宁夏东方钽业股份有限公司 用可行性分析报告（修订稿） 二〇二五年八月 一、本次募集资金使用计划 本次向特定对象发行 A 股股票募集资金总额不超过 120,000.00 万元人民币， 扣除发行费用后将投资于三个建设项目及补充流动资金，具体情况如下: 单位：万元 证券代码：000962 证券简称：东方钽业 公告编号：2025-072 号 拟使用募集 序号 项目名称 项目总投资 资金金额 合计 137,358.00 120,000.00 注：火法冶金熔炼项目总投资中 1,022.00 万元为原有固定资产，不纳入拟使用募集资金 金额。 本次发行的募集资金到位前，公司将根据市场情况利用自筹资金对募集资金 投资项目进行先期投入，并在募集资金到位后予以置换。若实际募集资金净额低 于上述募集资金投资项目拟投入金额，公司股东大会将授权公司董事会及其授权 人士根据实际募集资金净额，按照项目的轻重缓急等情况，调整并最终决定募集 资金投入的优先顺序及各项目的具体投资金额等使用安排，募集资金不足部分由 公司自筹解决。 二、项目方案概述及可行性分析 （一）募投项目可行性分析 （1）有利于践行国内大循环，保障国家产业链安全 党的十九届五中 ...

宁夏东方钽业股份有限公司 （修订稿） 二〇二五年八月 宁夏东方钽业股份有限公司 2025 年度向特定对象发行 A 股股票预案 （修订稿） 发行人声明 假记载、误导性陈述或重大遗漏。 证券代码：000962 证券简称：东方钽业 公告编号：2025-071 号 次发行股票引致的投资风险，由投资者自行负责。 相反的声明均属不实陈述。 其他专业顾问。 判断、确认及批准，本预案所述本次发行股票相关事项的生效和完成尚待深交 所审核通过并经中国证监会同意注册。 要求编制。 宁夏东方钽业股份有限公司 2025 年度向特定对象发行 A 股股票预案 （修订稿） 特别提示 本部分所述词语或简称与本预案"释义"所述词语或简称具有相同含义。 会第二十二次会议、2025 年 8 月 22 日召开的第九届董事会第二十三次会议审议 通过。根据有关法律法规的规定，本次向特定对象发行 A 股股票尚需完成国有 资产监管审批程序，经公司股东大会审议通过，经深交所审核通过，并报中国 证监会注册。在中国证监会同意注册后方可实施。 超过 35 名符合中国证监会规定条件的特定对象。 除中国有色集团、中色东方集团外，其他特定对象包括符合中国证监会规 定条件的 ...

Core Insights - A-share companies are gradually disclosing their 2025 semi-annual reports, with 87 companies reporting as of August 4, 2023, and 58 of them showing a year-on-year increase in net profit attributable to shareholders [1] - A total of 30 companies have announced profit distribution plans alongside their semi-annual reports, with many proposing high cash dividend ratios [2][3] Group 1: Company Performance - ChipLink Integrated-U reported a revenue of 3.495 billion yuan, a year-on-year increase of 21.38%, but a net loss of 170 million yuan, improving from a loss of 471 million yuan in the same period last year [1] - Hikvision achieved a revenue of 41.818 billion yuan, a year-on-year growth of 1.48%, and a net profit of 5.657 billion yuan, up 11.71% [2] - CATL reported a revenue of 178.886 billion yuan, a year-on-year increase of 7.27%, and a net profit of 30.485 billion yuan, up 33.33% [2] Group 2: Profit Distribution Plans - Oriental Yuhong plans to distribute a cash dividend of 9.25 yuan per 10 shares, emphasizing the importance of timely returns to investors and confidence in operational performance [3] - Yisheng shares proposed a cash dividend of 1.5 yuan per 10 shares, aligning with industry characteristics and ensuring no significant impact on earnings or cash flow [3] - Daodaquan plans to distribute a cash dividend of 1.76 yuan per 10 shares, with the total cash dividend and share buyback amounting to 33.45% of the net profit for the first half of the year [4] Group 3: Market Trends and Investor Interest - Many companies have attracted institutional interest following their semi-annual reports, with inquiries focusing on overseas business strategies and performance changes [4] - Goldfa Technology anticipates a net profit of 550 million to 650 million yuan, representing a year-on-year increase of 44.82% to 71.15%, driven by new product development and market share growth [5][6] - Companies are actively exploring applications of their materials in the robotics sector, with some already supplying materials for industrial robots, although this segment currently represents a small portion of overall business [6]

