证券代码：600111 证券简称：北方稀土 公告编号：2025-049 中国北方稀土（集团）高科技股份有限公司 2025 年第二季度及半年度主要经营数据公告 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》等规定，现将公司 2025 年第二季度（4-6 月）及半年度（1-6 月）主要经营数据披露如下： | 项目 | 生产量 | 生产量同比 | 销售量 | 销售量同比 | | --- | --- | --- | --- | --- | | | （吨） | 变动比例（%） | （吨） | 变动比例（%） | | 稀土氧化物 | 15,161.01 | 111.20 | 20,161.88 | 15.71 | | 稀土盐类 | 71,144.51 | -1.32 | 64,791.96 | 45.41 | | 稀土金属 | 24,107.55 | 28.10 | 22,397.95 | 32.33 | | 磁性材料 | 34,570.13 | 24.13 | 34 ...

Industry Overview - In April 2023, China announced export controls on seven categories of heavy rare earth materials, significantly impacting the automotive and electronics industries that heavily rely on these materials [2] - Rare earth elements, consisting of 17 metals, are crucial for the development of modern technology and strategic industries, including defense, aerospace, electronics, and electric vehicles [2] - China dominates the rare earth market, holding approximately 40% of global rare earth mines and nearly 70% of global production, particularly in heavy rare earths, which enhances its trade and diplomatic influence [2] Company Summaries - **China Northern Rare Earth (Group) High-Tech Co., Ltd.**: Established in 1997 with a registered capital of 3.62 billion RMB, it specializes in the production and sales of rare earth refined products and advanced materials, operating the world's largest rare earth raw material production base [3] - **China Rare Earth Group Co., Ltd.**: Founded in 2021 with a registered capital of 100 million RMB, it consolidates rare earth assets from major mining and metallurgical companies, covering the entire industry chain from resource development to advanced material manufacturing [4] - **Guangdong Rare Earth Industry Group Co., Ltd.**: Established in 2014 with a registered capital of 1 billion RMB, it focuses on rare earth products and other non-ferrous metal mining and processing, recently integrated into China Rare Earth Group [5] - **Xiamen Tungsten Co., Ltd.**: Founded in 1997 with a registered capital of 1.42 billion RMB, it is a leading rare earth enterprise involved in various energy new materials, including rare earth oxides and metals [6] - **Shenghe Resources Holding Co., Ltd.**: Established in 1998 with a registered capital of 1.75 billion RMB, it is a global producer of rare earth products with operations in multiple countries and significant stakes in overseas rare earth companies [7] - **Inner Mongolia Baotou Steel Union Co., Ltd.**: Founded in 1999 with a registered capital of 45.4 billion RMB, it produces steel products and rare earth concentrates, focusing on enhancing resource utilization through technological improvements [8] - **Guangsheng Nonferrous Metals Co., Ltd.**: Established in 1993 with a registered capital of 336.44 million RMB, it is a state-owned enterprise with a complete rare earth mining and processing chain, controlling over 120,000 tons of medium and heavy rare earth resources [9] - **China Southern Rare Earth Group Co., Ltd.**: Founded in 2015 with a registered capital of 752.85 million RMB, it focuses on the development of rare earth resources in Jiangxi province, covering mining, processing, and technology services [10] - **Yuyuan New Materials Co., Ltd.**: Established in 1999 with a registered capital of 846.55 million RMB, it specializes in the research and production of rare earth materials and other advanced materials [11] - **Hengdian Group DMEGC Magnetics Co., Ltd.**: Founded in 1999 with a registered capital of 1.63 billion RMB, it is the world's largest manufacturer of ferrite permanent magnets and produces various magnetic materials and solar products [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in production and sales, continuously optimizing its production processes [4][5] - In Q1 2025, the company achieved a revenue of 9.287 billion yuan, a year-on-year increase of 61.19%, while the net profit attributable to shareholders was 431 million yuan, a year-on-year increase of 727.3% [4][5] - The company has implemented a production optimization strategy, focusing on small variety rare earth products and achieving integration of research, production, and sales [6] Financial Performance - For 2024, the company reported a revenue of 32.97 billion yuan, a year-on-year decrease of 1.58%, and a net profit of 1 billion yuan, a year-on-year decrease of 57.64% [4][8] - The company expects net profits for 2025, 2026, and 2027 to be 2.138 billion, 2.570 billion, and 3.216 billion yuan respectively, with corresponding P/E ratios of 39, 33, and 26 [7][8] - The company’s gross margin is projected to improve from 10.2% in 2024 to 11.0% in 2027 [8] Production and Sales Growth - In Q1 2025, the production of rare earth oxides increased by 33.99% year-on-year, while sales rose by 57.61% [5] - The production of rare earth metals saw a year-on-year increase of 56.5%, with sales increasing by 46.55% [5] - The company has successfully launched 12 new solid-state hydrogen storage materials into mass production and sales [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in production and sales, continuously optimizing its production processes [4][5] - In Q1 2025, the company achieved a revenue of 9.287 billion yuan, a year-on-year increase of 61.19%, while the net profit attributable to shareholders was 431 million yuan, a year-on-year increase of 727.3% [4][5] - The company has implemented a production optimization strategy, focusing on small variety rare earth products and achieving integration of research, production, and sales [6] Financial Performance - For 2024, the company reported a revenue of 32.97 billion yuan, a year-on-year decrease of 1.58%, and a net profit of 1 billion yuan, a year-on-year decrease of 57.64% [4][8] - The company expects net profits for 2025, 2026, and 2027 to be 2.138 billion, 2.570 billion, and 3.216 billion yuan respectively, with corresponding P/E ratios of 39, 33, and 26 [7][8] - The company’s gross margin is projected to improve from 10.2% in 2024 to 11.0% in 2027 [8] Production and Sales Growth - In Q1 2025, the production of rare earth oxides increased by 33.99% year-on-year, while sales increased by 57.61% [5] - The production of rare earth metals rose by 56.5% year-on-year, with sales increasing by 46.55% [5] - The company has successfully launched 12 new solid-state hydrogen storage materials into mass production and sales [6]

