证券之星消息，8月25日小金属板块较上一交易日上涨5.6%，章源钨业领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002378 | 草源钨业 | 13.38 | 10.03% | 51.65万 | 6.85亿 | | 002842 | 翔鹭钨业 | 12.13 | 9.97% | 74.04万 | 8.64亿 | | 600111 | 北方稀土 | 52.69 | 9.89% | 442.98万 | 227.78亿 | | 000831 | 中国稀土 | 50.42 | 6.19% | 116.63万 | 58.37亿 | | 600549 | 厦门钨业 | 29.12 | 6.01% | 121.65万 | 34.57亿 | | 301026 | 浩通科技 | 31.83 | 5.64% | 14.18万 | 4.40亿 | | 000960 | 铝业股份 | ...

Summary of Xiamen Tungsten Industry Conference Call Company Overview - **Company**: Xiamen Tungsten Industry - **Date**: August 22, 2025 Key Financial Performance - **Net Profit**: The company reported a net profit attributable to shareholders of 580 million yuan for Q2 2025, with a non-recurring profit of 923 million yuan, representing a year-on-year growth of 7.53% [2][3] - **Total Assets**: As of June 30, 2025, total assets reached 47.1 billion yuan, an increase of 3.64% from the previous year [2][5] - **Net Assets**: Shareholder equity was 16.3 billion yuan, up 2.32% year-on-year [2][5] - **Return on Equity**: The weighted average return on equity was 15.96%, down 2.79 percentage points due to refinancing impacts [2][5] - **Cash Flow**: Operating cash flow was approximately 800 million yuan, a decrease attributed to increased inventory [2][5] Revenue Breakdown by Segment - **Tungsten and Molybdenum**: Contributed 46% of total revenue and 75% of total profit [6] - **Energy New Materials**: Accounted for nearly 40% of revenue and 20% of profit [7] - **Rare Earths**: Contributed 14% of revenue and about 7% of profit [8] Market Dynamics - **Tungsten Prices**: The average price of domestic black tungsten concentrate was approximately 150,000 yuan/ton, with APT prices reaching a historical high of 222,900 yuan/ton, reflecting a year-on-year increase of 12.23% [8] - **Market Position**: The company maintains a strong position in the tungsten market, with APT and other products ranking among the top domestically [9] Segment Performance Highlights - **Cutting Tools**: Revenue grew by approximately 13%, with a profit increase of 29%. Key customer sales rose by 50%, and overseas revenue saw significant growth [10] - **Rare Earths**: Prices for neodymium-praseodymium oxide increased by 12%, while the company achieved a 40% increase in domestic sales of magnetic materials [16] - **Battery Materials**: Revenue reached 7.534 billion yuan, up 18%, with lithium cobalt oxide sales increasing by 57% [20] Strategic Initiatives - **Investment Projects**: The company invested 977 million yuan in various projects, including 656 million yuan in wood business and 155 million yuan in rare earth projects [21] - **Future Plans**: The company aims to achieve 5 billion yuan in revenue from the cutting tools business within five years through organic growth and acquisitions [29] Challenges and Risks - **Cost Pressures**: Rising raw material prices pose challenges to cost control, although the company is optimizing supply chain management [40] - **Market Demand**: Despite healthy demand, there are concerns about customer hesitance due to rising prices, which could affect order volumes [44] Conclusion - **Outlook**: The company is well-positioned in the tungsten and rare earth markets, with strong financial performance and strategic initiatives aimed at growth. However, it must navigate cost pressures and market dynamics to maintain its competitive edge.

