The Western Securities Research Report pointed out that Northern Rare Earths performed well in 26Q3, and product production reached a new high. The company's 26Q1-3 performance was quite impressive, mainly due to the fact that commodity prices in the rare earth industry were at historically high levels, and the company's production of major products such as rare earth smelting and separation, rare earth metals, and rare earth magnetic materials reached a new high. On the industry side, the popularity of the rare earth industry has increased dramatically since '25, and the price of praseodymium oxide has risen. As of October 12, '26, the price of praseodymium oxide rose to 75.07 yuan/ton, an increase of 38.25% over the previous year. Rare earth prices bottomed out in the second half of '24, and prices showed a strong trend and fluctuated in '26. Rare earth prices continued to rise due to improvements in the supply and demand pattern, and the company's performance improved markedly. The boom in the rare earth industry continues to rise. Prices showed a strong trend and fluctuated operation in '26. Rare earth prices continued to rise due to improvements in the supply and demand pattern. The company's performance is expected to benefit and maintain the rating to a “buy” rating.

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