证券代码：600714 证券简称：金瑞矿业 编号：临2025-041号 青海金瑞矿业发展股份有限公司 2025年第二季度主要生产经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第3号——行业信息披露》的相关 要求，现将青海金瑞矿业发展股份有限公司（以下简称"公司"）2025年第二季度 生产经营数据公告如下： 注：本期公司主营业务产品碳酸锶产销量和销售收入同比增长，主要系市场价格上涨及上年 同期进行例行停产检修所致；金属锶产品产销量及销售收入同比减少，主要系公司结合市场变化 对产销结构进行调整所致。 产品名称 产量 销量 销售收入 本期数（吨） 同比变动 （%） 本期数（吨） 同比变动 （%） 本期数（万元） 同比变动 （%） 碳酸锶 5,330.43 10.03 3,482.82 33.54 4,246.82 129.68 金属锶 270.85 -49.81 262.96 -39.47 1,382.65 -42.40 铝锶合金 881.51 4.61 826.49 -11. ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the strontium carbonate industry, particularly focusing on the impact of geopolitical events on pricing and supply dynamics [1][3][4]. Core Insights and Arguments - **Price Fluctuations**: Strontium carbonate prices experienced significant volatility in early 2024, rising from 13,000 CNY/ton to 16,000 CNY/ton before dropping to 10,000 CNY/ton, stabilizing around 11,500 CNY/ton due to the Iran-Iraq conflict [1][3]. - **Supply and Demand**: Domestic demand for strontium carbonate is approximately 150,000 tons annually, growing at 3% per year, primarily used in magnetic materials (62%) and ceramic building materials (20%) [1][12][13]. - **Global Production Capacity**: Global strontium carbonate production capacity is concentrated in China, Germany, and Mexico, with total capacity expected to decrease from 290,000 tons in 2024 to 245,000 tons in 2025, before potentially increasing to 455,000 tons by 2027 [1][10][21]. - **Import Dependency**: China holds the largest strontium carbonate reserves globally (70% of total), but relies heavily on imports, particularly from Iran, which accounts for over 80% of its imports [1][7][25]. Pricing Mechanisms - **Domestic vs. International Pricing**: Domestic pricing is based on supply-demand dynamics, production costs, and industry premiums, while international pricing is influenced by production costs and historical prices, often exhibiting a lag in response to market changes [1][6]. Geopolitical Impact - **Iran-Iraq Conflict**: The ongoing conflict has significantly influenced strontium carbonate prices, with expectations of continued volatility until the situation stabilizes [4][5][22]. Inventory and Production - **Inventory Levels**: Current inventory levels in the strontium carbonate industry are low, with companies maintaining raw material reserves sufficient for three months of production [1][15][16]. - **Production Capacity**: Major domestic players include Hongxing Development (30,000 tons capacity, expanding to 90,000 tons by 2025) and Jinling Mining (20,000 tons capacity, expanding to 60,000 tons by 2027) [2][19]. Future Growth Areas - **Emerging Applications**: Future growth in strontium carbonate demand is expected in sectors such as home appliances, automotive, energy, and military applications [1][12][13]. Market Dynamics - **Downstream Demand**: The demand from downstream sectors like ceramics and magnetic materials is closely tied to macroeconomic conditions, particularly the real estate market [23]. - **Substitute Products**: In times of supply tightness, industries with lower quality requirements may opt for substitute products to alleviate supply pressures [14]. Conclusion - The strontium carbonate industry is currently navigating a complex landscape influenced by geopolitical tensions, supply chain dependencies, and evolving market demands. The outlook suggests a trend towards stabilization in pricing, contingent on geopolitical developments and domestic production capabilities [4][5][22].

Group 1 - The recent escalation of military confrontation between Israel and Iran has severely impacted global supply chains, particularly due to the explosion at Iran's Shahid Rajaei Port, which handles 55% of the country's cargo throughput [1] - Iran holds over 85% of the world's high-grade celestite resources, supplying 70% of China's imports, while domestic mines in China have lower grades and higher extraction costs [3] - The shutdown of Shahid Rajaei Port, combined with other supply disruptions, has led to a significant reduction in global celestite supply, exacerbated by a fire at Mexico's Kandelium factory and environmental reviews in Spain [3] Group 2 - The price of strontium carbonate has surged from 8,000 yuan/ton in September 2024 to 16,000 yuan/ton by June 2025, marking a 100% increase, with expectations to exceed 30,000 yuan/ton [5] - The shortage of strontium carbonate is raising production costs for traditional magnetic materials used in electric vehicle motors and consumer electronics, while also increasing demand for alternative materials in new energy and military sectors [5] Group 3 - Xingfa Group has significant phosphate resource reserves and production capacity, with approximately 461 million tons of reserves and over 5 million tons/year capacity, representing a notable player in the resource sector [6] - Guangsheng Nonferrous Metals, as a major rare earth group, has influence in the rare earth industry and is involved in tungsten resources, controlling several tungsten mines in northern Guangdong [6] - Lanhua Ketech, located in China's largest smokeless coal production base, is a key player in coal and coal chemical production, with the largest coalfield in the Qinshui area [7] Group 4 - A leading company in the strontium carbonate industry, recognized as the "King of Barium" and "King of Strontium" in Asia, has an existing production capacity of 30,000 tons/year, holding a global market share of 15%-20% and over 30% domestic market share [8] - The company controls two major strontium mining areas, achieving 100% self-sufficiency in celestite, and has broken overseas monopolies, supplying international giants like Samsung and LG [9] - The company has seen concentrated holdings and recent price movements, indicating a potential upward trend, making it an opportune time for investment [9]

