【Shenwan Chemical】Gao Zheng Minbao Brief Comment: Controlling shareholder to change to Tibet Geological and Mineral Group, mining + civil explosives dual main business opens growth space

English summary

# Tibet Geological and Mineral Group plans to obtain 34% equity of Gaozheng through free transfer, changing the company's controlling shareholder. The original controlling shareholder, Zangjian Group, will reduce its stake to 23.38%. The actual controller remains unchanged after the transfer, still the Tibet State-owned Assets Supervision and Administration Commission. After the transfer, Gaozheng plans to rename to "Tibet Geological and Mineral Development Co., Ltd." and adjust its main business to two major segments: mining investment and development, and civil explosives production, sales, and services. It may also initiate related asset injections. # Tibet Geological and Mineral Group is the only mining platform under the Tibet SASAC, mainly involving copper and gold mines. In December 2025, to implement the reform of Tibet's geological exploration system, Shengyuan Mining was renamed Tibet Geological and Mineral Group, holding nearly 100 mining rights, with registered capital of 8.7 billion yuan, assets of 13.4 billion yuan in 2025, and total profit of 940 million yuan (YoY +54%); ...