Industry Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need to enhance the resource security of important metal minerals and accelerate the comprehensive development of the non-ferrous metal industry chain, including exploration, investment, development, construction, smelting, and processing [1] - A new round of mineral exploration strategy is being implemented to increase reserves and production of important metal minerals, while also promoting a positive image of central enterprises in the "going out" strategy [1] - There is a focus on achieving high-quality stable growth by closely monitoring macroeconomic conditions and industry trends, adjusting business strategies, and planning major projects to support domestic demand expansion [1] Technology and Market Trends - High-temperature superconductors are expected to see increased market share due to ongoing developments in superconducting cables and controlled nuclear fusion applications [2] - The ReBCO tape is anticipated to significantly reduce production costs compared to first-generation high-temperature superconductors, presenting vast commercial prospects [2] - Controlled nuclear fusion is viewed as a potential ultimate solution for human energy needs, with commercial development prospects expected to accelerate as domestic and international projects progress [2] Company Developments - Western Superconductor is the only company in China that has achieved commercial production of superconducting wires, with products used in major scientific projects such as the International Thermonuclear Experimental Reactor (ITER) and China's fusion reactor [3] - Baile Electric has developed superconducting current limiter technology and is involved in the construction of smart grids for the State Grid, with products certified by IEC to enhance grid stability [3] - Dongfang Tantalum is recognized as the world's largest research and manufacturing base for superconducting niobium materials, achieving a stable RRR value of over 500 for high-purity superconducting niobium materials [4]

Core Viewpoint - Dongfang Tantalum Industry plans to raise up to 1.2 billion yuan through a private placement to enhance production capacity and supplement working capital, reflecting strong support from major shareholders for national strategic resource security and supply chain stability [1][4]. Group 1: Fundraising and Investment Projects - The fundraising will focus on three main projects with a total investment of 1.374 billion yuan, including a wet metallurgy digital factory, a pyrometallurgy smelting production line upgrade, and a high-end product production line [2][3]. - The wet metallurgy project aims to produce various key materials, addressing aging equipment and capacity shortages, while the pyrometallurgy project will increase production capacity for niobium and tantalum to meet market demand [2][3]. - The high-end product line will enhance production capacity for tantalum and niobium products, targeting sectors like semiconductors and aerospace [2][3]. Group 2: Market Demand and Industry Position - The demand for tantalum and niobium materials is structurally increasing due to their importance in strategic emerging industries, with significant growth in sectors such as semiconductors and aerospace [5][6]. - Dongfang Tantalum Industry has a comprehensive industry chain and has achieved global leadership in metallurgy technology, with a strong financial performance supporting the new fundraising initiatives [4][6]. Group 3: Economic Benefits and Project Feasibility - The three investment projects are expected to yield favorable economic returns, with post-tax internal rates of return (IRR) of approximately 12.77% for the wet metallurgy project, 11.06% for the pyrometallurgy project, and 12.30% for the high-end product project [3]. - The projects will enhance the company's ability to supply key materials independently, reducing reliance on external sourcing and mitigating supply chain risks [3][4]. Group 4: Shareholder Returns and Market Management - Dongfang Tantalum Industry has implemented a robust shareholder return mechanism, distributing 66.66 million yuan in cash dividends in 2024, which is 31.26% of net profit, marking a record high since its listing [7]. - The company has engaged in extensive investor relations activities, hosting 17 investor meetings in 2025, attracting significant institutional interest [7][8].

Core Viewpoint - Dongfang Tantalum Industry (000962.SZ) has announced a significant financing plan, aiming to raise up to 1.2 billion yuan through a private placement to enhance its production capabilities and competitiveness [2][3]. Financing Plan - The company plans to issue no more than 151 million shares to a maximum of 35 specific investors, including its actual controller, China Nonferrous Metal Group, and its controlling shareholder, China Nonferrous East Group, with a total fundraising target of up to 1.2 billion yuan [3]. - This financing plan is the largest since the company went public in 2000, with the previous fundraising in 2023 amounting to 675 million yuan [3]. - The funds raised will be allocated to three construction projects and to supplement working capital, specifically for the construction of a digital factory for tantalum and niobium hydrometallurgy, the renovation of a smelting production line, and the establishment of a high-end product production line [3][4]. Project Investments - The total investment for the digital factory project is 679 million yuan, for the smelting production line renovation is 288 million yuan, and for the high-end product production line is 281 million yuan, with the respective amounts to be funded from the raised capital being 566 million yuan, 253 million yuan, and 255 million yuan [4]. Business Strategy and Market Position - Dongfang Tantalum Industry focuses on the tantalum and niobium sector, optimizing its industrial layout and driving growth through market expansion and technological innovation [2][6]. - The company has established strong partnerships with major international manufacturers in the tantalum and niobium capacitor market, maintaining a stable industry position and competitive advantage [6]. - In 2024, the company achieved a revenue of 1.281 billion yuan, a year-on-year increase of 15.57%, and a net profit of 213 million yuan, up 13.94% [6]. Financial Performance - As of March 31, 2025, the company's total assets reached 3.213 billion yuan, with total liabilities of 547 million yuan, resulting in a low debt-to-asset ratio of 17.03% [7]. - The company has consistently invested in research and development, with a 19.03% increase in R&D personnel in 2024, totaling 294 employees, and R&D expenditure of 56.88 million yuan, accounting for 4.44% of revenue [7][8]. Future Goals - For 2025, the company aims to achieve a revenue target of 1.5 billion yuan, focusing on market expansion and technological innovation, particularly in high-value products like tantalum powder and wire [9]. - The company plans to enhance its market presence both domestically and internationally, while also increasing R&D investments to improve product competitiveness [9].