Core Viewpoint - The company has experienced significant performance growth in Q2 2025, driven by its tungsten-molybdenum and cathode businesses, with multiple projects underway across various segments, indicating a potential for diversified growth as demand recovers [1]. Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 972 million yuan, a year-on-year decrease of 4.37%. In Q2 2025, the net profit was 581 million yuan, down 1.41% year-on-year but up 48.65% quarter-on-quarter, aligning with expectations [2]. - The company adjusted its EPS forecasts for 2025-2027 to 1.22, 1.31, and 1.42 yuan respectively, reflecting potential impacts from international trade tensions and declining photovoltaic demand [2]. - The target price was raised to 36.6 yuan, based on a 30x PE for 2025, up from the previous 24.11 yuan [2]. Segment Performance - In H1 2025, profits from the tungsten-molybdenum, energy new materials, rare earth, and real estate segments were down 10.94%, up 35.47%, up 6.71%, and down 1.35 million yuan respectively, with total profits of 1.268 billion, 339 million, 125 million, and a loss of 41 million yuan [2]. - The decline in tungsten-molybdenum performance was attributed to resource tax payments and decreased revenue and margins from fine tungsten wire [2]. - The energy new materials segment saw significant profit growth due to increased demand for lithium iron phosphate and lithium cobalt oxide products [2]. - The rare earth business benefited from overseas market expansion and optimized customer structure, leading to substantial profit increases [2]. Q2 Segment Highlights - In Q2 2025, profits from the tungsten-molybdenum, energy new materials, rare earth, and real estate segments increased by 40.2%, 73.4%, decreased by 10.6%, and a slight profit of 1 million yuan respectively, totaling 740 million, 215 million, 59 million, and a loss of 20 million yuan [3]. - Despite a decrease in fine tungsten wire sales, the tungsten products' prices rose, and the output of smelting products increased, contributing to profit growth in the tungsten-molybdenum segment [3]. - The energy new materials segment saw high growth in sales of lithium cobalt oxide and ternary materials, leading to significant profit increases [3]. - The rare earth segment experienced a slight decline in performance due to rising raw material prices, despite increased sales of magnetic materials [3]. Future Outlook - The company is actively developing multiple projects from resource extraction to deep processing, indicating a strong potential for diversified growth across its business segments [1][3]. - The Ninghua Hangluokeng tungsten mine is undergoing resource verification and deep exploration, with potential for increased reserves, while the oil mapo tungsten-molybdenum mine is under construction with an expected output of 3,200 tons of tungsten concentrate upon completion [3].

证券之星消息，近日厦门钨业披露，截至2025年6月30日公司股东户数为9.47万户，较3月31日减少 5566.0户，减幅为5.55%。户均持股数量由上期的1.58万股增加至1.68万股，户均持股市值为35.08万 元。 根据统计，厦门钨业2025年3月31日至2025年6月30日，主力资金净流出2.09亿元，游资资金净流出2.19 亿元，散户资金净流入4.27亿元。 在小金属行业个股中，厦门钨业股东户数高于行业平均水平，截至6月30日，小金属行业平均股东户数 为8.5万户。户均持股市值方面，小金属行业A股上市公司户均持股市值为24.81万元，厦门钨业高于行 业平均水平。 | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值（元） | | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 10.47% | 94683 -5566 | -5.55% | 35.08万 | 1.68万 | | 2025-03-31 | 0.26% | 100249 8118 | 8.81% | 30.60万 | 1.58万 ...

