Xu Gang, chairman of Jinyuan Co., Ltd.: 捌 Thousands of Wrong Salt Lake, "two -time flying" at 4958 meters above sea level

21st Century Economic Herald reporters Dong Peng and Zhu Yiyi, intern Li Chunyong Chengdu, Hangzhou, Shanghai Report

Xu Gang, chairman of Jinyuan Co., Ltd., is a storytelling person. He was the vice chairman and CEO of Geely Group, chairman of the 100th Group, CEO of Silicon Valley Paradise, and president of Suning Global ...

In October 2021, he retired from the location of the vice chairman of the Gu family group. He had planned to go home to play with his grandson. He did not want to be referred by his friends. Jin Yuan is the chairman of the company, while Zhao Hui continues to be the general manager.

Earlier, he didn't even know anything about Jinyuan's shares. As a result, after several frank communication, he felt that the new energy material of the company's transformation was a gold track.

At this time, Jinyuan Co., Ltd. has established a "two -time flying" strategy and began to buy salt lake assets. Xu Gang is responsible for refining new strategic positioning, strategic measures and specific planning, steps and target tasks to form the company's transformation program document document Essence

However, in the first half of the year, affected by the changes in the industry's prosperity and the cement assets of stable profit, the revenue of Jinyuan shares decreased by 39.25%, and net profit decreased by 87.88%year -on -year.

It is worth mentioning that Jinyuan Co., Ltd. has made rapid progress in the lithium lithium raising business of salt lake. From acquisitions to out -of -product products, less than a year of full calculation, the company's 2,000 tons of salt lakes of the company is opened across the board. The acquisition also made a breakthrough from 0 to 1, and its operating efficiency made the industry look at it.

However, transformation must be accompanied by risks. How to implement the secondary flight strategy of Jinyuan Co., Ltd., what is the specific ideas and strategies of promoting the transformation, how to ensure the rapid advancement of the plan, and improve the management capabilities of listed companies?

A lot of questions, the 21st Century Business Herald reporter recently conducted an exclusive interview with Xu Gang.

Why transform?

Golden Yuan Group started with the cement business. The founder Zhao Yisheng "went up the mountain to cut firewood, pulled lime with a single wheel car", and Zhao Hui, chairman of Jinyuan Co., Ltd., was a well -known "father -son soldier" in the domestic cement industry.

In 2014, Jinyuan Co., Ltd. was listed through backdoor Jilin Guanghua Holdings; in 2016, the company fully launched environmental protection transformation through the release of non -public issuance plans, and was renamed "Golden Round Environmental Protection Co., Ltd." in 2018.

The income end is successful to environmental protection. The profit end and environmental protection business are not a good business.

From 2017 to 2020, the highest level of gross profit margin of Jinyuan's environmental protection business was only 7.48%, and the minimum gross profit margin of the building materials business during the same period was 30.51%.

For the building materials business, Xu Gang described it as "making money, not worthy of money."

Making money means that once cement companies have limestone ore and cement kiln, they are affected by the characteristics of the supply radius and consumption radius, "basically standing in the local area can achieve stable profitability."

Not worth it refers to in the capital market. The cement industry is a typical cyclical industry, and it is also a dependent industry. Its prosperity is highly related to real estate and infrastructure, and it is difficult to give higher valuations in the secondary market.

At the same time, the industry pattern has been roughly fixed. Even if it is an external acquisition of regional enterprises in the top enterprise, the latter will not be sold if it is not particularly difficult.

"This is not valuable in the capital market. The capital market is growing in the capital market and the future development space of the cement industry; however, the future of the cement industry is very limited. Xu Gang said.

In the above background, the company has launched a transformation to environmental protection, such as resource disposal of fascinating waste.

Xu Gang introduced, "After coming to the company, I learned that at that time, it was believed that there was a future in the environmental protection field. It acquired a new factory in Jiangxi, and its production capacity was quite large, so the performance indicators in the first two years were still in line with expectations, but the latter was in the back. Environmental protection has been affected by two problems. "

First, the domestic garbage import restrictions and upgrades, such as waste televisions, waste circuit boards, waste crystal pipes, waste mobile phones, etc., Jinyuan shares are decreased. The amount of metals such as silver, copper, and tin decreased.

Second, the inter -provincial transportation of domestic industrial electronic waste has also been greatly restricted, and the approval procedures and procedures are relatively complicated.

