12月30日晚间，宁夏东方钽业（000962）股份有限公司(以下简称"东方钽业")发布投资者活动记录表， 中色资产管理有限公司、北京安泰科信息科技股份有限公司、允泰资本等机构调研上市公司。据《证券 日报》记者不完全统计，这是东方钽业在12月份第四次披露投资者调研记录。今年以来，公司已累计发 布27份此类记录，机构关注度持续攀升。 机构调研热度的背后，是市场对战略性稀有金属赛道价值的重估。北方民族大学经济学院教授张晓凤在 接受《证券日报》记者采访时指出："机构调研频率往往与行业景气度、公司战略动向及市场预期紧密 相关。东方钽业作为我国钽铌行业的领先企业，其技术布局与产能扩张计划紧扣国产化与高端制造主 题，自然成为资金关注焦点。机构频繁调研反映出资本市场对战略性稀有金属材料赛道的重视。" 于晓明进一步指出，行业增长呈现显著的结构性分化：相较于冶金、化工等传统应用领域，半导体、航 空航天等高端场景对高纯钽铌制品的需求增速更快，且由于技术门槛高、附加值高，这类产品的利润空 间也远优于传统品类。 为解决资源瓶颈，东方钽业在上游进行了关键布局。据东方钽业介绍，该公司实际控制人中国有色矿业 集团有限公司旗下中色经贸有限公司 ...

Core Viewpoint - Oriental Tantalum Industry reported significant growth in revenue and net profit for the first half of 2025, driven by market expansion and product structure adjustments [1][2]. Financial Performance - The company achieved operating revenue of 797 million yuan, a year-on-year increase of 34.45% [1]. - The net profit attributable to shareholders was 145 million yuan, up 29.08% year-on-year [1]. - The non-recurring net profit was 137 million yuan, reflecting a growth of 34.93% [1]. - A cash dividend of 0.5 yuan per 10 shares (including tax) is proposed for distribution to all shareholders [1]. Market and Product Development - The increase in revenue is attributed to market expansion, product structure adjustments, and the gradual release of production capacity from fundraising projects [2]. - Revenue from tantalum and niobium products grew by 35.50%, accounting for 98.35% of total revenue [2]. - The company is focusing on high-end products to meet new demands in high-tech and defense industries, with ongoing capacity expansion [2][3]. R&D and Innovation - The company is recognized as the largest producer of tantalum and niobium products in China and emphasizes technological innovation as a key performance driver [4]. - R&D investment for the first half of 2025 was approximately 24.51 million yuan, showing a slight decrease due to increased product output offsetting R&D costs [4]. - Significant breakthroughs in technology and products were achieved, including the launch of ultra-pure tantalum targets with a purity of 5N9 [4]. International Expansion - The company is implementing a "going out" strategy to enhance supply chain resilience and expand overseas resources [5]. - Foreign sales revenue reached 281 million yuan, a year-on-year increase of 35.93%, with improved gross profit margins [5]. Shareholder Engagement and Value Management - The company is committed to enhancing shareholder value through regular dividends and effective investor relations management [6][7]. - A mid-year dividend of approximately 25.25 million yuan is planned, continuing the trend of biannual dividends [7]. - The company has received recognition for its investor relations management and corporate governance practices [8].

Core Viewpoint - Dongfang Tantalum Industry (000962.SZ) has announced a significant financing plan, aiming to raise up to 1.2 billion yuan through a private placement to enhance its production capabilities and competitiveness [2][3]. Financing Plan - The company plans to issue no more than 151 million shares to a maximum of 35 specific investors, including its actual controller, China Nonferrous Metal Group, and its controlling shareholder, China Nonferrous East Group, with a total fundraising target of up to 1.2 billion yuan [3]. - This financing plan is the largest since the company went public in 2000, with the previous fundraising in 2023 amounting to 675 million yuan [3]. - The funds raised will be allocated to three construction projects and to supplement working capital, specifically for the construction of a digital factory for tantalum and niobium hydrometallurgy, the renovation of a smelting production line, and the establishment of a high-end product production line [3][4]. Project Investments - The total investment for the digital factory project is 679 million yuan, for the smelting production line renovation is 288 million yuan, and for the high-end product production line is 281 million yuan, with the respective amounts to be funded from the raised capital being 566 million yuan, 253 million yuan, and 255 million yuan [4]. Business Strategy and Market Position - Dongfang Tantalum Industry focuses on the tantalum and niobium sector, optimizing its industrial layout and driving growth through market expansion and technological innovation [2][6]. - The company has established strong partnerships with major international manufacturers in the tantalum and niobium capacitor market, maintaining a stable industry position and competitive advantage [6]. - In 2024, the company achieved a revenue of 1.281 billion yuan, a year-on-year increase of 15.57%, and a net profit of 213 million yuan, up 13.94% [6]. Financial Performance - As of March 31, 2025, the company's total assets reached 3.213 billion yuan, with total liabilities of 547 million yuan, resulting in a low debt-to-asset ratio of 17.03% [7]. - The company has consistently invested in research and development, with a 19.03% increase in R&D personnel in 2024, totaling 294 employees, and R&D expenditure of 56.88 million yuan, accounting for 4.44% of revenue [7][8]. Future Goals - For 2025, the company aims to achieve a revenue target of 1.5 billion yuan, focusing on market expansion and technological innovation, particularly in high-value products like tantalum powder and wire [9]. - The company plans to enhance its market presence both domestically and internationally, while also increasing R&D investments to improve product competitiveness [9].