Qinghai Salt Lake Industry Co.Ltd

Salt Lake Industry released its 2026 interim report. Total operating revenue was 13.052 billion yuan, up 79.88% year on year. Net profit attributable to the parent company was 6.169 billion yuan, up 137.88% year on year. Net cash inflow from operating activities was 6.282 billion yuan, up 1.38% year on year. The company's asset-liability ratio was 14.07%, gross margin was 71.39%, return on equity was 12.92%, and diluted earnings per share was 1.17 yuan. The number of shareholders was 236,600, and the top ten shareholders held 47.82% of total share capital.

Topstar Technology plans to acquire a 49 percent stake in Lailer Optoelectronics for 147 million yuan, entering the high-growth optical communications sector. After the transaction is completed, Lailer Optoelectronics will become an associated company of Topstar Technology, and the seller has committed to purchasing no less than 30 million yuan of Topstar Technology A-shares within six months. In the first half of the year, Topstar Technology achieved revenue of 1.288 billion yuan, up 18.61 percent year on year, with net profit attributable to the parent company of 104 million yuan, up 262.99 percent year on year. The company submitted its IPO application to the Hong Kong Stock Exchange for the second time in July 2026, and the process is currently progressing in an orderly manner. In addition, lithium carbonate prices have continued to rebound after hitting a low of 132,500 yuan per tonne on July 22, with a cumulative increase of 14.17 percent since August. Half-year results for lithium mining stocks have generally improved significantly, with net profits doubling year on year for seven companies including Qinghai Salt Lake Industry, Western Mining, and Ganfeng Lithium.

On the evening of August 25, multiple listed companies on the Shanghai and Shenzhen stock exchanges released important announcements. Wanhua Chemical's subsidiary, BorsodChem in Hungary, has completed the shutdown maintenance of its integrated MDI and TDI facilities and resumed normal production. CICC has been approved to publicly issue corporate bonds to professional investors with a total face value not exceeding 80 billion yuan. Wus Printed Circuit reported first-half net profit of 2.923 billion yuan, up 73.72 percent year on year. Ouke Precision Cutting Tools reported first-half net profit of 371 million yuan, up 47,734.24 percent year on year. Hangzhou Cable reported first-half net profit of 393 million yuan, up 938.67 percent year on year. Yahua Group reported first-half net profit of 1.216 billion yuan, up 795.48 percent year on year. Qinghai Salt Lake Industry reported first-half net profit of 6.169 billion yuan, up 137.88 percent year on year. Sinomine Resource Group's lithium sulfate project in Zimbabwe with an annual capacity of 100,000 tonnes is expected to be completed and put into production by mid-2027. Beimo High-tech Friction Materials plans to repurchase shares for 120 million to 180 million yuan for employee stock ownership plans or equity incentives.

Rongjie Shares' first-half net profit attributable to the parent company rose more than tenfold year on year, boosted by higher production and sales of lithium concentrate and a sharp recovery in lithium product prices. The company achieved operating revenue of 1.524 billion yuan, up 402.35 percent year on year. Net profit attributable to the parent company was 1.002 billion yuan, up 1,076.14 percent year on year. Net profit after deducting non-recurring items was 1.004 billion yuan, up 1,269.63 percent year on year. Earnings were concentrated in the second quarter, when net profit attributable to the parent company reached 724 million yuan, contributing more than 70 percent of first-half net profit. The lithium resources sector saw a broad earnings recovery, with more than ten lithium mining and lithium salt companies including Qinghai Salt Lake Industry, Ganfeng Lithium and Tianqi Lithium generally doubling their profits or posting growth of several dozen times.

Chemical ETF Penghua rose 2.43%, with the latest price at 0.8 yuan, closely tracking the CSI Subdivision Chemical Industry Theme Index which surged 2.13%. In news, demand for new AI materials is strong, global cloud providers are increasing AI computing investment, AI server shipments are expected to grow nearly 31% annually, upstream key segments receive deterministic order increases, and in August electronic fabric prices recorded the largest single-month gain this year. In polyester, PTA market supply has tightened significantly recently, with multiple production lines reducing load or shutting down, expected to affect capacity of about 12.75 million tonnes, accounting for roughly 13% to 14% of total industry capacity. Under supply disruptions, PTA processing margins may expand, while upstream raw material supply bottlenecks could strengthen polyester product pricing power and profit recovery potential. Institutions point out that they firmly expect the chemical sector to welcome a valuation recovery driven by a long prosperity cycle in the third quarter. The long-term logic of tightening industry supply, optimizing competitive landscape, and domestic enterprises gaining global market share remains unchanged. Current sector valuations are at historical lows and have already digested short-term earnings headwinds. As of July 31, 2026, the top ten weighted stocks in the CSI Subdivision Chemical Industry Theme Index accounted for 43.44% of the total, including Wanhua Chemical, Qinghai Salt Lake Industry, and Zangge Mining.

The A-share lithium mining sector has seen a full recovery in half-year earnings, with leading companies posting significant profit rebounds. As of July 23, 21 of the 24 constituents in the lithium mining index have disclosed their half-year earnings forecasts. Among them, 12 reported expected profit growth, five turned losses into gains, and 13 companies saw net profit attributable to the parent company exceed 1 billion yuan. Qinghai Salt Lake Industry expects first-half net profit attributable to the parent company of 6 billion to 6.3 billion yuan, up 131% to 143% year-on-year, leading the industry in profit scale. Tianqi Lithium posted the highest earnings growth, with expected net profit attributable to the parent company of 2.85 billion to 4.25 billion yuan, a staggering year-on-year surge of 3,276.35% to 4,934.91%. Ganfeng Lithium, Tianhua New Energy, and Shengxin Lithium all turned losses into profits, expecting earnings of 3.65 billion to 4.6 billion yuan, 2.2 billion to 2.4 billion yuan, and 1 billion to 1.2 billion yuan, respectively. The industry's earnings recovery was mainly driven by a significant upward shift in the lithium carbonate price center, surging downstream demand from energy storage and power batteries, and the steady release of production capacity by companies.