"The production capacity of environmental protection business is not as good as the benefits of the environmental protection sector. Then you look at the condition and environmental protection of cement. The company's original two main business growth is There are problems. "Xu Gang concluded.

There is also a separate and passive difference. The company is actively transformed this time. The core logic is to find a better development track that obviously cannot see future growth.

As a result, Jinyuan shares aimed at new energy vehicles and materials.

According to Xu Gang, the company also made a lot of comparisons. In the end, it reached a cooperation with all the parties of the Qianqian Salt Lake, and tentatively entered the salt lake lithium industry in September and October last year.

How to transform?

"I announced the first time I was here," Xu Gang said.

During the interview, he also comprehensively explained the above transformation ideas.

There are three sentences to overview. One is to choose the opportunity to strategically withdrawn from the building materials cement industry, the second is the sustainable development of environmental protection industries, and the third is to focus on the development of new energy materials industries.

The first step has been completed. The listed company's building materials business carrier Qinghai Houfu Cement Company was eventually undertaken by the major shareholder Jinyuan Group. The listed company can return a total of more than 3 billion yuan in funds. The sustainable development of the environmental protection industry refers to the reservation of the business, but basically does not consider further investment.

"There are three things in the environmental protection market. The first is resource -based disposal, the refinement of industrial solid waste, and the second is the regeneration of rare metals. The third piece is called cement kiln collaborative disposal." The first is the upper scale. In the past year, about 40,500 tons and 50,000 to 60,000 tons of disposal. Now we must win 80,000 tons to 100,000 tons per year.

Is it against the current status of the above -mentioned imported solid waste and decreased raw materials?

Xu Gang's answer is, "On the one hand, it is a comprehensive distribution point in various provinces in various provinces, increase the construction of the procurement team, and go to all provinces and cities."

On the other hand, it is to strengthen the development of overseas markets. Pakistan and other countries, so we sent the team to those places, directly to those countries, and even extended to Europe and the United States.

According to him, the company has currently available in the procurement team of Thailand, Malaysia and Vietnam, and the team sent to Pakistan has also set off. Next, it is planned to establish a procurement team in countries such as Turkey and Indonesia.

In contrast, the development of new energy materials is more important, which directly determines the success or failure of the company's transformation. The business will also become the company's main capital expenditure and business expansion direction.

"Internal funds, talents, energy, and future profits, this (new energy) proportion will account for three quarters, or more than four -fifths ..." Xu Gang pointed out.

As for why the golden circle chooses the lithium of salt lake, instead of lithium lithium with lithium lithium, Xu Gang gave the following reasons.

The lithium lithium -ranging head represented by Ganfeng Lithium and Tianqi Lithium has been persisted for so many years, and has strong resource reserves, technology and considerable lithium processing capacity.

"We have neither mineral reserves nor technical advantages, and have no excellent teams, nor have the capacity, so it is impossible to occupy the advantage. Their giant status has formed. On the lithium salt lake, everyone is basically on the same starting line, without particularly prominent leading companies.

At the same time, compared with ore lithium lifting, although the salt lake lithium lifting in the early stage is not easy, once the post -production operation management is relatively simple, the operating cost is relatively low.

How to ensure transformation and progress quickly?

Since the announcement of the acquisition of salt lake assets in September 2021, Jinyuan shares have entered the lithium salt industry for less than a year. Why is the action so fast?

Xu Gang pointed out, "Because we are using the new technology of electrochemical dehydration, this technology is formed by Professor Zhao Zhongwei of Central South University after many years."

There is a consensus in the industry called "one lake and one strategy", which refers to the different location, taste, and natural conditions of different salt lakes, and the lithium lifting technology and development strategies adopted are also different.

"(Electrochemical dehydration technology) is to complete the separation and concentration of lithium in one step, so that the entire construction cycle is shortened, cost decreases, quality improvement, and the installation device can be installed and implemented in parallel. It is particularly suitable for local environmental protection requirements. "Relevant persons of Jinyuan said so during the investigation of the institution.

"Before the acquisition, the opponent of the transaction had made a lot of attempts. The use of electrical chemical device to take the lake water of thousands of salt lakes for experiments. A lot of preparations were made before the test process. Therefore, we are willing to acquire this project. Using his technology, the other party must not only be responsible for production, but also to provide production equipment for installation and commissioning. "Xu Gang introduced.

Of course, this is just some necessary prerequisites and foundations. What is more important is the clear strategic planning of Jinyuan shares, and the extremely prominent execution.

