宁夏东方钽业股份有限公司 董事会授权管理办法 第一章 总则 第一条 为进一步规范宁夏东方钽业股份有限公司（以下简称公 司）法人治理体系和内部控制，规范董事会授权管理行为，提高公 司决策效率，规范被授权人的职责和行使职权的具体程序，根据 《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》等相关法律法规、规范性文件以及 《宁夏东方钽业股份有限公司章程》（以下简称《公司章程》）的 有关规定，结合公司实际情况，制定本办法。 第二条 本办法所称"授权"是指董事会在不违反法律、法规、 规章和规范性文件的前提下，一定条件和范围内将其职权中的部分 事项决定权授予董事长、总经理等被授权人行使的行为。 第三条 本办法所称"下属企业"是指公司直接或间接出资且拥 有实际控制权的企业。 第四条 董事会的授权管理坚持依法合规、权责对等、风险可控 原则，规范授权程序，落实授权责任，加强过程管理，完善监督机 制，通过科学、适度授权，实现决策质量与效率相统一。 第五条 本办法所称授权管理，包括授权范围、授权要求、行权 要求、授权变更、责任与监督 ...

宁夏东方钽业股份有限公司 第九届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 宁夏东方钽业股份有限公司第九届董事会第二十七次会议通知于 2025 年 11 月 18 日以电子邮件、短信等形式向各位董事和高级管理人员发出。会 议于 2025 年 11 月 28 日以现场表决和通讯表决相结合的方式召开。应出席 会议董事 9 人，实出席会议董事 9 人。会议的召集、召开符合《公司法》《公 司章程》的规定。 二、董事会会议审议情况 1、以 9 票同意，0 票反对，0 票弃权，审议通过了《关于修订<信息披 露管理制度〉的议案》。 证券代码：000962 证券简称：东方钽业 公告编号：2025-103 号 2、以 9 票同意，0 票反对，0 票弃权，审议通过了《关于修订<董事会 授权管理办法〉的议案》。 《宁夏东方钽业股份有限公司董事会授权管理办法》详见 2025 年 11 月 29 日巨潮资讯网 www.cninfo.com.cn。 3、以 9 票同意，0 票反对，0 票弃权，审议通过了《关于向相关金融机 构申请中 ...

Group 1 - The core viewpoint highlights the significant rise in rare metal stocks driven by the dual forces of new energy transition and high-end manufacturing upgrades, with the rare metal theme index showing a strong performance [1][2] - As of November 27, 2025, the rare metal ETF fund has accumulated a 15.14% increase over the past three months, indicating strong investor interest and market momentum [1] - The liquidity of the rare metal ETF fund is notable, with a turnover rate of 5.29% and a total transaction volume of 975.95 million yuan, reflecting active trading [1] Group 2 - The strategic value of rare metals is emphasized, with traditional demand remaining stable while emerging fields like humanoid robots and low-altitude economy are becoming significant growth drivers [2] - The industry is experiencing increased concentration due to tighter domestic supply controls and enhanced export regulations, which are expected to support rising rare metal prices and improve corporate profitability [2] - The top ten weighted stocks in the rare metal theme index account for 60% of the index, with companies like Northern Rare Earth and Luoyang Molybdenum leading the way [2][4]

Core Viewpoint - Dongfang Tantalum Industry's stock price has shown significant volatility, with a year-to-date increase of 93.62%, but recent declines in the short term raise questions about future performance [1][2]. Group 1: Stock Performance - As of November 27, Dongfang Tantalum's stock price was 26.28 CNY per share, with a market capitalization of 13.268 billion CNY [1]. - The stock experienced a net outflow of 10.1728 million CNY in principal funds, with large orders showing a buy of 44.0698 million CNY and a sell of 45.4526 million CNY [1]. - Over the past 20 days, the stock has decreased by 20.41%, while it has increased by 29.14% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Dongfang Tantalum achieved a revenue of 1.199 billion CNY, representing a year-on-year growth of 33.90%, and a net profit attributable to shareholders of 208 million CNY, also up by 33.43% [2]. - The company has distributed a total of 383 million CNY in dividends since its A-share listing, with 91.899 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of November 10, the number of shareholders increased to 64,900, a rise of 21.63%, while the average circulating shares per person decreased by 17.79% to 7,725 shares [2]. - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 3.6678 million shares, an increase of 410,600 shares from the previous period [3].

