证券代码：000831 证券简称：中国稀土 公告编号：2025-055 会议召开时间：2025 年 9 月 9 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 出席本次业绩说明会的人员有：董事长郭良金先生、独立董事章卫东先生、 财务总监赵学超先生、董事会秘书黄呈橙先生、证券事务代表廖江萍女士、证 券事务代表李梦祺女士（如遇特殊情况，参会人员可能进行调整）。 三、投资者参加方式 中国稀土集团资源科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 中国稀土集团资源科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日在《证券时报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn） 披露了《2025 年半年度报告》及《2025 年半年度报告摘要》。为便于广大投资 者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 9 月 9 日（星期二）15:00-1 ...

Market Overview - On September 5, the small metals sector rose by 3.22% compared to the previous trading day, with Dongfang Tantalum leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Dongfang Silver Industry (000962) closed at 22.55, up 10.00% with a trading volume of 267,200 shares and a transaction value of 581 million [1] - Zhongkuang Resources (002738) closed at 42.56, up 7.58% with a trading volume of 454,700 shares and a transaction value of 1.895 billion [1] - Shenghe Resources (600392) closed at 22.90, up 5.58% with a trading volume of 1,306,200 shares and a transaction value of 2.936 billion [1] - Other notable performers include Dongfang Cuo Industry (002167) up 5.00%, Jintian Titanium Industry (688750) up 4.68%, and Tin Industry Co. (000960) up 3.88% [1] Capital Flow Analysis - The small metals sector experienced a net outflow of 161 million from institutional investors and 101 million from speculative funds, while retail investors saw a net inflow of 262 million [1] - Shenghe Resources (600392) had a net inflow of 1.16 billion from institutional investors, while it faced a net outflow of 1.44 billion from speculative funds [2] - Xiamen Tungsten (600549) reported a net inflow of 88.79 million from institutional investors but a net outflow of 10.35 million from speculative funds [2] - Dongfang Cuo Industry (002167) had a net inflow of 67.50 million from institutional investors, with a net outflow of 47.39 million from speculative funds [2]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][18]. Core Views - The company has shown significant revenue recovery with a 62.38% year-on-year increase in revenue for the first half of 2025, reaching 1.875 billion yuan, primarily due to the recovery in rare earth prices and adjustments in marketing strategies [1]. - The company is expected to benefit from ongoing price recovery in rare earth products, with notable increases in prices observed in the third quarter of 2025, particularly for praseodymium and neodymium oxide, which have exceeded 600,000 yuan per ton [2]. - The company possesses significant resource advantages, being the only holder of an ion-type rare earth mining license in Hunan province, which supports its mining and metallurgy operations [3]. - The company's profitability is showing signs of recovery, with gross profit reaching 251 million yuan in the first half of 2025, and a gross margin of 13.37% [4]. Summary by Sections Performance - In the first half of 2025, the company achieved a revenue of 1.875 billion yuan, a 62.38% increase year-on-year, driven by price recovery and sales growth [1]. - The net profit attributable to shareholders for the first half of 2025 was 162 million yuan, with a significant contribution from both volume and price increases [1]. Capacity and Price Trends - The company has been ramping up production capacity, with key facilities having a combined capacity of 9,400 tons [2]. - The average price for light rare earth oxide praseodymium and neodymium in the first half of 2025 was 430,800 yuan per ton, reflecting a 12.68% increase year-on-year [2]. Resource and Operational Synergies - The company has a unique position in the market with its exclusive mining rights and has completed necessary environmental assessments for its mining operations [3]. - Revenue from rare earth oxides and metals accounted for 63.51% and 35.95% of total revenue, respectively, showing substantial year-on-year growth [3]. Profitability and Financial Outlook - The gross margin is expected to improve as rare earth prices continue to rise, with a gross margin of 15.65% reported for the second quarter of 2025 [4]. - The company is projected to achieve net profits of 410 million yuan, 634 million yuan, and 904 million yuan for the years 2025, 2026, and 2027, respectively, indicating a positive growth trajectory [4].

Group 1: Liquidity and Performance of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 6.52%, with a transaction volume of 144 million yuan [2] - Over the past week, the average daily transaction volume of the rare metal ETF reached 228 million yuan, ranking first among comparable funds [2] - The rare metal ETF's scale increased by 68.32 million yuan in the past week, achieving significant growth and ranking first among comparable funds [2] - The latest share count of the rare metal ETF reached 2.992 billion shares, a new high since its inception, also ranking first among comparable funds [2] - In the last five days, the rare metal ETF experienced continuous net inflows, with a maximum single-day net inflow of 116 million yuan, totaling 333 million yuan [2] - As of September 4, 2025, the net value of the rare metal ETF increased by 77.68% over the past year, ranking 433 out of 3004 in the index stock fund category, placing it in the top 14.41% [2] - The highest monthly return since inception for the rare metal ETF was 24.02%, with the longest consecutive monthly increase being four months and a maximum increase of 58.56% [2] - The average return during the rising months was 8.77%, and the annualized excess return over the benchmark for the past three months was 9.14% [2] Group 2: Market Trends and Company Performance - The rare metal sector is experiencing multiple favorable factors, with rising rare earth prices improving the profitability of related companies [3] - Shenghe Resources reported significant year-on-year growth in rare earth and rare metal production and sales for the first half of 2025, driven by changes in market supply and demand dynamics [3] - The gross profit margin for Shenghe Resources reached 8.42% in H1 2025, an increase of 6.95 percentage points year-on-year, with Q2 2025 gross profit margin at 8.84%, up 5.82 percentage points year-on-year [3] - The company is strengthening its rare earth industry chain layout through a diversified raw material supply assurance system, indicating potential for continued performance improvement [3] - CITIC Construction pointed out that the monetary easing from the Federal Reserve and domestic policies aimed at optimizing production factors are conducive to the upward transmission of metal prices to downstream sectors [3] - The valuation of the industrial metal sector is currently low, suggesting potential for upward correction [3] - The top ten weighted stocks in the CSI Rare Metal Theme Index account for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [3]

