2025Q4，公司稀土氧化物(REO)产量为 2,382 吨，环比减 少 40%，同比减少 9%。 2025Q4，公司稀土氧化物(REO)销量为 2,359 吨，环比减 少 36%，同比减少 18%。 证券研究报告|行业研究报告 [Table_Date] 2026 年 1 月 23 日 [Table_Title] Lynas 2025Q4 REO 产量环比减少 40%至 2,382 吨，NdPr 产量环比减少 30%至 1,404 吨，镝铽产 量为 26 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）Mt Weld（稀土氧化物 REO） 2025Q4，稀土氧化物(REO)平均实现价格为 85.6 澳元/公 斤，环比上涨 58%，同比上涨 74%。平均售价的上涨反映了基 准价格的提高以及独立于市场指数定价的销售份额的增加。四 季度的积极市场情绪延续至 2026 年 1 月。 Mt Weld 混合可再生能源发电站的 4 台风力涡轮机自 11 月以来全部投入运行。这显著提升了发电效率，12 月份该发电 站 92%的电力来 ...

Investment Rating - The report provides a positive investment rating for the industry, indicating a "Buy" recommendation based on expected stock performance relative to the benchmark index [17]. Core Insights - The report highlights a significant increase in rare earth oxide (REO) production, with a year-on-year growth of 47% to 3,212 tons in Q2 2025, and a quarter-on-quarter increase of 68% [1]. - The average selling price of REO reached A$60.2 per kilogram, reflecting a 19% increase from the previous quarter and a 42% increase year-on-year [1]. - The company has successfully launched the separation lines for heavy rare earth elements, dysprosium, and terbium, with substantial customer inquiries for the new capacity [4]. - Lynas is actively pursuing projects to achieve an annual production capacity of 10,500 tons of mixed rare earth carbonate (MREC) by 2025, with ongoing improvements in processing quality at its facilities [2]. Production and Sales Performance - In Q2 2025, Lynas reported a total REO production of 3,212 tons, with NdPr (neodymium-praseodymium) production at 2,080 tons, both showing a 38% increase compared to the previous quarter [3][12]. - The sales volume of REO was 2,828 tons, which represents a 16% increase from the previous quarter but a 12% decrease year-on-year [1]. Financial Performance - The company achieved sales revenue of A$170.2 million in Q2 2025, marking a 38% increase quarter-on-quarter and a 25% increase year-on-year [7]. - Cash and short-term deposits at the end of Q2 2025 were A$166.4 million, down from A$268.9 million at the end of the previous quarter [13]. Growth Projects - The Mt Weld expansion project is in its final stages, with successful commissioning of the crushing circuit and ongoing preparations for initial production [8]. - Lynas is also addressing wastewater management challenges at its Seadrift site in the U.S. and is in discussions with the U.S. government regarding additional capital expenditures [9]. Strategic Partnerships - Lynas has signed two non-binding memorandums of understanding (MoUs) to develop new upstream and downstream rare earth projects in Malaysia, including a collaboration with JS Link to build a 3,000-ton neodymium-iron-boron permanent magnet production facility [6][10].

Investment Rating - The report assigns a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the specified period [18]. Core Insights - In Q1 2025, Lynas reported a significant decrease in Rare Earth Oxide (REO) production, down 46% year-on-year to 1,911 tons, while sales volume increased by 5% year-on-year to 2,434 tons [1][8]. - The average selling price of REO reached A$50.5 per kilogram, reflecting a 15% year-on-year increase [1]. - The company is focused on achieving its annual production target of 10,500 tons of REO by continuing to advance various projects, including furnace maintenance and process improvements at its facilities [1]. Summary by Sections 1) Production and Sales Performance - REO production in Q1 2025 was 1,911 tons, a decrease of 27% quarter-on-quarter and 46% year-on-year [1]. - REO sales volume was 2,434 tons, a decrease of 15% quarter-on-quarter but an increase of 5% year-on-year [1]. - NdPr production was 1,509 tons, showing a 17% increase quarter-on-quarter but a 12% decrease year-on-year [4]. 2) Financial Performance - The company achieved sales revenue of A$123 million in Q1 2025, a decrease of 13% quarter-on-quarter but an increase of 22% year-on-year [8]. - Closing cash and short-term deposits were A$26.89 million, down from A$30.83 million in the previous quarter [8]. 3) Project Developments - The maintenance of the furnace at the Malaysia Lynas plant has reduced availability, but improvements in the Kalgoorlie plant's processes are expected to enhance the quality of Mixed Rare Earth Carbonate (MREC) [3]. - The company has completed modifications necessary for the separation of dysprosium and terbium, with production lines expected to commence in May and June [7]. - The Mt Weld expansion is progressing on schedule, with the second phase expected to be operational by Q3 2025 [10]. 4) Market Conditions - The average market price for NdPr in China was reported at US$53.0 per kilogram, reflecting a 4% increase quarter-on-quarter and a 13% increase year-on-year [4]. - The report highlights that Lynas remains the only producer of dysprosium and terbium outside of China, which positions the company favorably in the global market [9].