中国基金报·2025-10-11 10:01Core Viewpoint - The price of rare earth concentrate has been adjusted to 26,205 yuan per ton (excluding tax) for the fourth quarter of 2025, marking a significant increase of 37.13% compared to the previous quarter, and this is the fifth consecutive quarter of price increases for both Northern Rare Earth and Baotou Steel [1][4]. Group 1: Price Adjustments - Northern Rare Earth announced that the price for rare earth concentrate for Q4 2025 is set at 26,205 yuan per ton (dry weight, REO=50%), with a price adjustment of 524.10 yuan per ton for every 1% change in REO [1]. - Baotou Steel also confirmed the same price adjustment for its related transactions in Q4 2025 [1]. - The price of rare earth concentrate has increased from 16,741 yuan per ton in Q3 2024 to the current price, representing a total increase of 56.53% over the past year [4]. Group 2: Financial Performance - Northern Rare Earth expects a net profit attributable to shareholders of 1.51 to 1.57 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 272.54% to 287.34% [4]. - The company anticipates a non-recurring net profit of 1.33 to 1.39 billion yuan for the same period, indicating a substantial increase of 399.9% to 422.46% year-on-year [4]. Group 3: Market Outlook - The demand for rare earth materials is expected to grow due to the increasing needs in green low-carbon technologies and electric-driven applications, with a projected demand growth of around 10% [4]. - Emerging sectors such as wind power, new energy vehicles, humanoid robots, and low-altitude economy are anticipated to provide strong support for downstream demand growth [4]. - The market for polishing powders is expected to benefit from the growth in mobile phone cover glass, semiconductors, and chips, while hydrogen storage will see new increments due to advancements in energy storage [5]. Group 4: Stock Performance - Since July 2025, the stock price of Northern Rare Earth has increased by over 100%, closing at 52.48 yuan per share on October 10, 2025, with a market capitalization of 189.7 billion yuan [6]. - Baotou Steel's stock price was reported at 2.54 yuan per share, with a market capitalization of 11.5 billion yuan [6].