【全网最全】2025年稀土产业上市公司全方位对比（附业务布局汇总、业绩对比、业务规划等）

Summary of Key Points Core Viewpoint - The article provides a comprehensive overview of the rare earth industry in China, highlighting the major listed companies, their revenue performance, business layouts, and the challenges faced in 2024. Group 1: Overview of Listed Companies - The number of listed companies in China's rare earth industry is significant, covering various segments such as mining, smelting, processing, and recycling [1][3]. - Key companies include Northern Rare Earth (600111), China Rare Earth (000831), Xiamen Tungsten (600549), and Guangsheng Nonferrous (600259), among others [1][3]. Group 2: Revenue Performance - In 2024, the revenue of major companies showed a decline, with Shenghe Resources reporting the largest scale of rare earth-related business revenue at 54.38 billion yuan in the first half of the year [12]. - Companies like Xiamen Tungsten, Mifeng New Materials, and others achieved over 20% growth in rare earth business revenue during the same period [12]. Group 3: Business Layout Comparison - The article details the business layouts of various companies, indicating that Shenghe Resources has the largest revenue scale, while companies like Mifeng New Materials and Xiamen Tungsten are expanding their operations [12][20]. - Companies are focusing on enhancing their competitive edge through various strategies, including expanding production capacity and improving product quality [22]. Group 4: Profitability and Margins - The gross profit margins of rare earth businesses vary significantly among companies, with Mifeng New Materials leading at 22.84%, while Hengyuan Technology reported a negative margin of -5.92% [15]. - The overall distribution of gross margins indicates a disparity in profitability, influenced by business models and market competition [15]. Group 5: Overseas Business and Growth - Xiamen Tungsten has the largest overseas revenue scale among listed companies, with an estimated 5.19 billion yuan in the first half of 2024 [18][19]. - Companies like Mifeng New Materials and Yingluohua have shown significant growth in overseas revenue, indicating their competitive position in international markets [18][19]. Group 6: Research and Development - R&D investment varies widely, with Mifeng New Materials and Zhongbei Tongci showing high R&D intensity at 13.64% and 13.83%, respectively [20][21]. - Xiamen Tungsten leads in R&D expenditure, reflecting its comprehensive industry chain and accumulated expertise [20][21]. Group 7: Future Business Plans - Companies are actively pursuing various business plans, such as Xiamen Tungsten's focus on domestic and international industrial cycles and Northern Rare Earth's investment in wet smelting and inorganic functional materials [22]. - The overall trend indicates a proactive approach to expanding business operations and enhancing competitiveness in the rare earth sector [22].