Summary of the Conference Call on the Tungsten Price Surge and Tool Industry Changes Industry Overview - The tungsten powder price has surged threefold, creating operational pressures for small and medium-sized tool companies due to insufficient inventory and procurement difficulties, leading to order losses and price increases for products [1][2] - Large companies like Huari and Oke Yi benefit from sufficient inventory and higher gross margins, allowing them to better cope with rising costs and potentially increase market share [1][2] Key Points and Arguments - **Tungsten Price Fluctuations**: Tungsten powder prices rose from 316 RMB/kg at the beginning of the year to 1,031 RMB/kg by December 19, 2025, marking an increase of nearly three times [2] - **Impact on Small and Medium Enterprises**: These companies have low inventory levels and face significant operational pressures due to rising costs and procurement challenges, with the cost of 10 tons of tungsten powder increasing from approximately 300-350 thousand RMB to 800-900 thousand RMB by year-end [2] - **Performance of Large Enterprises**: Companies like Huari and Oke Yi reported a turnaround in Q3 2025, achieving a net profit of around 50 million RMB each, with expectations for better performance in Q4 [2][10] - **Export Trends**: China's tool exports by weight decreased by 1.88% year-on-year, indicating a consumption of overseas tungsten inventory. China is reassessing tungsten's strategic value and limiting exports, which may enhance the profitability of domestic tool manufacturers [2][13] Market Dynamics - **Foreign vs. Domestic Tool Manufacturers**: Foreign tool manufacturers hold about one-third of the market share in China. They quickly sold out their inventory after price increases in September 2025 and ceased taking orders in Q4. In contrast, domestic companies like Huari and Oke Yi continue to receive orders and ship products [4] - **Pricing Strategies**: Domestic brands have room to increase prices by 20%, while foreign brands may see price points of 15-20 RMB, allowing domestic brands to potentially increase their prices by 30-40% [4] Future Demand Outlook - **High-End CNC Tool Demand**: The demand for high-end CNC tools is primarily driven by sectors such as military, new energy, and high-temperature alloys, with a stable growth rate of 1.5% to 2% per year for tungsten products [5][7] - **Electric Vehicle Industry**: Despite potential declines in shipment volumes due to competition, production levels remain stable, ensuring continued demand for CNC tools. The trend of import substitution is expected to facilitate a smoother transition for domestic market share by 2025 [8] Company Performance and Financial Health - **Cash Flow Status**: Tool companies are currently in a strong cash collection phase, with some requiring 100% prepayment for new contracts due to raw material shortages. Huari Precision reported a net cash flow of nearly 10 million RMB for two consecutive quarters [11] - **Fixed Asset Investment**: Major companies have ceased new capacity investments since Q2 2025, indicating a comfortable operational state where existing capacity and inventory can meet market demand [12] Strategic Insights - **Future of Chinese Tool Manufacturers**: As global tungsten resources become scarcer, large Chinese tool manufacturers with procurement and channel advantages are expected to thrive, enhancing their profitability through increased market share and improved gross and net margins [14]

（文章来源：证券日报） 证券日报网讯 12月19日晚间，华锐精密发布公告称，近日，公司在中信证券股份有限公司开立了募集 资金现金管理专用结算账户，用于暂时闲置募集资金现金管理。 ...

Group 1 - The company Huari Precision announced the approval of the profit distribution plan for the first three quarters of 2025 during the fourth extraordinary general meeting of shareholders [2]

株洲华锐精密工具股份有限公司 关于开立募集资金现金管理专用结算账户的公告 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、准确性和完整性依法承担法律责任。 株洲华锐精密工具股份有限公司（以下简称"华锐精密"或"公司"）于 2025 年 12 月 1 日召开第三届董事会第二十二次会议，审议通过了《关于使用部分暂 时闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资金安全和 募集资金使用进度安排的前提下，使用最高余额不超过人民币 15,000.00 万元（含 本数）的部分暂时闲置募集资金进行现金管理，用于购买投资安全性高、满足保 本要求、流动性好的投资产品（包括但不限于结构性存款、通知存款、定期存款、 大额存单、收益凭证等）。在上述额度范围内，资金可以滚动使用，使用期限不 超过董事会审议通过之日起 12 个月。具体内容详见公司于 2025 年 12 月 2 日在 上海证券交易所网站（www.sse.com.cn）披露的《关于使用部分暂时闲置募集资 金进行现金管理的公告》（2025-071）。 一、开立募集资金现金管理专用结算账户的情况 | 证券代码： ...

| 证券代码：688059 | 证券简称：华锐精密 | | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | | | | 公告编号：2025-078 | 株洲华锐精密工具股份有限公司 2025年第四次临时股东会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 本次股东会由董事会召集，由董事长肖旭凯先生主持，会议以现场投票和网 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 19 日 （二） 股东会召开的地点：株洲市芦淞区创业二路 68 号，株洲华锐精密工具股 份有限公司三楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 52 | | --- | --- | | 普通股股东人数 | 52 | | 2、出席会议的股东所持有的表决权数量 | 45,900,480 | | 普通股股东所持有表决权数量 | 4 ...