"The strategic planning of the company's hand clarifies the" 135 transparent seeing 'concept, that is, see through the business plan and work requirements for one year, see the three -year work ideas and business paths, see the development direction and direction and the five -year development direction and Business goals. All the actions on the company's transformation are starting from the strategic planning of three sentences. "Xu Gang added.

As far as the company is concerned, the development strategy of the "two -time flying" allows the company to form a joint force from management to grassroots employees and focus on focusing on.

Another example is the acquisition of Argentina Laguna Caro Salt Lake mineral rights, which also shows the advantages of the above execution.

The project is the first lithium mine project controlled by Jinyuan through its Jin Hengwang Company in Argentina. It is 4010 meters above sea level and is one of the best areas in Argentina's lithium concentration and magnesium/lithium ratio. The Laguna Caro Carlo project has good sustainability. According to the primary method of the sampling results, the lithium resource content is 500,000 tons to 1 million tons, which can support the construction of a lithium-salt factory with an annual production capacity of more than 10,000 tons.

From the due diligence in May this year, to July 15th, the brilliant lithium industry established by Jin Yuanwang in Argentina successfully purchased Laguna Caro Salt Lake mineral rights with $ 27 million. After the company's agreement was signed, the company completed all the approval and material preparation work in accordance with the agreement on the one hand, and completed the signing and delivery of mineral transfer deeds at the end of August.

On the other hand, in order to accelerate the application and approval and exploration of the Laguna Caro Carlo project, the company has established a professional team at the beginning of the acquisition. Preparation of various tasks such as exploration.

At present, the company has detailed the exploration work to the "weekly plan", determined the weekly work plan, considers the work weight comprehensive consideration, establishes 8 key nodes in the exploration stage, and strives to quickly promote the completion of the Karo project exploration stage within one year. Work, and simultaneously perform formal mining preparations to accelerate the progress of the project and achieve stable production as soon as possible.

"The efficient execution of Jinyuan will continue to accompany the company's transformation." Xu Gangru said.

It is precisely because of the above -mentioned clear strategic guidance, and very detailed development plans and ultra -high execution power that Jinyuan shares can achieve the above results in just one year.

What should I do if lithium carbonate falls?

Xu Gang still has a deeper consideration to focus on lithium lithium salt lake lithium, not lithium lithium lifting.

"The severe problem facing resource -based enterprises is the cyclical fluctuations in the industry; now the product prices can make money, but once the ebb is ebb? These issues must be considered before investing." Xu Gang said.

Compared with ore lithium lifting, on the one hand, the stored salt lake resource reserves are greater than ore lithium, and on the other hand, after achieving stable operation, the cost advantage of salt lake lithium -lifting is more prominent.

As an example, among the 13 lithium salt industry listed companies produced in China, all of the top three profit margins are salt lake lithium -lifting enterprises, and the gross profit margin in the current period is more than 90%.

The lower the cost, the higher the "safe pad" of the price fluctuations of the product, which has been verified in history.

For example, in 2020, the minimum battery -grade lithium carbonate fell to 40,000 yuan/ton, and the price of lithium concentrates fell simultaneously. Australian mines were densely discontinued and bankrupt. Only a few minimum mines such as Green Bush were produced. The lithium salt production capacity of the lithium industry of the shareholders Fang Tianqi can still achieve profitability.

According to Xu Gang, the current cost of thousands of wrong salt lakes is mainly divided into three parts: direct processing costs, the cost of cost of salt lake acquisition, and resource tax and value -added tax.

"Direct cost is to produce a ton of lithium carbonate, how much water, how much electricity, and the depreciation of the machine, and the salary of the workers. This piece is relatively direct, about 30,000 yuan, no more than 40,000 yuan. The goal is to strive to achieve 25,000 to 30,000 under the state of stable production, "Xu Gang introduced.

The amortization of salt lake acquisition costs is linked to the company's output. "For example, the current valuation of more than 100 billion and 180,000 tons of reserves, based on 10 -year calculations, is equivalent to one million yuan a year of amortization. 10,000 tons, about 10,000 yuan/ton; divided into 5,000 tons, 20,000 yuan/ton. "

Resource tax and value -added tax are floating, calculated according to the product sales price. Assuming that the price of lithium carbonate fell later, the corresponding part of the cost will also be greatly reduced.

"Therefore, we emphasize that the domestic salt lake business is put into production as soon as possible, as much as possible; now there is lithium, there is pure profits. For overseas salt lake business, gradient development conspiracy development and multi -party cooperation to win a win -win situation." Xu Gang Say.

