Zhi Tong Cai Jing·2025-10-17 09:29Core Viewpoint - The price of rare earth concentrate has increased for five consecutive quarters, with a rise of 37.13% for the fourth quarter of 2025, as announced by Baogang Co. and Northern Rare Earth [1][4]. Price Adjustment Summary - Baogang Co. has adjusted the rare earth concentrate transaction price for the fourth quarter of 2025 to 26,205 yuan/ton (excluding tax, REO=50%), with a price change of 524.10 yuan/ton for every 1% change in REO [1][2]. - The price for the third quarter of 2023 was set at 19,109 yuan/ton, indicating a quarter-on-quarter increase of 37.13% for the fourth quarter [2][4]. - The price adjustment mechanism between Northern Rare Earth and Baogang Co. has been in place since April 1, 2023, allowing for quarterly price calculations based on a fixed pricing formula [2][4]. Historical Price Trends - The price of rare earth concentrate has seen significant fluctuations, with a high of 31,030 yuan/ton in the second quarter of 2023, dropping to 16,741 yuan/ton by the third quarter of 2024, representing a decline of 46.05% [5]. - The current price adjustment marks the largest increase since the second quarter of 2023, following a period of price stabilization starting from the fourth quarter of 2024 [4][5]. Company Performance - Northern Rare Earth has projected a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters, reflecting a year-on-year increase of 272.54% to 287.34% [5]. - The company has focused on market changes, budget management, cost reduction, and production organization, leading to significant growth in product sales and overall performance [5]. - Since the third quarter of this year, Northern Rare Earth's stock price has surged by 110.8%, closing at 52.48 yuan per share, with a total market capitalization of 189.7 billion yuan [5].