Core Viewpoint - Dongfang Zirconium (002167) is expanding the application of electric melting zirconia beyond traditional industries into emerging fields such as new energy and high-end chemical manufacturing [1] Group 1: Traditional Applications - The traditional downstream industries for electric melting zirconia include refractory materials, ceramic pigments, advanced ceramics, ceramic-based brake pads, and industrial-grade zirconium sponge [1] Group 2: Emerging Applications - Electric melting zirconia is increasingly being utilized in new energy and high-end chemical manufacturing sectors, indicating a diversification of its application [1]

Core Viewpoint - Dongfang Zirconium (002167.SZ) is conducting sample testing of its zirconia products for alkaline electrolyte hydrogen production [1] Group 1 - The company is involved in the development of zirconia products specifically for the hydrogen production sector [1]

Core Viewpoint - Dongfang Zirconium (002167.SZ) has clarified on its interactive platform that the company does not engage in any thorium-based molten salt reactor business [1] Company Summary - Dongfang Zirconium confirmed the absence of any thorium-based molten salt reactor related operations [1]

Core Insights - Dongfang Zirconium is a leading company in the domestic zirconium industry, established in 1995 and listed in 2007, focusing on the research, production, and sales of zirconium products with a full industry chain advantage [1] Financial Performance - For Q3 2025, Dongfang Zirconium reported revenue of 927 million yuan, ranking 11th in the industry, significantly lower than the top company, Guoyan Platinum, which had 45.179 billion yuan, and the second, Xiyu Co., with 34.417 billion yuan [2] - The net profit for the same period was 38.6812 million yuan, ranking 14th in the industry, again showing a substantial gap compared to the leaders, with Xiyu Co. at 1.845 billion yuan and Huaxi Nonferrous at 829 million yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 21.76%, a significant decrease from 57.74% year-on-year, and below the industry average of 44.55%, indicating strong solvency [3] - The gross profit margin was 16.48%, an increase from 9.96% year-on-year, but still below the industry average of 20.16% [3] Management Compensation - The chairman and general manager, Feng Liming, received a salary of 1.3282 million yuan in 2024, an increase of 36,900 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 15.95% to 128,200, while the average number of circulating A-shares held per account decreased by 13.76% to 5,906.77 [5]

Core Viewpoint - The company, Dongfang Zirconium, emphasizes the recognition of its high-purity zirconia products as additives in ternary lithium battery cathode materials, highlighting its commitment to R&D investment and product optimization for enhanced competitiveness and profitability [1] Group 1 - The company produces high-purity zirconia products that are widely recognized by customers for their stable performance as additives in ternary lithium battery cathode materials [1] - The company plans to increase R&D investment to improve quality and optimize product structure, aiming to enhance product added value [1] - The focus on enhancing core competitiveness and profitability is intended to ensure the company's sustainable and healthy development [1]

证券日报网讯东方锆业（002167）10月30日在互动平台回答投资者提问时表示，公司在三季度有部分在 建工程达到预定可使用状态，根据《企业会计准则》的相关规定，已将其结转至固定资产。请注意投资 风险。 ...

Core Insights - The company achieved a net profit increase of 193.66% year-on-year in Q3 2025, marking a turnaround from previous losses due to decisive divestment of unprofitable businesses and strategic focus [1] - The divestment of the subsidiary Mingrui Zirconium, which had been a significant source of losses, was completed by the end of 2024, eliminating a continuous loss source and optimizing the expense structure [1] - The company is shifting its focus towards high-value-added deep processing products, resulting in an increase in gross margin to 15.98%, up 3.73 percentage points year-on-year [1] Business Transformation - The company’s main zircon sand business, which accounted for 22.54% of revenue, had been consistently unprofitable, incurring losses exceeding 30 million yuan annually [1] - The divestment led to a significant reduction in management expenses, with the ratio of three expenses dropping to 5.33%, a decrease of 53.13% year-on-year [1] - Future growth is expected to be driven by emerging sectors, particularly in solid-state batteries, where the company has secured long-term agreements for 60% of its production capacity [1] Market Opportunities - The company is positioned to benefit from the increasing demand for zircon-based materials in solid-state batteries, with projected demand rising from 2,000 tons in 2025 to over 10,000 tons by 2030 [1] - In the nuclear power sector, the company’s self-developed nuclear-grade sponge zirconium fills a domestic gap and supports multiple new nuclear power units, benefiting from accelerated nuclear power installations and domestic substitution [2] - The combination of increased sales in solid-state battery materials and the expansion of nuclear zirconium materials is expected to transform the company’s business structure from traditional processing to high-end new materials, potentially reconstructing its market value logic [2]

Core Viewpoint - The company, Dongfang Zirconium (002167.SZ), currently does not produce solid-state battery electrolyte products, but its zirconia samples have received preliminary recognition from some solid-state battery material manufacturers for research and testing purposes [1] Group 1 - The company is not engaged in the production of solid-state battery electrolytes at this time [1] - The zirconia samples developed by the company have gained initial acceptance from certain manufacturers in the solid-state battery materials sector for research and trial use [1]

Core Viewpoint - Dongfang Zirconium (002167.SZ) reported a significant decline in both revenue and net profit for Q3 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for Q3 2025 was 301 million yuan, representing a year-on-year decrease of 28.34% [1] - The net profit attributable to shareholders was 9.6046 million yuan, down 48.25% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 9.4233 million yuan, reflecting a year-on-year decline of 46.43% [1]

Core Viewpoint - Dongfang Zirconium reported a significant decline in revenue and net profit for Q3 2025, indicating challenges in the current market environment [1] Financial Performance - In Q3 2025, the company achieved a revenue of 301 million yuan, a year-on-year decrease of 28.34% [1] - The net profit attributable to shareholders was 9.6046 million yuan, down 48.25% year-on-year [1] - Basic earnings per share for Q3 2025 were 0.0124 yuan [1] - For the first three quarters of 2025, the company reported a total revenue of 927 million yuan, a decline of 24.86% compared to the previous year [1] - The net profit attributable to shareholders for the first three quarters was 38.6812 million yuan, showing a significant increase of 193.66% year-on-year [1] - Basic earnings per share for the first three quarters were 0.0499 yuan [1]