Group 1 - The company, China Rare Earth (000831), reported that as of August 29, 2025, the total number of shareholders is 165,040 [1]

Market Overview - The small metals sector experienced a significant decline of 5.88% on September 4, with Shenghe Resources leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Notable gainers included Dongfang Cuoye, which rose by 5.34% to a closing price of 14.20, and Xianglu Tungsten, which increased by 1.82% to 11.72 [1] - Major decliners included Shenghe Resources, which fell by 9.51% to 21.69, and China Rare Earth, down 9.32% to 51.84 [2] Trading Volume and Capital Flow - The small metals sector saw a net outflow of 4.015 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.132 billion yuan [2] - The trading volume for Dongfang Cuoye was 1.7785 million shares, with a transaction value of 2.572 billion yuan [1] Capital Inflow Analysis - Dongfang Cuoye had a net inflow of 357 million yuan from institutional investors, representing 13.90% of its total trading volume [3] - Conversely, Shenghe Resources experienced a net outflow of 9.121 million yuan from institutional investors, indicating a negative sentiment [3]

Market Overview - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 25,819 billion yuan, an increase of 1,862 billion yuan compared to the previous day, with nearly 3,000 stocks declining [1] - On September 4, the A-share market experienced a collective decline, with the Shanghai Composite Index falling by 1.25%, the Shenzhen Component Index by 2.83%, the ChiNext Index by 4.25%, and the North Star 50 by 0.8% [3] Sector Performance - The large consumer sectors, including dairy, retail, beauty, and tourism, showed strong performance, with stocks like Guofang Group, Anji Food, and Lingnan Holdings hitting the daily limit [6] - Conversely, sectors such as computing hardware, rare earth permanent magnets, and military industry faced significant declines, with stocks like Tianfu Communication, Xinyisheng, Zhongji Xuchuang, Cambrian, and Haiguang Information dropping over 10% [5] - The military equipment sector also underperformed, with companies like Construction Industry, Great Wall Military Industry, and Inner Mongolia First Machinery hitting the daily limit down [5] Index Movements - The Sci-Tech Innovation 50 Index fell by over 7%, with major constituent stock Cambrian dropping more than 14% [2]

Group 1 - The rare earth permanent magnet sector in the A-share market has seen a significant decline, with companies like China Rare Earth and Shenghe Resources approaching their daily limit down [1] - Northern Rare Earth has dropped over 8%, while Tongcheng New Materials has decreased by more than 7% [1] - Other companies such as Aishi Chuang, Xiamen Tungsten, Guangsheng Nonferrous, and Youyan New Materials have all experienced declines exceeding 6% [1]

Group 1 - The core point of the article highlights that China's rare earth market has hit the limit down, indicating a significant decline in prices [1] - The trading volume for rare earths reached 6.31 billion yuan, reflecting a substantial level of market activity despite the price drop [1] - There were 329 buy orders at the limit down price, suggesting strong market interest even in a declining environment [1]

Core Viewpoint - The rare earth industry is experiencing a high level of activity, driven by strong demand for magnetic materials and a favorable supply chain environment, leading to increased orders for companies in this sector [5]. Group 1: Market Performance - As of September 4, 2025, the China Rare Earth Industry Index fell by 1.53%, with mixed performance among constituent stocks [1]. - Key performers included Keheng Co., which rose by 5.64%, and Wolong Electric Drive, which increased by 3.67%, while China Rare Earth led the declines [1]. - The rare earth ETF, managed by Harvest, has seen a cumulative increase of 5.10% over the past two weeks as of September 3, 2025 [1]. Group 2: Liquidity and Fund Performance - The rare earth ETF had a turnover rate of 2.53% and a transaction volume of 222 million yuan, with an average daily transaction of 725 million yuan over the past week, ranking first among comparable funds [4]. - The ETF's latest scale reached 8.771 billion yuan, a record high since its inception, and its share count reached 5.129 billion, also a record high [4]. - The ETF has seen continuous net inflows over the past ten days, with a peak single-day net inflow of 486 million yuan, totaling 3.131 billion yuan [4]. - Over the past year, the ETF's net value increased by 108.14%, ranking 139th out of 2998 index equity funds, placing it in the top 4.64% [4]. Group 3: Industry Dynamics - The global rare earth supply chain is entering a traditional consumption peak, with heightened inventory accumulation among overseas downstream manufacturers due to export controls, leading to strong domestic consumption and increased orders for magnetic material companies [5]. - In July, China exported 5,577 tons of rare earth magnetic materials, reflecting a month-on-month increase of 75% and a year-on-year increase of 6% [5]. - According to Dongfang Securities, the rare earth sector benefits from an optimized supply structure, with upstream smelting and processing companies likely to dominate profit distribution due to the scarcity of quotas, fostering a high-quality development pattern characterized by controlled product quantities, moderate price increases, and steady profit growth [5]. Group 4: Top Weighted Stocks - As of August 29, 2025, the top ten weighted stocks in the China Rare Earth Industry Index accounted for 62.15% of the index, with North Rare Earth and China Rare Earth being the largest contributors [4].