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 ...

Fundraising Plan - The company plans to raise a total of up to 1.2 billion RMB through a private placement of A-shares, with the funds allocated to three construction projects and working capital [1] - The total investment for the projects is estimated at 1.37358 billion RMB, with 1.2 billion RMB sourced from the fundraising [1] Project Overview and Feasibility Analysis - The fundraising projects aim to support domestic economic circulation and ensure the security of national industrial chains, aligning with national development strategies [2][3] - The wet metallurgy project will produce key raw materials such as potassium fluotantalate and niobium oxide, essential for subsequent production processes in high-temperature alloys, semiconductors, and defense industries [2][3] - The projects are expected to optimize the product structure and upgrade the company's industrial capabilities, addressing the growing demand in the tantalum and niobium sector [2][3] Industry and Market Context - The projects are supported by national and local industrial policies that emphasize the development of rare metals and new materials, which are critical for various high-tech applications [5][6] - The company is positioned to meet the increasing market demand for high-value-added products in sectors like semiconductors and aerospace, enhancing its competitive edge [4][7] Financial Projections - The company anticipates a compound annual growth rate (CAGR) of 10% in revenue over the next three years, with projected revenues of approximately 1.41 billion RMB in 2025 and 1.70 billion RMB in 2027 [16][18] - The fundraising will also address the projected working capital gap of 232.66 million RMB from 2025 to 2027, ensuring sufficient liquidity for operations [19][20] Operational Impact - The fundraising projects are expected to enhance the company's operational capabilities, improve financial stability, and reduce financial risk by optimizing the capital structure [20][21] - The implementation of these projects will solidify the company's market position and support long-term sustainable growth [21]

Summary of Guangsheng Nonferrous Conference Call Company Overview - Guangsheng Nonferrous has transitioned from a Guangdong provincial enterprise to being controlled by China Rare Earth Group, focusing on rare earth, tungsten, and copper industries [2][4] - The company holds all rare earth mining licenses in Guangdong, with resources exceeding 120,000 tons and a separation capacity of 5,590 tons/year [2][5] Financial Performance - In 2024, Guangsheng Nonferrous faced significant losses of nearly 300 million yuan due to a sharp decline in the rare earth market [2][8] - In Q1 2025, the company turned a profit with revenues of 1.506 billion yuan and a net profit of 47 million yuan, benefiting from improved supply-demand dynamics and operational measures [2][8] Operational Strategies - The company is optimizing its industrial chain structure, enhancing cost efficiency, and improving collaboration between separation and trading enterprises, achieving a product throughput rate of 97.4% [2][9] - Guangsheng Nonferrous has implemented a market analysis strategy, achieving over 90% sales rate for major products and establishing a raw material supply system to ensure sufficient supply for separation plants [2][10] Marketing and Sales Reforms - The company has reformed its marketing system to eliminate internal competition among its four separation plants, achieving unified purchasing and sales, which stabilizes market prices and enhances competitiveness [2][11] Industry Challenges and Responses - The fluctuating tariffs under Trump's administration have significantly impacted the rare earth sector, causing market volatility and favoring certain stocks in the A-share market [3] - Guangsheng Nonferrous is addressing market risks through daily assessments and flexible response strategies, which contributed to its recovery in Q1 2025 [2][10] Technological Innovations - The company is collaborating with academic experts to develop bio-leaching technology for rare earth extraction, which is environmentally friendly and economically viable, currently at a leading national level [4][14] Future Plans - For 2025, Guangsheng Nonferrous aims to increase resource reserves and production, optimize asset quality, and enhance operational efficiency through dual-driven strategies of industrial operations and capital management [2][15] Market Outlook - The company anticipates stable or rising prices for rare earth elements due to strong support from supply-demand dynamics, despite challenges in the import of minerals from Myanmar [2][23] Conclusion - Guangsheng Nonferrous is strategically positioned to navigate market challenges and capitalize on opportunities in the rare earth, tungsten, and copper sectors, with a focus on operational efficiency and technological advancement [2][24]