Tibet Mining (000762.SZ) In-Depth Research Report

Based on the collected data, I have prepared this in-depth analysis report on Tibet Mining.

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Tibet Mining Development Co., Ltd. is an important enterprise in China’s lithium extraction from salt lake field. Its core asset is the Tibet Zhabuye Salt Lake, which is one of the world’s three super-large salt lakes with a scale of millions of tons. The salt lake brine has excellent quality, with lithium resources reaching millions of tons, showing significant resource endowment advantages.

is the company’s most important strategic project currently, with details as follows:

Project Indicator	Design Parameter
Lithium Carbonate Capacity	12,000 tons/year
Potassium Chloride Capacity	156,000 tons/year
Rubidium-Cesium Mixed Salt Capacity	200 tons/year
Production Process	World’s first membrane separation + MVR process
Comprehensive Lithium Extraction Cost	RMB 35,000-40,000 per ton
Current Status	Ramp-up phase

The Phase II project adopts internationally leading lithium extraction from salt lake technology. Compared with traditional lithium extraction routes from spodumene and lepidolite (with costs generally above RMB 60,000-100,000 per ton), it has obvious cost advantages. However, the project is still in the production capacity ramp-up phase and has not yet achieved full production. [1][2]

The lithium carbonate market experienced severe fluctuations in 2025:

• June 2025
  : The price of the main futures contract once fell below the RMB 60,000 per ton mark
• December 30, 2025
  : The price of battery-grade lithium carbonate rose to RMB 114,000-122,000 per ton, with an average price of RMB 118,000 per ton
• Increase
  : The price more than doubled within half a year

According to Huatai Securities’ estimates, the oversupply situation of lithium carbonate improved significantly in 2025:

• Full year 2024: Cumulative surplus of 50,200 tons
• Q2 2025: Surplus narrowed to 7,955 tons
• Q3 2025: Turned to a shortage of 15,200 tons
• Q4 2025: Shortage expanded to 20,000 tons
• Full year total: A gap of approximately 21,000 tons

Industry chain inventory is at a low level. As of the end of November 2025, the sample social inventory of lithium carbonate was 116,000 tons, with inventory days of only 26 days (less than one month), a decrease of nearly 50% from the peak. [1][3]

Despite the industry cycle reversal and sharp price increases, Tibet Mining’s performance has seriously deviated from the industry trend:

:

Company	Revenue (100 million RMB)	YoY	Net Profit (100 million RMB)	YoY
Tibet Mining	2.03	-65.45%	-0.07	-104.74%
Tianqi Lithium	-	-	1.80	+103%
Ganfeng Lithium	-	-	0.26	+104%

:

Indicator	2022	2023	2024	First Three Quarters of 2025
Operating Revenue (100 million RMB)	22.09	8.06	6.22	2.03
Net Profit Attributable to Parent Company (100 million RMB)	7.95	1.64	1.12	-0.07

This phenomenon is extremely abnormal: During the industry’s performance trough (2022-2024), Tibet Mining could still maintain profits; but when peers turned from losses to profits and enjoyed the dividends of sharp price increases in 2025, the company instead suffered large losses. [3]

Although the Zhabuye Phase II project has been put into production, it is in the ramp-up phase, and the progress of production capacity release is slower than expected. The company failed to fully benefit from the doubling of lithium carbonate prices in the second half of 2025; production growth did not match the price increase cycle.

• High Lithium Extraction Cost
  : Tibet Mining’s comprehensive cost is about RMB35,000-40,000 per ton. Although it is better than spodumene and lepidolite routes, it is higher than Salt Lake Co.'s (about RMB30,000 per ton)
• Asset Impairment Loss
  : Baiyin Zhabuye has been losing money for a long time; its loss expanded to RMB12.2147 million in 2024, and asset impairment pressure continues
• Historical Burden
  : Lithium concentrate processing business has shrunk; the listing and transfer of Baiyin Zhabuye faces many difficulties

Compared with industry leaders, Tibet Mining has obvious gaps in production capacity scale, business structure, and technical barriers:

Comparison Dimension	Tibet Mining	Salt Lake Co.	Tianqi Lithium	Ganfeng Lithium
Lithium Salt Capacity	12k tons/year	80k tons/year	60k tons/year	116k tons/year
Comprehensive Cost	RMB35k-40k/ton	RMB30k/ton	RMB50.9k/ton	Over RMB60k/ton
Asset-Liability Ratio	Low	13.79%	31.44%	58.55%
Lithium Business Gross Margin	Low	50.68%	Low	Low

Unlike Salt Lake Co.'s “potash fertilizer + lithium industry” dual-drive model (potash fertilizer accounts for nearly 80% of revenue with a gross margin of over 50%), Tibet Mining’s business is highly concentrated in the lithium industry, lacking stable cash flow sources and having weak anti-cycle capabilities. [1][3]

In the lithium extraction from salt lake field, Tibet Mining faces fierce competition from Salt Lake Co. and Zangge Mining:

:

• Relying on the Qarhan Salt Lake, using adsorption + membrane separation technology
• Cash cost is only RMB20k per ton, comprehensive cost about RMB30k per ton
• In 2024, the gross margin of lithium product business reached 50.68%, the highest in the industry
• Asset-liability ratio is only13.79%, financial condition is healthy
• 40k tons of new capacity was put into production in September2025, total capacity reached 80k tons/year