2025年上半年，科技板块呈现N形走势。春节期间，在DeepSeek带动下，科技板块快速上涨。2月末， 板块开始回调。4月中旬，市场情绪有所回暖，科技板块行情缓慢修复，但仍非市场主线，创新药、新 消费行业表现出色。6月以来，科技板块行情出现较大变化，随着海外科技公司股价创新高，云厂商资 本开支上修，海外算力链业绩超预期，科技行业迎来快速修复。 展望下半年，市场分析人士认为，科技行情有望提速。从海外行业发展情况来看，云厂商资本开支仍在 上修，对海外算力链明后年的业绩指引更加清晰，消除投资者对海外算力链估值的担忧。 业内人士表示，从国内科技发展趋势看，大模型紧追全球前沿，算力瓶颈将陆续解决，头部科技公司 AI生态建设预计加速推进。8月，GPT-5、DeepSeek R2等模型预计陆续发布，多模态能力值得关注，有 望进一步催化行情。继续看好以光模块、PCB、端侧、应用为主的科技产业行情。 盘面上，8月4日，硬科技宽基——双创龙头ETF（588330）在水面附近震荡，成份股方面，传音控股涨 超5%，石头科技、海光信息、中航成飞涨超2%，澜起科技、中芯国际、新产业、宁德时代等个股涨逾 1%。 | 双创龙头ETF(SH: ...

Group 1 - The technology growth style is showing strong performance, with the ChiNext Index rising over 1% and the STAR Market Index also performing well, indicating a bullish sentiment in the market [1] - The Double Innovation Leader ETF (588330) demonstrated high elasticity, with an increase of 1.11% in market price, attracting 3.8 million yuan in inflows, suggesting investor confidence in the sector's future performance [1][5] Group 2 - Key stocks leading the gains include major players in the optical module sector, with Zhongji Xuchuang rising over 6%, Xinyi Sheng increasing by more than 4%, and Tianfu Communication up over 3% [3] - In the software development sector, Kingsoft Office rose over 3%, while BGI Genomics increased by more than 1% [3] - Semiconductor stocks also saw positive movement, with Jiangbolong up over 2%, and Shengbang shares and Lankai Technology following suit [3] Group 3 - The Shanghai Municipal Economic and Information Commission has issued measures to expand AI applications, including a 600 million yuan subsidy for computing power and a 300 million yuan model coupon [5] - In the biopharmaceutical sector, notable developments include WuXi AppTec's significant performance boosting the CXO sector, and a major agreement between Hengrui Medicine and GSK [5] - The photovoltaic sector is experiencing price stabilization, with recent improvements in pricing across the supply chain, including silicon materials and solar cells [5] Group 4 - The Double Innovation Leader ETF (588330) is characterized by cross-market diversification, focusing on strategic emerging industries with a selection of 50 large-cap companies from the STAR and ChiNext boards [6] - The ETF serves as a "battle base" for growth styles, allowing for easy access to top Chinese technology stocks amid global tech competition [6] - The ETF's structure allows for a 20% price fluctuation limit, making it an efficient tool for capturing tech market trends with a lower investment threshold [6]

Group 1 - The industrial and information technology sector will implement a new round of ten key industry stabilization actions to consolidate the industrial economy [1] - There will be a focus on accelerating the development and application of technologies such as artificial intelligence terminals, ultra-high-definition video, smart wearables, and drones [1] - The sector aims to enhance the self-controllability of key industrial chains and strengthen the guarantee of strategic mineral resources [1] Group 2 - Efforts will be made to improve industrial energy efficiency and promote green development, particularly in the management of recycling lithium batteries from electric vehicles and bicycles [2] - The promotion of 5G and gigabit optical networks will be prioritized, along with the orderly advancement of computing power center construction [2] - A system for cultivating high-quality enterprises will be established, and policies will be introduced to support the development of specialized and innovative small and medium-sized enterprises [2]