As of now, 94 chemical companies listed on the Shenzhen Stock Exchange have released their 2026 half-year performance forecasts. Over 60% of these companies are profitable and expect earnings growth, with 46 companies projecting year-on-year growth of more than 50% and 10 companies turning losses into profits. Companies such as Hengyi Petrochemical, Dongfang Shenghong, and Chengzhi Shareholding have seen net profit increases exceeding tenfold. Hengyi Petrochemical expects a first-half net profit attributable to the parent company of 5.5 billion to 6 billion yuan, a year-on-year increase of 2,326.31% to 2,546.88%, mainly driven by full production and sales at its Brunei refinery, strong production and sales of its Guangxi caprolactam project, and a recovery in the domestic PTA and polyester industries. Dongfang Shenghong expects a net profit attributable to the parent company of 4.2 billion to 5 billion yuan, a year-on-year increase of 987.39% to 1,194.51%, benefiting from a recovery in the petrochemical industry and the advantages of its integrated full-industry chain. Chengzhi Shareholding expects a net profit attributable to the parent company of 260 million to 320 million yuan, a year-on-year increase of 1,259.43% to 1,573.15%, with its clean energy business and new chemical materials segment working in synergy. Rongsheng Petrochemical expects a net profit attributable to the parent company of 5 billion to 5.2 billion yuan, a year-on-year increase of 730.45% to 763.67%, leveraging the scale benefits of its mega refining and chemical integration facilities. Yanhu Stock expects a net profit attributable to the parent company of 6 billion to 6.3 billion yuan, a year-on-year increase of 131.38% to 142.95%, with both its potash fertilizer and lithium salt main businesses seeing volume and price increases.

Among the 94 Shenzhen-listed chemical companies that have disclosed first-half earnings previews, more than 60 percent are profitable and reported earnings growth. Of these, 46 companies saw earnings rise by over 50 percent year-on-year, and 10 turned losses into profits. Hengyi Petrochemical expects attributable net profit of 5.5 billion to 6 billion yuan, a year-on-year increase of 2,326.31 percent to 2,546.88 percent. Eastern Shenghong expects attributable net profit of 4.2 billion to 5 billion yuan, up 987.39 percent to 1,194.51 percent. Chengzhi Shareholding expects attributable net profit of 260 million to 320 million yuan, a surge of 1,259.43 percent to 1,573.15 percent. Rongsheng Petrochemical expects attributable net profit of 5 billion to 5.2 billion yuan, up 730.45 percent to 763.67 percent, and has implemented a 1.7 billion yuan employee stock ownership plan. Qinghai Salt Lake Industry expects attributable net profit of 6 billion to 6.3 billion yuan, an increase of 131.38 percent to 142.95 percent. In the first half, its potassium chloride output reached 1.6817 million tonnes and sales volume hit 2.2473 million tonnes, while lithium carbonate output was 49,400 tonnes and sales volume stood at 39,100 tonnes. Overall, in the first half of 2026, the Shenzhen-listed chemical sector, driven by optimized supply-demand structures, recovering product prices, and the release of integrated advantages by industry leaders, has shown a strong trend of broad-based recovery with leading companies spearheading the rally.

On July 8, a total of 20 companies were surveyed by institutions, with funds participating in research activities for 15 of them. Tianhao Energy attracted the most attention, with 16 funds taking part in the survey. Four companies saw a cluster of five or more funds conducting research. Greenlink Technology and Qiaofeng Intelligent each received collective research from nine funds. In terms of sector distribution, there were five main-board companies on the Shenzhen Stock Exchange, nine on the ChiNext board, and one on the STAR Market. Companies with a total market capitalization exceeding 100 billion yuan include Victory Giant Technology and Salt Lake Industry. Six companies, including Jiaman Apparel, Tianhao Energy, and Dataway, have a market cap below 10 billion yuan. Over the past five trading days, only Jiaman Apparel and Wasu Media saw their share prices rise, with gains of 4.26 percent and 1.72 percent respectively. As many as 13 stocks declined, with Victory Giant Technology, Salt Lake Industry, and Guoneng Rixin leading the losses. In terms of capital flows, Fenglone Stock led with a net inflow of 429 million yuan in main funds over the past five days, while Suntak Technology and Qiaofeng Intelligent recorded net inflows of 252 million yuan and 200 million yuan respectively. On the earnings front, only Salt Lake Industry released its first-half performance forecast, projecting a median net profit of 6.15 billion yuan, a year-on-year increase of 137.17 percent.

Chemical ETF Penghua saw net subscriptions of 393 million units today, with funds buying into the chemical sector on dips. Institutions point out that the refining and polyester segments saw significant improvement in profitability in the second quarter. Semi-annual earnings forecasts from companies such as Eastern Shenghong, Huafon Chemical, and Qinghai Salt Lake Industry show substantial year-on-year net profit growth. Shengquan Group plans to raise prices of PPO and other series products by 15% to 20% starting July 13. In the short term, as geopolitical conflicts ease and the peak season arrives, chemical product spreads are expected to continue recovering. In the medium to long term, against the backdrop of supply-side policy constraints, the industry's valuation center is expected to continue shifting upward. As of the close on July 6, constituents of the CSI Subdivided Chemical Industry Theme Index were mixed, with Eastern Shenghong leading gains at 10.04%. Chemical ETF Penghua last traded at 0.86 yuan.