Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong performance across various business segments, particularly in tungsten-molybdenum and new energy materials [6][7][8]. Financial Performance - For the first three quarters of 2025, the company achieved consolidated operating revenue of 32 billion yuan, a year-on-year increase of 21.36% [6]. - The net profit attributable to shareholders was 1.782 billion yuan, up 27.05% year-on-year, while the net profit excluding non-recurring gains and losses was 1.715 billion yuan, reflecting a 39.63% increase [6]. Business Segments - **Tungsten-Molybdenum Business**: Revenue reached 14.568 billion yuan, a growth of 11.47%, with total profit of 2.325 billion yuan, up 20.13%. The third quarter saw a quarter-on-quarter profit increase of 42.84% [6][7]. - **New Energy Materials**: Revenue from this segment was 13.059 billion yuan, growing by 29.80%, with total profit of 612 million yuan, an increase of 48.93%. Lithium cobalt oxide sales rose by 45% [7]. - **Rare Earth Business**: Revenue was 4.333 billion yuan, up 35.27%, with total profit of 185 million yuan, a 2.74% increase. Excluding the previous year's one-time gains, profit growth was 35.83% [8]. - **Real Estate Business**: Revenue was 40 million yuan, a 15.19% increase, but total profit was a loss of 62 million yuan, down 1.3 million yuan from the previous year due to the absence of one-time gains [8]. Corporate Actions - The company approved a plan to establish a wholly-owned subsidiary for the construction of a metal cutting solution engineering center, with an investment of 387.86 million yuan, aimed at enhancing service capabilities in the cutting tool sector [17][18]. - The board also approved the use of 1.6 billion yuan of temporarily idle funds for wealth management, focusing on high-security, liquid investments [24][26]. Governance and Compliance - The board confirmed that all financial reports are accurate and complete, with no significant omissions or misleading statements [2][3]. - The company has adhered to necessary procedures for the approval of financial and investment decisions, ensuring compliance with relevant regulations [30][31].

Core Viewpoint - Xiamen Tungsten Co., Ltd. reported strong financial performance for the first three quarters of 2025, indicating robust growth in revenue and profit metrics [1] Financial Performance - The company achieved a revenue of 32.001 billion yuan, representing a year-on-year increase of 21.36% [1] - The net profit attributable to shareholders reached 1.782 billion yuan, reflecting a year-on-year growth of 27.05% [1] - The net profit excluding non-recurring items was 1.715 billion yuan, showing a significant year-on-year increase of 39.63% [1] - Basic earnings per share stood at 1.1223 yuan [1]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting investment opportunities and financial performance. Group 1: Major Announcements - Yueda Investment has established joint ventures with China Resources Power and others to invest in offshore wind power projects, holding 20% and 30% stakes in two projects with total investments of 2 billion and 3.9 billion yuan respectively, enhancing its position in the renewable energy sector [4] - Hunan Development plans to invest 2.4 billion yuan in a photovoltaic power generation project with a capacity of 800MW, scheduled for construction from 2026 to 2029 [8] - Longjiang Power's controlling shareholder has received a loan commitment of up to 7.2 billion yuan for stock repurchase, with 2.531 billion yuan already spent on acquiring shares [9] - Huitong Co. plans to invest 81 million yuan in a high-temperature nylon and PEEK polymerization project [10] - Wiston intends to acquire a 36.7483% stake in Liangtou Technology and increase its investment, making it a subsidiary [11] Group 2: Financial Performance - Jincai Hulin reported a net profit increase of 1697.84% year-on-year for the first three quarters, despite a revenue decline of 17.32% [15] - Guoxuan High-Tech's net profit surged by 1434.42% in Q3, with a revenue increase of 20.68% [16] - Tian'ao Electronics achieved a net profit growth of 1329.08% in Q3, despite a revenue decline [18] - Morning Light Bio's net profit increased by 385.3% year-on-year for the first three quarters, despite a slight revenue decline [19] - Donggang Co. reported a net profit increase of 373.51% in Q3, driven by growth in its smart card and printing businesses [20] Group 3: Other Notable Financial Results - Xinjiang Tianye's Q3 net profit rose by 363.19%, while its revenue increased by 8.6% [21] - Jinkai Biotechnology reported a net profit growth of 339.92% in Q3, with a revenue increase of 11.27% [22] - Antong Holdings saw a net profit increase of 311.77% in Q3, with a revenue growth of 18.85% [23] - Wen Tai Technology's net profit grew by 265.09% in Q3, despite a significant revenue decline [25] - Chahua Co. reported a 240.5% increase in Q3 revenue, driven by business restructuring [27]

