Shenghe Resources Holding Co., Ltd. (600392.SH) disclosed its 2025 annual performance forecast, expecting net profit attributable to owners of the parent company to be 790 million–910 million yuan for the full year of 2025, an increase of 582.8035 million–702.8035 million yuan compared with the same period last year, up 281.28%–339.20% YoY.

Hainan Chensheng Rare Earth Metals Co., Ltd. was established, with Li Yamin as its legal representative and a registered capital of 20 million yuan. Its business scope includes the smelting of rare and rare earth metals; manufacturing of non-ferrous metal alloys; manufacturing of metal materials; processing of non-ferrous metal rolling; R&D of new material technologies, among others. According to Qichacha's equity structure analysis, the company is indirectly wholly owned by Shenghe Resources (600392).

Shenghe Resources (600392.SH) stated on the investor interaction platform that the Ngualla rare earth ore project in Tanzania, operated by its controlling subsidiary Peak Resources, has proven rare earth reserves of 18.5 million mt with an average grade of 4.8%, equivalent to 887,000 mt of REO. The company's rare earth smelting and separation capacity is subject to the approval and announcement by the competent industry authority, and its total rare earth metal capacity is approximately 34,000 mt.

Shenghe Resources (600392.SH) disclosed on the investor interaction platform that its majority-owned subsidiary Peak's Ngualla rare earth mine project in Tanzania has proven rare earth reserves of 18.5 million mt, with an average grade of 4.8%, translating to an REO content of 887,000 mt.

Rare earth permanent magnet concept stocks have been repeatedly active. As of Friday's close, BGRIMM Technology, which focuses on the R&D, production, sales, and services of mining and metallurgical equipment as well as magnetic materials, achieved five consecutive daily limit-ups. Huayang New Materials, whose subsidiary's business scope includes the recycling and utilization of high-magnetic rare earth materials, recorded three consecutive daily limit-ups. On the news front, the Ministry of Commerce stated that it reviews export license applications for rare earth-related items in accordance with laws and regulations, has approved a certain number of compliant applications, and will continue to strengthen the approval process for compliant applications. Ma Yan, an analyst at Caida Securities, pointed out in a research report on April 1 that assuming shipments of humanoid robots reach 890,000 units by 2030, the demand for rare earth permanent magnet materials in the humanoid robot sector is projected to reach 3,115 mt. The explosive growth in the market size of humanoid robots is expected to bring broad incremental space to the rare earth permanent magnet industry . Li Chao and Wang Qinyang, analysts at Guojin Securities, pointed out in a research report on February 20 that rare earth permanent magnets, as excellent magnets that currently balance performance and cost, are the top choice for magnetic components in humanoid robots and magnetic materials for low-altitude aircraft , and the dividends from industry chain integration are expected to gradually materialize. Emphasis should be placed on the layout opportunities brought about by "supply-side reform," integration, and the catalyzing effect of humanoid robots. Choice data shows that rare earth permanent magnet concept stocks that received institutional surveys in the past two months (April 14 - June 14) include Sinomine Resource Group, Shenghe Resources, JL MAG Rare-Earth, Xiamen Tungsten, Yahua Group, Zhenghai Magnetic Material, DMEGC, Lizhong Group, Zhongju Hi-Tech, Zhong Ke San Huan, Longi Magnet, China Northern Rare Earth, Xinlaifu, China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., Goldwind Science&Technology, Instyle, GEM, Wuchan Zhongda Group, NCS Testing Technology Co., Ltd., Jintian Copper, Yian Technology, Advanced Powder Materials, and Sinosteel NMC . The specific situations are as follows: Among the above-mentioned rare earth permanent magnet concept stocks that received institutional surveys, publicly listed firms that have clearly responded regarding their "rare earth permanent magnet" related business situations mainly include Shenghe Resources, JL MAG Rare-Earth, Xiamen Tungsten, Zhenghai Magnetic Material, Zhong Ke San Huan, Longi Magnet, China Northern Rare Earth, Instyle, GEM, and Jintian Copper . Shenghe Resources disclosed an investor relations activity record on June 10, stating that the company maintains a close and good market cooperation relationship with major domestic rare earth concentrate suppliers . In addition, the company has signed long-term supply agreements for rare earth concentrates with Sichuan Hedi Mining, US MP