Northern Rare Earths is expected to realize net profit of RMB101,705,000 to RMB1,077,050,000 for the first half of 2023, representing a year-on-year decrease of 67.48% to 65.56%; and net profit from deduction of non-net profit of RMB98,700,000 to RMB1,047,000,000, representing a year-on-year decrease of 67.71% to 65.75%.
In the first half of 2023, the main reason for the decrease in the performance forecast of Northern Rare Earths was that the rare earth industry was affected by the market supply and demand during the reporting period, and the prices of the main rare earth products represented by praseodymium and neodymium products had continued to fall since the beginning of the year. According to Chinatungsten Online, the average price of praseodymium oxide in China from January to June 2023 was RMB 576,441 per ton, down about 40.96% year-on-year; the average price of neodymium oxide was RMB 607,797 per ton, down about 40.97% year-on-year; the average price of praseodymium-neodymium oxide was RMB 571,085 per ton, down about 40.52% year-on-year; and the average price of praseodymium-neodymium metal was RMB 693,907 per ton, down about 41.44% year-on-year.
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