证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 5 日 [Table_Title] 2025Q4，公司锆石/金红石/合成金红石合计产量同 比增长 20%至 15.49 万吨，合计销量同比增长 18%至 16.14 万吨 [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、产量 2025Q4，锆英砂产量 4.78 万吨，环比增长 21%，同比增 长 7%。 2025Q4，锆英石精矿(ZIC) 产量 3.84 万吨，环比增长 200%，同比增长 156%。 2025Q4，金红石产量 2.99 万吨，环比增长 121%，同比增 长 153%。 2025Q4，合成金红石产量 3.88 万吨，环比减少 33%，同 比减少 33%。 2025Q4，锆石/金红石/合成金红石（Z/R/SR）合计产量 15.49 万吨，环比增长 25%，同比增长 20%。 2025Q4，钛铁矿产量 6.26 万吨，环比减少 23%，同比减 少 37%。 2、销量 2025Q4，锆英砂销量 2.97 万吨，环比减少 3%，同比增长 ...

证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 5 日 [Table_Title] 2025Q4，公司锆石/金红石/合成金红石合计产量同 比增长 20%至 15.49 万吨，合计销量同比增长 18%至 16.14 万吨 [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、产量 2025Q4，锆英砂产量 4.78 万吨，环比增长 21%，同比增 长 7%。 2025Q4，锆英石精矿(ZIC) 产量 3.84 万吨，环比增长 200%，同比增长 156%。 2025Q4，金红石产量 2.99 万吨，环比增长 121%，同比增 长 153%。 2025Q4，合成金红石产量 3.88 万吨，环比减少 33%，同 比减少 33%。 2025Q4，Z/R/SR 销量 16.14 万吨，环比增长 151%，同比 增长 18%。 2025Q4，钛铁矿销量 0.03 万吨，环比减少 99%，同比减 少 99%。 3、实现价格 2025Q4，锆石/金红石/合成金红石（Z/R/SR）合计产量 15.49 万吨，环比增长 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [5]. Core Insights - The total production of zircon, rutile, and synthetic rutile increased by 5% year-on-year to 149,700 tons in Q2 2025, while total sales decreased by 3% year-on-year to 132,700 tons [1]. - The production of zircon sand was 36,900 tons, a 6% increase quarter-on-quarter but a 21% decrease year-on-year. Zircon concentrate (ZIC) production saw a significant increase of 129% quarter-on-quarter and 186% year-on-year, primarily due to sales recognition in the current quarter [1][2]. - Rutile production decreased by 40% quarter-on-quarter and 43% year-on-year, while synthetic rutile production increased by 4% quarter-on-quarter and remained nearly flat year-on-year [1][2]. - The average realized price for zircon sand was $1,692 per ton, consistent with the previous quarter and expectations. The average realized price for synthetic rutile was $1,147 per ton, slightly higher than the first quarter, while rutile's price decreased by approximately 3% to $1,496 per ton [3]. Production and Sales Summary - In Q2 2025, the total production of zircon/rutile/synthetic rutile (Z/R/SR) was 149,700 tons, a 15% increase quarter-on-quarter and a 5% increase year-on-year [1]. - The total sales volume for Z/R/SR was 132,700 tons, a 14% increase quarter-on-quarter but a 3% decrease year-on-year [2]. - The total revenue from Z/R/SR was 280 million AUD, a 16% increase quarter-on-quarter but an 11% decrease year-on-year [7]. Project Updates - The Eneabba rare earth refinery project is progressing, with an internal rate of return (IRR) projected between 35% and 51% under various scenarios. The refinery is expected to be one of the few outside China capable of processing multiple raw materials and producing both light and heavy rare earth oxides [8]. - The Balranald project in New South Wales is advancing as planned, with underground mining technology being implemented. The project is on track for commissioning in the second half of 2025 [11]. - The Wimmera project in Victoria is undergoing a definitive feasibility study (DFS) with a focus on rare earth reserves, and environmental impact assessments are in progress [12].