Rubidium & Cesium Industry Deep Dive (III): Structural Expansion Cycle Driven by Perovskite Solar Cell Penetration and Space-Based Photovoltaics

Date: February 5, 2026
Sector: Non-Ferrous Metals / Specialty Chemicals
Rating: Overweight / Maintain
Analyst: Tianfeng Zhang (S1480520100001)
Research Assistant: Hongpu Min (S1480124060003)

Executive Summary

The global rubidium (Rb) and cesium (Cs) salt market is entering a pivotal structural expansion phase, transitioning from niche industrial applications to becoming a critical supply chain component for next-generation energy technologies. This report identifies Perovskite Solar Cells (PSCs) and Space-Based Photovoltaics (SBPV) as the dual engines driving exponential demand growth for rubidium salts over the 2026–2030 horizon.

While traditional silicon-based photovoltaics have dominated the market, their theoretical efficiency limits and rigid physical properties are increasingly constraining further cost reductions and application scenarios. Perovskite solar cells, characterized by low manufacturing costs, high theoretical efficiency (>33% for single-junction), lightweight flexibility, and superior weak-light performance, are poised to disrupt the status quo. However, the commercial viability of PSCs has historically been hampered by stability issues. Our analysis confirms that rubidium and cesium salts are not merely additives but essential stabilizers in the ABX3 crystal structure of perovskites. Rb enhances charge carrier mobility and reduces hysteresis, while Cs lowers defect density and improves long-term thermal and environmental stability. As industry validation progresses, the inclusion of high-purity Rb/Cs salts is becoming a standard requirement for mass-produced, stable PSC modules.

Simultaneously, the aerospace sector is undergoing a paradigm shift with the advent of Space-Based Photovoltaics and Orbital Data Centers. Led by SpaceX’s ambitious plans for Starlink V3 satellites and orbital computing infrastructure, the demand for high power-to-weight ratio energy sources is surging. Perovskite films, offering significantly lower costs and weight compared to traditional Gallium Arsenide (GaAs) cells, are identified as the primary technological pathway for space applications post-2028.

Key Investment Thesis:
1. Demand Explosion: We project global rubidium salt demand to grow from 146.7 tons in 2026 to 2,065.7 tons in 2030, representing a Compound Annual Growth Rate (CAGR) of 94%.
2. Supply Inelasticity: The upstream supply of Rb/Cs is characterized by strong oligopolistic features and resource scarcity. The rapid rightward shift in the demand curve, against a rigid supply backdrop, will likely drive sustained upward pressure on pricing centers and enhance the bargaining power of integrated producers.
3. Valuation Re-rating: Companies with secure access to Rb/Cs resources and advanced purification technologies are transitioning from cyclical commodity players to high-growth technology material suppliers. We highlight Sinomine Resource Group (002738.SZ) and Jinyinhua (300619.SZ) as primary beneficiaries due to their resource monopolies and technological moats, respectively.

This report provides a comprehensive analysis of the technological drivers, market penetration forecasts, supply-demand dynamics, and specific investment opportunities within the Rb/Cs value chain.