Group 1: Company Overview - Ningxia Dongfang Tantalum Industry Co., Ltd. is the largest producer of tantalum and niobium products in China and has advanced international production technology [5] - The company has established itself as a national key high-tech enterprise and a pioneer in technology-driven trade export innovation [5] - Over 60 years of development has led to a solid foundation in technology research and production capabilities [5][6] Group 2: Investment Projects - The company plans to expand production capacity through three main projects: - A digital factory for tantalum and niobium with capacities of 1,100 t/year for potassium fluotantalate, 1,700 t/year for niobium pentoxide, 150 t/year for high-purity niobium pentoxide, 50 t/year for high-purity tantalum pentoxide, and 209.5 t/year for tantalum-niobium compounds, along with 90 t/year of tin concentrate [3] - A smelting production line that will add capacities of 860 t/year for niobium, 80 t/year for tantalum, 74 t/year for niobium and niobium alloy bars, and 240 t/year for tantalum and tantalum alloy bars [3] - A high-end product line that will increase tantalum and niobium plate and strip product capacity by 145 t/year [3] Group 3: Market Considerations - The company is responding to significant changes in the tantalum and niobium industry, necessitating an optimization of product structure and increased investment in new demand areas [4] - Rapid developments in high-tech fields such as 5G, smart technology, and national defense are driving new demand for tantalum and niobium products [4] - The current production capabilities are insufficient to meet the growing downstream demand, prompting the need for new construction and renovation projects [4] Group 4: Recent Developments - The actual controller of the company, China Nonferrous Metal Mining Group Co., Ltd., completed the acquisition of a controlling stake in Brazil's Taboca Company on March 31, 2025 [7] - A procurement contract for iron niobium tantalum alloy raw materials has been signed with Taboca [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first half of 2025, with estimates ranging from 5.50 billion to 6.50 billion yuan, reflecting a growth of 44.82% to 71.15% [4][2]. - The modified plastics business is performing well, with increased market share and sales in sectors such as automotive, electronics, and new energy, driven by new product development and optimization of product structure [2][4]. - The green petrochemical segment is enhancing synergy with the modified plastics sector, focusing on cost reduction and efficiency improvements through technological upgrades [2][4]. - The new materials segment is benefiting from the rising demand for self-controlled domestic supply chains, with significant growth in sales and gross profit from specialty engineering plastics [2][4]. Summary by Sections Financial Performance - The company anticipates a net profit of 5.01 billion to 6.01 billion yuan for the first half of 2025, indicating a year-on-year increase of 43.48% to 72.12% [2]. - For Q2 2025, the expected net profit is between 3.03 billion and 4.03 billion yuan, representing a year-on-year growth of 9.78% to 46.01% and a quarter-on-quarter increase of 22.67% to 63.16% [2][4]. Business Segments - The modified plastics segment is expected to continue its growth trajectory, with a focus on expanding into new markets and achieving strategic goals [2]. - The green petrochemical business is set to optimize its product structure and improve operational efficiency [2]. - The new materials segment has initiated a project for specialty polyamide production, expected to commence in March 2026, laying a solid foundation for future growth [2][4]. Earnings Forecast - The forecast for total revenue in 2025 is approximately 76.78 billion yuan, with a net profit of around 1.4 billion yuan, translating to a basic earnings per share of 0.53 yuan [5][4].

Group 1 - The event held on July 4 in Dongguan focused on semiconductor and integrated circuit investment opportunities, with participation from over 60 investment and banking institutions showcasing 10 semiconductor projects [1][4] - The event aimed to create an efficient and professional platform for deep connections between Dongguan semiconductor companies and financial institutions, facilitating investment [4][5] - The semiconductor industry in Dongguan is expected to generate over 58 billion yuan in revenue by 2024, ranking second in Guangdong province, just behind Shenzhen [7] Group 2 - The event highlighted the challenges and opportunities in the domestic semiconductor market, including product supply disruptions and technological blockades, while also emphasizing the potential for domestic substitution and self-sufficiency [5] - The participating companies, such as SanDieJi Technology, showcased their technological advancements, including the TGV3.0 technology, which has achieved breakthroughs in microvia technology [5] - The Dongguan government has implemented policies to support the semiconductor industry, with plans to establish a modern industrial system focusing on semiconductor and integrated circuit development [7]

Group 1 - The event held on June 26 in Haidian District marked the launch of the 2025 Loongson product release and user conference, aimed at promoting self-controllable industrial chains in key areas and developing new productivity [1][3] - Loongson Technology is focused on creating an independent instruction system and industrial ecosystem, establishing a self-sufficient information technology foundation [3] - The newly released Loongson 3C6000 series server processors demonstrate significant performance improvements and are designed to meet diverse computing needs across various scenarios, including general computing, intelligent computing, and industrial control [3] Group 2 - The 3C6000 series utilizes the self-developed Loongson architecture, characterized by high performance, reliability, and security, suitable for complex industrial environments and various applications in energy, transportation, and manufacturing [3] - Loongson's chairman emphasized the importance of developing a third ecosystem independent of X86 and ARM architectures, highlighting the company's advancements in general processors, graphics processors, and AI processors over the past 20 years [3] - The event also featured four specialized forums discussing new solutions and ecosystem developments, contributing to the modernization of the industrial system in Haidian District [4] Group 3 - Haidian District is actively building a "1+X+1" modern industrial system to promote the development of strategic emerging industries, providing strong resource support for high-tech industries [4] - The district has completed the first phase of the Zhongguancun Comprehensive Bonded Zone, allowing companies to benefit from tax exemptions and other favorable policies [4] - A new technology growth fund with a total scale of 20 billion yuan has been launched, increasing the total fund size to 20 billion yuan [4]