Core Viewpoint - Dongfang Tantalum Industry plans to raise no more than 1.2 billion yuan through a private placement to fund various projects, including the construction of a digital factory for tantalum and niobium wet metallurgy, renovation of the tantalum and niobium pyrometallurgy smelting production line, and the establishment of a high-end product production line, as well as to supplement working capital [1][2] Group 1: Company Initiatives - The company aims to address equipment aging and capacity shortages through the fundraising projects, which will also enable self-sufficiency in raw materials like potassium fluotantalate and niobium oxide, thereby reducing costs and ensuring supply chain security [3] - The projects will enhance the company's production capabilities in wet metallurgy, pyrometallurgy, and products, aligning with the national strategy and supporting the dual circulation of domestic and international markets [2][3] Group 2: Industry Context - Tantalum and niobium products are critical in national strategic sectors, with applications in semiconductor chips, high-temperature alloys, and defense industries, making them essential for technological advancement and national security [2] - The industry is supported by national policies aimed at promoting the development of tantalum and niobium, creating a favorable external environment for rapid industry growth [2]

Core Viewpoint - The company has established a value management system aimed at enhancing its investment value and shareholder returns through strategic management practices and compliance with relevant laws and regulations [1][2]. Group 1: General Principles of Value Management - Value management is defined as strategic management actions taken by the company to enhance investment value and shareholder returns based on improving company quality [1]. - The main objectives of value management include formulating correct development strategies, improving corporate governance, enhancing operational management, and cultivating core competitiveness to create company value [1]. - The company must adhere to principles such as systematic thinking, compliance with laws, long-term value creation, transparent information disclosure, market orientation, and continuous management [2]. Group 2: Organizational Structure and Responsibilities - The company has established a value management system led by the board of directors, with senior management participating and the board secretary responsible for specific tasks [2][3]. - The board of directors is the highest authority for value management, responsible for approving strategic plans, organizational structures, and monitoring execution [3][4]. - The board secretary plays a crucial role in investor relations management, ensuring transparent communication and monitoring public sentiment regarding the company's value [4][5]. Group 3: Methods and Plans for Value Management - The company aims to enhance its value management capabilities by establishing governance systems and performance evaluation frameworks [5][6]. - It will actively assess its equity structure and governance status, monitor industry cycles, and implement strategies to enhance core competitiveness [6][7]. - The company plans to explore equity incentives, employee stock ownership plans, and share repurchase strategies to stabilize and enhance market confidence [6][7]. Group 4: Monitoring and Compliance - The value management team will regularly monitor key indicators such as market capitalization and price-to-earnings ratios to preemptively address potential issues [7][8]. - In the event of significant stock price declines, the company will analyze causes, enhance communication with investors, and consider share repurchase plans to stabilize prices [8]. - Compliance with laws and regulations is emphasized, prohibiting actions such as insider trading and misleading information disclosure [8][9].

因此，我们一致同意本议案，并同意将本议案提交公司董事会审 议，关联董事需回避表决。 对象发行股票方案的议案》 公司对本次向特定对象发行股票之发行方案符合《公司法》《证券 法》以及《发行注册管理办法》等相关法律、法规和规范性文件的规 定，合理、切实可行，符合公司的实际情况，符合公司长远发展规划 和全体股东利益，不存在损害公司及其股东特别是中小股东利益的情 形。 宁夏东方钽业股份有限公司第九届董事会 独立董事专门会议 2025 年第五次会议决议 宁夏东方钽业股份有限公司第九届董事会独立董事专门会议2025 年第五次会议于2025年6月22日以现场表决方式召开，应出席独立董 事3人，实际出席独立董事3人，经独立董事推举，本次会议由吴春芳 女士召集并主持。本次会议的召开符合法律、法规、规章及《公司章 程》的规定。与会独立董事审议了如下议案： 合向特定对象发行 A 股股票条件的议案》 根据《公司法》《证券法》以及《发行注册管理办法》等相关法律、 法规和规范性文件规定，我们对公司实际情况进行了逐项自查，认为 公司符合向特定对象发行股票的各项规定，具备向特定对象发行 A 股 股票的资格和条件。 因此，我们一致同意向特定对象 ...