Key Takeaways

1. Perovskite Solar Cells: The Catalyst for Rubidium Demand

• Technological Imperative: Stability remains the primary bottleneck for PSC commercialization. Silicon cells last 20+ years; current PSCs last 3–5 years. Rb and Cs ions are proven to significantly extend operational life and maintain efficiency under stress. Academic studies (e.g., EPFL, 2026) and corporate pilots (GCL Photoelectric, Microquanta) confirm that high-purity Rb/Cs salts are critical for achieving >25% efficiency and industrial-grade stability.
• Market Penetration Trajectory:
  • 2025 Baseline: China’s new PSC capacity is estimated at 4GW, with a market penetration of ~1.3%.
  • 2030 Projection: Penetration in ground-based PV is expected to rise to 30%, driven by utility-scale stations, distributed rooftop systems, and emerging flexible applications.
  • Capacity Growth: Chinese PSC new capacity is forecast to surge from 4GW (2025) to 161GW (2030), implying a CAGR of 109%.
• Flexible & BIPV Applications: The unique mechanical properties of PSCs (bendable, lightweight, transparent) unlock new markets:
  • Building-Integrated PV (BIPV): Global BIPV market size is projected to grow from $16.66B (2026) to $47.02B (2031) at a CAGR of 23.06%. PSCs are becoming the mainstream choice due to aesthetic versatility and seamless integration.
  • Consumer Electronics & Automotive: Tesla’s 2025 patent filings and CyberCab integration signal the onset of widespread automotive PV adoption. Flexible PSCs withstand 100,000 bends (vs. 300 for silicon) and maintain 92% efficiency at -20°C. By 2024, emerging applications already accounted for ~20% of PSC demand.

2. Space-Based Photovoltaics: The Exponential Growth Variable

• Shift from GaAs to Perovskite: Traditional space PV relies on expensive Gallium Arsenide (~$1,000/W). Perovskite offers comparable or superior performance at ~1/10th the cost, with better radiation hardness potential when properly encapsulated.
• SpaceX & Orbital Computing:
  • Starlink V3: SpaceX’s filing for 1 million V3 satellites marks a shift toward "Orbital Data Centers." V3 satellites require 11x more solar area than V1.5 due to higher power demands for onboard computing.
  • Capacity Targets: Musk’s plan entails 100GW of annual space PV capacity by 2029+. We estimate SpaceX will launch ~250,000 V3 satellites annually post-2029, driving 100GW/year of space PV demand.
• Commercial Aerospace Acceleration:
  • Global LEO satellite launches are accelerating, with China’s "GW," "G60," and "Honghu-3" constellations contributing significantly.
  • Total global LEO launches are forecast to rise from 6,430 (2026) to 26,400 (2030).
  • While commercial aerospace PV demand is smaller than orbital computing, it provides a steady baseline growth, with Rb demand from this segment growing at a CAGR of 279% (2026–2030).

3. Quantitative Demand Forecast: A 94% CAGR for Rubidium Salts

Our bottom-up model integrates ground-based PV penetration rates, Tesla’s independent capacity plans, and space-based deployment schedules.

Note: Assumptions include 20-25 tons of Rb/Cs salts per GW of PSC capacity, with an Rb:Cs application ratio of approximately 1:2.

4. Supply Side Rigidity & Pricing Power

• Resource Monopoly: The global supply of Cesium is heavily concentrated, with Sinomine Resource Group controlling >80% of exploitable pollucite resources (Tanco Mine, Canada). Rubidium is primarily a byproduct of Lithium extraction, with limited dedicated primary sources.
• Technological Barriers: High-purity Rb/Cs production requires sophisticated separation techniques. Jinyinhua’s proprietary low-temperature sulfuric acid method and recrystallization technology offer significant cost and environmental advantages over traditional solvent extraction, creating a 3–4 year entry barrier for competitors.
• Pricing Implications: As demand curves shift right against inelastic supply, we anticipate a sustained upward revision in the pricing center for Rb/Cs salts. Companies with integrated resource-processing capabilities will capture disproportionate value.

5. Recommended Equities

• Sinomine Resource Group (002738.SZ): Global leader in Cesium resources and fine chemicals. Benefits from resource monopoly, expanding capacity (1,500 tons by 2025), and robust pricing power in Formate Cesium and Rb/Cs salts.
• Jinyinhua (300619.SZ): Technological leader in Rb/Cs extraction from Lepidolite. Its 1,000-ton high-purity production line (operational Oct 2025) positions it as a key supplier for the PSC boom, with a defensible moat based on proprietary green extraction technology.