Materials, Peak Rare Earths, and others, establishing a diversified supply channel for rare earth concentrates and providing sufficient raw material guarantees for the company's downstream businesses such as rare earth smelting and separation. Additionally, the imports of ore from Myanmar have been significantly influenced by the local situation, exhibiting fluctuating characteristics. The company will continue to closely monitor the situation of ore from Myanmar. During a survey conducted by institutions on June 13, JL MAG Rare-Earth stated that after the implementation of export control measures on medium-heavy rare earth-related items, the company had initiated export declaration work in accordance with relevant national regulations. It had also successively obtained export licenses issued by national authorities. The export regions include the US, Europe, and Southeast Asia, among others. The company exports magnetic materials, components, and motor rotors in compliance with laws and regulations. The company has established production facilities in Ganzhou, Jiangxi, a major production area for heavy rare earths, and in Baotou, Inner Mongolia, a major production area for light rare earths. The company has established long-term strategic cooperative relationships with major suppliers of rare earth raw materials, including China Northern Rare Earth Group and China Rare Earth Group. In 2024, the procurement amount from these two groups accounted for 63% of the company's total annual procurement. On May 21, Xiamen Tungsten disclosed the record of investor relations activities, indicating that since the second half of 2024, rare earth prices have generally shown a steady upward trend. If this trend continues, the price center of rare earths will gradually rise, and the fluctuation range will narrow compared to the past. In terms of magnetic material capacity layout, Jinlong Rare Earth has achieved an annual production capacity of 12,000 mt at its Changting base and is currently planning new capacity projects at its Changting and Baotou bases. Upon full commissioning of these two projects, Jinlong Rare Earth's magnetic material capacity will reach 22,000 mt. At the performance briefing on May 15, Zhenghai Magnetic Material, when answering the question "What rare earth permanent magnet projects are currently under construction?", stated that the construction of the third phase of 6,000 mt capacity at the company's Nantong base will adjust the investment pace and method in a timely manner based on changes in the external economic environment. The company's sales of high-performance NdFeB permanent magnet materials have achieved seven consecutive years of growth. During a survey conducted by institutions on May 23, Zhong Ke San Huan stated that the current export control measures on medium-heavy rare earth-related items mainly involve the company's NdFeB permanent magnet material products containing dysprosium and terbium. Exporting these products requires declaration and approval before they can be exported. The company has proactively taken measures to initiate export declarations in accordance with relevant regulations at the earliest opportunity, and has already obtained export licenses for a small number of orders. The company's main products are NdFeB permanent magnet materials, which are currently widely used in automobiles (including NEVs), consumer electronics, industrial robots, computers, energy-efficient home appliances, wind power, industrial motors, and other fields. Longi Magnet disclosed the record of investor relations activities on May 27, stating that building a capacity of 60,000 mt for permanent ferrite magnetic tiles has always been a medium and long-term goal . The company will make more optimizations in capacity layout integration, existing capacity utilization, and efficiency improvement, striving to increase capacity through low-cost expansion methods and controlling the pace of capacity release based on downstream demand. The technological transformation and upgrading work at the production sites in Lujiang, Jinzhai, and Vietnam have all shown initial results, and the expected capacity this year will reach 50,000 mt. China Northern Rare Earth stated during an institutional survey on May 21 that the company holds an optimistic view on the future price trend of rare earths . Currently, the upstream supply of rare earths is showing a steady growth trend, thanks to the country's scientific planning and rational development of rare earth resources, as well as the continuous progress in rare earth mining technology. Although the release speed of downstream consumer demand has not met expectations to a certain extent, the fluctuation range of mainstream product prices has significantly narrowed, indicating that the