Core Viewpoint - Tantalum, a high-tech metal, is experiencing a demand surge driven by emerging industries such as AI, with significant growth potential in its primary applications: tantalum capacitors, high-temperature alloys, and semiconductor chips [1][3][4]. Group 1: Demand Growth - The demand for tantalum is shifting, with traditional tantalum capacitors' share decreasing from 60%-80% to an expected 33% by 2024, while absolute demand remains stable [3]. - Tantalum consumption is projected to grow at a compound annual growth rate (CAGR) of 14% from 2020 to 2024, reaching over 2,500 tons by 2024, and further increasing to 3,546 tons by 2030 at a minimum CAGR of 6% [3]. - The AI sector is expected to significantly boost the demand for tantalum capacitors, particularly in high-end consumer electronics [4][8]. Group 2: Key Applications - Tantalum capacitors are the largest application area, widely used in smartphones, laptops, and aerospace due to their high reliability and performance [3]. - High-temperature alloys are becoming the second-largest application for tantalum, with an expected consumption of approximately 475 tons by 2024, accounting for 19% of global tantalum consumption [4]. - The semiconductor industry is rapidly emerging as the third-largest application for tantalum, with tantalum target materials projected to consume 425 tons by 2024, representing 17% of global consumption [5]. Group 3: Supply Challenges - The supply of tantalum is under pressure due to geopolitical issues, particularly in the Democratic Republic of the Congo, which accounts for about 41.9% of global tantalum production [8]. - The company, Dongfang Tantalum, sources most of its tantalum ore from Africa, South America, and Australia, highlighting the importance of stable supply chains [8]. - Dongfang Tantalum holds a 50% market share in domestic tantalum powder and approximately 20% globally, with a similar share in tantalum wire [9].

Group 1 - The rapid development of AI is becoming a new variable that reshapes the demand curve for metals, particularly tungsten, copper, and tantalum [3] - AI-related tungsten products have high added value, significantly increasing the profits of related companies, with hard alloys being the largest consumption area, accounting for about 60% [4] - Jinzhou Precision Technology Co., a subsidiary of Zhongtung High-tech, reported a net profit of 163 million yuan in the first half of the year, a year-on-year increase of 105% [4] Group 2 - Copper is being recognized as a critical resource in the new era, with Goldman Sachs predicting that the demand for copper will significantly increase due to AI and data center developments [5] - By 2030, the demand for copper from the AI industry is expected to exceed 700,000 tons, accounting for over 5% of global copper consumption [5] - The investment in electric grids and the acceleration of the renewable energy sector are expected to support continuous growth in copper demand [5] Group 3 - Tantalum is experiencing a resurgence in demand, particularly for tantalum capacitors, which are essential for AI-related electronic devices [6] - The revenue from tantalum and niobium products for Dongfang Tantalum Industry increased by 35.5% year-on-year, indicating a recovery in demand [6] - The growth in AI technology is driving the need for high-capacity and stable electronic components, further boosting the tantalum market [6]

Market Overview - The small metals sector increased by 1.03% on November 24, with Huaxi Nonferrous leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Key Performers - Huaxi Nonferrous (600301) closed at 36.97, up 5.78% with a trading volume of 183,800 shares and a transaction value of 684 million [1] - Other notable performers include: - Dongfang Silver (000962) at 25.81, up 4.03% [1] - Zhongtung High-tech (000657) at 21.66, up 3.19% [1] - Guangsheng Nonferrous (600259) at 55.98, up 3.09% [1] Fund Flow Analysis - The small metals sector experienced a net outflow of 167 million from main funds, while retail investors saw a net inflow of 150 million [2] - Notable fund flows include: - Huaxi Nonferrous with a main fund net inflow of 72.9 million [3] - Anning Co. (002978) with a main fund net inflow of 22.5 million [3] - Dongfang Silver with a main fund net inflow of 13.2 million [3] Trading Volume and Value - The trading volume for Huaxi Nonferrous was 183,800 shares, contributing to a transaction value of 684 million [1] - Zhongtung High-tech had a trading volume of 651,400 shares, with a transaction value of 1.407 billion [1] Sector Performance - The overall performance of the small metals sector reflects a mixed sentiment, with some stocks showing significant gains while others faced declines [2][3] - The sector's dynamics indicate a potential shift in investor interest, particularly towards stocks like Huaxi Nonferrous and Guangsheng Nonferrous [1][2]