Risks / Headwinds

Investors should consider the following risks when evaluating the Rb/Cs sector and related equities:

1. Technological Development Risks:

   • PSC Stability: If Rb/Cs doping fails to consistently achieve >20-year stability standards in real-world conditions, commercial adoption could stall.
   • Alternative Stabilizers: Discovery of cheaper or more effective non-Rb/Cs stabilizing agents could reduce demand intensity.
   • Space Qualification: Delays in certifying Perovskite cells for long-duration space missions (radiation, thermal cycling) could push back the 2028–2029 mass adoption timeline.

2. Market Adoption & Policy Risks:

   • PV Demand Slowdown: Global macroeconomic downturns or reductions in renewable energy subsidies could slow the overall growth of solar installations, impacting PSC penetration rates.
   • Satellite Launch Delays: Regulatory hurdles, launch failures, or supply chain bottlenecks in the aerospace sector could delay the deployment of Starlink V3 and other constellations, deferring space PV demand.

3. Supply Side Risks:

   • Production Ramp-up Issues: Delays in Jinyinhua’s or Sinomine’s capacity expansion projects could lead to short-term shortages, potentially encouraging customers to seek alternatives or stockpile excessively, causing volatility.
   • Geopolitical Constraints: Trade restrictions on critical minerals between major economies (e.g., US-China) could disrupt supply chains, particularly for space-related applications.

4. Price Volatility:

   • Overcapacity: If too many entrants successfully develop extraction technologies simultaneously after the initial barrier period, a supply glut could emerge, leading to unexpected price declines.
   • Substitution in Non-PV Sectors: Reduced demand from traditional sectors (e.g., oil & gas formate fluids if drilling activity drops) could offset PV-driven growth in the short term.

Rating / Sector Outlook

Sector Rating: Overweight (Maintain)

The Non-Ferrous Metals sector, specifically the specialty alkali metals sub-segment (Rb/Cs), is undergoing a fundamental re-rating. Historically viewed as a small, static market tied to industrial catalysts and glass ceramics, the sector is now intrinsically linked to two of the fastest-growing industries in the world: Next-Generation Renewable Energy and Commercial Space Infrastructure.

Outlook:
* Short-Term (2026–2027): Validation Phase. Expect moderate demand growth as PSC pilot lines scale to GW-level production and space PV undergoes final orbital verification. Prices may firm up as early adopters secure long-term supply contracts.
* Medium-Term (2028–2030): Explosive Growth Phase. Mass commercialization of PSCs in ground PV and the commencement of large-scale Starlink V3 launches will trigger a supply deficit. Companies with verified high-purity output and resource security will see significant earnings acceleration.
* Long-Term (2030+): Maturation. Rb/Cs becomes a standard commodity in the energy mix. Market leadership will be defined by cost efficiency and vertical integration.

We maintain a Positive outlook on the industry, driven by the irreversible trend towards higher-efficiency, lighter-weight photovoltaic solutions. The structural shift in demand from "1 to N" provides a rare opportunity for alpha generation in the materials sector.

Investment View

1. Industry Analysis: The Perovskite Revolution

1.1 Technological Superiority of Perovskite Solar Cells (PSCs)

Perovskite solar cells represent the third generation of photovoltaic technology, utilizing materials with the ABX3 crystal structure. Unlike traditional crystalline silicon (c-Si) cells, which are approaching their theoretical Shockley-Queisser limit (~29.1%), PSCs offer a theoretical efficiency ceiling of 33% for single-junction and >40% for tandem cells.

Comparative Advantages:
* Cost Efficiency:
* Manufacturing Time: PSC modules can be produced in a continuous process taking ~45 minutes, compared to >3 days for c-Si across four separate production lines.
* Energy Consumption: 0.23 kWh/W for PSC vs. >1 kWh/W for c-Si.
* CapEx: ~$70 million/GW for PSC vs. ~$140 million/GW for c-Si.
* Levelized Cost of Electricity (LCOE): At scale (5-10GW), PSC costs are projected to drop to 0.5–0.6 RMB/W, significantly undercutting c-Si (1.9–2.5 RMB/W).
* Physical Properties:
* Weight & Flexibility: PSC films are microns thick (1.6μm), weighing only 1% of equivalent c-Si panels. This enables applications in wearable tech, curved surfaces, and aerospace where weight is critical.
* Weak Light Performance: PSCs maintain high efficiency in low-light and indoor environments, outperforming c-Si and competing favorably against CIGS and amorphous silicon.
* Efficiency Records: As of 2025, lab efficiencies for perovskite-silicon tandem cells have exceeded 30.1% (Longi Green Energy), demonstrating the immediate potential for commercial superiority.

