On August 10, the share price of Qinghai Salt Lake Industry Co., Ltd. rose. As of the close on August 10, the stock was up 2.43% at 29.5 yuan per share.
In terms of news: On August 7, the company stated on an interactive platform in response to investor inquiries thatthe company's magnesium resource business layout focuses on upstream resource development, and its subsidiary Teli Magnesium mainly engages in magnesium alloy die-casting. Currently, this segment is still in a cultivation and development stage, with limited business volume and low contribution to the company's overall revenue.
According to the survey record disclosed by the company on its participation in a survey from August 5 to 7:
1. Q: Can the company's current industrial water supply meet the release of existing capacity? The company responded: At this stage, the company meets daily production needs through existing industrial water supply, salt lake water recycling, and water recovery systems. It has established a complete intelligent water metering network system and set the water resource management target of "total volume within limits, unit consumption within standards." For total volume control, the company defines red lines based on water permits and requires strict implementation by production workshops. In terms of product water quota, the company strengthens water management and introduces new water-saving technologies and processes, with current water indicators surpassing industry standard requirements.
2. Q: How is the company's Fantasy Salt Lake scenic area, as a new profit growth point, currently operating? The company responded: Its subsidiary Dream Travel Company, as the exclusive operator of the Qarhan scenic area, deeply cultivates local tourism resource development and operations management. Leveraging Qarhan's unique salt lake landscapes and differentiated tourism experiences, the scenic area's appeal continues to strengthen. In recent years, centered on visitor experience, the scenic area has coordinated the dual improvement of infrastructure and service capabilities. Visitor flow and operational data have maintained growth for three consecutive years, exceeding 1 million visits in 2024, reaching 1.43 million visits in 2025, and hitting a single-day peak of 30,000 visits on August 3, 2026, for the first time, up 43% from the highest daily reception of 2025.
3. Q: In the company's H1 earnings forecast, lithium carbonate inventory increased. What are the company's future sales plans, sales model for lithium carbonate, and customer distribution? The company responded: The company currently has total annual lithium salt capacity of about 98,000 mt. Product sales combine market demand and medium and long-term price trends for dynamic inventory management. On the production side, the company implements production scheduling management based on annual production targets, comprehensively considering ore stockpiling, brine quality, seasonal climate, and production support assurance. Currently, production and operations are stable and orderly, with smooth connectivity between production and sales. Market conditions for core potassium and lithium products are improving, with strong industry demand support. On the sales side, the company implements a "long-term contract lock-in + bi-weekly pricing + point-price sales" mechanism, paired with hedging to offset short-term price fluctuations. Going forward, the company will take multiple measures to stabilize production, expand markets, ensure continuous resource supply, strictly control energy costs, promote technological upgrades, and broaden sales channels, striving to complete annual production and sales tasks and drive steady growth in operational performance. The company's lithium carbonate sales are centered on a direct-supply model, with stable and reliable customer resources mainly supplying domestic cathode material producers, accompanied by long-term cooperative trading partners. The stable and smooth direct-supply channel continuously ensures product distribution and solidifies the company's operational foundation.
4. Q: How is the company's current Congo Republic potassium salt mine project progressing, and when can capacity be released? The company responded: While consolidating core potassium and lithium businesses, the company continues to deepen the potash fertilizer field and place high importance on the development of overseas potassium salt resources, firmly implementing the "going global" strategy for potash. It also accelerates cooperation with foreign potassium resource-rich regions, actively expanding external resource acquisition channels. Currently, the company's Congo Republic BMB potassium salt mining right development is in the detailed exploration stage, and the company is fully accelerating related project processes. Given that the project is still in its early stages, subsequent progress remains uncertain. The company will strictly comply with relevant laws, regulations, and regulatory requirements to timely fulfill information disclosure obligations for project developments meeting disclosure standards. Investors are advised to rationally view the project's prospects, make prudent decisions, and be aware of investment risks.
5. Q: What are the company's market value management measures and buyback plans? The company responded: As a publicly listed platform controlled by a central state-owned enterprise, the company strictly implements the relevant arrangements of the State-owned Assets Supervision and Administration Commission's "Several Opinions on Improving and Strengthening Market Value Management of Listed Companies Controlled by Central Enterprises," always placing market value management at the level of long-term strategy and core operational responsibility for coordinated advancement. Since last year, the actual controller has increased its holdings by 248 million shares, the company completed the cancellation of 140 million treasury shares, smoothly implemented the injection of high-quality assets from the Yiliping salt lake, and commissioned the 40,000 mt/year lithium salt project, effectively expanding asset volume and further consolidating core competitive advantages. At this stage, the company has built a value foundation by deeply cultivating its main business, improving quality and efficiency, and strengthening core competitiveness through technological innovation; established a regular investor communication mechanism, continuously deepened comprehensive engagement with the capital market, fully demonstrated development strategies and operational performance, and enhanced market recognition of the company's intrinsic value; simultaneously introduced a special "Market Value Management System," incorporating market value performance into management performance evaluations, achieving institutionalized, normalized, and long-term operation of market value management. Regarding share buybacks, a matter of general concern to investors, the company has always attached importance to it. Share buybacks, as a major capital matter, require prudent study and demonstration in accordance with laws and regulations, considering the company's operational reality, financial condition, and market trends. If an implementable plan is formed, the company will strictly perform relevant internal decision-making procedures and timely and fully disclose it in accordance with regulatory provisions, safeguarding the company's intrinsic value and the long-term interests of all shareholders in a compliant manner. Going forward, the company will continue to deeply cultivate core potassium and lithium businesses, consistently improve quality and efficiency, and enhance operational quality and intrinsic value; strictly adhere to fair and compliant information disclosure requirements, with major matters announced on statutory platforms such as Juchao Information Network; and, when statutory dividend conditions are met, coordinate factors such as cash flow and capital expenditures to study profit distribution arrangements, effectively rewarding all investors with operational results.
