ST京蓝的2025答卷：技术与资源双轮驱动，打造稀有金属循环新生态

Core Insights - ST Jinglan has undergone a strategic transformation in the rare metals sector under the new controlling shareholder Ma Liyang, moving towards a "technology + resources" dual-driven development model [1] - The company's fundamentals have significantly improved compared to its pre-bankruptcy restructuring phase, with historical debt burdens systematically resolved and a strategic shift towards the recycling of rare metals from hazardous waste [1][4] - The focus on rare metals, particularly indium, aligns with global trends in sustainability and carbon neutrality, positioning the company favorably in the market [4] Company Developments - In December, ST Jinglan announced two significant acquisitions: a 51% stake in South Africa's NWV for high-quality vanadium-titanium magnetite exploration rights and plans to acquire Xinlian Environmental Technology to integrate its mature hazardous waste recycling business [2][3] - The acquisition of the vanadium-titanium magnetite rights is strategically important as vanadium is a key material for all-vanadium flow batteries, which are gaining value amid the energy storage industry's growth [2] - The integration of Xinlian Technology's core technology with the South African vanadium resources will enhance the company's capabilities in processing industrial waste, creating a comprehensive value chain from waste to resource recovery [3] Industry Context - The global demand for indium is increasing, particularly in the production of ITO conductive films for flat panel displays and emerging solar technologies, with China supplying over 76% of the world's indium [2] - The shift towards value investment in the capital market favors companies with real environmental benefits and social value, which enhances the long-term investment potential of firms focused on the circular economy [3] - ST Jinglan's ongoing strategic transformation is well-aligned with tightening global resource constraints and the consensus on carbon neutrality, enhancing its competitive edge in the rare metals recycling sector [4]