本报讯近日，宁夏东方钽业股份有限公司（以下简称"东方钽业"）发布投资者活动记录表。在回答投资 者提问时，东方钽业表示，目前公司已建立全球化钽铌精矿采购保障体系，依托与国内外信誉较好、规 模较大的优质矿石贸易商建立的较长期合作关系，锁定核心原料来源，建立了稳定的钽铌精矿进口渠 道。相关渠道已稳定运行多年，充分验证其对生产运营的保障能力。 东方钽业表示，公司实际控制人中国有色集团旗下中色经贸有限公司已完成对位于巴西的矿石生产商塔 博卡矿业公司的股权收购事项。2025年4月份，公司已与塔博卡矿业公司签署了《铁钽铌合金采购合 同》，拟采购约3000吨铁铌钽合金原材料，采购金额预计为5.4亿元人民币，该战略举措将进一步提升 公司在钽铌矿石原料供应环节的自主可控能力，为产业链安全提供核心战略保障。公司将通过系统化回 收利用覆盖湿法分厂、火法分厂、钽粉分厂、钽丝分厂、制品分厂在内的全产业链各环节生产加工过程 中产生的钽铌金属废料，并通过市场化渠道外购钽铌金属废料，持续强化生产原料供给保障能力，构 建"生产-回收-再利用"闭式循环模式以实现资源利用效率最大化。 （文章来源：证券日报） ...

Core Viewpoint - The company, Dongfang Tantalum Industry, has completed a binding equity acquisition of Brazil's Taboca Mining Company, enhancing its resource control and supply chain stability [1] Group 1: Acquisition Details - The actual controller of the company, China Nonferrous Metal Mining Group Co., Ltd., through its subsidiary, has finalized the acquisition of Taboca Mining Company, which owns a multi-metal mine and several processing facilities in Brazil [1] - Taboca Mining Company possesses an operational multi-metal mine for tin, tantalum, and niobium, a tin smelting plant, a tantalum-niobium iron alloy smelting plant, and a hydroelectric power station [1] Group 2: Supply Chain and Contracts - The company has signed a procurement contract with Taboca Mining Company for approximately 3,000 tons of tantalum-niobium iron alloy raw materials, with an estimated purchase amount of 540 million RMB, ensuring a stable and controllable supply chain for tantalum and niobium ore [1] - The company has established a complete production line from ore wet smelting to tantalum and niobium product processing, ensuring full supply chain security and continuously upgrading towards high-end products [1]

Core Viewpoint - The company, Dongfang Tantalum Industry, has completed a binding equity acquisition of Brazil's Taboca Mining Company, enhancing its resource supply chain and production capabilities [1] Group 1: Acquisition Details - The actual controller of the company, China Nonferrous Metal Mining Group Co., Ltd., through its subsidiary, has finalized the acquisition of Taboca Mining Company, which owns a multi-metal mine and several processing facilities in Brazil [1] - Taboca Mining Company possesses an operational multi-metal mine for tin, tantalum, and niobium, a tin smelting plant, a tantalum-niobium alloy smelting plant, and a hydroelectric power station [1] Group 2: Supply Chain and Contracts - The company has signed a procurement contract with Taboca Mining Company for approximately 3,000 tons of tantalum-niobium alloy raw materials, with an estimated purchase amount of 540 million RMB, ensuring a stable and controllable supply chain for tantalum and niobium ore [1] - The company has established a complete production line from ore wet processing to the production and processing of tantalum and niobium products, ensuring full supply chain security [1]

Core Viewpoint - The company has secured its raw material supply chain through the acquisition of Taboca Mining Company in Brazil, ensuring stable procurement of key materials for its production processes [1] Group 1: Acquisition and Supply Chain - The actual controller of the company, China Nonferrous Mining Group Co., Ltd., has completed a binding equity acquisition of Taboca Mining Company [1] - Taboca Mining Company owns an operational polymetallic mine, a tin smelting plant, a tantalum-niobium alloy smelting plant, and a hydropower station in the Amazon region of Brazil [1] - The company has signed a procurement contract with Taboca Mining Company for approximately 3,000 tons of tantalum-niobium alloy raw materials, with an estimated procurement amount of 540 million RMB, which provides strong assurance for the stability and controllability of the tantalum-niobium ore supply chain [1] Group 2: Production and Upgrading - The company possesses a complete production line from ore wet smelting to tantalum-niobium product processing, ensuring full supply chain security from raw materials to finished products [1] - Continuous upgrades and transformations are being made towards high-end products across the entire supply chain [1]

