Core Viewpoint - Tantalum, a high-tech metal, is experiencing a demand surge driven by emerging industries such as AI, with significant growth potential in its primary applications: tantalum capacitors, high-temperature alloys, and semiconductor chips [1][3][4]. Group 1: Demand Growth - The demand for tantalum is shifting, with traditional tantalum capacitors' share decreasing from 60%-80% to an expected 33% by 2024, while absolute demand remains stable [3]. - Tantalum consumption is projected to grow at a compound annual growth rate (CAGR) of 14% from 2020 to 2024, reaching over 2,500 tons by 2024, and further increasing to 3,546 tons by 2030 at a minimum CAGR of 6% [3]. - The AI sector is expected to significantly boost the demand for tantalum capacitors, particularly in high-end consumer electronics [4][8]. Group 2: Key Applications - Tantalum capacitors are the largest application area, widely used in smartphones, laptops, and aerospace due to their high reliability and performance [3]. - High-temperature alloys are becoming the second-largest application for tantalum, with an expected consumption of approximately 475 tons by 2024, accounting for 19% of global tantalum consumption [4]. - The semiconductor industry is rapidly emerging as the third-largest application for tantalum, with tantalum target materials projected to consume 425 tons by 2024, representing 17% of global consumption [5]. Group 3: Supply Challenges - The supply of tantalum is under pressure due to geopolitical issues, particularly in the Democratic Republic of the Congo, which accounts for about 41.9% of global tantalum production [8]. - The company, Dongfang Tantalum, sources most of its tantalum ore from Africa, South America, and Australia, highlighting the importance of stable supply chains [8]. - Dongfang Tantalum holds a 50% market share in domestic tantalum powder and approximately 20% globally, with a similar share in tantalum wire [9].

Group 1 - The rapid development of AI is becoming a new variable that reshapes the demand curve for metals, particularly tungsten, copper, and tantalum [3] - AI-related tungsten products have high added value, significantly increasing the profits of related companies, with hard alloys being the largest consumption area, accounting for about 60% [4] - Jinzhou Precision Technology Co., a subsidiary of Zhongtung High-tech, reported a net profit of 163 million yuan in the first half of the year, a year-on-year increase of 105% [4] Group 2 - Copper is being recognized as a critical resource in the new era, with Goldman Sachs predicting that the demand for copper will significantly increase due to AI and data center developments [5] - By 2030, the demand for copper from the AI industry is expected to exceed 700,000 tons, accounting for over 5% of global copper consumption [5] - The investment in electric grids and the acceleration of the renewable energy sector are expected to support continuous growth in copper demand [5] Group 3 - Tantalum is experiencing a resurgence in demand, particularly for tantalum capacitors, which are essential for AI-related electronic devices [6] - The revenue from tantalum and niobium products for Dongfang Tantalum Industry increased by 35.5% year-on-year, indicating a recovery in demand [6] - The growth in AI technology is driving the need for high-capacity and stable electronic components, further boosting the tantalum market [6]

Market Overview - The small metals sector increased by 1.03% on November 24, with Huaxi Nonferrous leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Key Performers - Huaxi Nonferrous (600301) closed at 36.97, up 5.78% with a trading volume of 183,800 shares and a transaction value of 684 million [1] - Other notable performers include: - Dongfang Silver (000962) at 25.81, up 4.03% [1] - Zhongtung High-tech (000657) at 21.66, up 3.19% [1] - Guangsheng Nonferrous (600259) at 55.98, up 3.09% [1] Fund Flow Analysis - The small metals sector experienced a net outflow of 167 million from main funds, while retail investors saw a net inflow of 150 million [2] - Notable fund flows include: - Huaxi Nonferrous with a main fund net inflow of 72.9 million [3] - Anning Co. (002978) with a main fund net inflow of 22.5 million [3] - Dongfang Silver with a main fund net inflow of 13.2 million [3] Trading Volume and Value - The trading volume for Huaxi Nonferrous was 183,800 shares, contributing to a transaction value of 684 million [1] - Zhongtung High-tech had a trading volume of 651,400 shares, with a transaction value of 1.407 billion [1] Sector Performance - The overall performance of the small metals sector reflects a mixed sentiment, with some stocks showing significant gains while others faced declines [2][3] - The sector's dynamics indicate a potential shift in investor interest, particularly towards stocks like Huaxi Nonferrous and Guangsheng Nonferrous [1][2]

