Gangue Mining Achieved Net Profit of 3.852 Billion Yuan in 2025, with Dividend Payout Ratio Reaching 101.82% to Reward Investors

On March 14, Zangge Mining Co., Ltd. (hereinafter referred to as “Zangge Mining”) released its 2025 annual report. In 2025, the company achieved operating revenue of 3.577 billion yuan, a year-on-year increase of 10.03%; net profit attributable to shareholders of the listed company was 3.852 billion yuan, a year-on-year increase of 49.32%. In terms of rewarding investors with real cash returns, Zangge Mining expects the total cash dividend for the full year of 2025 to reach 3.922 billion yuan, with a dividend payout ratio of 101.82%.

Li Ruixue, Secretary of the Board of Zangge Mining, told Securities Daily that the steady growth in performance in 2025 was mainly due to the coordinated efforts of the company’s three major business segments: potash, lithium, and copper. The high proportion of dividends paid to investors is a concrete embodiment of the company’s commitment to “simultaneous improvement in quality and returns.”

Coordination of Potash, Lithium, and Copper Business Segments

Zangge Mining owns mining rights for the Chaarhan Salt Lake in Qinghai covering 724.35 square kilometers. The company uses solid-to-liquid conversion technology to produce potassium chloride from brine in the Chaarhan Salt Lake. Based on the extraction of old brine, it adopts advanced salt lake lithium extraction technology to produce battery-grade lithium carbonate. The company’s main businesses are the research, production, and sales of potassium chloride and lithium carbonate.

According to the annual report, in 2025, Zangge Mining produced 1.0332 million tons of potassium chloride and sold 1.0843 million tons. The average tax-included selling price of potassium chloride was 2,964.28 yuan/ton, a year-on-year increase of 28.57%. The company achieved sales revenue of 2.949 billion yuan, a year-on-year increase of 33.42%. The dual factors of production volume and selling price drove strong growth in revenue and profit from the potassium chloride segment.

In terms of lithium carbonate, the company initially planned to produce and sell 11,000 tons at the beginning of 2025. Due to production suspension, the annual production and sales plan was adjusted to 8,510 tons. During the suspension, the company continued key equipment maintenance to ensure stable operation. After resuming production, Zangge Mining accelerated production, achieving a total lithium carbonate output of 8,808 tons and sales of 8,957 tons in 2025. The unit sales cost of lithium carbonate was 43,100 yuan/ton, significantly lower than the 60,000-90,000 yuan/ton for spodumene/mica routes. Coupled with the price rebound in the fourth quarter, this effectively mitigated the impact of the earlier suspension and supported profit growth.

Meanwhile, Zangge Mining holds a 30.78% stake in Tibet Julong Copper Co., Ltd. (hereinafter “Julong Copper”). In 2025, Julong Copper’s copper ore production was 193,800 tons, with sales of 193,700 tons, generating operating revenue of 16.663 billion yuan and net profit of 9.141 billion yuan. Zangge Mining’s investment income from this stake was 2.782 billion yuan, a year-on-year increase of 44.34%.

Li Ruixue stated that the better-than-expected performance of the potassium chloride business, the gradual recovery of lithium carbonate prices, and the sustained strong contribution of investment income from Julong Copper together laid a solid foundation for the company’s performance growth.

Dual Drivers of Stock Price and Dividends to Reward Investors

According to the announcement on the 2025 annual profit distribution plan released by Zangge Mining, the company plans to distribute a cash dividend of 15.00 yuan (tax included) for every 10 shares to all shareholders, totaling 2.353 billion yuan (tax included). This includes the interim cash dividend of 1.569 billion yuan already paid in 2025. The total cash dividend for 2025 will reach 3.922 billion yuan, higher than the net profit attributable to shareholders of 3.852 billion yuan for the year.

In the secondary market, Zangge Mining’s stock price rose from 27.73 yuan per share on the first trading day of 2025, reaching a peak of 87.68 yuan per share in mid-December, setting a record high. As of December 31, 2025, the closing price was 84.40 yuan per share, with an annual increase of 216.58%. The company’s market capitalization surpassed 100 billion yuan, reaching 129.654 billion yuan, successfully entering the “trillion-yuan market cap club.” As of March 13, 2026, the stock price remained high at 79.74 yuan per share, with a total market cap of 125.21 billion yuan.

Lu Keqing, General Manager of Ningxia Jiafeng Fund Management Co., Ltd., told Securities Daily that the current stock price trend reflects investor recognition of the company’s intrinsic value. Zangge Mining actively responded to regulatory encouragement for listed companies to distribute dividends multiple times a year. After the mid-year dividend, the company again paid high dividends, allowing investors to enjoy both value discovery and return realization, which is particularly beneficial for enhancing investors’ sense of gain in the capital market.

Li Ruixue stated that, at the new starting point of a trillion-yuan market cap, Zangge Mining’s three-year strategic plan has been fully launched. Under the strategic empowerment of the controlling shareholder Zijin International Holdings Limited, the company will adhere to the principles of “improving quality, increasing production, controlling costs, and enhancing efficiency,” further consolidating investor returns through sustained operational performance.