证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 5 日 [Table_Title] 2025Q4，公司锆石/金红石/合成金红石合计产量同 比增长 20%至 15.49 万吨，合计销量同比增长 18%至 16.14 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►公司 2025Q4 生产经营情况 1、产量 2025Q4，锆英砂产量 4.78 万吨，环比增长 21%，同比增 长 7%。 2025Q4，锆英石精矿(ZIC) 产量 3.84 万吨，环比增长 200%，同比增长 156%。 2025Q4，金红石产量 2.99 万吨，环比增长 121%，同比增 长 153%。 2025Q4，合成金红石产量 3.88 万吨，环比减少 33%，同 比减少 33%。 2025Q4，锆石/金红石/合成金红石（Z/R/SR）合计产量 15.49 万吨，环比增长 25%，同比增长 20%。 2025Q4，钛铁矿产量 6.26 万吨，环比减少 23%，同比减 少 37%。 2、销量 2025Q4，锆英砂销量 2.97 万吨，环比减少 3%，同比增长 ...

Group 1: Financial Performance - The company's revenue for the first half of 2025 decreased by 33.49% year-on-year, primarily due to the performance of its subsidiary Tianhe Permanent Magnet, which transitioned to full operational control by the company [2][3] - Despite the revenue decline, the net profit attributable to shareholders increased by 0.54%, driven by improved yield from technological innovations and the reversal of inventory impairment losses [3] - The revenue from the rare earth oxide business dropped significantly by 83.01% year-on-year, contributing to the overall revenue decline [3] Group 2: Business Strategy and Market Response - The company is adopting a cautious approach in the rare earth business, focusing on controlling scale and ensuring profitability to mitigate operational risks [2][3] - The company plans to increase investment in the rare earth business as the market shows signs of recovery, aiming to enhance revenue and create value [3] - In the smart water service sector, the company identifies cloud intelligence 2.0 and trusted data space construction as key growth points for the future [3] Group 3: Competitive Positioning and International Expansion - To address intense domestic market competition, the company is implementing a differentiated strategy, targeting larger water service enterprises with higher performance and service requirements [3] - The company is actively expanding its international market presence, leveraging partnerships to enhance brand recognition and establish distribution networks globally [3] Group 4: Strategic Investments - The smart factory project is aimed at digital and intelligent transformation, enhancing long-term competitive advantages beyond just cost reduction and efficiency [4] - The smart factory initiative focuses on automation, information management, product intelligence, and data assetization to optimize production processes and improve product quality [4]