证券代码：000962 证券简称：东方钽业 宁夏东方钽业股份有限公司 投资者活动记录表 编号：2026-004 | 投资者关 | | □特定对象调研 | □ | 分析师会议 | | --- | --- | --- | --- | --- | | 系活动类 □ | | 媒体采访 | □ | 业绩说明会 | | 别 | | | | | | □ | | 新闻发布会 | □ | 路演活动 | | ☑ | | 现场参观 | □ | 电话会议 | | □ | （请文字说明其他活动内容） | 其他 | | | | 参与单位 | 广东恒健国际投资有限公司：张铭轩 | | | | | 名称及人 | | | | | | 员姓名 | | | | | | 时间 | 月 28 日 | 2026 年 1 | | | | 地点 | 宁夏东方钽业股份有限公司 | | | | | 上市公司 | | | | | | 接待人员 | 董事长：黄志学；总法律顾问：王宏；证券部员工：尚满义 | | | | | 姓名 | | | | | | | 1、参观公司展厅和部分生产车间，介绍公司基本情况。 | | | | | 投资者关 | | | | | | 系活 ...

Group 1: Company Overview - The company is Ningxia Dongfang Tantalum Industry Co., Ltd., with stock code 000962 [1] - The investor activity record indicates a meeting held on January 14, 2026, from 14:00 to 17:30 [2] Group 2: Investment and Financing - The company has received a review opinion from the Shenzhen Stock Exchange on its application for a private placement of shares, confirming it meets the issuance and listing conditions [3] - The company plans to expedite share subscription and issuance following approval from the China Securities Regulatory Commission (CSRC) [3] Group 3: Product Pricing and Classification - The pricing model for the company's products is based on a cost-plus approach, with prices negotiated on a periodic basis (annual, semi-annual, quarterly) [4] - The company's products are categorized into several types: - Consumer electronics: tantalum powder, tantalum wire - High-temperature alloys: melting niobium and tantalum for additives - Semiconductor: high-purity tantalum targets - Superconducting materials: superconducting niobium materials - Chemical corrosion-resistant products: tantalum-niobium and their alloy products [5] Group 4: Market Demand and Future Projects - The company aims to optimize its product structure and increase investment in new demand areas due to significant changes in the tantalum and niobium industry [6] - Current production capabilities are insufficient to meet downstream growth demands, necessitating new construction and renovation projects [6] - The company’s fundraising projects are expected to address outdated equipment and insufficient capacity in wet production lines, as well as meet the demand for high-temperature alloy products [6] - The growth of high-tech fields such as 5G, industrial internet, and national defense is driving new demand in the tantalum and niobium industry [6] Group 5: Strategic Focus - The company will continue to focus on its core tantalum and niobium business, aiming to enhance its product offerings and optimize its industrial layout [7] - There are currently no plans for further acquisitions of shares in Xicai Institute [7]

Core Viewpoint - The company plans to raise funds for three construction projects and to supplement working capital, focusing on the development of tantalum and niobium production capabilities [1] Group 1: Investment Projects - The first project is the construction of a digital factory for tantalum and niobium hydrometallurgy, with a total investment of 678.69 million yuan, aiming to produce various products including potassium fluotantalate (1,100 tons/year) and niobium pentoxide (1,700 tons/year) [1] - The second project involves the renovation of the tantalum and niobium pyrometallurgy smelting product production line, with an expected annual output of 860 tons of smelted niobium and 80 tons of smelted tantalum, requiring an investment of 287.99 million yuan [1] - The third project focuses on the construction of a high-end tantalum and niobium product production line, which will add 145 tons/year of tantalum and niobium plate and strip products, with a total investment of 281.20 million yuan [1]

Core Viewpoint - The company, Dongfang Tantalum Industry (000962.SZ), plans to raise funds primarily for three construction projects and to supplement working capital [1] Group 1: Fundraising Projects - The first project is the construction of a digital factory for tantalum and niobium hydrometallurgy, with a total investment of 677 million yuan, aiming to produce various products including 1,100 tons/year of potassium fluotantalate and 1,700 tons/year of niobium pentoxide [1] - The second project involves the renovation of the tantalum and niobium pyrometallurgy smelting product production line, with an expected annual output of 860 tons/year of smelted niobium and 80 tons/year of smelted tantalum, requiring a total investment of 288 million yuan [1] - The third project focuses on the construction of a high-end tantalum and niobium product production line, which is expected to add 145 tons/year of tantalum and niobium plate and strip products, with a total investment of 281 million yuan [1]