supply-demand relationship is gradually moving towards balance. This balance not only helps stabilize market expectations but also provides a solid foundation for the healthy development of the rare earth industry. On the demand side, the continuous growth in demand for rare earth products in fields such as new energy and high-tech has become a strong driving force for the development of the rare earth industry. During an institutional survey on June 12, Instyle stated that the company's products are mainly delivered through domestic bonded zones and domestic sales channels, and do not involve direct exports to the United States. Export control measures affect businesses involving products containing medium-heavy rare earths dysprosium and terbium, and the company has been handling relevant procedures in compliance with national laws, regulations, and customer order requirements . The company's core competitive advantages mainly lie in its advantages in magnetic circuit design and production manufacturing processes, its advantages in high-quality customer resources, and its advantages in having the origin of rare earths and lower electricity costs in Baotou. GEM stated at the earnings presentation on May 6 that the company has currently conducted technological reserves in the recycling of permanent magnetic materials in the dismantling and recycling field and has reserved the wet process for recycling and synthesizing rare earth oxides. The company has been continuously monitoring the market for rare earth permanent magnets and actively developing the recycling and utilization of rare and scattered metals such as germanium, gallium, indium, and rare earths, as well as expanding the recycling of energy metals like nickel, cobalt, and lithium. Jintian Stock disclosed the record of investor relations activities on May 23, stating that the company has been engaged in the magnetic materials business since 2001. Currently, the company has two magnetic material production sites in Ningbo and Baotou . The first phase of the Baotou site has been put into operation, and the company's annual capacity for rare earth permanent magnets has increased by 4,000 mt on the original basis. The company's rare earth permanent magnet products are widely used in multiple high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robots, consumer electronics, and medical devices.

The investor relations record recently announced by Shenghe Resources shows the following: 1. What are the main considerations for the company's proposed further acquisition of Peak's equity? Shenghe Resources responded: The company adheres to rare earth business as its core, while also considering zirconium and titanium. It leverages both domestic and international resources and markets, with the vision of becoming a responsible international supplier of key raw materials. To further consolidate the company's resource base for development, optimize its global business layout, and promote the rapid implementation and development of the Ngualla rare earth mine project, through friendly consultations, Chenguang Rare Earth, a wholly-owned subsidiary of the company, has agreed with Peak and intends to sign a "Scheme Implementation Deed" with the main content being the acquisition of all ordinary shares issued by Peak to external parties. 2. What is the latest progress of the Peak acquisition project? Shenghe Resources responded: After the official disclosure of the project plan, the relevant internal teams of the company are accelerating the submission of project regulatory approval applications. The company will maintain close contact with all parties involved, respond promptly, and provide timely communication and feedback to steadily advance the implementation of this project. 3. How do you view the future development prospects of the industry? Shenghe Resources responded: The company's current main products include rare earths, zirconium, and titanium. Rare earths are important strategic mineral resources. Rare earth elements possess rich magnetic, optical, and electrical properties, and can be used in materials such as permanent magnets, catalysts, hydrogen storage, polishing, precision ceramics, fluorescence, lasers, and optical fibers. They have very wide applications in fields such as new energy, new materials, energy conservation and environmental protection, aerospace, military industry, and electronic information. With the global energy transition and the development of downstream industries such as intelligent electric vehicles and energy conservation and environmental protection, the market prospects for the rare earth industry are broad. Zirconium has excellent physical and chemical properties and is mainly applied in consumer sectors such as zirconium silicate, zirconium chemicals, fused zirconium, precision casting, and refractory materials. The demand for zirconium products in the high-end manufacturing industry is gradually increasing, with the demand for markets such as metallic zirconium, composite zirconium, and nuclear-grade sponge zirconium rising year by year. Titanium is the metal element with the lowest density among refractory metals, possessing the two major advantages of high specific strength and strong corrosion resistance. It has a wide range of applications in fields such as aerospace, military industry, marine engineering, medicine, chemical pigments, metallurgy, and electric power. 