Core Viewpoint - The article discusses the financial performance of Northern Rare Earth in 2024, highlighting a decline in revenue and net profit primarily due to falling rare earth product prices, despite an increase in sales volume across major product categories [2][3]. Group 1: Financial Performance - In 2024, Northern Rare Earth reported a revenue of 32.966 billion yuan, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion yuan, down 57.64% year-on-year [2]. - The decline in net profit is attributed to the overall downward trend in prices of key rare earth products, particularly praseodymium and neodymium [3]. - The average prices for key products in 2024 were as follows: Praseodymium oxide at 392.57 yuan/kg (-25.99%), Dysprosium oxide at 1,832.31 yuan/kg (-21.32%), Terbium oxide at 5,749.52 yuan/kg (-37.15%), and Lanthanum oxide at 4.00 yuan/kg (-26.74%) [3]. Group 2: Sales Volume - Despite the price decline, the company saw an increase in sales volume for its main products in 2024: rare earth oxides (30,573.32 tons, +6.07%), rare earth salts (104,051.25 tons, +19.26%), and rare earth metals (35,326.95 tons, +13.77%) [3]. Group 3: Future Plans and Goals - The company is investing up to 7.8 billion yuan in a green smelting upgrade project, with the first phase expected to be operational by October 15, 2024 [4]. - The project aims to enhance the company's processing capabilities, allowing for the handling of 19.8 million tons of mixed rare earth concentrate annually, with various extraction and crystallization capacities [4]. - For 2025, the company has set ambitious operational targets, aiming for revenue of over 37.217 billion yuan and a total profit of over 2.82 billion yuan, representing year-on-year increases of 12.9% and 53.5%, respectively [4]. Group 4: Industry Outlook - Rare earth prices are currently at a low point, with expectations for a market reversal driven by new applications such as robotics and flying cars [5]. - Global demand for praseodymium and neodymium is projected to reach 117,000 tons and 126,900 tons in 2025 and 2026, respectively, with year-on-year growth rates of 9.7% and 8.4% [5]. - The industry is expected to maintain a state of tight supply and demand balance moving forward [5].