6. Q: What measures does the company have to ensure the sustainable development of Qarhan salt lake resources and its own sustainable development? The company responded: Salt lake resources are important national strategic resources, bearing the major mission of ensuring food security and supporting new energy development. Centering on comprehensive utilization and efficient development of salt lake resources, the company actively promotes technologies for continuous potassium resource security, deep processing of lithium resources, diversified high-value development of magnesium resources, efficient extraction of rare elements in brine, cross-industry salt lake integration, and intelligent production. Relying on the Qarhan salt lake, China's largest soluble potassium and magnesium salt deposit, the company takes "comprehensive resource utilization" as its core concept, pioneering the development of all types of associated resources in salt lake brine, including potassium, lithium, magnesium, sodium, etc., building a globally leading cascade utilization system for salt lake resources, achieving comprehensive utilization. First, strengthen salt lake resource exploration, ascertain resource reserves, revitalize existing resource stocks, and effectively strengthen salt lake mine geology and resource reserve management. Utilize advanced applicable green extraction technologies for salt lake resources, iterate dissolution mining technologies such as solid-to-liquid conversion, fully utilize low-grade solid potassium salt resources, focus on increasing reserve resources, and extend the service life of salt lake mines as much as possible. Adopt new technologies, apply new methods, build innovation platforms, enhance the value-added of salt lake products, and create a highland for salt lake industry development with strong innovation capacity, good clustering effects, and superior functional characteristics. Second, improve the management system for salt lake resource development and utilization, promote unified planning, unified development, and unified management of resources, address shortcomings in salt lake mine geology and resource management, scientifically regulate the intensity of salt lake resource development, and comprehensively improve the efficiency of resource development and utilization.
7. Q: The company has achieved significant results in cost reduction and efficiency improvement in recent years, with the full cost of lithium carbonate continuously declining. How does the company view its current cost moat? What specific plans are there to further consolidate cost advantages and enhance risk resistance capabilities in the future? The company responded: The company firmly establishes the concept of "accounting-based operations, lean management, and value creation," strengthens resource supply monitoring and production factor assurance, and builds an integrated operating system for monthly operational scheduling, comprehensive budget management, and performance evaluation benchmarking. Production tasks are successfully completed, and operational performance continues to improve. Leveraging the unique resource endowment of the salt lake, combined with the "adsorption + membrane" lithium extraction process, the company optimizes processes to achieve the best salt lake lithium extraction, building a significant low-energy-cost advantage. The lithium carbonate production costs at Yiliping salt lake and Qarhan salt lake are in the industry-leading tier, with strong risk and cycle resistance capabilities. Going forward, the company will continue to focus on the following: First, always take cost reduction and efficiency improvement as the core leverage of management, fully establish and achieve three-level coverage of the amoeba management system, and implement refined cost control across the entire chain of production, supply, sales, transportation, and operations. Second, persist in empowering industrial upgrades through technological innovation, driving deep integration of the innovation chain with the industry chain. Third, adhere to the synergistic efforts of top-level design and grassroots practices, advancing the modernization of corporate governance systems and governance capabilities in depth. Fourth, closely follow national strategic guidance, improve the overall development plan for the salt lake industry, and continuously strengthen capabilities to support food security and new energy.
On July 29, the company stated on an interactive platform in response to investor inquiries that its current total annual lithium salt capacity is about 98,000 mt. Product sales combine market demand and medium and long-term price trends for dynamic inventory management. At this stage, inventory is normal turnover stockpiling after capacity release. The company maintains long-term cooperation with downstream clients, with sales flexibly allocated based on market conditions. Going forward, it will coordinate and optimize inventory turnover based on market conditions.
On the performance front: On the evening of July 2, the company released its 2026 H1 earnings forecast, showing that it expects net profit attributable to shareholders of the publicly listed firm for H1 2026 to be between 6 billion yuan and 6.3 billion yuan, up 131.38% to 142.95% YoY.
A research report from Huaxin Securities commenting on the company's 2025 annual report showed: The company released its 2025 annual performance report: In 2025, the company achieved total revenue of 15.501 billion yuan, up 2.43% YoY; and net profit attributable to shareholders of 8.476 billion yuan, up 81.76% YoY. Among this, in Q4 2025 alone, the company achieved revenue of 4.391 billion yuan, down 6.29% YoY but up 1.40% QoQ; and net profit of 3.973 billion yuan, up 161.05% YoY and up 99.87% QoQ. Investment highlights: Price recovery combined with cost optimization fully unleashed profitability elasticity. Expense optimization and ample cash flow. Solid resource reserves lay the foundation, with diversified layout opening growth space: The company's resource reserves are solid, and the new 40,000 mt lithium salt project was completed and put into trial production at the end of September 2025, integrating the self-developed "adsorption + membrane" lithium extraction process. Currently, the company's potash capacity reaches 5 million mt/year and lithium carbonate capacity reaches 40,000 mt/year, with scale advantages continuously consolidated. Looking ahead, the company will deeply integrate into the strategic layout of China Minmetals, fully implement the "three-step" strategy for China's salt lake industry, and focus on efficient and comprehensive development of salt lake resources. It is expected that by 2030, it will form capacities of 10 million mt/year potassium fertilizer, 200,000 mt/year lithium salt, and over 30,000 mt/year magnesium and magnesium-based materials. As a core enterprise in building China's world-class salt lake industry base, the company will fully benefit from resource integration and industrial upgrading, with broad growth space. Risk warnings: Risks such as fluctuations in potassium and lithium prices, project commissioning falling short of expectations, demand falling short of expectations, and changes in industry policies.
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