Group 1 - The core viewpoint of the news is that Dongfang Tantalum Industry Co., Ltd. experienced a stock price increase of 5.2%, reaching 26.10 yuan per share, with a trading volume of 354 million yuan and a turnover rate of 2.76%, resulting in a total market capitalization of 13.177 billion yuan [1] - Dongfang Tantalum Industry, established on April 30, 1999, and listed on January 20, 2000, is primarily engaged in the research, production, and sales of tantalum, niobium, and beryllium metal and alloy products [1] - The main business revenue composition of Dongfang Tantalum includes 98.36% from tantalum, niobium, and their alloy products, 1.30% from titanium and titanium alloy products, and 0.34% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Dongfang Tantalum, with the "China Merchants Heyue Balanced Pension Three-Year Holding Period Mixed Initiation Fund A" (007660) holding 46,000 shares, accounting for 0.46% of the fund's net value, ranking as the seventh largest holding [2] - The "China Merchants Heyue Balanced Pension Three-Year Holding Period Mixed Initiation Fund A" was established on December 3, 2019, with a current scale of 162 million yuan, achieving a year-to-date return of 13.35% and a one-year return of 13.02% [2] - The fund manager, Zhang Gewu, has a tenure of 6 years and 215 days, with the fund's total asset scale at 1.508 billion yuan, achieving the best return of 42.14% and the worst return of -34.2% during his tenure [2]

Group 1 - The core point of the article is that Ningxia Dongfang Tantalum Industry Co., Ltd. has completed its response to the Shenzhen Stock Exchange's inquiry regarding its application for a private placement of shares, and has updated its fundraising documents [1] - The company received the inquiry letter from the Shenzhen Stock Exchange on October 27, 2025, and has addressed the questions raised in the letter [1] - The issuance of shares to specific objects is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval process and timeline [1]

Core Viewpoint - Dongfang Tantalum Industry has responded to the Shenzhen Stock Exchange's inquiries regarding fluctuations in operating cash flow, rising gross margins, customer and supplier dependencies, and declining export revenues, indicating a steady growth in revenue and net profit from 2022 to 2024, despite a negative cash flow in 2024 [1] Group 1: Cash Flow and Financial Performance - The company's operating cash flow net amounts were 60.75 million, 91.51 million, -61.10 million, and -239.12 million (for January to September 2025), showing a trend of initial growth followed by decline [2] - The negative cash flow in 2024 was primarily due to a 40.29% increase in raw material procurement cash expenditures, amounting to 270.15 million, and a 29% rise in employee compensation to 184.32 million [2] - The company has implemented measures to enhance accounts receivable management and optimize customer structure, with cash collection ratios of 81.64% in 2023 and a decline to 69.55% in 2025 [2] Group 2: Gross Margin and Product Structure - The gross margin for the main business increased from 16.41% to 18.51% from 2022 to 2024, attributed to product structure optimization and cost control [3] - The average procurement price of tantalum ore decreased by 10.88% in 2024, benefiting the company's profit margins due to a lag in price transmission [3] - The company's gross margin is in line with industry averages, slightly below the average by 0.17 percentage points in 2024 [3] Group 3: Export Revenue and Market Expansion - The proportion of foreign sales revenue decreased from 60.21% in 2022 to 35.29% in January to September 2025, influenced by U.S. trade policy changes and successful domestic market expansion [4] - Sales to the U.S. dropped from 26.12% in 2022 to 15.57% in January to September 2025 due to a 25% tariff imposed on tantalum and niobium products [4] - Domestic sales revenue increased from 39.79% to 65.93%, driven by significant demand for high-end products like high-temperature alloys and semiconductor targets [4] Group 4: Customer Concentration and Accounts Receivable - The sales revenue from the top five customers accounted for 48.66%, 35.38%, and 38.12% from 2022 to 2024, indicating a customer concentration level above the industry average [5] - As of September 2025, accounts receivable amounted to 457.93 million, representing 57.47% of revenue, with a high collection rate of over 88% from 2022 to 2024 [5] Group 5: Inventory Management - The company's inventory value increased from 421.76 million to 589.82 million from 2022 to 2025, with a significant portion being raw materials and work-in-progress [7] - The inventory write-down provision was higher than the industry average, reflecting the company's longer production lines and substantial work-in-progress amounts [7] Group 6: Investment and Capacity Expansion - The company plans to raise 1.2 billion for projects related to hydrometallurgy, pyrometallurgy, and high-end products, expecting an annual revenue increase of 3.53 billion post-project completion [9] - The company has established a diversified customer base and has orders totaling 319 million as of September 2025, ensuring capacity absorption [9]

