Recently, Salt Lake Potash Co., Ltd. (000792) announced that it plans to apply for a project loan of no more than 1.8 billion yuan from a banking syndicate composed of five financial institutions, with a loan term of two years. This move aims to accelerate the construction of the 40,000 mt/year integrated basic lithium chemicals project and meets the conditions for the central government's equipment renewal loan interest subsidy. The company can enjoy a 1.5% interest subsidy annually, reducing financing costs.
According to the announcement, among the loan quota, Industrial and Commercial Bank of China Golmud Branch committed 500 million yuan, China Development Bank Qinghai Branch 400 million yuan, Bank of China Golmud Branch 300 million yuan, Agricultural Bank of China Golmud Branch 300 million yuan, and Bank of Communications Qinghai Branch 300 million yuan.
Data shows that Salt Lake Potash Co., Ltd.'s 40,000 mt/year integrated basic lithium chemicals project commenced construction in June 2023, specifically comprising a 20,000 mt/year battery-grade lithium carbonate project and a 20,000 mt/year lithium chloride project, with a total investment of approximately 7.098 billion yuan.
Recently, Salt Lake Potash Co., Ltd. stated at its 2024 annual performance exchange meeting that, with strong support from China Minmetals and China Salt Lake, the construction of the new 40,000 mt lithium chemicals project is being comprehensively accelerated and improved in quality. According to the plan, the 40,000 mt project will produce 3,000 mt of lithium carbonate this year, striving to achieve further breakthroughs in production.
In terms of performance, in 2024, Salt Lake Potash Co., Ltd. achieved operating revenue of 15.134 billion yuan, net profit of 4.663 billion yuan, and net profit excluding non-recurring gains and losses of 4.401 billion yuan. As of year-end 2024, its net assets were 36.575 billion yuan, up 14.63% YoY.
Data shows that in 2024, Salt Lake Potash Co., Ltd. produced 4.96 million mt of potassium chloride and 40,000 mt of lithium carbonate, and sold 4.6728 million mt of potassium chloride and 41,600 mt of lithium carbonate. Affected by the price declines of its two main products, potassium chloride and lithium carbonate, in 2024, the company's operating performance was under pressure. However, through continuous efforts in technological innovation, process optimization, and measurement control, it ensured the stability of its main businesses, fully leveraging the role of potash fertilizer as a "ballast stone" and the new energy industry as a "stabilizer."
In Q1 2025, Salt Lake Potash Co., Ltd.'s revenue was 3.119 billion yuan, up 14.5% YoY, and its net profit attributable to shareholders was 1.145 billion yuan, up 22.52% YoY.
In Q1, the production and sales of Salt Lake Potash Co., Ltd.'s core products, potassium chloride and lithium carbonate, remained stable. Potassium chloride production was approximately 964,900 mt, and sales were approximately 891,100 mt. Lithium carbonate production was approximately 8,514 mt, and sales were approximately 8,124 mt. Among them, potassium chloride, as one of the company's main revenue sources, saw a significant increase in market prices due to factors such as market supply and demand, thereby driving the company's performance growth compared to the same period last year.