Group 1 - The company held its 22nd meeting of the 9th Board of Directors on June 16, 2025, with all members ensuring the accuracy and completeness of the disclosed information [1] - The Board approved the issuance of A-shares to specific investors, confirming compliance with relevant laws and regulations [1][2] - The issuance will involve no more than 35 specific investors, including China Nonferrous Metal Mining Group Co., Ltd. and China Nonferrous Metal (Ningxia) Oriental Group Co., Ltd. [2][3] Group 2 - The shares will be issued at a price not lower than 80% of the average trading price over the previous 20 trading days [3][4] - The total amount raised from this issuance will not exceed RMB 1.2 billion, with funds allocated to three projects and working capital [5] - The maximum number of shares to be issued is capped at 151,490,478 shares [5] Group 3 - The company plans to use the raised funds for the construction of a digital hydrometallurgy factory, the renovation of a smelting production line, and the establishment of a high-end product production line [5] - The company will utilize self-raised funds for initial investments in these projects before the raised funds are available [5] Group 4 - After the issuance, if the shareholding of China Nonferrous Group and China Nonferrous Oriental Group increases by no more than 2%, the shares will be locked for 18 months; if the increase exceeds 2%, the lock-up period extends to 36 months [7][11][12] - The shares will be listed on the Shenzhen Stock Exchange [8] Group 5 - The Board authorized the management to handle all matters related to the issuance, including the establishment of a special account for the raised funds [14][15] - The company will hold a shareholders' meeting to discuss and vote on the issuance plan [16]

Core Viewpoint - The company, Ningxia Dongfang Tantalum Industry Co., Ltd., is set to issue A-shares to specific targets in 2025, with the supervisory board confirming compliance with relevant laws and regulations [1][2][3]. Group 1: Compliance and Strategic Alignment - The company's plan for the 2025 A-share issuance aligns with the Company Law, Securities Law, and relevant regulations, ensuring no harm to the interests of shareholders, especially minority shareholders [2][4]. - The proposal considers industry development trends and the company's actual situation, supporting the interests of all shareholders [2][3]. Group 2: Feasibility and Necessity - A feasibility analysis report has been prepared, demonstrating the necessity and feasibility of the A-share issuance based on the company's financial status and funding needs [3][4]. - The planned use of raised funds complies with national policies and the company's strategic planning, ensuring alignment with legal requirements [3][4]. Group 3: Shareholder Returns and Governance - The company has developed a three-year shareholder return plan (2025-2027) that balances sustainable development with reasonable returns for investors, particularly minority shareholders [4]. - The proposal for the issuance requires approval from the shareholders' meeting and regulatory bodies, ensuring adherence to governance protocols [4].

Group 1 - The company, Ningxia Dongfang Tantalum Industry Co., Ltd., plans to sign a construction contract with China Fifteenth Metallurgical Construction Group Co., Ltd. for the construction of a tantalum-niobium hydrometallurgy digital factory and the renovation of a tantalum-niobium pyrometallurgy smelting production line, with a total estimated price not exceeding 282 million RMB, including VAT [1][2][4] - The service period for the construction project is expected to be no more than 15 months, and the final contract price will be determined based on construction costs and bidding discounts [1][2] - The transaction is classified as a related party transaction due to both companies being under the same ultimate controlling entity, China Nonferrous Mining Group Co., Ltd. [1][2] Group 2 - The independent directors of the company have unanimously agreed to the related party transaction, which will be submitted for approval at the shareholders' meeting, with related parties abstaining from voting [2][6] - The construction services will be provided at specific locations in Ningxia, including the Dabaokou Industrial Park and the Shizuishan Economic and Technological Development Zone [4] - The payment for the services will be made monthly, with 90% of the payment based on the progress report, and the remaining 3% retained as a quality guarantee [5] Group 3 - The transaction is considered a normal business activity that aligns with the company's operational needs and follows principles of openness, fairness, and justice [4][6] - The company and China Fifteenth Metallurgical are independent legal entities, and this transaction will not adversely affect the company's independence [4][6] - The independent directors have confirmed that the transaction is fair and reasonable, with no harm to the interests of the company or its minority shareholders [6]

Core Viewpoint - The report details the fundraising activities and the utilization of proceeds by Ningxia Dongfang Tantalum Industry Co., Ltd, highlighting the total amount raised, the status of funds, and the actual investment projects undertaken with the raised capital [1][2]. Fundraising Details - The company raised a total of RMB 670,204,385.22 through the issuance of 59,281,818 shares at a price of RMB 11.38 per share, with the funds received on September 27, 2023 [1]. - As of March 31, 2025, the company had a remaining balance of RMB 149,907,012.98 from the raised funds, which constitutes 22.37% of the net amount raised [1][2]. Fund Utilization - The actual investment amount from the raised funds was RMB 521,263,566.21, resulting in a difference of RMB 14,894,080.00 compared to the committed investment amount of RMB 67,020,440.00 [1][2]. - The discrepancies in investment amounts are attributed to ongoing construction phases and cost optimization strategies [1][2]. Project Performance - The annual production line for 100 niobium superconducting cavities reached its intended operational status by December 2024, but as of March 31, 2025, it generated a cumulative benefit of RMB 707,300, which is below the promised benefit of RMB 1,381,800 by over 20% [2][3]. - The company has not experienced any changes in the investment projects funded by the previous fundraising efforts [1][2]. Comparison with Annual Reports - The actual use of funds aligns with the disclosures made in the company's periodic reports since 2023, confirming consistency in reporting [2].