，授权登录"藏格矿业投资者关系"小程序，即可参与交流。 1 出席本次网上业绩说明会的人员 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥614,337,496.69, a decrease of 55.28% compared to ¥1,373,645,973.66 in the same period last year[5] - Net profit attributable to shareholders was ¥529,267,974.43, down 42.51% from ¥920,597,301.86 year-on-year[5] - Basic and diluted earnings per share decreased by 41.38% to ¥0.34 from ¥0.58 in the same period last year[5] - Total operating revenue for Q1 2024 was CNY 614,337,496.69, a decrease of 55.3% compared to CNY 1,373,645,973.66 in the same period last year[41] - Net profit for Q1 2024 was CNY 527,088,505.69, a decline of 42.7% compared to CNY 920,597,301.86 in Q1 2023[42] - Earnings per share (EPS) for Q1 2024 was CNY 0.34, down from CNY 0.58 in the previous year[43] Cash Flow and Investments - The net cash flow from operating activities was negative at -¥237,562,166.61, a decline of 181.04% compared to ¥293,129,867.76 in the previous year[5] - Cash received from sales decreased by 74.38% to ¥30,000,000.00 compared to the previous year due to reduced revenue scale[16] - The company reported a 96.89% decrease in cash paid for investments, amounting to ¥3,000,000.00, as there were no related payments this period[18] - The net cash flow from investment activities was -1,025,291,093.99 CNY in Q1 2024, compared to -1,041,386,177.64 CNY in the same period last year[44] - The company maintained a strong investment strategy, with cash inflow from investment activities totaling CNY 60,777,350.05, compared to CNY 16,095,083.65 in Q1 2023[43] Assets and Liabilities - Total assets increased by 1.22% to ¥14,263,146,290.38 from ¥14,091,584,562.19 at the end of the previous year[5] - As of March 31, 2024, the company's total assets amounted to RMB 14,263,146,290.38, an increase from RMB 14,091,584,562.19 at the beginning of the year[39] - The company's current assets totaled RMB 3,092,667,402.59, a slight decrease from RMB 3,143,978,232.09 at the beginning of the year[38] - The company's non-current assets increased to RMB 11,170,478,887.79 from RMB 10,947,606,330.10 at the beginning of the year[39] - The company's total liabilities decreased to RMB 671,219,461.94 from RMB 1,041,334,695.19 at the beginning of the year[39] - The company's total equity capital stood at RMB 3,463,225,610.44 as of March 31, 2024[39] Production and Sales - The company experienced a 62.87% decrease in sales volume of potassium chloride products and a 31.89% drop in selling price, contributing to the revenue decline[13] - The company achieved a potassium chloride production of 158,600 tons, a year-on-year decrease of 18.71%, and sales of 139,600 tons, down 62.88% year-on-year[24] - Lithium carbonate production reached 2,385.50 tons, an increase of 33.79% year-on-year, with sales of 3,970.00 tons, up 643.45% year-on-year[24] Other Income and Expenses - Other income increased by 296.38% to ¥310,000.00 from ¥78,000.00 year-on-year, primarily due to an increase in tax refund[14] - The company reported a decrease in tax expenses to CNY 38,386,427.10 from CNY 174,124,531.80 in the same quarter last year[42] Investments and Acquisitions - The company holds a 30.78% stake in Julong Copper Industry, resulting in an investment income of 352 million yuan, an increase of 11.86% year-on-year[25] - The second phase expansion project of Julong Copper Mine has been approved, increasing the production capacity from 150,000 tons per day to 350,000 tons per day[26] - The estimated total potassium salt ore reserves in the Bayo mining area of the Laos project are 6.285 billion tons, with a potassium chloride resource amount of 970 million tons[29] - The company is advancing the application for the resource registration certificate for the Bayo mining area, with expectations for approval soon[29] - The company is progressing with the acquisition of a 34% stake in Xizang Guoneng Mining Development Co., Ltd., currently in the process of lifting share pledges[30] Dividend Distribution - The company plans to distribute a cash dividend of RMB 8.00 per 10 shares, totaling RMB 1,256,411,265.60 (including tax) to shareholders based on a total share capital of 1,580,435,073 shares after deducting repurchased shares[32] Miscellaneous - The company's subsidiary, Zangge Potash Fertilizer, is required to pay tax fees and penalties totaling RMB 187,988,239.65, which will be compensated by its controlling shareholder[33] - The company's first quarter report for 2024 was not audited[45]

eTa ble_First． p y Table_FirT st|Table_Summary t r o p e R _ e l b a T | t s r i F _ e l b a T 华福证 券 Table_First|Table_ReportDate 有色金属 2024年4月19日 公 司 Table_First|Table_Rating 研 藏格矿业（000408.SZ） 买入(首次评级) 究 当前价格： 30.78元 目标价格： 37.16元 巨龙赋能助力，钾锂双业务齐飞 Table_First|Table_MarketInfo 基本数据 投资要点： 总股本/流通股本（百万股） 1580/1580 总市值/流通市值（百万元） 48646/48645 ➢ 碳酸锂业务打造公司业绩增长第二极。公司锂资源主要来源于东察 每股净资产（元） 7.47 尔汗盐湖制取氯化钾时副产物老卤，针对老卤高镁锂比的问题开发出一套 资产负债率（%） 7.39 完整的“吸附加膜”工艺。公司现有碳酸锂产能1万吨，单吨销售成本在 公 一年内最高/最低（元） 32.49/20.38 3-3.5万元，位于成本曲线左端；通过藏青基金参股 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2024-027 截至本公告披露日，上述股东及其一致行动人所持股份冻结情况如下： | | | | | 累计被 | 合计占 | 合计占公 | | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | | 累计被冻结 | | 其所持 | | | 股东名称 | | 持股比例 | | 标记数 | | 司总股本 | | | （股） | | 数量（股） | | 股份比 | | | | | | | 量（股） | | 比例 | | | | | | | 例 | | 藏格矿业股份有限公司 关于控股股东股份解除冻结的公告 控股股东西藏藏格创业投资集团有限公司保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容与信息披露义务人提供的信息 一致。 藏格矿业股份有限公司（以下简称"公司"）于2024年4月19日接到控股股东 西藏藏格创业投资集团有限公司（以下简称"藏格创业投资"）通知，获悉其所 持公司的部分股份解除冻结，具体事项如下： | 申请人 | 股东名称 | 是否为 ...