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

Industry Overview - The rare earth sector has seen a significant rise, with companies like San Chuan Wisdom and Northern Rare Earth reaching their daily limit up [1] - Rare earth elements are critical materials for high-tech, defense, and new energy sectors, with China holding approximately 44 million tons of rare earth oxides, accounting for 40% of global reserves [1][2] - China is the largest producer of rare earths, with a production of 210,000 tons in 2023, representing nearly 70% of global output [1] Regulatory Developments - The Ministry of Industry and Information Technology, along with other governmental bodies, has released interim measures for the total quantity control of rare earth mining and processing [2] - These measures will regulate the entire chain from mining to processing, emphasizing total quantity control, enterprise access, and environmental requirements [2] Price Trends - Rare earth prices have surged, with praseodymium oxide reaching 657,500 CNY per ton, an increase of 110,000 CNY from the beginning of the month, marking a rise of over 20% [3] - Neodymium oxide prices also increased significantly, with a year-to-date rise of 62.95% [3] - The price of neodymium-iron-boron magnets has also seen substantial growth, with N35 grade magnets priced at 144.5 CNY per kilogram, reflecting a 51.3% increase year-to-date [3] Demand Drivers - The demand for rare earths is being driven by the rapid growth in sectors such as electric vehicles, wind power generation, and energy-efficient motors [4] - The global supply-demand imbalance for rare earths is expected to persist, with projections indicating a shortfall in praseodymium and neodymium supply by 2025-2026 [4] Company Insights - Northern Rare Earth is one of the largest suppliers of light rare earth products and is part of China's six major rare earth groups [5] - Zhongke Magnetic Materials focuses on the research, production, and sales of permanent magnetic materials, being a significant player in the domestic market [5] - China Rare Earth Holdings is the only listed platform for China Minmetals and is a leading enterprise in the separation of heavy rare earths [5] - Other notable companies include Galaxy Magnetics, Benlang New Materials, and Xiamen Tungsten, all of which are involved in various aspects of the rare earth supply chain [5]

每经AI快讯，8月22日，稀土永磁指数盘中涨幅达3.02%，成分股普涨。其中，中科磁业涨7.02%，科恒 股份涨6.19%，北方稀土涨6.10%，五矿发展涨4.65%，厦门钨业涨4.50%。 （文章来源：每日经济新闻） ...

公司代码：600549 公司简称：厦门钨业 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派发现金股利1.84元（含 税）,截至2025年半年报披露日公司总股本1,587,585,826股,以此为基数共计拟派发现金股利 292,115,791.98元（含税），占公司2025年半年度合并报表归属于上市公司股东净利润的30.05%，母公 司剩余未分配利润2,070,613,269.84元结转下期。本次不进行资本公积转增股本和送红股。若存在在利润 分配方案披露后，至实施利润分配方案的股权登记日之间发生股本变动的情形，在实施 ...

Group 1 - The company held its 10th Supervisory Board meeting on August 20, 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and the future three-year shareholder return plan [1][2][3] - The Supervisory Board confirmed that the preparation and review of the 2025 semi-annual report complied with legal and regulatory requirements, ensuring the content is true, accurate, and complete [3] - The company approved a cash dividend distribution plan for the first half of 2025, which aligns with its cash dividend policy and shareholder return plan, considering the company's profitability and funding needs [5][6] Group 2 - The company plans to sign a daily related transaction framework agreement with Fujian Provincial Industrial Holding Group Co., Ltd., which has become an indirect controlling shareholder [13][14] - The agreement aims to regulate daily transactions between the company and the new related party, ensuring fair pricing and compliance with market principles [16][25] - The expected total amount of daily related transactions for 2025 has been adjusted to 264,075 million yuan, an increase of 42,010 million yuan from the previous estimate [46][48]

公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派1.84元（含税） | 2.92 | 0.92 | | 2024.12.31 | 10派4.2元（含税） | 6.67 | 2.17 | | 2023.12.31 | 10派4元（含税） | 5.67 | 1.99 | | 2022.12.31 | 10派3.5元（含税） | 4.96 | 1.57 | | 2021.12.31 | 10派2.6元（含税） | 3.69 | 1.11 | | 2020.12.31 | 10派1.5元（含税） | 2.13 | 1.04 | | 2019.12.31 | 10派1元（含税） | 1.41 | 0.70 | | 2018.12.31 | 10派1.5元（含税） | 2.12 | 0.71 | | 2017.12.31 | 10转增3派2元（含税） | 2.17 | 0.72 | | 2016.12.31 | 10派2元（含税） | 2.16 | 0.83 | | 2015.12 ...