Group 1 - The company plans to raise funds primarily for three construction projects and to supplement working capital [1] - The first project is the construction of a digital factory for tantalum and niobium hydrometallurgy, with a total investment of 677 million yuan, aiming to produce various products including potassium fluotantalate and niobium pentoxide [1] - The second project involves the renovation of the tantalum and niobium pyrometallurgy smelting product production line, with an expected investment of 288 million yuan, which will increase annual production capacity for niobium and tantalum products [1] - The third project focuses on the construction of a high-end tantalum and niobium product production line, with a total investment of 281 million yuan, expected to add 145 tons per year of tantalum and niobium plate and strip products [1]

Group 1: Company Overview and Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.2 billion RMB, representing a year-on-year growth of 34% [4] - The net profit attributable to the parent company reached 208 million RMB, with a year-on-year increase of 33% [4] - As of September 2025, the total assets amounted to 3.58 billion RMB, reflecting a growth of 16.96% compared to the previous year [4] Group 2: Key Application Areas for Growth - The high-temperature alloy market has seen rapid growth due to increased demand from gas turbines, aerospace engines, and automotive turbochargers [5] - In the semiconductor sector, the demand for tantalum target materials and high-purity tantalum ingots surged due to the explosive growth of AI and computing chips [5] - The tantalum capacitor market is recovering, driven by the resurgence of the consumer electronics market in 2025 [5] Group 3: Capacity Expansion through New Projects - The company plans to establish a digital factory for tantalum and niobium wet metallurgy, with an annual production capacity of 1,100 tons of potassium fluotantalate and 1,700 tons of niobium pentoxide [6][7] - The smelting production line renovation project is expected to add an annual capacity of 860 tons of niobium and 80 tons of tantalum [7] - The high-end tantalum and niobium products production line is projected to increase capacity by 145 tons per year [7] Group 4: Raw Material Supply Assurance - The company completed a binding equity acquisition of Brazil's Taboca Company and signed a procurement contract for approximately 3,000 tons of iron niobium tantalum alloy, with an estimated procurement value of 540 million RMB [6][7] - The company has established a complete production line from ore wet metallurgy to tantalum and niobium product processing, ensuring a stable supply chain [7]

Group 1 - The company, Dongfang Tantalum, announced on September 17 that its products can be broadly categorized into several types, including consumer electronics, high-temperature alloys, semiconductors, superconducting materials, and chemical corrosion-resistant products [2] - The product categories include tantalum powder and wire for consumer electronics, melting niobium and tantalum as additives for high-temperature alloys, high-purity tantalum targets for semiconductors, superconducting niobium materials, niobium superconducting cavities, and tantalum-niobium alloy products for chemical corrosion [2] - The applications of the company's products span various industries such as electronics, communications, aerospace, metallurgy, petroleum, chemical, medical, atomic energy, lighting, and semiconductors [2]

Group 1: Company Overview - The company is Ningxia Dongfang Tantalum Industry Co., Ltd., with stock code 000962 [1] - The company has a full-process production line from ore wet smelting to tantalum and niobium product processing [3] Group 2: Raw Material Procurement - The company signed a procurement contract for approximately 3,000 tons of iron niobium tantalum alloy raw materials, with an estimated procurement amount of 540 million RMB [3] - The actual controller, China Nonferrous Metal Mining Group Co., Ltd., completed a binding equity acquisition of Brazil's Taboca Company [3] Group 3: Product Classification - Products are categorized into several types: - Consumer electronics: tantalum powder, tantalum wire - High-temperature alloys: additives for smelting niobium and tantalum - Semiconductor: high-purity tantalum targets - Superconducting materials: superconducting niobium materials, niobium superconducting cavities - Chemical corrosion resistance: tantalum niobium and its alloy products [4] Group 4: Market Demand and Investment Projects - The company needs to optimize product structure and increase investment in new demand areas due to profound changes in the tantalum and niobium industry [5] - Current production equipment cannot meet downstream growth demands, necessitating new and renovation projects [5] - The investment project aims to address outdated wet production line equipment and insufficient capacity, responding to market demand for high-temperature alloy products and high-end products [5] Group 5: Stock Issuance - The proposal for a specific object issuance of A-shares was approved at the company's fourth temporary shareholders' meeting on September 12, 2025 [6] - The issuance requires approval from the State-owned Assets Supervision and Administration Commission, the shareholders' meeting, and the Shenzhen Stock Exchange, followed by registration with the China Securities Regulatory Commission [6]

