Oriental Tantalum Industry Research Report, 20260512

1. Electronic Information Sector Sunlord Electronics: Domestic leader in chip-type inductors and tantalum capacitors. Accounts for approximately 4% of its total revenue; annual procurement volume: 20 tons. Hongda Electronics: Core supplier of military-grade tantalum capacitors. Accounts for approximately 4.5% of its total revenue; annual procurement volume: 25 tons. 2. Semiconductor Sector SMIC (Semiconductor Manufacturing International Corporation): Core supplier of tantalum sputtering targets (used as diffusion barrier layers in chips). Yangtze Memory Technologies (YMTC): Part of the 3D NAND flash memory supply chain. Tantalum is classified as a 'thin-film material consumable' in the wafer fabrication process, representing an extremely low cost share—approximately 0.2%–0.5%. 3. Aerospace & Defense China Aerospace Science and Industry Corporation (CASIC); domestic aero-engine manufacturers (tantalum used as a high-temperature alloy additive). 4. Large-Scale Scientific Projects ITER (International Thermonuclear Experimental Reactor): Niobium superconducting materials; Shanghai Synchrotron Radiation Facility & China Spallation Neutron Source: Niobium superconducting cavities. III. Customer Structure (2025 Annual Report) Top five customers: Sales revenue of RMB 660 million, accounting for 42.76% of total revenue. Geographic distribution: Domestic market share 68.16%; overseas market share 31.84%. IV. Downstream Application Breakdown Electronic Information (48%): Consumer electronics, automotive electronics, 5G, AI servers. Aerospace/Defense (20%): Aero-engines, aerospace equipment. Semiconductors (15%): Tantalum sputtering targets for chips. Superconductivity / New Energy (15%): Nuclear fusion, medical MRI systems, chemical corrosion resistance. V. Oriental Tantalum’s core competitors fall clearly into two categories: global top-tier players and major domestic competitors—reflecting an industry structure dominated by three global giants, supplemented by strong regional players. International Top-Tier Competitors (Global Tier-1) 5.1 Cabot Corporation (NYSE: CBT) Status: Undisputed global leader in tantalum powder, especially dominant in high-end markets. Advantages: World-leading technology in high-capacitance, ultra-high-purity tantalum powder for military, aerospace, and automotive-grade applications. Deeply integrated with top-tier capacitor manufacturers such as Vishay and KEMET, resulting in exceptionally strong customer stickiness. Market Share: Approximately 30%–35% of global capacitor-grade tantalum powder—Oriental Tantalum’s strongest competitor. Cabot Corporation (NYSE: CBT) is a global leader in specialty chemicals and high-performance materials. Its core products include carbon black, conductive additives, fumed silica, and aerogels. Its primary customers are large global B2B manufacturers, concentrated in four key sectors: tires and rubber, electric vehicle batteries, industrial plastics, and inks & coatings. 5.2 Core Customer Base (by Industry) 1. Tire & Rubber Manufacturing (largest customer segment, ~45%–50% of revenue) Cabot is the world’s premier supplier of reinforcing carbon black for tires, serving leading global tire manufacturers: Michelin Bridgestone — long-standing core customer; in February 2026, Cabot acquired Bridgestone’s carbon black plant in Mexico to deepen collaboration. Goodyear Continental Sumitomo Rubber

Cabot: A Long-Term Value Stock Amid Industrial Upgrading

As global manufacturing enters a convergence cycle of advanced materials and new energy, Cabot Corporation (NYSE: CBT), a seasoned U.S.-listed specialty chemicals company, is attracting renewed investor attention—thanks to its resilient cash flow, continuously improving profitability, and strategic positioning in new-energy materials. The company’s recently released Q1 FY2025 results significantly outperformed industry averages, highlighting its dual attributes of growth potential and dividend stability—making it a high-quality investment candidate within the U.S. specialty materials sector, where valuation aligns well with fundamentals. Strong Fundamental Recovery: Profit Margins Improving Across Two Key Business Segments Cabot currently operates two core business segments: First, Reinforcement Materials—the traditional cash-flow engine, focused on carbon black for rubber and tire reinforcement. In Q1 FY2025, this segment achieved EBIT of USD 130 million, up 1% year-on-year; quarterly sales volume rose 1% YoY. This segment accounts for ~66% of total global revenue. Its trailing-12-month EBIT stands at USD 538 million, with a profit margin of 20.85%, driven primarily by structural optimization and rigorous cost control. Second, Performance Chemicals—covering conductive carbon black, specialty carbon black, fumed silica, and nanomaterials, serving high-end markets including batteries, plastics, electronic devices, and wind power. This quarter’s EBIT surged 32% YoY, fueled by an 8% YoY increase in sales volume—carbon materials and compounds grew 5%–6%, while metal oxide products rose over 20%. Its trailing-12-month revenue totals USD 1.276 billion (34% of total revenue), with an EBIT margin of 13.71%. Global Capacity Expansion Underway: Cilegon Plant Nearing Commissioning; Strategic Focus on Battery Materials Intensifies