:

• Small production capacity scale (12k tons/year)
• Unobvious cost advantage (RMB35k-40k per ton)
• Slow production release during the capacity ramp-up phase
• One-time loss from asset disposal

In the current industry upward cycle, enterprises that expand and put into production first can better enjoy the dividends of both volume and price increases. However, the ramp-up progress of Tibet Mining’s Phase II project lags behind competitors. [1][2]

:

Zhabuye Salt Lake has excellent resource endowment:

• Extremely low magnesium-lithium ratio (about1.5:1), far better than Qarhan Salt Lake (about90:1)
• Can directly extract lithium without complex separation processes
• Salt lake brine can be directly evaporated in solar ponds, with low energy costs

:

The company uses the world’s first membrane separation + MVR process, achieving a breakthrough in lithium extraction from salt lake technology. However, this process is still in the optimization and improvement phase; the ramp-up period is longer than expected, and there is still room for reduction in unit production costs. [2]

###5. Valuation and Stock Price Performance

:

Time Period	Change
Past 1 Month	+2.46%
Past3 Months	+2.22%
Past6 Months	+30.18%
Past1 Year	+31.48%
Past3 Years	-34.21%

:

Indicator	Value	Evaluation
P/E Ratio (TTM)	Loss	-
P/B Ratio	4.65x	High
ROE	-1.61%	Negative Return
Net Profit Margin	-20.05%	Loss
Current Ratio	2.04	Good Liquidity

Although the stock price has risen by more than30% in the past6 months, the company continues to lose money, and the dynamic P/E ratio is still negative, resulting in high valuation pressure. [4]

###6. Investment Value and Risk Assessment

1. Production Capacity Ramp-Up Progress
   : Phase II project capacity is gradually released; production growth is expected to drive revenue improvement
2. High Lithium Price Operation
   : The tight balance between supply and demand supports lithium carbonate prices; it is expected to remain in the range of RMB80k-120k per ton in2026
3. Resource Value Reassessment
   : Zhabuye Salt Lake has excellent resource endowment and long-term strategic value
4. Sufficient Liquidity
   : Current ratio of 2.04, small short-term debt repayment pressure

1. Production Capacity Release Below Expectations
   : Extended ramp-up period may lead to missing the industry boom cycle
2. Lithium Price Correction Risk
   : If the supply-demand pattern improves, prices may fall, affecting profits
3. Cost Control Pressure
   : Unobvious cost advantage compared to Salt Lake Co.
4. Intensified Peer Competition
   : Competitors like Salt Lake Co. and Zangge Mining are expanding rapidly
5. Asset Impairment Risk
   : Uncertainty in the disposal of Baiyin Zhabuye may bring one-time losses
6. Single Business Structure
   : Lack of stable cash flow support like Salt Lake Co.'s potash fertilizer business

###7. Conclusion and Outlook

:

Tibet Mining is facing an operational dilemma of “doubled prices but sustained losses”, and the root causes are:

1. Delayed Production Capacity Ramp-Up
   : Phase II project is still in the ramp-up phase, slow production release
2. Insufficient Cost Advantage
   : Comprehensive cost of RMB35k-40k per ton is higher than Salt Lake Co.
3. Obvious Scale Disadvantage
   :12k tons/year capacity is far behind leading enterprises
4. Heavy Asset Burden
   : Losses and asset impairment of Baiyin Zhabuye affect performance

:

The Zhabuye Salt Lake Phase II project has the potential to improve the company’s fundamentals, but it is difficult to completely reverse the operational dilemma in the short term:

• Short-term (2026)
  : With production capacity ramp-up progress and high lithium price operation, it is expected to reduce losses or achieve small profits
• Mid-term (2027-2028)
  : If capacity reaches full production and costs are optimized, it is expected to return to the 2022 profit level
• Long-term
  : Resource endowment advantages and technological progress will provide a foundation for the company’s development

:

Currently, Tibet Mining is on the left side of fundamentals, with both risks and opportunities:

• Risk-seeking Investors
  : Can lay out positions at low prices to capture flexible returns from capacity release and lithium price increases
• Risk-averse Investors
  : It is recommended to wait and see until the capacity ramp-up is completed and the performance inflection point is confirmed before entering

:

1. Monthly lithium carbonate production data
2. Phase II project capacity utilization rate
3. Changes in unit production costs
4. Lithium price trends and inventory changes
5. Progress of asset disposal of Baiyin Zhabuye

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[1] Caifuhao - “Doubled! Is the Super Lithium Cycle Coming Again?” (https://caifuhao.eastmoney.com/news/20251225095308462325440)

[2] OFweek Energy Storage Network - “Doubled! Is the Super Lithium Cycle Coming Again?” (https://chuneng.ofweek.com/news/2025-12/ART-180225-8420-30677329.html)

[3] NetEase - “Lithium Carbonate Prices Doubled, Why Can’t This Mining ‘National Team’ Even Get a Share?” (https://www.163.com/dy/article/KIC6DAJT0519AB9N.html)

[4] Jinling AI Financial Database - Company financial data and market data