■董事长专访 ◎记者于瑶 60年前，宁夏贺兰山脚下一片荒地上，一批技术骨干和设备从北京"空降"至此，创建了"冶金部905 厂"。如今，这家企业成长为我国最大的钽、铌产品研发制造企业，位列世界钽冶炼加工前三强。如何 聚焦"国之大者"，紧扣"国之所需"，保障国家战略需求与市场供给？如何强化科技创新顶层设计，锚定 战略性新兴产业与未来产业发展方向，打造更多"国之重器"？近日，上海证券报记者走进东方钽业，与 公司董事长黄志学面对面交流，探寻企业旧貌换新颜、构筑国家战略科技力量的"硬核"密码。 钽铌"国家队"和"顶梁柱" 满足"高精尖"需求 "企业1965年从北京搬到宁夏，陆续建成我国第一条铌生产线、第一条钽生产线、第一条铍生产线。可 以说，我国几乎所有跟钽铌铍相关的重大科技成果都源自这里。"黄志学说。 走进东方钽业的展示馆，展现创新实力的一系列成果映入眼帘：高比容钽粉、高纯钽铌化合物、高温抗 氧化涂层、铌射频超导腔等一批创新成果，广泛应用于航空航天、大科学工程等国家重大项目，为我国 航空航天事业和量子计算领域技术突破发展提供关键支撑。 "我们将技术进步置于战略优先地位，去年研发经费投入占营业收入的比重超过7%。公司通 ...

Core Viewpoint - Dongfang Tantalum Industry plans to raise up to 1.2 billion yuan through a private placement to enhance production capacity and supplement working capital, reflecting strong support from major shareholders for national strategic resource security and supply chain stability [1][4]. Group 1: Fundraising and Investment Projects - The fundraising will focus on three main projects with a total investment of 1.374 billion yuan, including a wet metallurgy digital factory, a pyrometallurgy smelting production line upgrade, and a high-end product production line [2][3]. - The wet metallurgy project aims to produce various key materials, addressing aging equipment and capacity shortages, while the pyrometallurgy project will increase production capacity for niobium and tantalum to meet market demand [2][3]. - The high-end product line will enhance production capacity for tantalum and niobium products, targeting sectors like semiconductors and aerospace [2][3]. Group 2: Market Demand and Industry Position - The demand for tantalum and niobium materials is structurally increasing due to their importance in strategic emerging industries, with significant growth in sectors such as semiconductors and aerospace [5][6]. - Dongfang Tantalum Industry has a comprehensive industry chain and has achieved global leadership in metallurgy technology, with a strong financial performance supporting the new fundraising initiatives [4][6]. Group 3: Economic Benefits and Project Feasibility - The three investment projects are expected to yield favorable economic returns, with post-tax internal rates of return (IRR) of approximately 12.77% for the wet metallurgy project, 11.06% for the pyrometallurgy project, and 12.30% for the high-end product project [3]. - The projects will enhance the company's ability to supply key materials independently, reducing reliance on external sourcing and mitigating supply chain risks [3][4]. Group 4: Shareholder Returns and Market Management - Dongfang Tantalum Industry has implemented a robust shareholder return mechanism, distributing 66.66 million yuan in cash dividends in 2024, which is 31.26% of net profit, marking a record high since its listing [7]. - The company has engaged in extensive investor relations activities, hosting 17 investor meetings in 2025, attracting significant institutional interest [7][8].

Group 1: Industry Outlook - The tantalum and niobium industry is expected to grow due to the expanding semiconductor and consumer electronics markets, providing significant development space for target materials [3] - The demand for tantalum and niobium targets is anticipated to increase rapidly, driven by market needs and domestic substitution [3] - Emerging applications in high-frequency communication technology and large scientific projects are likely to boost market demand [3] Group 2: Market Expansion Strategies - The company is actively exploring niche markets, particularly in tantalum powder and wire, and is increasing efforts in the recovering tantalum target market [4] - Focus on new fields such as high-temperature alloys and semiconductors to enhance production capabilities of tantalum and superconducting niobium materials [4] - Domestic market revenue grew by 29.17%, increasing its share to 64.27%, indicating significant market expansion success [4] Group 3: Profit Distribution and Shareholder Returns - The company distributed a cash dividend of 0.55 CNY per 10 shares in the first three quarters of 2024, totaling 27.77 million CNY [4] - The proposed dividend for the full year is 0.77 CNY per 10 shares, amounting to 38.88 million CNY, with total dividends reaching 66.65 million CNY, representing 31.26% of the net profit attributable to shareholders [4] Group 4: Raw Material Price Management - The company mitigates raw material price fluctuations by establishing long-term supplier relationships and locking in prices through contracts [5] - Market monitoring and analysis are conducted to anticipate price trends, allowing for strategic procurement [5] - Production processes are optimized to improve raw material utilization and reduce consumption per product [5] Group 5: Brand Development Initiatives - Continuous improvement in product quality has established "Baoshan" tantalum powder and wire as renowned products in China [6][7] - The company actively participates in setting industry standards, enhancing its influence within the sector [7] - Participation in domestic and international exhibitions showcases product and technological strengths, boosting brand recognition [7] Group 6: Research and Development Incentives - A comprehensive incentive mechanism is in place to reward teams and individuals for significant research achievements [7] - Opportunities for career advancement and training are provided to research personnel, fostering innovation [7] - The company encourages a culture of innovation, allowing for calculated risks in research projects [7]

Group 1: Company Overview - The company, Dongfang Tantalum Industry Co., Ltd., focuses on tantalum and niobium metal production and processing, with a complete industrial chain from ore refining to product manufacturing [1][6]. Group 2: Financial Performance - In 2024, the company expects to achieve operating revenue of CNY 128.061 million, an increase of CNY 17.255 million, representing a growth of 15.57% compared to the previous year [4]. - The estimated operating cost for 2024 is CNY 104.055 million, up by CNY 13.015 million, with a growth rate of 14.30% [4]. - The projected net profit attributable to shareholders is CNY 21.322 million, an increase of CNY 2.609 million, reflecting a growth of 13.94% [4]. - The net profit after deducting non-recurring gains and losses is expected to be CNY 19.279 million, up by CNY 3.467 million, with a growth rate of 21.92% [4]. Group 3: Product Structure and Market Position - The main products include high-temperature alloys, tantalum powder, tantalum wire, semiconductor tantalum targets, and high-purity niobium materials, with a focus on high-purity and high-tech products [5]. - The company has improved its product structure and market competitiveness through technological advancements and process improvements [5]. Group 4: Competitive Advantages - The company possesses a complete industrial chain integrating wet and pyrometallurgical refining of tantalum and niobium ores, along with product processing [6]. - It has established stable partnerships and a strong reputation in the industry, enhancing its brand advantage [6]. Group 5: Value Management and Investor Relations - The company emphasizes investor rights protection and value management, having established a dedicated management team and plan [7]. - It aims to enhance transparency through various channels, including information disclosure and investor meetings, to improve its image in the capital market [8]. Group 6: Raw Material Sourcing and Dividend Policy - The primary raw materials are sourced from tantalum and niobium ore refining, with additional procurement based on production needs [8]. - The company has a commitment to reasonable returns for investors, having distributed a cash dividend of CNY 0.55 per 10 shares on November 21, 2024 [8].