赛恩斯20251214

Summary of the Conference Call Company and Industry Overview - Company: Sains - Industry: Rhenium and New Materials Key Points and Arguments 1. Rhenium Demand and Supply: Rhenium is a critical high-temperature alloy element widely used in aerospace, catalysts, and industrial gas turbines. 80% of global rhenium demand comes from aerospace, driven by the aerospace industry and AI data centers' demand for industrial gas turbines. Demand is expected to continue growing in the coming years [2][7]. 2. Limited Rhenium Supply: Global proven rhenium reserves are only 2,600 tons, with China holding just 200 tons. This limited supply may lead to a rapid expansion of the supply-demand gap, driving rhenium prices up. Current prices have risen from 15,000 to 20,000 per kilogram before 2025 to 30,000 [2][7]. 3. Partnerships and Production Capacity: Sains has partnered with Zijin Mining to establish the first rhenium recovery capacity, achieving an annual production capacity of two tons of high-purity rhenium ammonium by mid-2025. Further plans include refining pure rhenium and expanding production through new projects with Zijin Mining [2][5][6]. 4. Transition to New Materials: Sains is transitioning from traditional heavy metal pollution control to the new materials sector, focusing on copper extractants, efficient flotation agents, and high-purity sodium sulfide projects. The acquisition of Longli Chemical has expanded copper extractant capacity to 7,000 tons per year [2][8][9]. 5. Profit Contribution from New Materials: New materials projects are expected to contribute tens of millions to over a hundred million in profits once fully operational, providing stable support for Sains' long-term development [3][8]. 6. Revenue Structure Changes: The gross profit margin from heavy metal pollution solutions is decreasing, while the share of operational and reagent sales is increasing, indicating initial success in the company's diversification strategy [3][10]. 7. Stock Performance: Sains' strong stock performance is attributed to breakthroughs in strategic metals, particularly rhenium applications, which significantly enhance the performance of high-temperature alloys used in aerospace engines [4][10]. Additional Important Information - Future Market Outlook: The demand for rhenium is expected to grow due to advancements in aerospace and commercial space industries, as well as the increasing need for industrial gas turbines driven by AI data centers. The anticipated supply-demand gap may lead to significant price increases for rhenium, enhancing profitability for Sains [7][10]. - Strategic Focus: The company is successfully transitioning to a new materials company, with a diversified business model that enhances stability and growth potential [10].