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Chinese producer of potash fertilizer and lithium carbonate extracted from Qinghai's salt-lake brine.
Chinese producer of potash fertilizer and lithium carbonate extracted from Qinghai's salt-lake brine.
Pumps brine from Qinghai's salt lake into evaporation ponds, where potash crystallises first, and lithium is extracted from the same brine afterwards. It is China's largest potash producer, and lithium carbonate has swung with battery demand. Chinese state-owned groups control it.
In one line: China's Albemarle/Intrepid Potash hybrid.
Moat: narrow (scale, installed base). Controls one of China's largest salt-lake brine resources, a low-cost lithium/potash source.
Headquarters: Golmud, China · Founded: 1958 · Employees: 5,864
Size Qinghai Salt Lake Industry (000792.SZ) is a China Materials company (Chemicals: Agricultural) with a market value of $17.8B, the 129th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.15 on 6 Nov 2026.
Performance Over six months the shares fell 41.1%, against -8.0% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 9 in its peer set.
Growth Revenue grew 48.0% over the last twelve months (peer median +9.1%); the operating margin is 56.9% (peer median 13.2%).
Valuation It trades at 9.9× forward earnings against a peer median of 13.2× (3rd cheapest of 8).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 26.6 points above its cost of capital (10.6% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥23.4B | CN¥15.4B | CN¥15.0B | CN¥21.4B | CN¥30.4B |
| Revenue growth | — | +3% | -30% | -30% | — |
| Gross profit | CN¥16.9B | CN¥8.58B | CN¥7.57B | CN¥11.8B | CN¥23.8B |
| EBITDA | n/a | CN¥7.79B | CN¥6.16B | CN¥10.7B | CN¥22.2B |
| Net income | CN¥12.9B | CN¥8.48B | CN¥4.66B | CN¥7.91B | CN¥15.6B |
| Free cash flow | CN¥10.1B | CN¥8.60B | CN¥6.57B | CN¥11.1B | CN¥16.8B |
| Capital expenditure | CN¥1.40B | CN¥1.64B | CN¥1.22B | CN¥943M | CN¥702M |
| Total debt | CN¥1.60B | CN¥1.12B | CN¥371M | CN¥6.62B | CN¥7.50B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Qinghai Salt Lake Industry 000792.SZ | $17.8B | -41% | +48% | 57% | 9.9× | -2.7% |
| Tianqi Lithium 002466.SZ | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% |
| Ganfeng Lithium 002460.SZ | $9.71B | -57% | +128% | 18% | 11.5× | 4.4% |
| Nutrien NTR.TO | $34.3B | +8% | +8% | 14% | 13.2× | 4.1% |
| Mosaic Company (The) MOS | $7.11B | +2% | 0% | 3% | 26.2× | n/a |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% |
| Albemarle ALB | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000792.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.4% | +0.7% | 4th lowest of 9 |
| 6-month return | -41.1% | -8.0% | lowest of 9 |
| Distance from 52-week high | -44.4% | -29.5% | lowest of 9 |
| Revenue growth (TTM) | +48.0% | +9.1% | highest of 9 |
| Operating margin | 56.9% | 13.2% | highest of 9 |
| Forward P/E | 9.9× | 13.2× | 3rd cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | -2.7% | 3.5% | 3rd least demanding of 6 |
| Growth delivered (Del g) | +2.0% | +7.2% | lowest of 6 |
| Hurdle (Req g minus delivered) | -4.7 pp | -3.8 pp | 3rd least demanding of 6 |
| ROIC minus cost of capital | +26.6 pp | -1.4 pp | highest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Qinghai Salt Lake Industry 000792.SZ | China | $17.8B | -41% | +48% | 57% | 9.9× | -2.7% | +2.0% |
| CF Industries CF | United States | $18.1B | +4% | +20% | 41% | 9.8× | -11.8% | +11.4% |
| Yara International YAR.OL | Norway | $11.0B | -26% | +2% | 13% | 8.2× | -6.9% | +8.3% |
| Nutrien NTR.TO | Canada | $34.3B | +8% | +8% | 14% | 13.2× | 4.1% | +6.0% |
| Mosaic Company (The) MOS | United States | $7.11B | +2% | 0% | 3% | 26.2× | n/a | n/a |
| ICL ICL | United States | $6.04B | -27% | +11% | 11% | 11.5× | 3.5% | +7.2% |
| Fertilizers & Chemicals Travancore FACT.NS | India | $5.14B | -18% | +32% | 0% | n/a | n/a | n/a |
| UPL UPL.NS | India | $4.78B | -18% | +10% | 14% | 14.8× | 10.9% | +6.0% |
| Dyno Nobel DNL.AX | Australia | $4.64B | +6% | -17% | 15% | 21.1× | n/a | n/a |