Group 1 - The core viewpoint of the news is that Dongfang Tantalum Industry Co., Ltd. experienced a stock price increase of 5.2%, reaching 26.10 yuan per share, with a trading volume of 354 million yuan and a turnover rate of 2.76%, resulting in a total market capitalization of 13.177 billion yuan [1] - Dongfang Tantalum Industry, established on April 30, 1999, and listed on January 20, 2000, is primarily engaged in the research, production, and sales of tantalum, niobium, and beryllium metal and alloy products [1] - The main business revenue composition of Dongfang Tantalum includes 98.36% from tantalum, niobium, and their alloy products, 1.30% from titanium and titanium alloy products, and 0.34% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Dongfang Tantalum, with the "China Merchants Heyue Balanced Pension Three-Year Holding Period Mixed Initiation Fund A" (007660) holding 46,000 shares, accounting for 0.46% of the fund's net value, ranking as the seventh largest holding [2] - The "China Merchants Heyue Balanced Pension Three-Year Holding Period Mixed Initiation Fund A" was established on December 3, 2019, with a current scale of 162 million yuan, achieving a year-to-date return of 13.35% and a one-year return of 13.02% [2] - The fund manager, Zhang Gewu, has a tenure of 6 years and 215 days, with the fund's total asset scale at 1.508 billion yuan, achieving the best return of 42.14% and the worst return of -34.2% during his tenure [2]

Group 1 - The core point of the article is that Ningxia Dongfang Tantalum Industry Co., Ltd. has completed its response to the Shenzhen Stock Exchange's inquiry regarding its application for a private placement of shares, and has updated its fundraising documents [1] - The company received the inquiry letter from the Shenzhen Stock Exchange on October 27, 2025, and has addressed the questions raised in the letter [1] - The issuance of shares to specific objects is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval process and timeline [1]

Core Viewpoint - Dongfang Tantalum Industry has responded to the Shenzhen Stock Exchange's inquiries regarding fluctuations in operating cash flow, rising gross margins, customer and supplier dependencies, and declining export revenues, indicating a steady growth in revenue and net profit from 2022 to 2024, despite a negative cash flow in 2024 [1] Group 1: Cash Flow and Financial Performance - The company's operating cash flow net amounts were 60.75 million, 91.51 million, -61.10 million, and -239.12 million (for January to September 2025), showing a trend of initial growth followed by decline [2] - The negative cash flow in 2024 was primarily due to a 40.29% increase in raw material procurement cash expenditures, amounting to 270.15 million, and a 29% rise in employee compensation to 184.32 million [2] - The company has implemented measures to enhance accounts receivable management and optimize customer structure, with cash collection ratios of 81.64% in 2023 and a decline to 69.55% in 2025 [2] Group 2: Gross Margin and Product Structure - The gross margin for the main business increased from 16.41% to 18.51% from 2022 to 2024, attributed to product structure optimization and cost control [3] - The average procurement price of tantalum ore decreased by 10.88% in 2024, benefiting the company's profit margins due to a lag in price transmission [3] - The company's gross margin is in line with industry averages, slightly below the average by 0.17 percentage points in 2024 [3] Group 3: Export Revenue and Market Expansion - The proportion of foreign sales revenue decreased from 60.21% in 2022 to 35.29% in January to September 2025, influenced by U.S. trade policy changes and successful domestic market expansion [4] - Sales to the U.S. dropped from 26.12% in 2022 to 15.57% in January to September 2025 due to a 25% tariff imposed on tantalum and niobium products [4] - Domestic sales revenue increased from 39.79% to 65.93%, driven by significant demand for high-end products like high-temperature alloys and semiconductor targets [4] Group 4: Customer Concentration and Accounts Receivable - The sales revenue from the top five customers accounted for 48.66%, 35.38%, and 38.12% from 2022 to 2024, indicating a customer concentration level above the industry average [5] - As of September 2025, accounts receivable amounted to 457.93 million, representing 57.47% of revenue, with a high collection rate of over 88% from 2022 to 2024 [5] Group 5: Inventory Management - The company's inventory value increased from 421.76 million to 589.82 million from 2022 to 2025, with a significant portion being raw materials and work-in-progress [7] - The inventory write-down provision was higher than the industry average, reflecting the company's longer production lines and substantial work-in-progress amounts [7] Group 6: Investment and Capacity Expansion - The company plans to raise 1.2 billion for projects related to hydrometallurgy, pyrometallurgy, and high-end products, expecting an annual revenue increase of 3.53 billion post-project completion [9] - The company has established a diversified customer base and has orders totaling 319 million as of September 2025, ensuring capacity absorption [9]