4. What is the current capacity utilization rate of the company? Shenghe Resources responded: The capacity utilization rates of the company's rare earth smelting and separation, as well as metal processing, remain at a high level. 5. What is the company's current overall operating performance? Shenghe Resources responded: The company continues to strengthen market tracking and analysis, and scientifically formulates and implements business strategies. Since the beginning of this year, the company has demonstrated strong overall profitability, with a significant increase in gross profit margin compared to the same period last year. Taking the rare earth metal processing segment as an example, the company's production costs and material ratios are at the leading level in the industry, with indicators such as production volume, qualification rate, and labor efficiency all showing substantial improvements compared to the same period last year. Shenghe Resources disclosed its 2025 Q1 report on April 30, showing that in the first quarter of this year, the company achieved a total operating revenue of 2.992 billion yuan, up 3.66% YoY; and a net profit attributable to shareholders of 168 million yuan, turning from a loss YoY. Regarding the reasons for the increase in net profit, Shenghe Resources explained: Compared to the same period last year, the prices of major rare earth products have rebounded significantly this year, leading to an increase in sales gross profit, along with the reversal of some inventory impairment losses. Shenghe Resources' 2024 annual report shows that in 2024, the company achieved a total operating revenue of 11.371 billion yuan, down 36.39% YoY; and a net profit attributable to shareholders of 207 million yuan, down 37.73% YoY. The main reason for the substantial decline in net profit attributable to shareholders of publicly listed firms compared to last year is that in 2024, the market prices of major rare earth products declined significantly YoY, and the market prices of zirconium-titanium products were in the doldrums, resulting in a decrease in the average selling price and sales gross profit of the company's major products compared to the same period last year, leading to a decrease in the company's profit for this reporting period compared to the same period last year. Regarding the reasons for the change in operating revenue, Shenghe Resources stated that it was mainly due to the impact of market conditions in 2024, which led to a significant decline in the selling prices of rare earth and zirconium-titanium products compared to the previous year. Meanwhile, the scale of the company's trading business also decreased compared to the previous year. Regarding the company's business plan, Shenghe Resources stated in its 2024 annual report that in 2025, the company will strive to leverage the synergies among its various business segments, fully utilize its mineral resource advantages, tap into potential, continuously improve production and operation efficiency, and enhance the company's development quality. In 2025, the company plans to achieve a total operating revenue of 15 billion yuan for the whole year. The above targets are only the company's planned arrangements, which are significantly influenced by market supply and demand, and there is uncertainty about whether they can be completed as scheduled. In 2025, the company will orderly advance the Leshan 15,000 mt/year polishing powder project, overseas rare earth and zirconium-titanium resource projects, as well as other investment projects of the company. Through new construction, technological transformation, quality improvement, and efficiency enhancement, the company will continuously enhance its market competitiveness. Minsheng Securities issued a research report commenting on Shenghe Resources on May 21, pointing out that the company announced that its wholly-owned subsidiary, Ganzhou Chenguang Rare Earth New Materials Co., Ltd., intends to acquire 100% of the equity of Peak Rare Earths Limited. Peak is an Australian publicly listed firm headquartered in Perth, Western Australia, and listed on the Australian Securities