Oriental Tantalum Industry Research Report, 20260512

1. Electronics & Information Sector: Sunluo Electronics: Domestic leader in chip-type inductors and tantalum capacitors. Tantalum accounts for ~4% of its total revenue; annual procurement volume: 20 tons. Hongda Electronics: Core military-grade tantalum capacitor manufacturer. Tantalum accounts for ~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 wafer fabrication, with 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 Infrastructure 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: 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 groups: global top-tier players and key domestic rivals—reflecting a worldwide market 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. Deep strategic partnerships with top-tier capacitor manufacturers such as Vishay and KEMET—resulting in exceptionally high 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. Core products include carbon black, conductive additives, fumed silica, and aerogels. Its primary B2B manufacturing customers are concentrated in four major sectors: tires & rubber, electric vehicle batteries, industrial plastics, and inks & coatings. 5.2 Key Customer Segments (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-term 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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Currently, TianNai Technology’s '450-ton-per-year single-walled carbon nanotube (SWCNT) production project' is progressing steadily. The project is planned in three phases, each phase targeting 150 tons/year of SWCNT capacity. Phase I construction is largely complete, and equipment is being installed and commissioned step-by-step. In terms of capacity: TianNai achieved 40 tons of SWCNT powder output in Q3 2025. Capacity will gradually ramp up as production lines are completed and brought online in batches; total annual capacity is expected to reach 130–140 tons by 2026. TianNai’s carbon nanotube products are primarily applied in lithium-ion batteries and conductive plastics. The company is also actively expanding into emerging application areas. On August 30, 2025, TianNai Technology announced it would invest RMB 5 million of its own funds to establish Changzhou TianNai Robotics Co., Ltd.—a wholly owned subsidiary. This initiative aims to leverage the exceptional properties of carbon nanotubes to advance materials R&D for robotics applications—including reinforced composites, electromagnetic interference (EMI) shielding materials, antistatic materials, synthetic tendons, artificial muscles, and flexible sensors—as well as related market development. Dazhan Nano: Shandong Dazhan Nano Materials Co., Ltd. is a leading domestic enterprise in the carbon nanotube conductive slurry sector, operating five fully automated production lines and holding over 30 core technology patents. Dao Shi Technology: Dao Shi Technology focuses its carbon nanotube materials on application domains such as solid-state batteries, electronic skin, and electronic muscle. Currently, the company’s SWCNT capacity expansion is advancing steadily. Dao Shi Technology expects to achieve 50 tons/year capacity in Q1 2026, followed by completion of a 120 tons/year capacity within the next year to meet demand from high-end downstream sectors. Black Cat Co., Ltd.: In 2022, Jiangxi Black Cat Carbon Black Co., Ltd. established Jiangxi Black Cat High-Performance Materials Co., Ltd. to implement its '5,000-ton-per-year carbon nanotube powder and integrated supporting industry project'. This project realizes a fully closed-loop industrial chain—from catalyst preparation, CNT powder synthesis, purification/acid washing, to slurry formulation—covering the entire CNT production process. Currently, Phase I (500 tons/year CNT powder) has commenced operations. Additionally, Black Cat collaborates with multiple universities on scientific research projects—for example, its joint high-conductivity, hyperbranched carbon nanotube project with Fudan University has entered pilot-scale testing. LG Chem: LG Chem has developed highly conductive, highly dispersible CNT materials. Leveraging proprietary cobalt-based catalyst technology, it has reduced magnetic impurities—key contaminants affecting battery quality. LG Chem currently operates three CNT plants in Yeosu, South Korea. Cabot: In 2020, Cabot completed its acquisition of Chinese CNT manufacturer Sanshun Nano, establishing Cabot High-Performance Materials (Zhuhai) Co., Ltd. to strengthen its presence in the Chinese market. Cabot offers high-performance conductive carbon black, carbon nanotube (CNT) powders and slurries, carbon nanostructures (CNS), and customized composite conductive slurries—and has established long-term cooperative relationships with numerous leading battery manufacturers. Birla Carbon: In 2023, Birla Carbon entered the carbon nanotube field through its acquisition of multi-walled CNT producer Nanocyl SA. OCSiAl: OCSiAl, a single-walled carbon nanotube manufacturer, produces high-purity SWCNTs under the TUBALL™ brand.

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