北京市嘉源律师事务所 关于中国稀土集团资源科技股份有限公司 2025 年第四次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中国稀土集团资源科技股份有限公司 北京市嘉源律师事务所 关于中国稀土集团资源科技股份有限公司 2025 年第四次临时股东会的法律意见书 嘉源(2025)-04-945 北京市嘉源律师事务所（以下简称"本所"）接受中国稀土集团资源科技股 份有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以下 简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等现行有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"） 以及《中国稀土集团资源科技股份有限公司公司章程》（以下简称"《公司章程》"） 的有关规定，指派本所律师对公司 2025 年第四次临时股东会（以下简称"本次 股东会"）进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师见证了本次股东会，查阅了公 ...

Core Viewpoint - The Chinese rare earth market has shown a positive trend with a 1.33% increase in prices, reaching a transaction volume of 998 million yuan and a total market capitalization of 48.551 billion yuan [1] Company Overview - The company primarily engages in the production and operation of rare earth oxides and provides technology research and consulting services [2][8] - The main products include high-purity rare earth oxides, with over 80% of products having a purity greater than 99.99%, and some reaching 99.9999% [2] - The company is controlled by the State-owned Assets Supervision and Administration Commission of the State Council, categorizing it as a state-owned enterprise [3][4] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, up 194.67% year-on-year [8] - Cumulative cash dividends since the company's A-share listing amount to 346 million yuan, with 124 million yuan distributed over the past three years [9] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in shareholding [10] - The number of shareholders has increased to 237,900, with an average of 4,460 circulating shares per person [8]

Summary of China Rare Earth Resources and Technology (000831.SZ) Conference Call Company Overview - **Company Name**: China Rare Earth Resources & Technology Co., Ltd. (CRE) - **Ticker**: 000831.SZ - **Market Cap**: Rmb47,914 million (US$6,804 million) [4][9] Key Points Industry and Market Context - **Sector**: Rare Earth Materials, including mining, separation, production, and trade of rare-earth oxides and metals [14] - **Investment Thesis**: The recent correction in share prices is viewed as a healthy valuation reset, presenting a strategic buying opportunity rather than a fundamental deterioration in the sector [1][15] Financial Performance and Valuation - **Current Valuation**: Stock trades at 69.7x 2026E P/E and 8.5x 2026E P/B, slightly above the historical average of 7.3x P/B since 2013 [2] - **Target Price**: Rmb61.6 per share, implying a potential upside of 36.4% from the current price of Rmb45.15 [4][9] - **Earnings Summary**: - 2023A: Net Profit of Rmb418 million, Diluted EPS of Rmb0.423, P/E of 106.8 [6] - 2024A: Expected Net Profit of -Rmb140 million, EPS of -Rmb0.132 [6] - 2025E: Expected Net Profit of Rmb336 million, EPS of Rmb0.317 [6] - 2026E: Expected Net Profit of Rmb667 million, EPS of Rmb0.629 [6] Regulatory Developments - **Export License Approvals**: As of December 18, some Chinese exporters have met the requirements for applying for general export licenses, improving visibility and operational efficiency in export administration [3] Risks and Challenges - **Demand Growth**: Slower-than-expected growth in downstream applications, particularly in new energy vehicles (NEVs) and wind power [17] - **Global Supply Chain**: Increased mining or processing capacity outside of China could erode market share [17] - **Trade Barriers**: Potential tariffs and trade barriers from the US and other economies [17] - **Price Volatility**: Fluctuations in rare earth prices due to cyclical market conditions [17] - **Policy Changes**: Adjustments in Chinese policies affecting supply and profitability [17] Strategic Positioning - **Core Business**: Focus on mining and primary separation with limited downstream processing [15] - **Importance**: CRE is a central state-owned enterprise (SOE) controlling medium-to-heavy rare earth resources, crucial for high-tech and defense sectors [15] Conclusion - The investment outlook for China Rare Earth Resources and Technology is positive, supported by recent valuation corrections and regulatory clarity, despite existing risks related to demand, global competition, and policy changes. The target price reflects a favorable risk-reward scenario for investors [1][15][16]

（文章来源：证券日报） 证券日报网讯 12月19日，中国稀土在互动平台回答投资者提问时表示，截至2025年11月20日收盘，公 司股东总户数为250393户。 ...

