Qinghai Salt Lake Industry (000792) Q3 2026 earnings summary

Executive summary

• 9M revenue was RMB 18.985bn, up 58.37% YoY; net income attributable to shareholders was RMB 8.940bn, up 90.09% YoY.

• Adjusted net income, excluding non-recurring gains and losses, was RMB 8.774bn, up 88.37% YoY.

• Q3 revenue rose 25.39% YoY to RMB 5.933bn, while attributable net income rose 31.36% to RMB 2.772bn.

Financial highlights

• 9M operating cash flow was RMB 9.839bn, up 7.59% YoY; Q3 basic EPS was RMB 0.5238, up 31.38% YoY.

• 9M tax and surcharges increased 61.58% YoY to RMB 1.194bn, reflecting higher revenue; R&D expense rose 30.97% to RMB 104.7m.

• Financial expense was a net gain of RMB 236.8m, versus RMB 173.2m a year earlier, mainly due to higher interest income.

Segment performance

• Potash fertilizer 9M revenue was RMB 8.409bn, up 10.49% YoY; total profit was RMB 4.993bn, up 11.08%, on production of 3.0853m tonnes.

• Lithium salts 9M revenue was RMB 8.881bn, up 362.79% YoY; total profit was RMB 7.043bn, up 658.13%.

• Lithium carbonate production reached 79,600 tonnes, up 151.69% YoY; average gross margin was ~86%, and the 40,000-tonne integrated project reached designed capacity and standards.