Laporan Cepat | Industri Danau Garam Qinghai menerima survei dari 159 institusi, termasuk CITIC Securities; laba bersih tahun 2025 sebesar 84,76 miliar yuan; kapasitas produksi kalium dan litium meningkat dua kali lipat

1 April, Qinghai Salt Lake Industry Co., Ltd. (hereinafter referred to as “Qinghai Salt Lake Industry”) conducted an institutional survey via conference call, with the participation of 159 institutions including CITIC Securities, China International Capital Corporation, UBS Group, Goldman Sachs Asset Management, and others. The company’s board secretary Li Shun, head of securities legal affairs Miao Xia, and securities affairs representative Ju Min engaged in in-depth discussions with the institutions on core issues such as 2025 operational performance, development of the potash and lithium sectors, resource integration, and future planning.

Basic Information of the Survey

2025 Operational Performance: Key Indicators Fully Improving

According to the report, in 2025, Qinghai Salt Lake Industry successfully completed its production and operation tasks, with continuous improvement in operational performance. The company achieved an operating income of 15.5B yuan and a net profit attributable to the parent of 8.48B yuan for the year. By the end of 2025, total assets reached 55.78B yuan, liabilities were 7.9B yuan, asset-liability ratio was 14.15%, return on net assets was 22.30%, operating cash rate was 119.28%, and the core indicators of the “one profit and five rates” were comprehensively optimized, with steady enhancement in development quality and efficiency.

Dual-Driven Main Business of Potash and Lithium: Capacity and Technology Synergy Enhancement

Potash Sector: Ensuring Supply and Stabilizing Prices to Strengthen Food Security

In 2025, the company produced 4.9002 million tons of potassium chloride and sold 3.8147 million tons, fully ensuring domestic agricultural spring plowing fertilizer supply. Through technological optimization, the comprehensive recovery rate of potash resources significantly increased, the unit energy consumption of potassium chloride products decreased year-on-year, water usage reduced by 27%, equipment availability maintained above 95%, and products with potassium chloride content above 95% accounted for 85%. On the marketing side, an innovative “bi-weekly pricing” mechanism was implemented, leading over 60% of the domestic market supply to guide potash fertilizer prices back to a rational range.

Lithium Sector: Capacity Expansion and Technological Breakthroughs Progressing Together

In 2025, the lithium sector produced 46.5k tons of lithium carbonate and sold 45.6k tons. The 40k-ton/year integrated lithium salt project was completed and put into operation at the end of September, adopting自主研发的“吸附+膜”提锂工艺, achieving “production upon commissioning,” with approximately 5,500 tons of lithium carbonate produced in 2025, with product purity stable above 99.7%. The project’s lithium recovery rate reached 82.4%, and comprehensive energy consumption decreased by 50.67%, making it the world’s largest salt lake lithium extraction facility with a single scale.

Resource Integration Deepening: Acquiring Minmetals Salt Lake to Consolidate Industry Position

To promote the construction of a world-class salt lake industry base, the company completed a cash acquisition of 51% equity of Minmetals Salt Lake for 46.5k yuan in December 2025. The core assets of Minmetals Salt Lake are located in Yiliping Salt Lake, with lithium chloride reserves of 1.6459 million tons and potassium chloride reserves of 14.6311 million tons. It has established capacities of 15k tons/year of lithium carbonate, 2k tons/year of lithium phosphate, 1k tons/year of lithium hydroxide, and 300k tons/year of potash fertilizer. After the acquisition, Qinghai Salt Lake Industry’s potassium chloride capacity reaches 5.3 million tons, lithium carbonate capacity 95k tons, further consolidating resource and technological synergy advantages.

Institutional Focus and Company Response

Future Main Business Planning: Anchoring the “Three-Step” Strategy

The company stated it will revolve around China Minmetals’ “three-step” strategy, aiming to serve as the “national team” for potash fertilizer supply, and as the “main force” for new energy raw material supply, promoting efficient utilization of potash salts, improving the quality and quantity of lithium salts, innovating magnesium salts, and high-value utilization of rare and scattered elements, strengthening the entire salt lake industry chain layout, and enhancing resource development efficiency.

Operation of the 40k-ton Lithium Salt Project: Significant Efficiency and Cost Advantages

This project adopts “continuous ion exchange moving bed + membrane coupling” technology, with lithium recovery rate of 82.4%, and a 50.67% reduction in comprehensive energy consumption. It also achieves digitalized production equipment through intelligent transformation, maintaining high operational efficiency.

Cost and Inventory of Potassium Chloride: Multiple Measures to Reduce Costs and Ensure Supply

In 2026, the company will promote substantial cost optimization of potassium chloride through deepening the Amoeba management model, optimizing “mining + beneficiation + dissolution” technology, and building a digital equipment management system. During spring plowing, production capacity and inventory will be coordinated to ensure market stability.

Product Price Outlook: Tight Balance for Potash Fertilizer, Lithium Carbonate May Rebound in the Second Half

The potash fertilizer market is supported by supply chain fluctuations and agricultural demand, maintaining a tight balance; lithium carbonate supply was loose in the first half of the year, but may rebound in the second half due to the implementation of the new “Mineral Resources Law” and explosive growth in energy storage demand, causing price fluctuations. The company leverages its technological and resource advantages to maintain industry-leading costs.

Dividend Plan: Not Meeting Conditions for Now, Will Actively Reward Shareholders in the Future

Due to the negative retained earnings at the end of the consolidated and parent company financial statements, no dividend will be distributed in 2025. The company has revised the “Articles of Association” to clarify the concept of “steady operation and active shareholder returns,” and will explore diversified shareholder return methods when conditions permit.

Technological R&D: 874 Authorized Patents Leading the Industry

In 2025, the company persisted in innovation-driven development, achieving breakthroughs in wastewater desalination processes for lithium carbonate (reducing water consumption per ton by 20%), and scaling applications of “continuous ion exchange + membrane coupling” technology. The company applied for 80 patents during the year, with 93 new patents authorized, totaling 874 patents. The “Improving the operation efficiency of potassium fertilizer centrifuges” project won first prize at the China Innovation Method Competition. Its core technological competitiveness continues to lead the industry.

In the future, Qinghai Salt Lake Industry will continue to focus on high-efficiency comprehensive development of salt lake resources, strengthen technological empowerment and resource integration, and fully safeguard national food security and resource and energy security.

Disclaimer: The market involves risks; investment should be cautious. This article is automatically published by an AI model based on third-party databases and does not represent Sina Finance’s views. All information in this article is for reference only and does not constitute personal investment advice. Please refer to official announcements for any discrepancies. If you have questions, contact biz@staff.sina.com.cn.

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