1.2 The Critical Role of Rubidium and Cesium

Despite these advantages, instability has been the Achilles' heel of PSCs. Degradation due to moisture, heat, and UV exposure has limited commercial lifespans to 3–5 years, far below the 20+ year standard for bankable solar assets.

Chemical Mechanism:
Rubidium (Rb+) and Cesium (Cs+) ions are incorporated into the A-site of the perovskite lattice.
* Rubidium: Increases charge carrier mobility, reduces current-voltage hysteresis, and stabilizes the photoactive phase.
* Cesium: Reduces defect density in the perovskite layer, lowers charge recombination rates, and significantly enhances thermal and humidity stability.
* Synergy: Co-doping with Rb and Cs creates a multi-cation perovskite structure that balances lattice strain, suppressing phase segregation and halide migration.

Empirical Evidence:
* Academic Validation: Recent studies from EPFL (published in Nature Communications and Science, early 2026) demonstrated that Rb-ion modulation via crown ether complexes improved interface passivation, achieving 25.77% certified efficiency with 99.2% retention after 1,300 hours of continuous illumination. Another study showed Rb-doped wide-bandgap perovskites achieved 20.65% efficiency with minimal voltage loss.
* Industrial Adoption: Leading manufacturers such as GCL Photoelectric and Microquanta Semiconductor have integrated high-purity Rb/Cs salts into their mass-production lines. GCL has signed multi-year supply agreements with Sinomine Resource Group for low-impurity (<5ppm Na/K) Rb salts, validating the material's critical role in commercial viability.

1.3 Application Scenarios Driving Demand

A. Ground-Based Photovoltaics (Utility & Distributed)
The primary volume driver. As PSC stability improves, it will first replace c-Si in utility-scale plants where LCOE is the primary metric, followed by distributed rooftop installations.
* Penetration Forecast: From 1.3% (2025) to 30% (2030) in China.
* Tesla Factor: Elon Musk’s announcement of 100GW annual ground PV capacity by 2029+ acts as a massive demand accelerator. We estimate Tesla’s PSC-specific demand could reach 18GW in 2029 and 30GW in 2030.

B. Building-Integrated Photovoltaics (BIPV)
BIPV requires materials that are aesthetically pleasing, lightweight, and adaptable to various architectural forms.
* Market Size: Global BIPV market expected to grow from $16.66B (2026) to $47.02B (2031) (CAGR 23.06%).
* PSC Fit: Transparent, semi-transparent, and colored PSC films can be directly laminated onto glass facades. The recent commissioning of the Kunshan City Plaza Corridor Project (172kW, 1,931 sqm) demonstrates the scalability of large-area PSC-BIPV.

C. Flexible & Emerging Applications
* Automotive: Tesla’s CyberCab and future models integrate PSC films into body panels for auxiliary power. The ability to conform to curved car bodies without significant efficiency loss is a unique PSC advantage.
* Wearables & IoT: High efficiency in indoor/low-light conditions makes PSCs ideal for powering smartwatches, sensors, and portable electronics.
* Performance Metrics: Flexible PSCs retain 92% efficiency at -20°C (vs. 65% for conventional PV) and show <3% annual degradation in damp heat tests (85°C/85% RH).