Group 1: Financial Performance - Dongfang Caifu reported a Q3 revenue of 4.733 billion yuan, a year-on-year increase of 100.65%, and a net profit of 3.53 billion yuan, up 77.74% year-on-year [1] - Guoxuan High-Tech announced a Q3 revenue of 10.114 billion yuan, a 20.68% increase year-on-year, and a net profit of 2.167 billion yuan, soaring 1434.42% year-on-year [2] - Jiangsu Power's controlling shareholder received a loan commitment of up to 7.2 billion yuan for stock repurchase [3] - Yueda Investment reported a Q3 revenue of 789 million yuan, a 22.97% increase year-on-year, and a net profit of 615.22 million yuan, up 333.60% year-on-year [4] Group 2: Strategic Investments - Yueda Investment formed joint ventures with China Resources Power and others to invest in offshore wind power projects, holding 20% and 30% stakes in two projects [4] - Hunan Development signed an investment agreement for a photovoltaic power generation project with a total investment of approximately 2.4 billion yuan [7] - Wiston plans to acquire a 36.7483% stake in Liangtou Technology and increase its capital, making it a subsidiary [10] Group 3: Market Trends and Risks - Shannon Chip announced significant stock price volatility, with a cumulative deviation of over 200% in 30 trading days, indicating potential irrational speculation [5] - Cambridge Technology set its H-share issuance price at 68.88 HKD per share, with trading expected to start on October 28, 2025 [6] Group 4: Company-Specific Developments - Jin Cai Hulin reported a Q3 net profit increase of 1697.84% despite a revenue decline [11] - Morning Light Bio's Q3 net profit grew by 385.3% despite a revenue drop [12] - Donggang Co. reported a Q3 net profit increase of 373.51% with a revenue increase of 45.80% [13] - Xinjiang Tianye's Q3 net profit increased by 363.19% despite a revenue increase of only 8.6% [14]

Core Viewpoint - Xiamen Tungsten Co., Ltd. is advancing its strategic plan for cutting tool products by establishing a wholly-owned subsidiary to enhance its capabilities in efficient cutting solutions [1] Group 1: Company Initiatives - The company’s subsidiary, Xiamen Jinlu Special Alloy Co., Ltd., plans to invest CNY 38.786 million to set up a new subsidiary focused on a metal cutting solution engineering center [1] - The new subsidiary, tentatively named Xiamen Jinlu Advanced Ceramic Materials Co., Ltd., will have a registered capital of CNY 19 million [1] - The project aims to construct the engineering center and support the sale of 1,000 tons of precision ceramic powder, with a construction period of three years [1]

格隆汇10月24日丨厦门钨业(600549.SH)公布，公司第三季度实现营业收入128.23亿元，同比增长 39.27%；归属于上市公司股东的净利润8.1亿元，同比增长109.85%；归属于上市公司股东的扣除非经常 性损益的净利润7.92亿元，同比增长114.05%；基本每股收益0.5099元。 ...

Investment Announcements - Yueda Investment has established a joint venture with China Resources Power and others to invest in offshore wind power projects, holding a 20% stake in a 308MW project and a 30% stake in a 407MW project, with total investments of 200 million yuan and 390 million yuan respectively [3] - Shannon Chip has announced significant stock price volatility, with a cumulative deviation of over 200% in closing prices over 30 trading days, indicating potential irrational speculation and high trading risks [4] - Cambridge Technology has set the final price for its H-share issuance at HKD 68.88, with plans to list on the Hong Kong Stock Exchange on October 28, 2025 [5] - Hunan Development plans to invest approximately 2.4 billion yuan in a photovoltaic power generation project in Jiahe County, with a planned capacity of 800MW, to be constructed in phases from 2026 to 2029 [6] - Changjiang Electric Power's controlling shareholder has received a loan commitment of up to 7.2 billion yuan for stock repurchase, with plans to buy back shares worth between 4 billion and 8 billion yuan over the next 12 months [7] - Huitong Co. plans to invest 81 million yuan in a high-temperature nylon and PEEK polymer project, leasing a facility in Shanghai for the project [8] - Weston plans to acquire a 36.7483% stake in Liangtou Technology and invest an additional 53.27 million yuan, resulting in a total investment of 160 million yuan, making Liangtou a subsidiary [9] - Huamai Technology has terminated plans for a change in control and will resume trading on October 27 [10] Financial Performance - Jincai Hulin reported a net profit increase of 1697.84% year-on-year for the first three quarters, with a net profit of 57.52 million yuan despite a revenue decline of 17.32% [13] - Morning Light Bio's net profit increased by 385.3% year-on-year for the first three quarters, with a net profit of 304 million yuan despite a slight revenue decline [14] - Donggang Co. reported a net profit increase of 373.51% year-on-year for the third quarter, with a net profit of 44.63 million yuan [15] - Xinjiang Tianye's net profit increased by 363.19% year-on-year for the third quarter, with a net profit of 15.76 million yuan [16] - Jinkai Biotechnology reported a net profit increase of 339.92% year-on-year for the third quarter, with a net profit of 31.67 million yuan [17] - Antong Holdings reported a net profit increase of 311.77% year-on-year for the first three quarters, with a net profit of 664 million yuan [18] - Wentai Technology reported a net profit increase of 265.09% year-on-year for the first three quarters, with a net profit of 1.513 billion yuan [19] - Pinming Technology reported a net profit increase of 267.42% year-on-year for the first three quarters, with a net profit of 48.43 million yuan [21] - Chahua Co. reported a revenue increase of 240.5% year-on-year for the third quarter, with a net profit of 9.55 million yuan [22] - Chuangyao Technology reported a net profit increase of 208.96% year-on-year for the third quarter, with a net profit of 36.82 million yuan [23] - Yueda Investment reported a net profit increase of 200.05% year-on-year for the first three quarters, with a net profit of 75.55 million yuan [24] - Chifeng Gold reported a net profit increase of 140.98% year-on-year for the third quarter, with a net profit of 951 million yuan [25] - Xiamen Tungsten reported a net profit increase of 109.85% year-on-year for the third quarter, with a net profit of 810 million yuan [26] - Luoyang Molybdenum reported a net profit increase of 72.61% year-on-year for the first three quarters, with a net profit of 14.28 billion yuan [27] - CITIC Securities reported a net profit increase of 37.86% year-on-year for the first three quarters, with a net profit of 23.16 billion yuan [28] - Hualuo Co. reported a net profit decline of 35.35% year-on-year for the first three quarters, with a net profit of 329 million yuan [29] - Quartz Co. reported a net profit decline of 56.81% year-on-year for the first three quarters, with a net profit of 135 million yuan [30] - Beiqi Blue Valley reported a loss of 3.43 billion yuan for the first three quarters [31] - Juxing Agriculture reported a loss of 74.02 million yuan for the third quarter [32] - Tongwei Co. reported a loss of 5.27 billion yuan for the first three quarters [33] Strategic Partnerships - Greeenmei has signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy for the supply of advanced battery raw materials, with an expected supply of 150,000 tons annually from 2026 to 2028, totaling 450,000 tons [35]