Exchange (code: PEK). Its core asset is the Ngualla rare earth mine project in Tanzania (with an equity interest of 84%). Basic Information on Ngualla Rare Earth Mine: The Ngualla rare earth mine is located near Ngwala village in the Song region of Tanzania, approximately 1,000 kilometers west of Dar es Salaam (the former capital) and 150 kilometers from the city of Mbeya (near the Zambian border). It is one of the world's largest, highest-grade, and lowest-cost rare earth deposits. Mine Benefit Analysis: Upon completion of the acquisition, the company will hold 100% equity in Peak and an 84% stake in the core asset, the Ngualla rare earth mine project. The transaction is expected to be completed in early October 2025, with a total acquisition cost of AUD 158 million (RMB 743 million). According to Peak's FEED study, the total capital expenditure for the Ngualla mine is estimated at USD 287 million, including USD 182 million in direct capital expenditure and USD 105 million in indirect capital expenditure. The Ngualla project has a lifespan of 24 years, with an expected average annual REO production of 16,200 mt. The mine's annual operating cost is USD 64 million, and the total operating cost, including transportation expenses, is USD 76.7 million. Based on an annual REO production of 16,200 mt, the unit REO cost is USD 4,735/mt. Ngualla demonstrates excellent financial robustness, with all-in sustaining costs (AISC) maintained at a low level. According to the company's analysis, even as rare earth prices rise from USD 60/kg to USD 120/kg, the increase in Ngualla's costs remains insignificant. Therefore, the project can generate favorable profits even when rare earth prices are low. The company has formed a relatively complete industry chain, spanning from rare earth beneficiation, smelting and separation to deep processing, with abundant rare earth resource reserves. With the future commissioning of the company's existing projects and mines such as Ngualla, the company's rare earth production is expected to increase year by year. Coupled with the gradual stabilization and rebound of rare earth prices, the company's future performance is promising. Risk Warnings: Risks include the project acquisition and construction progress falling short of expectations, significant volatility in rare earth prices, and operational risks in overseas markets. It can be seen from Shenghe Resources' Q1 report this year and its 2024 annual report that changes in rare earth prices are closely related to the performance of rare earth enterprises. 》Click to view the SMM Rare Earth Industry Chain Database Taking the historical price trend of Pr-Nd oxide as an example: The price of Pr-Nd oxide generally increased in Q1 2025 compared to the end of 2024. Reviewing the price trend of SMM Pr-Nd oxide in Q1, it can be observed that the average price of Pr-Nd oxide on March 31 this year was RMB 444,500/mt, an increase of RMB 46,500/mt compared to the average price of RMB 398,000/mt on December 31, 2024, representing a Q1 increase of 11.68%. Comparing the daily average price of Pr-Nd oxide in Q1 2025 (RMB 429,605.26/mt) with that in Q1 2024 (RMB 381,646.55/mt), it can be seen that the daily average price in Q1 this year increased by 12.57% YoY. Reviewing the historical trend of the SMM average price of Pr-Nd oxide in 2024, we can see that the average price on December 31, 2024, was 398,000 yuan/mt. Compared to the average price of 442,500 yuan/mt on December 29, 2023, the average price in 2024 fell by 44,500 yuan/mt, representing a decline of 10.06%. The annual daily average price of Pr-Nd oxide in 2024 was 391,871.9 yuan/mt. Compared to the annual daily average price of 529,274.79 yuan/mt in 2023, the annual daily average price fell by 137,402.89 yuan/mt, a YoY decline of 25.96%. According to SMM quotes, the average price of SMM Pr-Nd oxide on May 26 was 435,000 yuan/mt, up 6,000 yuan/mt from the previous trading day, representing an increase of 1.4%. It is reported that recently, most rare earth mine suppliers are still reluctant to sell their inventory, with low enthusiasm for shipping goods, making it difficult for separation plants to purchase raw materials. Influenced by the recent procurement tenders from major producers with relatively high tender prices, the confidence of some suppliers in refusing to budge on prices has increased, leading to a tightening of low-priced supplies in the market, which in turn has supported the rise in rare earth prices. Currently, there is a strong wait-and-see sentiment in the market, with downstream buyers being cautious in purchasing. For the future market, it is necessary to continue to monitor the sustainability of tenders from major producers and whether there will be a significant increase in downstream demand.

