Oriental Tantalum Industry Research Report, 20260512

1. Electronics & 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): Supplier within the 3D NAND flash memory supply chain. Tantalum is classified as a 'thin-film material consumable' in wafer fabrication, 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. Major Scientific Engineering Projects: ITER (International Thermonuclear Experimental Reactor): superconducting niobium materials; Shanghai Synchrotron Radiation Facility and China Spallation Neutron Source: niobium-based superconducting cavities. III. Customer Structure (2025 Annual Report) Top five customers: RMB 660 million in sales, accounting for 42.76% of total revenue. Geographic distribution: 68.16% domestic, 31.84% overseas. IV. Downstream Application Breakdown Electronics & 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: international leaders and key domestic players—reflecting a global market structure dominated by three global giants, supplemented by strong regional competitors. International Top-Tier Competitors (Global Tier-1) 5.1 Cabot Corporation (NYSE: CBT) Position: Undisputed global leader in tantalum powder, dominant in high-end markets. Advantages: World-leading technology in high-capacitance, ultra-high-purity tantalum powder for military, aerospace, and automotive-grade applications. Deep strategic partnerships with top-tier capacitor manufacturers such as Vishay and KEMET, resulting in exceptionally strong customer stickiness. Market share: ~30%–35% of global capacitor-grade tantalum powder market—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 major sectors: tires & 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. Its customers include all 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

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As global manufacturing enters an era integrating advanced materials and new energy, Cabot Corporation (NYSE: CBT), a longstanding U.S. 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 earnings report shows performance significantly outpacing industry averages, exhibiting dual characteristics of 'growth + dividend yield', making it a high-quality investment candidate in the U.S. specialty materials sector where valuation aligns well with fundamentals. Strong Fundamental Recovery: Profit Margins Improving Across Two Key Segments Cabot currently operates two core business segments: 1. Reinforcement Materials: Primarily carbon black for rubber and tire reinforcement—the company’s traditional cash-flow engine. In Q1 FY2025, EBIT for this segment reached USD 130 million, up 1% year-on-year; quarterly sales volume rose 1% YoY. This segment accounts for ~66% of total global revenue. Trailing-twelve-month (TTM) EBIT stands at USD 538 million, with an operating margin of 20.85%, driven primarily by structural optimization and cost control. 2. Performance Chemicals: Encompasses conductive carbon black, specialty carbon black, fumed silica, and nanomaterials—serving high-end markets including batteries, plastics, electronic devices, and wind power. EBIT for this segment grew 32% YoY this quarter, fueled by an 8% YoY increase in sales volume: carbon materials and compounds rose 5%–6%, while metal oxide products surged over 20%. TTM 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

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