2. Space-Based Photovoltaics: The New Frontier

2.1 The Shift from GaAs to Perovskite

Historically, space satellites relied on Triple-Junction Gallium Arsenide (GaAs) cells due to their high radiation resistance and efficiency. However, GaAs is prohibitively expensive (~$1,000/W) and supply-constrained (global capacity ~150MW/year).
* HJT Transition: Heterojunction (HJT) cells have begun replacing GaAs in some LEO satellites due to lower cost and lighter weight.
* Perovskite Advantage: PSCs offer the best combination of high power-to-weight ratio, flexibility, and low cost (1/10th of GaAs). With proper encapsulation, radiation hardness is manageable.
* Timeline: 2026–2027 is the "Golden Period" for orbital validation. Mass adoption in space is expected post-2028.

2.2 Orbital Data Centers and Starlink V3

The most significant demand catalyst is the evolution of satellites from communication relays to orbital computing nodes.
* SpaceX Starlink V3:
* Capacity: 1,000 Gbps download / 200 Gbps upload (20x V2 capacity).
* Power Demand: To support onboard processing and laser links, V3 satellites require significantly more power. Solar array area increases from 22.68 sqm (V1.5) to 256.94 sqm (V3) — an 11x increase in PV material per satellite.
* Scale: SpaceX plans for 1 million V3 satellites. Even at a rollout rate of 250,000/year post-2029, this translates to 100GW of annual space PV demand.
* Chinese Constellations:
* "GW" & "G60" Constellations: China aims to launch ~38,000 satellites by 2030. While currently using traditional PV, the sheer volume creates a baseline demand for cost-effective alternatives like PSCs as the technology matures.
* Orbital Computing Initiatives: Projects like "Star Calculation" (Guoxing Yuhang) and "Three-Body Computing Constellation" (Zhijiang Lab) mirror SpaceX’s strategy, further boosting high-power space PV needs.

2.3 Quantifying Space PV Demand for Rubidium

We segment space demand into "Commercial Aerospace" (standard LEO sats) and "Space Compute" (High-power V3-type sats).

• Commercial Aerospace:
  • 2026: 0.002 GW PSC demand -> 0.02 tons Rb.
  • 2030: 0.44 GW PSC demand -> 3.23 tons Rb.
  • Driver: Gradual penetration of PSCs in standard LEO constellations.
• Space Compute (SpaceX Dominated):
  • 2029: 30 GW PSC demand -> 220 tons Rb.
  • 2030: 50 GW PSC demand -> 367 tons Rb.
  • Driver: Massive scale of Starlink V3 deployment.

3. Supply-Demand Balance & Pricing Dynamics

3.1 Demand Forecast Summary (2026–2030)

Assumptions:
* Rb/Cs consumption: 20–25 tons per GW.
* Rb share: ~1/3 of total Rb/Cs mix (based on 1:2 application ratio and pricing).
* Ground PV penetration aligns with CPIA and internal models.
* Space PV penetration accelerates post-2028.

3.2 Supply Constraints

• Resource Scarcity: Rubidium and Cesium are rare alkali metals. Cesium is primarily sourced from Pollucite, with very few economically viable mines globally. Rubidium is mostly recovered as a byproduct of Lithium mining (Lepidolite) or Cesium processing.
• Processing Complexity: Producing battery-grade or electronic-grade Rb/Cs salts requires removing impurities (Na, K) to ppm levels. Traditional solvent extraction is environmentally hazardous and costly.
• Entry Barriers: New entrants face a 3–4 year lag due to construction, environmental approvals, and process optimization. This lag ensures that existing players with operational capacity will enjoy a period of limited competition during the initial demand surge.

3.3 Pricing Outlook

Given the inelastic supply and exponential demand growth, we expect structural price appreciation for high-purity Rb/Cs salts. Unlike bulk commodities, these specialty chemicals command premium pricing based on purity and reliability of supply. The "scarcity premium" will be increasingly reflected in the valuations of companies with secure upstream resources.