[At least six rare earth magnetic material enterprises have been granted export licenses! Industry insiders: It is expected that the increase in rare earth mining quotas this year will be approximately 3.7%] ①As of May 18, Zhongke Sanhuan, Ningbo Yunsheng, Zhenghai Magnetic Material, Tianhe Magnetic Material, Insteel, and Earth-Panda had obtained rare earth export licenses; ②Before the introduction of rare earth export control measures, export orders could confirm revenue within a relatively short period, but now this cycle will be prolonged; ③SMM forecasts that the combined rare earth mining quotas for the two batches in 2025 will reach 280,000 mt, up approximately 3.7% YoY. (Cailian Press)

It has been 45 days since export control measures were implemented on seven categories of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. A reporter from Cailian Press learned from the industry that at least six enterprises have already obtained the export licenses for dual-use rare earth substances (hereinafter referred to as "rare earth export licenses") issued by the Ministry of Commerce. Additionally, the approval process for rare earth export licenses of several publicly listed firms is continuously progressing. As of May 18, enterprises that have obtained rare earth export licenses include at least six rare earth magnetic material enterprises, such as Zhongke Sanhuan (000970.SZ), Ningbo Yunsheng (600366.SH), Zhenghai Magnetic Material (300224.SZ), Tianhe Magnetic Material (603072.SH), Instar (301622.S), and Earth Panda (688077.SH). In addition, the rare earth export licenses of companies such as China Northern Rare Earth (600111.SH), Guangsheng Nonferrous Metals (600259.SH), and Yinluo Hua (000795.SZ) are currently under application. Due to restrictions imposed by policies, market conditions, production and transportation factors, the supply of rare earths on the supply side may experience a certain degree of reduction in the short term. However, at the same time, downstream demand has entered the off-season. The industry expects that rare earth prices will not experience significant fluctuations throughout the year. At least six rare earth magnetic material enterprises have obtained individual licenses In April this year, the Ministry of Commerce and the General Administration of Customs jointly implemented export controls on seven categories of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, dysprosium, etc., covering various forms such as metals, alloys, and permanent magnet materials. These seven categories of medium-heavy rare earth-related items have also become the first dual-use substances to be explicitly included in export controls. "As the dominant player in the global rare earth supply chain, China controls approximately 85% of the global smelting capacity. These control measures have directly led to an expansion of the supply gap for medium-heavy rare earths in overseas markets, with significant impacts particularly on key varieties such as dysprosium and terbium," Yang Jiawen, a rare earth analyst at Shanghai Metals Market (SMM), told a reporter from Cailian Press. "According to our understanding, as of late April, the prices of dysprosium and terbium in Europe had already doubled or tripled." Industry insiders told a reporter from Cailian Press that under the current circumstances, all export orders for products containing the aforementioned seven categories of medium-heavy rare earth-related items must be reported to the Ministry of Commerce and can only be exported after approval. According to the "Regulations on the Export Control of Dual-Use Items," the current review period for export license applications for dual-use rare earth items is generally 45-60 working days. "If unexpected situations arise, the period may be longer," a relevant person from Tianhe Magnetic Material told a reporter from Cailian Press. "The first batch of goods that our company has obtained approval for is to be delivered to Volkswagen."Currently, a separate application is required for each "formula." If the content of rare earth elements in the product differs, a new application must be submitted. If there are additional new orders subsequently, they will continue to be queued for application submission," said a representative from Insteel to a Caixin reporter. "According to the announcement on export controls for seven categories of medium-heavy rare earths issued by the Ministry of Commerce and the General Administration of Customs on April 4, our company does have some products containing dysprosium and terbium that fall under the control scope. We have applied for dual-use export licenses as required. The licenses are managed on a one-batch-one-license basis, and secondary use is prohibited. Currently, the company has gradually obtained some licenses, and the relevant processes are progressing smoothly," said a representative from Insteel to a Caixin reporter. A representative from Zhongke Sanhuan also stated to a Caixin reporter that the company submitted applications as soon as the export control measures were introduced. Currently, a small number of orders have been approved, and the export licenses for more orders are still under review. "Applications are submitted order by order, and then approved order by order. If the materials are incomplete, they will be rejected, and the submission process will continue, which will extend the entire application