（一）投资目的 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为厦门钨 业股份有限公司（以下简称"公司"、"厦门钨业"或"发行人"）向特定对象 发行 A 股股票的保荐人。根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》等相关法律、法规和规范性文件的规定，对公司使用部分暂 时闲置自有资金进行委托理财事项进行了核查，具体情况如下： 一、投资情况概述 由于公司及权属公司部分自有资金存在暂时闲置的情形，为了提高资金使用 效率，在确保不影响生产经营所需资金使用，保障自有资金安全的前提下，公司 合理使用部分暂时闲置自有资金进行委托理财，增加公司收益。 中信证券股份有限公司 关于厦门钨业股份有限公司使用部分暂时闲置自有资金进 行委托理财的核查意见 （四）投资方式 为控制风险，投资的品种限定为安全性高、流动性好、单项产品期限最长不 超过 6 个月的各种存款、理财产品或中国证监会认可的其他投资品种等（包括但 不限于结构性存款、大额存单、国债逆回购等），并与具有合法经营资格的大中 型金融机构进行交易，且该等投资产品不得用于质押，不用于以证券投资为目的 1 的投资行为。 （五）投资期限 本次委托理财 ...

Core Insights - Xiamen Tungsten (600549) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 12.823 billion yuan, a year-on-year growth of 39.27%, and net profit of 810 million yuan, up 109.85% [1] - For the first three quarters of 2025, the company achieved a total revenue of 32.001 billion yuan, reflecting a year-on-year increase of 21.36%, and a net profit of 1.782 billion yuan, which is a 27.05% increase compared to the previous year [1] - The surge in revenue and profit is attributed to the significant rise in prices of tungsten ore, rare earth ore, and cobalt raw materials, along with increased sales volume of most products [1] Financial Performance - Q3 2025 revenue: 12.823 billion yuan, up 39.27% year-on-year [1] - Q3 2025 net profit: 810 million yuan, up 109.85% year-on-year [1] - First three quarters 2025 revenue: 32.001 billion yuan, up 21.36% year-on-year [1] - First three quarters 2025 net profit: 1.782 billion yuan, up 27.05% year-on-year [1] - Basic earnings per share: 1.1223 yuan [1] Market Factors - The increase in revenue and profit is linked to the substantial rise in prices of key raw materials, including tungsten ore, rare earth ore, and cobalt [1] - The company experienced a year-on-year increase in sales volume for most of its products, contributing to the overall revenue growth [1]

证券代码：600549 证券简称：厦门钨业 公告编号：临-2025-096 厦门钨业股份有限公司 关于公司及权属公司使用部分暂时闲置自有资金进 行委托理财的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 基本情况 | 投资金额 | 最高额度不超过 亿元 16 | | --- | --- | | 投资种类 | 安全性高、流动性好、单项产品期限最长不超过 个月的 6 | | | 各种存款、理财产品或中国证监会认可的其他投资品种等 | | | （包括但不限于结构性存款、大额存单、国债逆回购等） | | 资金来源 | 自有资金 | 已履行的审议程序：厦门钨业股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开的第十届董事会审计委员会第十三次会议、第十届董事会第十 九次会议审议通过了《关于公司及权属公司使用部分暂时闲置自有资金进行委托 理财的议案》。本议案无需提交公司股东会审议。 特别风险提示：公司及权属公司拟使用闲置自有资金用于购买安全性高、 流动性好、单项产品期限最长不超过 6 个月的各种存 ...