证券日报网讯12月19日，中国稀土（000831）在互动平台回答投资者提问时表示，截至2025年11月28日 收盘，公司股东总户数为237878户。 ...

证券日报网讯12月19日，中国稀土（000831）在互动平台回答投资者提问时表示，公司一直高度重视投 资者关系。近年来，公司在年度报告披露后均及时召开业绩说明会，已实现业绩说明会常态化；同时， 根据实际情况，召开半年度和季度业绩说明会。后续，公司如有召开业绩说明会，将及时履行信息披露 义务。 ...

Core Viewpoint - As of December 10, 2025, the total number of shareholders for China Rare Earth (000831) is reported to be 237,903 [1] Company Summary - China Rare Earth has provided an update on its shareholder count, indicating a significant engagement with investors [1]

证券日报网讯12月19日，中国稀土（000831）在互动平台回答投资者提问时表示，稀土产品价格受市场 环境、政策变化、行业供需周期等因素影响，一直处于波动状态。 ...

Core Insights - The article discusses the strategic importance of China's dominance in the rare earth industry, highlighting that the U.S. relies on Chinese imports despite having its own rare earth resources due to a lack of processing capabilities [1][3][11] Group 1: U.S. Dependence on Chinese Rare Earths - The U.S. has 1.9 million tons of rare earth reserves, accounting for 2% of global reserves, theoretically sufficient for self-sufficiency [3] - The actual dependence stems from the inability to efficiently convert rare earth resources into usable products, necessitating imports from China [4][9] Group 2: China's Competitive Advantages - China holds 80% of the world's known rare earth reserves and has a significant strategic advantage akin to that of Middle Eastern oil [3] - The country leads in extraction and refining technology, being the only nation capable of stable mass production of 6N-grade heavy rare earths, while others struggle with 4N-grade [6][8] - The cost of extracting one ton of rare earth in China is $8,000, compared to $28,000 in the U.S., making China's position more favorable [6][8] Group 3: Challenges for Other Countries - Other nations, including the U.S. and Japan, face significant hurdles in establishing independent rare earth production lines, often requiring imports of equipment and expertise from China [9][11] - Japan's attempts to develop deep-sea rare earth mining have stalled, illustrating the difficulties faced even by technologically advanced countries [9][11] Group 4: Strategic Implications - China's comprehensive control over the rare earth supply chain, including over 90% of processing tasks, creates a barrier for other countries to replace its role in the market [8][11] - The reliance on Chinese rare earths extends beyond the U.S. and Japan, affecting multiple countries globally and solidifying China's irreplaceable position in the strategic resource landscape [11]

Core Viewpoint - China's rare earth sector experienced a price increase of 2.99%, with a trading volume of 1.384 billion yuan and a turnover rate of 2.90%, leading to a total market capitalization of 47.914 billion yuan [1] Company Overview - The company primarily engages in the production and operation of rare earth oxides and provides rare earth technology research and consulting services [2][8] - The main products include high-purity single rare earth oxides and rare earth co-precipitation products, with over 80% of products having a purity greater than 99.99%, and some rare earth oxides reaching purities of 99.9999% [2] - The company is controlled by the State-owned Assets Supervision and Administration Commission of the State Council, categorizing it as a state-owned enterprise [3][4] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, marking a significant increase of 194.67% [8] - The company has distributed a total of 346 million yuan in dividends since its A-share listing, with 124 million yuan distributed over the past three years [9] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder with 29.0694 million shares, an increase of 9.4669 million shares from the previous period [10] - New shareholders include the Jiashi Zhongzheng Rare Earth Industry ETF and the Southern Zhongzheng Shenwan Nonferrous Metals ETF, indicating growing institutional interest [10] Market Dynamics - The stock is categorized under the non-ferrous metals sector, specifically within the small metals and rare earths sub-sector, and is associated with concepts such as state-owned enterprise reform and rare earth permanent magnets [8]