4. Company Analysis

4.1 Sinomine Resource Group (002738.SZ)

Investment Logic: Resource Monopoly & Integrated Value Chain

• Resource Dominance: Sinomine controls the Tanco Mine in Canada, the world’s largest and only currently operating primary Pollucite mine. It holds >80% of global exploitable Cesium resources.
  • Reserves: 55,600 tons of Cs2O metal content at Tanco.
  • Bikita Mine (Zimbabwe): Significant Li-Cs-Ta pegmatite resources, providing additional upside and lithium synergy.
• Production Capacity:
  • Current Rb/Cs salt capacity: ~1,000 tons/year.
  • Expansion: New Bikita processing line expected online in Q3 2025, raising total capacity to ~1,500 tons/year (>50% of global supply).
• Financial Performance:
  • The Cesium/Rubidium segment has become a robust second growth curve.
  • Revenue (2021–2024): Grew from 811M RMB to 1.395B RMB (CAGR 20%).
  • Gross Profit Margin: Improved from 66.25% to 78.29%, reflecting strong pricing power and operational efficiency.
  • Formate Cesium: Global leader in oilfield fluids, with a recycling ecosystem that locks in customers and provides stable cash flow. Inventory levels are sufficient for 7+ years of sales, providing a buffer against market fluctuations.
• Outlook: With capacity expanding by 50% and demand from PSCs kicking in, Sinomine is well-positioned to capture volume growth while maintaining high margins through its resource moat. We project 2025–2027 Rb/Cs revenues to reach 1.66B, 1.93B, and 2.22B RMB respectively.

4.2 Jinyinhua (300619.SZ)

Investment Logic: Technological Moat & Cost Leadership

• Technological Breakthrough: Jinyinhua has commercialized the world’s first 1,000-ton/year high-purity Rb/Cs salt production line using a proprietary Low-Temperature Sulfuric Acid Method combined with Recrystallization.
  • Advantage vs. Traditional Extraction:
    • Environmental: No organic solvents, minimal waste water/solid waste.
    • Efficiency: >85% recovery rate for Rb/Cs and Lithium.
    • Cost: Lower energy consumption (reaction temp <300°C vs. 800–1000°C for high-temp methods).
    • Byproducts: Generates valuable co-products (Potassium Alum, Silica Sand), enhancing overall economics.
• Competitive Barrier: The complexity of the equipment and process know-how creates a 36–54 month entry barrier for competitors (24–36 months construction + 12–18 months environmental approval). This protects Jinyinhua’s market share during the critical early growth phase of PSCs.
• Strategic Partnerships: Signed strategic supply agreements with key downstream players (e.g., Tianen Lithium) and is actively engaging with PSC manufacturers. The company’s ability to produce low-impurity salts (<5ppm Na/K) meets the stringent requirements of leading PSC firms.
• Valuation Re-rating: Jinyinhua is transitioning from a lithium equipment/material player to a critical supplier of scarce strategic metals. The successful ramp-up of the 1,000-ton line in Oct 2025 validates its technology and unlocks significant earnings elasticity.

5. Detailed Risk Assessment

While the outlook is highly positive, investors must navigate several risks:

1. Technology Risk (Perovskite):

   • Stability Failure: If Rb/Cs doping does not solve the long-term degradation issue (moisture/heat/light), PSCs may remain confined to niche, short-lifecycle applications, severely capping demand.
   • Alternative Chemistries: Research into lead-free perovskites or alternative stabilizing ions (e.g., Potassium-only formulations) could reduce Rb/Cs intensity. However, current data strongly favors Rb/Cs for high-performance cells.

2. Execution Risk (Space & PV):

   • Launch Delays: SpaceX’s Starship development and launch cadence are critical. Any significant delays in Starship operationalization will push back the V3 timeline, deferring the 100GW space PV demand spike.
   • PV Manufacturing Scale-up: Scaling PSC production from MW to GW levels involves complex engineering challenges (uniform coating, encapsulation). Slower-than-expected yield improvements could delay penetration rates.

3. Supply Chain & Geopolitics:

   • Resource Nationalism: As Rb/Cs become critical for energy and space, exporting countries (Canada, Zimbabwe, China) may impose export controls or taxes, disrupting global flows.
   • Trade Wars: US-China tensions could lead to decoupling in the space and solar sectors, forcing parallel supply chains and potentially fragmenting the market.

