Northern Rare Earth is expected to achieve a net profit attributable to shareholders of 425 to 435 million yuan in the first quarter of 2025. Compared with the same period last year, it will increase by 375 to 385 million yuan, with a year-on-year increase of 716.49% to 735.70%. The expected non-recurring net profit is 429 to 439 million yuan. Compared with the same period last year, it will increase by 425.3 to 435.3 million yuan, with a year-on-year increase of 11,468.78% to 11,738.45%.

Rare earth market update on April 17, 2025

The domestic rare earth market in China exhibited a widespread downward trend, with prices for praseodymium oxide, praseodymium-neodymium metal, terbium oxide, and dysprosium oxide falling by approximately 8,000 yuan/ton, 4,000 yuan/ton, 100 yuan/kg, and 28,000 yuan/ton, respectively. However, despite this decline, market transaction volumes did not see a significant increase.

In 2024, Northern Rare Earth achieved operating revenue of 32.966 billion yuan, a year-on-year decrease of 1.58%; net profit attributable to the parent company was 1.004 billion yuan, a year-on-year decrease of 57.64%; net profit after deducting non-recurring items was 901 million yuan, a year-on-year decrease of 61.12%; basic earnings per share was 0.28 yuan, a year-on-year decrease of 57.64%. At the end of the reporting period, the total assets were 45.381 billion yuan, a year-on-year increase of 12.06%; the net assets attributable to the parent company were 22.432 billion yuan, a year-on-year increase of 3.76%.

Recently, Northern Rare Earth issued an announcement stating that, according to the pricing method of rare earth concentrate and the prices of rare earth oxides in the first quarter of 2025, the trading price of rare earth concentrate in the second quarter of 2025 has been adjusted to 18,825 yuan per ton (dry basis, REO = 50%) without tax. This is an increase of 207 yuan per ton compared with 18,618 yuan per ton in the first quarter of 2025, representing a growth rate of 1.11%. For every 1% increase or decrease in REO, the tax-excluded price will increase or decrease by 376.50 yuan per ton, which is an increase of 4 yuan per ton compared with the first quarter of 2025 (for every 1% increase or decrease in REO, the tax-excluded price increased or decreased by 372.36 yuan per ton), with a growth rate of 1.11%.