Group 1: Company Overview and Activities - The company, Ningxia Dongfang Tantalum Industry Co., Ltd., held an investor activity on September 4, 2025, from 14:00 to 17:00 [2] - Participants included representatives from Western Securities and Bosera Fund, along with the company's chairman and vice general manager [2] Group 2: Production Expansion Plans - The company plans to invest in three capacity expansion projects using raised funds [2] - The projects include: - A digital factory for tantalum and niobium wet metallurgy with a production capacity of: - Potassium fluotantalate: 1,100 tons/year - Niobium pentoxide: 1,700 tons/year - High-purity niobium pentoxide: 150 tons/year - High-purity tantalum pentoxide: 50 tons/year - Tantalum-niobium compounds: 209.5 tons/year - By-product tin concentrate: 90 tons/year [3] - A smelting production line for tantalum and niobium with an expected capacity of: - Niobium: 860 tons/year - Tantalum: 80 tons/year - Niobium and niobium alloy bars: 74 tons/year - Tantalum and tantalum alloy bars (rods): 240 tons/year [3] - A high-end product line for tantalum and niobium with a capacity of 145 tons/year for tantalum-niobium plates and strips [3] Group 3: Raw Material Supply Chain - The company has secured a stable supply chain for tantalum and niobium raw materials through a binding equity acquisition of Brazil's Taboca Company [4] - A procurement contract for approximately 3,000 tons of iron niobium tantalum alloy has been signed with Taboca [4] Group 4: Cost Structure and Management - The primary cost component for the company is raw material procurement [5] - The company aims to enhance lean management and technological innovation to achieve scale and quality efficiency [5] - Ongoing capacity expansion projects are expected to improve both wet and dry metallurgy production capacities while strengthening quality management and cost control [5]

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 Feasibility Analysis - The fundraising projects align with national policies to enhance domestic circulation and ensure the security of the industrial chain, addressing the "bottleneck" issues in key technology areas [2][3] - The projects aim to optimize the product structure and upgrade the company's industry capabilities, responding to the evolving demands in the tantalum and niobium sector [2][3] - The projects will enhance the company's production capacity and competitiveness by filling capacity gaps in critical areas [3][4] Market Demand and Strategic Importance - The products from the fundraising projects are essential for high-temperature alloys, semiconductors, and defense industries, contributing to national security and reducing reliance on imports [2][3] - The company aims to establish a "three-tier product hierarchy" to ensure supply chain security and foster competitive advantages in high-end products [2][3] Government Support and Policy Alignment - The company benefits from various national and local government policies that support the tantalum and niobium industry, emphasizing the importance of these materials in strategic emerging industries [5][6] - The projects are in line with the company's development strategy, focusing on enhancing its core business areas of wet metallurgy, fire metallurgy, and product manufacturing [6] Financial Projections and Capital Structure - The company anticipates a compound annual growth rate of 10% in revenue over the next three years, with projected revenues of 140.87 million RMB in 2025 and 170.45 million RMB in 2027 [16][18] - The fundraising will also address the company's working capital needs, optimizing its capital structure and enhancing its ability to withstand market risks [15][20] Project Details and Expected Returns - The wet metallurgy project has a total investment of approximately 678.69 million RMB, with an expected internal rate of return of 12.77% and a payback period of 8.45 years [10][13] - The fire metallurgy project requires an investment of about 287.99 million RMB, with an expected internal rate of return of 11.06% and a payback period of 7.98 years [12][13] - The high-end product production line project has a total investment of around 281.20 million RMB, with an expected internal rate of return of 12.30% and a payback period of 7.72 years [14][15] Conclusion - The board of directors believes that the fundraising plan aligns with national policies and the company's strategic goals, enhancing its overall strength and ensuring sustainable development [21]