Group 1: Industry Overview - The geopolitical conflict in the Middle East, particularly between Israel and Iran, has escalated, leading to significant disruptions in global supply chains, particularly through the explosion at Iran's Shahid Rajaee Port [1] - Shahid Rajaee Port is crucial for Iran's non-oil imports and exports, handling 55% of the country's cargo throughput, and its shutdown has interrupted the supply chain for high-grade celestite imports to China [1] - Celestite is a key raw material for strontium carbonate, with Iran supplying over 70% of China's imports due to its high-grade mineral sources [1] Group 2: Market Impact - The shutdown of Shahid Rajaee Port, combined with the fire at the Kandelium plant in Mexico (which has a production capacity of 40,000 tons) and environmental reviews in Spain, has led to a drastic reduction in global celestite supply [3] - The price of strontium carbonate has surged from 8,000 CNY per ton in September 2024 to 16,000 CNY per ton by June 2025, marking a 100% increase, with expectations that prices may exceed 30,000 CNY per ton [3] Group 3: Company Insights - Jinrui Mining has a current strontium carbonate production capacity of 20,000 tons per year, with plans for an expansion project to increase capacity by 45,000 tons per year by the end of 2025 [5] - Beikang Technology is a supplier of mining equipment and raw materials for magnetic materials, with some business connections to the strontium carbonate supply chain [6] - Hongxing Development controls the highest-grade strontium mines in China, with a current production capacity of 30,000 tons of strontium carbonate and an additional 30,000 tons of new capacity under construction, holding over 30% market share [7] - A notable company in the industry, referred to as the "Asian Strontium King," has an annual production capacity of 30,000 tons and commands a global market share of approximately 15%-20%, with a domestic market share exceeding 30% [9] - This company has full self-sufficiency in celestite supply, has broken overseas monopolies with its technology, and has entered the supply chains of international giants like Samsung and LG [10]

Core Viewpoint - The explosion at Iran's Shahid Rajaee Port has disrupted the global supply chain of celestine, leading to a potential reshaping of the industry due to China's heavy reliance on Iranian imports [1] Group 1: Impact of the Explosion - The explosion at Abbas Port, a key hub for 55% of Iran's non-oil imports, has caused a complete halt in celestine imports to China, resulting in urgent inventory shortages for domestic strontium carbonate producers [1] - The global supply of celestine has faced triple shocks, including the cessation of Iranian supply, a fire at the Kandelium plant in Mexico that halted 40,000 tons of production (12% of global supply), and a 30% production cut in Spain due to environmental reviews [3][4] Group 2: Price and Production Dynamics - The price of strontium carbonate has surged to over 16,000 yuan per ton, doubling compared to 2024, with projections suggesting it could reach historical highs of 30,000 yuan per ton if the Iranian port remains closed for over three months [6] - Domestic mining of low-grade celestine is costly and cannot meet the high-end magnetic material demand, leading to a "price without product" situation for leading companies like Jinrui Mining [7] Group 3: Industry Response and Future Outlook - The crisis is accelerating the iteration of domestic production technologies, with some companies achieving 99.9% purity in their products, previously relying on 68% imported high-end strontium carbonate technology [7] - The rising costs of magnetic materials are pressuring electric vehicle manufacturers to increase prices, leading to an accelerated industry reshuffle [8] - A supply-demand imbalance is expected to worsen, with China's annual demand of 200,000 tons against an effective production capacity of 160,000 tons, exacerbated by the Iranian supply disruption [9] Group 4: Relevant Companies - Jinrui Mining is a leading player in the domestic strontium salt industry, covering the entire celestine mining to high-end strontium salt production chain [11] - Woge Optoelectronics is noted for its advanced technology in glass-based semiconductor packaging and is identified as a potential beneficiary of the celestine supply crisis [12]

证券代码：600714 证券简称：金瑞矿业 编号：临2025-021号 青海金瑞矿业发展股份有限公司 2025年第一季度主要生产经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第3号——行业信息披露》的相关 要求，现将青海金瑞矿业发展股份有限公司（以下简称"公司"）2025年第一季度 生产经营数据公告如下： 注：本期碳酸锶生产线例行停产检修，产销量同比减少。但受市场价格上涨因素影响，销售 收入同比增加。公司结合市场变化，及时调整产销结构，金属锶产品产销量及销售收入同比减少。 产品名称 产量 销量 销售收入 本期数（吨） 同比变动 （%） 本期数（吨） 同比变动 （%） 本期数（万元） 同比变动 （%） 碳酸锶 3,754.05 -29.28 3,691.35 -10.9 3,687.72 32.89 金属锶 186.10 -41.50 223.00 -43.37 1,242.60 -42.71 铝锶合金 974.39 9.33 879.99 7.38 2,182.48 12 ...