PTANTAM TBK 2025Q4 镍铁产/销量分别环比下降 35%/3%至 2,755 吨/2,346 吨，镍矿石产/销量分别环比增长 3%/9%至 356 万湿吨/335 万湿吨

Investment Rating - The report does not explicitly state an investment rating for the industry or company [7]. Core Insights - The report highlights a significant decline in nickel pig iron production and sales for ANTAM in Q4 2025, with production down 35% quarter-on-quarter and 43% year-on-year, while sales decreased by 3% quarter-on-quarter and 70% year-on-year [1]. - Conversely, nickel ore production and sales showed growth, with production increasing by 3% quarter-on-quarter and 35% year-on-year, and sales rising by 9% quarter-on-quarter and 27% year-on-year [2]. - In the gold segment, ANTAM's production reached 153 kg, a 1% increase quarter-on-quarter but a 44% decrease year-on-year, while sales fell by 31% quarter-on-quarter and 78% year-on-year [3]. - Silver production decreased by 11% quarter-on-quarter and 47% year-on-year, while sales increased by 41% quarter-on-quarter and 37% year-on-year [4]. - Bauxite production saw a significant decline of 45% quarter-on-quarter and 26% year-on-year, but sales surged by 914% quarter-on-quarter and 23% year-on-year [4]. - Alumina production increased by 6% quarter-on-quarter and 13% year-on-year, with sales also rising [5][6]. Summary by Sections Nickel Pig Iron - Q4 2025 production was 2,755 tons, down 35% quarter-on-quarter and 43% year-on-year [1]. - Q4 2025 sales were 2,346 tons, down 3% quarter-on-quarter and 70% year-on-year [1]. Nickel Ore - Q4 2025 production was 3,560,856 tons, up 3% quarter-on-quarter and 35% year-on-year [2]. - Q4 2025 sales were 3,349,487 tons, up 9% quarter-on-quarter and 27% year-on-year [2]. Gold - Q4 2025 production was 153 kg, up 1% quarter-on-quarter but down 44% year-on-year [3]. - Q4 2025 sales were 3,331 kg, down 31% quarter-on-quarter and 78% year-on-year [3]. Silver - Q4 2025 production was 888 kg, down 11% quarter-on-quarter and 47% year-on-year [4]. - Q4 2025 sales were 2,521 kg, up 41% quarter-on-quarter and 37% year-on-year [4]. Bauxite - Q4 2025 production was 514,374 wet tons, down 45% quarter-on-quarter and 26% year-on-year [4]. - Q4 2025 sales were 785,972 wet tons, up 914% quarter-on-quarter and 23% year-on-year [4]. Alumina - Q4 2025 production was 47,465 tons, up 6% quarter-on-quarter and 13% year-on-year [5]. - Q4 2025 sales were 45,453 tons, with an increase noted [6].