cycle," the representative said. It is worth noting that several publicly listed firms in the rare earth permanent magnet sector told Caixin reporters that due to the approval cycle for rare earth export licenses, the companies' performance in the first half of this year may be affected to a certain extent. "Before the introduction of rare earth export control measures, export orders could confirm revenue within a relatively short period. Now, this cycle will be prolonged, which may affect the performance in the first half of the year," they said. A representative from Ningbo Yunsheng stated that currently, only products containing items related to the aforementioned seven categories of medium-heavy rare earths require review. Products from the company that do not contain the aforementioned seven elements are being delivered normally. It is projected that the increase in rare earth mining quotas this year will be around 3.7%. In addition to the implementation of export controls on seven categories of medium-heavy rare earth-related items, this year's domestic total control indicators for rare earth mining are also capturing the attention of the global market. As of now, the first batch of total control indicators for rare earth mining this year has not yet been issued. In contrast, the first batch of total control indicators for rare earth mining and smelting and separation in 2024 was issued on February 7 last year. This year's first batch of rare earth indicators is thus "three months late." The industry believes that the delay in the issuance of this year's first batch of total control indicators for rare earth mining may be related to factors such as the current complex international situation, weak downstream demand, and the inclusion of imported ore in the scope of indicator management. During a recent live broadcast on SMM's rare earth market trends, Yang Jiawen stated, "Based on an analysis of the current market situation, SMM expects that the combined total of the two batches of rare earth mining quotas in 2025 will reach 280,000 mt, with a year-on-year increase of approximately 3.7%."Among them, the output of rock-type rare earths was 261,000 mt, representing a YoY increase of approximately 4%; the output of ion-adsorption type rare earths was 19,000 mt, remaining flat YoY." In Yang Jiawen's view, since the beginning of this year, the supply of rare earth raw materials has remained tight. Meanwhile, the rise of industries such as humanoid robots and the low-altitude economy has brought new demand to the rare earth sector. This year, the global supply-demand gap for Pr-Nd oxide is expected to be 3,500 mt. The improvement in the supply-demand relationship will further support the rebound in rare earth prices. With the regulation of a series of rare earth industry policies, it is expected that the price fluctuation range of Pr-Nd alloy will be controlled within 100,000 yuan/mt, which will help ensure the stability of the profit margin of Pr-Nd alloy. Supply side, the ion-adsorption ore in Myanmar has resumed production, but it is currently the rainy season, affecting the transportation of Myanmar ore. Suppliers at the ore end have shown a significant increase in reluctance to sell. At the same time, downstream NdFeB enterprises have entered the off-season for taking orders, and metal plants in some regions have begun to shut down furnaces and cut production. It is expected that there will be no significant increase in short-term end-use demand in the near future. Huang Ping, the general manager of Shenghe Resources, stated at the 2024 Annual Performance Briefing held recently that despite recent concerns about overall consumer demand triggered by factors such as tariff hikes, which have led to a slight correction in the prices of major rare earth products, the decline has been limited. With the gradual clarification of policies, the market outlook is expected to improve. The company's capacity utilisation rate for rare earth smelting and separation, as well as metal processing, remains high.

Shenghe Resources announced that its wholly-owned subsidiary, Chenguang Rare Earth, intends to acquire all the ordinary shares issued by Peak Rare Earths Limited through a scheme of arrangement, representing 100% of Peak Rare Earths Limited's total shares. The total consideration for the transaction is AUD 158 million, equivalent to approximately RMB 742.6 million. According to the information, Peak Rare Earths Limited is a publicly listed firm in Australia, established in 2015, with its headquarters in Perth, Western Australia. Its main business is rare earth exploration, development, and production. Its core project is the Ngualla rare earth project located in Tanzania, which has currently obtained a special mining license.

Shenghe Resources announced that its wholly-owned subsidiary, Chenguang Rare Earth, plans to acquire all the ordinary shares issued by Peak Rare Earths Limited (Peak) through a scheme of arrangement, representing 100% of the total shares. The total consideration for the transaction is AUD 158 million, equivalent to approximately RMB 742.6 million. Peak is a publicly listed firm in Australia, established in 2015 and headquartered in Perth. It is primarily engaged in the exploration, development, and production of rare earths. Its main project is the Ngualla rare earth project in Tanzania, which has already obtained a special mining license.