（深圳市福田区福田街道福华一路 111 号） 二〇二五年十一月 证券代码：000962 证券简称：东方钽业 宁夏东方钽业股份有限公司 （宁夏回族自治区石嘴山市大武口区冶金路） 2025 年向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐人（主承销商） 宁夏东方钽业股份有限公司 2025 年向特定对象发行 A 股股票募集说明书 声明 本公司及全体董事、高级管理人员承诺募集说明书及其他信息披露资料不 存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性 承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与收益变化或者证券价格变动引 ...

证券代码：000962 证券简称：东方钽业 关于宁夏东方钽业股份有限公司申请 向特定对象发行股票的审核问询函的 回复报告 保荐人（主承销商） （深圳市福田区福田街道福华一路 111 号） 二〇二五年十一月 深圳证券交易所： 根据贵所于 2025 年 10 月 27 日出具的《关于宁夏东方钽业股份有限公司申 请向特定对象发行股票的审核问询函》（审核函〔2025〕120043 号），宁夏东 方钽业股份有限公司（以下简称"发行人" "公司""东方钽业"）与招商证券股份 有限公司（以下简称"招商证券""保荐人""保荐机构"）、北京市通商律师事 务所（以下简称"发行人律师"）、天职国际会计师事务所（特殊普通合伙） （以下简称"发行人会计师"）等相关方对审核问询函所列示问题进行了核查， 同时按照审核问询函的要求对募集说明书进行了补充和修订。现对问询函所列 示问题的落实情况和募集说明书的修改情况逐条书面回复，并提交贵所，请予 审核。 说明： 一、如无特别说明，本回复中的报告期指 2022 年度、2023 年度及 2024 年 度及 2025 年 1-9 月，其他简称或释义与本次向特定对象发行股票的募集说明书、 保荐人出具的 ...

之 发行保荐书 招商证券股份有限公司 关于 宁夏东方钽业股份有限公司 2025 年向特定对象发行 A 股股票 保荐机构（主承销商） （深圳市福田区福田街道福华一路 111 号） 二〇二五年十一月 宁夏东方钽业股份有限公司 2025 年向特定对象发行 A 股股票申请文件 发行保荐书 第一节 本次证券发行基本情况 一、保荐机构、保荐代表人、项目组成员介绍 宁夏东方钽业股份有限公司 2025 年向特定对象发行 A 股股票申请文件 发行保荐书 声 明 招商证券股份有限公司（以下简称"招商证券""保荐人"或"保荐机构"） 接受宁夏东方钽业股份有限公司（以下简称"发行人""公司"或"东方钽 业"）的委托，担任发行人向特定对象发行股票（以下简称"本次发行"）的保 荐机构。 本保荐机构及保荐代表人根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"） 《证券发行上市保荐业务管理办法》等有关法律、行政法规和中国证券监督管理 委员会的规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业 规范和道德准则出具本发行保荐书，并保证所出具文件的真实性、准确性和完整 ...

2025 年度向特定对象发行股票的 中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 补充法律意见书（一） 二〇二五年十一月 北京市通商律师事务所 关于宁夏东方钽业股份有限公司 北京市通商律师事务所 关于宁夏东方钽业股份有限公司 2025 年度向特定对象发行股票的补充法律意见书（一） 致：宁夏东方钽业股份有限公司 本所接受东方钽业的委托，担任其本次发行的专项法律顾问。本所根据《公 司法》《证券法》《注册管理办法》《实施细则》《公开发行证券公司信息披露的编 报规则第 12 号——公开发行证券的法律意见书和律师工作报告》《律师事务所从 事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》 ...