Xin Lang Cai Jing·2025-11-04 10:03Core Insights - Zhongke Sanhuan has sufficient rare earth raw material inventory to ensure stable short-term production [1] - The company maintains a production utilization rate of around 70% in the first three quarters of the year, indicating a stable capacity utilization [2] - Future capacity expansion will be demand-driven, avoiding blind expansion [3] - The company emphasizes resource recycling through external exchanges for scrap material, aligning with green production principles [4] - Export revenue accounted for approximately 56% in 2024, with a slight decline in export proportion in the first three quarters of 2025 [5] Group 1: Inventory and Production - The company holds about two months' worth of rare earth raw material inventory, which supports short-term production needs and mitigates raw material price volatility [1] - The overall operating rate for the first three quarters of the year is around 70%, with production arrangements matching market demand [2] Group 2: Capacity and Resource Management - The company will adjust its capacity expansion plans based on order conditions and market demand, adhering to a principle of not expanding blindly [3] - The company is actively engaged in resource recycling, primarily through external exchanges to handle scrap materials, which helps reduce raw material costs [4] Group 3: Export Performance - The export revenue proportion for 2024 is approximately 56%, with a slight year-on-year decline in the export share for the first three quarters of 2025 [5]