Core Viewpoint - The company reported a revenue of 32.966 billion yuan in 2024, a year-on-year decrease of 1.58%, with a net profit attributable to shareholders of 1.004 billion yuan, down 57.64% year-on-year. However, the market is showing signs of recovery in Q1 2025, leading to a maintained "buy" rating [1][2]. Financial Performance - In 2024, the company's revenue was 32.966 billion yuan, with a net profit of 1.004 billion yuan and a non-recurring net profit of 0.901 billion yuan, reflecting significant declines of 57.64% and 61.12% year-on-year respectively [1]. - Q4 2024 saw a revenue of 11.407 billion yuan, up 33.04% year-on-year and 33.10% quarter-on-quarter, with a net profit of 0.599 billion yuan, down 39.52% year-on-year but up 66.41% quarter-on-quarter [1]. - In Q1 2025, the company achieved a revenue of 9.287 billion yuan, a year-on-year increase of 61.19% but a quarter-on-quarter decrease of 18.58%, with a net profit of 0.431 billion yuan, reflecting a year-on-year increase of 727.30% [1][2]. Production and Margins - The production of rare earth oxides, salts, metals, and magnetic materials in 2024 showed a year-on-year decline of 7.26%, 1.6%, but increases of 19.84% and 17.72% respectively [2]. - The overall gross margin decreased due to falling rare earth prices, with gross margins for rare earth raw materials and functional materials at 8.63% and 17.56%, down 9.5 percentage points and 5.45 percentage points year-on-year respectively [2]. - In 2024, the company recognized an asset impairment of 357 million yuan, impacting performance, while no impairment was recognized in Q1 2025 [2]. Market Outlook - The supply-demand situation is expected to improve, with the rare earth price nearing the cost line for some high-cost mines, indicating a potential industry bottom [3]. - Domestic supply constraints are evident, with mining and smelting indicators increasing by 5.88% and 4.16% year-on-year, but the growth rates have declined significantly [3]. - The global supply of rare earths is expected to contract due to reduced domestic quotas and disruptions in overseas supply, while emerging fields like humanoid robots are anticipated to drive future demand growth [3]. Profit Forecast and Valuation - The company has adjusted its price assumptions for praseodymium and neodymium oxides, forecasting EPS of 0.52, 0.85, and 1.13 yuan for 2025-2027, reflecting year-on-year decreases of 28.8% and 24.8% for 2025 and 2026 respectively [4]. - The target price for the company is set at 26.59 yuan, based on a PE ratio of 51.13 for 2025, maintaining a "buy" rating [4].