Of course, the price of the product is constantly changing and does not transfer people's will.

Regarding the trend of lithium salt prices in the future, Xu Gang believes that the price of short -term lithium carbonate will remain high, but the major trend of medium and long -term price will go down. "High profits will stimulate the industry to increase development. return."

Even from 2024 to 2025, lithium carbonate returned to 200,000 yuan/ton, or even 100,000 yuan/ton. The lithium salt lake lithium was still favorable for the low cost advantage.

Then, it is necessary to effectively control the risk from the time to obtain resources.

According to the 515 plan in the "Two -Feet Flying Strategy", Jinyuan shares also planned to increase the amount of lithium resources to 1 million tons in 5 years, and the annual output capacity increased to 50,000 tons.

"We have made a comprehensive analysis of more than 70 different lakes in Argentina. Now there are thirty or forty different types of lakes reserved in our hands. We have to negotiate and choose the most suitable in the middle." Xu Gang said.

He also added that he must be bold in strategic, otherwise he can't do anything; it is necessary to be cautious and stable in tactics, and you must not spend hundreds of millions of them easily. After all, we cannot compare with industry giants with wealth and wealth, we must spend money carefully.

When does the salt lake project form an income?

Borrowing Xu Gang's words, "捌 Thousand Wrong Salt Lake is at 4958 meters above sea level, saying that the unpleasant point is the restricted area of ​​life."

On August 26 this year, the company's public account issued a post, which lasted for 127 days. On August 25, 2022, the annual output of 2,000 tons of lithium carbonate product lines in Golden Yuan was opened throughout the line, and the lithium carbonate was successfully produced.

"Now you can produce refined lithium carbonate, and then go down to industrial -grade lithium carbonate; but we are not willing to do it on it, because the above is too high, after all, the conditions are difficult." Xu Gang introduced After becoming a refined lithium carbonate, transport to Chengdu and Golmus, and further purify, "The processing fee is very cheap, add a few thousand dollars to one ton." It is the difference in product purity.

Generally speaking, what can meet the sales standard is industrial -grade lithium carbonate (99.2%), and refined lithium carbonate refers to the purity between 85-90%and needs to be further increased. There are many domestic capacity in China. Below the Rongjie shares of the industry, its lithium salt production capacity is mainly purifying.

Due to the high altitude of Qianqian Salt Lake, Jinyuan currently stipulates that local employees are "dry for 20 days and rest for 10 days", and adopt a rotation system.

When will the lithium carbonate mass production and are expected to contribute actual income and profits?

Xu Gang said, "It has been produced in batches since the entire line of August 25, and is now in the process of climbing. There is a chance to produce in September because there are only a few tons of products in August."

According to the conservative estimate of the above timetable, it is expected that starting in the fourth quarter, Jinyuan shares can realize the actual sales of lithium salt products, and it is expected to be transformed into the revenue and net profit at the report level.

Earlier, the company has also publicly stated that this year ensure the output of 1,500 tons of lithium carbonate and strive for a 2,000 -ton output target.

The number is not large, but because the unit price of lithium salt is high enough, the latest market price has approached 500,000 yuan/ton again.

Even if the actual sales price of the relevant listing price is only 80%of the current market price, if the sales volume reaches 2,000 tons in the year, it can also achieve an income of 800 million yuan.

At the same time, considering the cost of Xu Gang, the profit realized by the lithium salt business in the fourth quarter of this year was enough to cover the profit scale of the cement assets that were previously peeled.

"What we can do is to find a way to grab time and get the income of this rising cycle first." Xu Gang said.

It should also be pointed out that the above 2,000 tons of capacity is only a "test capacity", which is mainly used to test the company's production technology and technology. The large -scale production capacity release will be next year.

"The 2,000 -ton workshop has been opened, and the other two 4,000 tons, a total of 8,000 tons of projects have been launched." Xu Gang said.

The company recently said that the company also stated that the company will work hard to overcome the impact of the epidemic and strive to build the remaining 8,000 tons of lithium carbonate production lines as planned. Despite the influence of multiple epidemic prevention measures in China and ore, in the case of a slight delay in the project construction, the company still produces a production plan that produced 1500-2000 tons of lithium carbonate this year. Lithium products.

From the advancement of a series of plans, you can see the courage and determination of Jinyuan's transformation. However, as far as listed companies are concerned, no matter how perfect the tracks choose the track, how perfect the logical closed loop is, and how to prominent the advantages, it is still necessary to speak in actual performance.

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