Core Viewpoint - The company has secured its raw material supply chain through the acquisition of Taboca Mining Company in Brazil, ensuring stable procurement of tantalum and niobium alloy materials, which enhances its production capabilities and supply chain control [1] Group 1: Acquisition and Supply Chain - The actual controller of the company, China Nonferrous Mining Group Co., Ltd., has completed a binding equity acquisition of Taboca Mining Company [1] - Taboca Mining Company owns a producing polymetallic mine, a tin smelting plant, a tantalum-niobium alloy smelting plant, and a hydropower station [1] - The company signed a procurement contract with Taboca Mining Company for approximately 3,000 tons of tantalum-niobium alloy raw materials, with an estimated procurement amount of 540 million RMB [1] Group 2: Production and Upgrades - The company possesses a complete production line from ore wet smelting to tantalum-niobium product processing, ensuring full supply chain security [1] - Continuous upgrades and transformations are being made towards high-end product breakthroughs across the entire supply chain [1]

Core Viewpoint - Dongfang Tantalum Industry (000962) announced the completion of a binding equity acquisition of Brazil's Taboca Mining Company by its actual controller, China Nonferrous Mining Group Co., Ltd. [1] Group 1: Acquisition Details - Taboca Mining Company owns an operational polymetallic mine for tin, tantalum, and niobium, a tin smelting plant, a tantalum-niobium iron alloy smelting plant, and a UHE hydropower station that supplies power to the mine [1] - The polymetallic mine and tantalum-niobium iron alloy smelting plant are located in the Amazon region of Brazil [1] Group 2: Future Contracts and Supply Chain - In April 2025, the company signed a procurement contract with Taboca Mining Company to purchase approximately 3,000 tons of tantalum-niobium iron alloy raw materials, with an estimated procurement amount of 540 million RMB [1] - This procurement is expected to provide strong support for a stable and controllable supply chain of tantalum-niobium ore raw materials [1] Group 3: Production Capabilities - The company possesses a complete production line from ore wet smelting to the production and processing of tantalum-niobium products [1] - There is an ongoing upgrade and transformation towards high-end products across the entire supply chain [1]

Core Insights - The company, Dongfang Tantalum Industry, announced the completion of a binding equity acquisition of Brazil's Taboca Company by its actual controller, China Nonferrous Mining Group Co., Ltd. [2] - 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, ensuring self-sufficiency in tantalum and niobium ore supply [2] - The company has established a complete production line from ore wet smelting to tantalum and niobium product manufacturing, enhancing its supply chain security and continuously upgrading towards high-end products [2]

Core Viewpoint - Dongfang Tantalum Industry (000962) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, although there are concerns regarding accounts receivable and cash flow [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 797 million yuan, a year-on-year increase of 34.45% [1] - Net profit attributable to shareholders was 145 million yuan, up 29.08% year-on-year [1] - In Q2 2025, total revenue was 459 million yuan, reflecting a 37.24% increase year-on-year [1] - Q2 net profit attributable to shareholders was 88.24 million yuan, a 41.39% increase year-on-year [1] - Gross margin decreased to 18.47%, down 4.87% year-on-year, while net margin fell to 18.22%, down 4.12% year-on-year [1] - Total operating expenses were 40.70 million yuan, accounting for 5.11% of revenue, a decrease of 13.18% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 458 million yuan, representing 214.76% of net profit [1][3] - Cash and cash equivalents decreased by 24.77% to 396 million yuan [1] - Interest-bearing debt rose significantly by 220.20% to 62.53 million yuan [1] Shareholder Metrics - Earnings per share (EPS) increased to 0.29 yuan, a 30.00% rise year-on-year [1] - Net asset value per share was 5.37 yuan, up 7.78% year-on-year [1] - Operating cash flow per share was -0.12 yuan, an improvement of 70.19% year-on-year [1] Business Model Insights - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [2] - There are concerns regarding the company's cash flow, with the average operating cash flow over the past three years being only 10.04% of current liabilities [3] Fund Holdings - Notable funds have recently increased their holdings in Dongfang Tantalum, including Southern Zhirui Mixed A and Southern Xingsheng Pioneer Mixed A, indicating growing institutional interest [4] Recent Developments - The company has completed the acquisition of equity in the Taboca company in Brazil, enhancing its raw material procurement capabilities [5]