Price Increase - Tungsten prices have been continuously rising, with ammonium paratungstate (APT) price reaching 1 million yuan per ton, marking a significant increase [1][2] - As of February 9, 2023, the price of 65% black tungsten concentrate was reported at 685,000 yuan per ton, up 48.9% since the beginning of the year [1][2] - The price of tungsten powder increased by 54.6% to 1,670 yuan per kilogram, while tungsten carbide powder rose by 55.8% to 1,620 yuan per kilogram [1][2] Demand Growth - The explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward [2] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, indicating a phase of large-scale application [2] - The industrialization of heterojunction (HJT) battery technology is projected to add approximately 6,400 tons of new tungsten demand by 2026 [2] Supply Constraints - Global tungsten production is estimated at 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2% [3] - Factors such as resource constraints, extended development cycles, and insufficient capital investment are reinforcing supply-side rigidity [3] - The domestic tungsten market faces challenges including reduced mining quotas and unstable import volumes, exacerbating supply-demand imbalances [3] Company Performance - A-share listed companies have reported strong performance forecasts for 2025, largely due to rising tungsten-related product prices [4][5][6] - Xiamen Tungsten's 2025 revenue is projected to reach 46.469 billion yuan, a 31.37% increase year-on-year, with net profit expected to rise by 35.08% [4] - Xianglu Tungsten anticipates a net profit increase of 239.66% to 301.11% for 2025, driven by improved market conditions and increased sales orders [5] - Zhangyuan Tungsten expects a net profit growth of 51% to 86% for 2025, benefiting from tight raw material supply and increased market demand [6]

Core Viewpoint - Xiamen Tungsten Co., Ltd. intends to acquire a 39% stake in Jiujiang Dadi Mining Development Co., Ltd. to secure upstream tungsten raw material supply and increase self-sufficiency in tungsten resources [2][4][18] Transaction Overview - The company signed a Letter of Intent for the transfer of shares with Beijing Shangdaxin Investment Co., Ltd., agreeing to pay an intention fee of 28 million yuan [2][4] - The acquisition is still in the planning stage, and the final transaction details, including the specific acquisition ratio and price, will depend on due diligence and negotiations [3][4] - The transaction is expected not to constitute a major asset restructuring as defined by relevant regulations [4][5] Counterparty Information - The transferor, Beijing Shangdaxin Investment Co., Ltd., is a limited liability company with a registered capital of 30 million yuan and is not related to the company [7] Target Company Information - Jiujiang Dadi Mining Development Co., Ltd. is a limited liability company with a registered capital of 120 million yuan, currently in the exploration stage with no operational revenue [8][9] - The company holds mining rights for the Yangshidian copper-molybdenum polymetallic mine and has a subsidiary, Xiushui Kunshan Tungsten Mine Co., Ltd. [9][10] Purpose and Impact of Acquisition - The acquisition aims to enhance the company's mineral resource reserves, improve raw material self-sufficiency, reduce procurement risks, and support stable production operations [18]

Mergers and Acquisitions - Fangda Carbon plans to acquire 100% equity of Tianjin Tongda Huanyu Logistics Co., Ltd. for 319 million yuan, aiming to optimize inventory management and enhance logistics efficiency [1] - Xiamen Tungsten intends to acquire a 39% stake in Jiujiang Dadi Mining Development Co., Ltd. from Beijing Shangdaxin Investment Co., Ltd., with an intention fee of 28 million yuan [2] - Efort plans to purchase 100% of Shengpu shares through a combination of issuing shares and cash payments [3] Shareholding Changes - Former senior executive He Chengzhi of Changhong Huayi increased his holdings by 59,500 shares [4] - Controlling shareholder Tianjin TEDA Investment Holding Group Co., Ltd. of TEDA Co., Ltd. plans to reduce its stake by up to 29.38 million shares, representing no more than 2% of the total share capital [5] - Controlling shareholder Liansheng Chemical Group Co., Ltd. and its concerted parties plan to reduce their holdings by up to 3% of the total shares [6] - Shareholders of Songsheng Co., Ltd. plan to collectively reduce their holdings by no more than 5% of the company's shares [7] Risk Matters - Jieqiang Equipment and its actual controller Pan Feng were convicted of bribery, resulting in a fine of 1.5 million yuan [8] - Cuihua Jewelry is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, with significant financial implications including overdue loans totaling 254 million yuan and multiple bank accounts frozen [10]

证券日报网讯 2月9日，厦门钨业在互动平台回答投资者提问时表示，近年来国内切削工具进口替代趋 势加快，下游客户更加看重供应链安全和采购性价比，积极与以公司为代表的国内头部切削工具制造商 联合研发，开展深度合作。同时公司稳步扩张中高端硬质合金刀片和刀具产能，进一步提升产品等级， 配套国内下游航空航天、通用机械、新能源等产品中高端加工环节。 （文章来源：证券日报） ...

Core Viewpoint - Xiamen Tungsten Co., Ltd. (600549) has confirmed that it strictly follows the relevant provisions of the Accounting Standards for Business Enterprises and its accounting policies to recognize inventory impairment losses [1] Group 1: Inventory Impairment Preparation - The company applies the prudence principle of the Accounting Standards for Business Enterprises, measuring inventory at the lower of cost and net realizable value [1] - When the cost of inventory exceeds its net realizable value, the company recognizes an impairment loss based on the difference, which is included in the current period's profit and loss [1] - The company typically recognizes inventory impairment losses on an individual inventory item basis, while for numerous low-priced inventory items, it recognizes impairment losses by inventory category [1]

证券日报网讯2月9日，厦门钨业（600549）在互动平台回答投资者提问时表示，在钨钼产品业务方面， 公司拥有完整产业链，在钨钼冶炼、钨钼丝材业务、钨钼粉末和硬质合金深加工领域拥有较为突出的竞 争优势。公司生产的光伏用钨丝为近年来自主研发的高端产品，具有完全自主知识产权，在该产品上拥 有多项国家发明专利和多项实用新型专利；硬质合金产品具有质量优、单价高的特点，产销规模为国内 前列；切削工具产品定位中高端，拥有较高的研发实力。在稀土业务方面，公司拥有从稀土精细化工产 品到稀土发光材料、稀土金属、高性能磁性材料、光电晶体等稀土深加工产品的稀土产业链。在电池材 料业务方面，公司拥有较强技术优势、业务规模优势、市场和客户优势，坚持走"产品高端化、管理精 益化、经营国际化"的发展道路。 ...

证券日报网讯2月9日，厦门钨业（600549）在互动平台回答投资者提问时表示，为保证所有投资者平等 获悉公司信息，公司严格按照信息披露要求于各期定期报告中披露对应时点的股东人数信息。 ...

证券日报网讯 2月9日，厦门钨业在互动平台回答投资者提问时表示，公司货币资金情况请关注公司定 期报告。 （文章来源：证券日报） ...

证券日报网讯 2月9日，厦门钨业在互动平台回答投资者提问时表示，截至2025年9月，公司细钨丝产品 共实现销量1015亿米，同比下降5%，销售收入同比增长4%。最新产品情况请关注公司定期报告。 （文章来源：证券日报） ...

证券日报网讯 2月9日，厦门钨业在互动平台回答投资者提问时表示，金龙稀土为公司控股子公司，目 前为基础层挂牌公司，须进入创新层后方可申报公开发行股票并在北交所上市。公司后续将根据有关规 定及事项进展情况及时履行信息披露义务。 （文章来源：证券日报） ...