节点：中游（冶炼、中间品）位置：中游情绪：中性参考度：2/10
MBMA 2025年未经审计收入约14亿美元，镍价走弱背景下财务业绩稳健，主要得益于产量提升、生产率改善及下游整合深化。运营层面，PT Sulawesi Cahaya Mineral (SCM)镍矿2025财年风化层矿石产量700万湿吨(wmt)，同比增长42%；褐铁矿产量1470万湿吨，同比增长45%，采矿效率、车队运力及物流优化为主要驱动因素。
尽管B40政策推高特许权使用费及燃料成本，但生产效率与产量提升支撑成本控制，褐铁矿业务利润率稳定，反映运营效率及规模效益。MBMA 2025财年镍生铁(NPI)产量73871吨，计划内炉窑维护下符合预期，利润率因成本降低及内部矿石供应增加同比增长。高品位镍冰铜(HGNM)于2025年10月恢复生产，全年总产量19998吨，虽年产量下降但成本效益提升推动利润率大幅回升。
MBMA持续推进下游一体化，通过PT ESG新能源材料公司(ESG)2025年第四季度生产7177吨混合氢氧化lj..
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