Investment Rating - The investment rating for the company is maintained as "Accumulate" with a target price of RMB 26.59 [7][8]. Core Views - The company achieved a revenue of RMB 32.966 billion in 2024, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of RMB 1.004 billion, down 57.64% year-on-year. However, Q4 2024 showed a revenue increase of 33.04% year-on-year [1][2]. - In Q1 2025, the company reported a revenue of RMB 9.287 billion, representing a year-on-year increase of 61.19%, and a net profit of RMB 431 million, up 727.30% year-on-year, indicating a market recovery in the rare earth industry [1][2]. - The report suggests that the rare earth industry may be at an inflection point, with supply constraints and improving downstream demand expected to enhance the supply-demand balance in 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company's production of rare earth oxides, salts, metals, and magnetic materials decreased by 7.26%, 1.6%, increased by 19.84%, and 17.72% respectively. The overall gross margin declined due to falling rare earth prices [2]. - The company recorded an asset impairment of RMB 357 million in 2024, impacting performance, but did not incur such impairments in Q1 2025 [2]. Supply and Demand Outlook - The report indicates that rare earth prices approached the cost line for some high-cost mines by Q3 2024, establishing a bottom for the industry. Supply constraints are evident due to reduced domestic quotas and disruptions in overseas supply [3]. - The report anticipates a potential improvement in the supply-demand relationship in 2025, with a projected balance of -5.8% for global praseodymium-neodymium oxide supply and demand [3]. Profit Forecast and Valuation - The company’s EPS is projected to be RMB 0.52, 0.85, and 1.13 for 2025, 2026, and 2027 respectively, reflecting a downward adjustment in price assumptions for praseodymium-neodymium oxide [4]. - The target price of RMB 26.59 is based on a PE ratio of 51.13 for 2025, aligning with the average PE of comparable companies [4][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.54 RMB [6][4]. Core Insights - The company reported Q1 2025 revenue of 2.992 billion RMB, a year-over-year increase of 3.66% but a quarter-over-quarter decrease of 4.41%. The net profit attributable to the parent company was 168 million RMB, reflecting a year-over-year increase of 178.09% and a quarter-over-quarter increase of 47.24% [1][2]. - The rise in rare earth prices is expected to benefit the company's performance, alongside its proactive overseas resource acquisition strategy to enhance raw material self-sufficiency [1][4]. - The average rare earth price index for Q1 2025 was 176.29, showing a year-over-year increase of 5.95% and a quarter-over-quarter increase of 2.95% [2]. Summary by Sections Financial Performance - In Q1 2025, the company sold 3,591 tons of rare earth oxides, 3,499 tons of rare earth salts, and 4,823 tons of rare earth metals, with year-over-year changes of +40.25%, -43.3%, and +44.49% respectively [2]. - The gross profit margin increased by 7.88 percentage points to 7.98% due to a reduction in operating costs by 4.52% [2]. Market Outlook - The supply-demand relationship for rare earths is expected to improve in 2025, with a projected global supply shortage of 5.8% for praseodymium and neodymium oxides in 2025 and 4.6% in 2026 [3]. - The strategic importance of rare earths is highlighted, with potential price stability anticipated due to reduced imports from Myanmar and domestic regulatory measures [3]. Valuation Metrics - The company’s earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 0.45 RMB, 0.61 RMB, and 0.70 RMB respectively [4]. - The report assigns a price-to-earnings (PE) ratio of 34.5x for 2025, aligning with the average of comparable companies [4][11].

Core Viewpoint - The company has reported significant growth in Q1 2025, driven by rising rare earth prices and reduced raw material costs, leading to a remarkable increase in profit margins [1][2]. Financial Performance - Q1 revenue reached 9.29 billion yuan, a year-on-year increase of 61.19% [4]. - Net profit attributable to shareholders was 430.63 million yuan, soaring 727.30% compared to the same period last year [4]. - The net profit excluding non-recurring items was 434.72 million yuan, reflecting an astonishing growth of 11,622.98% year-on-year [4]. - The net cash flow from operating activities improved significantly to 410.13 million yuan, compared to a negative 151.26 million yuan in the previous year, marking a 371.14% increase [3]. Sales and Production - The company achieved record high sales volumes in Q1, with rare earth oxide sales reaching 10,558.42 tons, up 57.61% year-on-year [2]. - Sales of rare earth salts were 32,090.78 tons, an increase of 52.95% [2]. - Rare earth metal sales grew by 46.55% to 11,329.94 tons, while magnetic materials sales rose by 46.63% to 16,166.09 tons [2]. Cost Management - The company's operating costs increased by 54.98%, which was lower than the revenue growth rate of 61.19%, indicating effective cost control [2]. Strategic Initiatives - The company has implemented several strategic measures, including optimizing long-term customer agreements and enhancing pricing mechanisms to improve market influence [5]. - In Q1, the company applied for 63 patents, including 51 invention patents, and introduced new processes and products [5]. - The company is advancing its green smelting upgrade project and is focused on increasing project startup rates to foster new growth points [5]. Shareholder Activity - The controlling shareholder, Baotou Steel (Group) Co., Ltd., increased its stake in the company by acquiring 43,099,222 shares, representing 1.19% of the total share capital, with a total investment of approximately 999 million yuan [5].

稀土价格24H1 筑底、H2 小幅修复，公司毛利水平逐季度提升，Q1-Q4 毛利分别为0.03/0.77/2.24/2.91 亿元。公司24Q1/Q4 分别计提了资产减值1.34/0.77 亿元，Q2/Q3 则有所转回，该项变化对于各季利润形 成了影响。 盛和资源发布年报，24 年实现营收113.71 亿元（yoy-36.39%），归母净利2.07 亿元（yoy-37.73%）， 低于Wind 一致预期（5.29 亿元），主因稀土价格反弹程度不及预期。其中Q4 实现营收31.30 亿元 （yoy-34.39%，qoq+11.64%），归母净利1.14 亿元（yoy-34.5%，qoq-29.16%）。公司业绩或将受益于 稀土价格走强，同时公司积极布局海外资源以提升原料自给率，维持"买入"评级。 24 年公司毛利逐季度改善，资产减值变化对各季利润影响大24 年公司稀土氧化物、金属、盐类产量分 别同比+13.63%/+36.52%/-42.46%，稀土价格指数同比-26.1%（Wind），因此公司净利润同比-40.9%。 25 年稀土供需关系或改善 据SMM，缅甸当地要求加征20%资源税让矿商的成本大幅增加，矿商 ...

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].