4. Market Dynamics:

   • Price Elasticity: If Rb/Cs prices rise too sharply, PSC manufacturers may invest heavily in recycling technologies or seek to minimize usage per watt, dampening volume growth.
   • Competition: If new extraction technologies emerge that bypass Jinyinhua’s patents or if new mines come online faster than expected, the supply glut could crash prices.

6. Conclusion

The Rubidium and Cesium industry stands at the inflection point of a super-cycle. Driven by the dual forces of Perovskite Solar Cell commercialization and Space-Based Photovoltaic expansion, demand is set to grow nearly 100% annually through 2030. This is not a cyclical uptick but a structural transformation of the market from industrial niche to energy-critical material.

Sinomine Resource Group offers the safest exposure to this trend through its unassailable resource monopoly and integrated production capabilities. Jinyinhua offers higher beta through its technological leadership and cost advantages in processing, positioning it as a key enabler of the PSC supply chain.

We recommend institutional investors Overweight the sector, focusing on companies with verified high-purity production capacity and secure upstream resource access. The window for establishing positions before the 2028–2030 demand explosion is narrowing.

Appendix: Detailed Data Tables

Table 1: Ground-Based PV Perovskite Capacity & Rb Demand Forecast (2025–2030)

Source: CPIA, iFinD, Dongxing Securities Institute Estimates

Table 2: Global LEO Satellite Launch Forecast (2026–2030)

Source: SpaceX, Xinhua News, Dongxing Securities Institute Estimates

Table 3: Space PV Perovskite Capacity & Rb Demand Forecast (2026–2030)

Source: SpaceX, Oriental Rise, Dongxing Securities Institute Estimates

Table 4: Combined Global Perovskite & Rb Demand Forecast (2026–2030)

Source: Dongxing Securities Institute Estimates

Table 5: Comparison of Low-Temperature Sulfuric Acid Method vs. High-Temperature Sulfate Method (Jinyinhua Tech)

Source: Jinyinhua Annual Report 2024, Dongxing Securities Institute

Table 6: Recrystallization vs. Solvent Extraction for Rb/Cs Purification

Source: Jinyinhua Technical Data, Dongxing Securities Institute

Table 7: Sinomine Resource Group Rare Metal Reserves (as of 1H 2025)

*Cs content in Bikita is associated with Li ores and not separately quantified in this table, but contributes to overall resource potential.
Source: Sinomine Resource Group Announcements, Dongxing Securities Institute

Analyst Certification & Disclosures

Analyst Certification:
The analysts responsible for this report, Tianfeng Zhang and Hongpu Min, hereby certify that all views expressed herein accurately reflect their personal views about the subject securities or issuers. No part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

Important Disclosures:
* Dongxing Securities Co., Ltd. holds a valid license for securities investment consulting business.
* The information contained in this report is derived from public sources believed to be reliable. However, Dongxing Securities does not guarantee its accuracy or completeness.
* This report is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
* Investors should be aware that past performance is not indicative of future results. Market investments involve risks, including the loss of principal.
* Dongxing Securities and its affiliates may hold positions in the securities mentioned in this report and may engage in trading activities related to these securities.

Rating System Definition:
* Strong Buy: Expected return > 15% relative to benchmark.
* Buy: Expected return 5%–15% relative to benchmark.
* Neutral: Expected return -5% to +5% relative to benchmark.
* Sell: Expected return < -5% relative to benchmark.
* Sector Outlook:
* Overweight: Sector expected to outperform benchmark by > 5%.
* Neutral: Sector expected to perform in line with benchmark.
* Underweight: Sector expected to underperform benchmark by > 5%.

(Benchmark: CSI 300 Index for A-shares)

Contact Information

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• Beijing: 16/F, Xinsheng Building, No. 5 Financial Street, Xicheng District, Beijing 100033. Tel: +86-10-66554070.
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