湖南启元律师事务所 关于株洲华锐精密工具股份有限公司 2025年第四次临时股东会的 法律意见书 致：株洲华锐精密工具股份有限公司 湖南启元律师事务所（以下简称"本所"）接受株洲华锐精密工具股份有限 公司（以下简称"公司"）的委托，指派本律师出席了公司 2025 年第四次临时股 东会（以下简称"本次股东会"），对本次股东会的召集和召开程序、出席会议 人员及召集人的资格、表决程序和表决结果的合法有效性进行现场律师见证，并 发表本法律意见。 本律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等我国现行法律、法规、规范性文件以及《株 洲华锐精密工具股份有限公司章程》（以下简称"《公司章程》"）的有关规定 出具本法律意见书。 本律师声明如下： （一）本律师根据本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏，并承担相 ...

Group 1 - The article highlights the target price increases for several listed companies, with notable gains for Honglu Steel Structure, Jiuzhou Pharmaceutical, and Huarui Precision, showing increases of 56.76%, 48.99%, and 36.02% respectively [1][2] - On December 17, a total of 26 listed companies received recommendations from brokers, with Hubei Energy, Hefeng Co., and Zhongnan Media each receiving one recommendation [2] - The brokerage firm Qunyi Securities (Hong Kong) upgraded the rating of Tianci Materials from "Range Trading" to "Buy" on December 17 [3][4] Group 2 - On December 17, nine companies received initial coverage from brokers, including SAIC Motor and Jiuzhou Pharmaceutical, both rated "Buy" by Aijian Securities and Huachuang Securities respectively [4][5] - Other companies receiving initial coverage include Zhongke Chuangda and Kema Technology, rated "Buy" and "Increase" by Dongbei Securities [5]

Core Insights - On December 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Honglu Steel Structure (002541), Jiuzhou Pharmaceutical (603456), and Huarui Precision, showing target price increases of 56.76%, 48.99%, and 36.02% respectively, across the professional engineering, medical services, and general equipment industries [1][2]. Target Price Increases - Honglu Steel Structure (002541) received a target price of 25.27 yuan, with a target increase of 56.76% from Guotai Junan Securities [2]. - Jiuzhou Pharmaceutical (603456) has a target price of 26.64 yuan, reflecting a 48.99% increase from Huachuang Securities [2]. - Huarui Precision (688059) was assigned a target price of 110.05 yuan, indicating a 36.02% increase from Guotou Securities [2]. - Other companies with significant target price increases include Hefeng Co. (603609) at 32.58%, Tianci Materials (002709) at 27.56%, and Anfu Technology (603031) at 26.56% [2]. Rating Adjustments - On December 17, only one company had its rating upgraded, with Qunyi Securities (Hong Kong) raising Tianci Materials (002709) from "Hold" to "Buy" [3][4]. First Coverage - A total of nine companies received initial coverage on December 17, including SAIC Motor (600104) and Weilan Lithium (002245), both rated "Buy" by Aijian Securities [4][5]. - Jiuzhou Pharmaceutical (603456) was also rated "Recommended" by Huachuang Securities, while Zhongke Chuangda (300496) and Kema Technology (301611) received "Buy" and "Increase" ratings from Dongbei Securities [4][5].

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 110.05 CNY, corresponding to a 35x PE for 2026 [4][6]. Core Insights - The company is a leading domestic manufacturer of hard alloy CNC tools, with a strong focus on product structure optimization and capacity expansion since its IPO in 2021. The company has seen a revenue recovery in 2025, achieving 771 million CNY in revenue for the first three quarters, a year-on-year increase of 31.9%, and a net profit of 137 million CNY, up 78.4% year-on-year [1][4]. - The demand for CNC tools is closely tied to the manufacturing industry's recovery, with the company positioned to capture market share and improve profitability as the industry stabilizes [4][2]. - The company is actively expanding into high-end CNC tools and has established overseas subsidiaries to enhance its global presence and R&D capabilities [2][3]. Summary by Sections 1. Company Overview - The company specializes in hard alloy CNC tools and has a strong technical team from the industry’s "Huangpu Military Academy," Zhuzhou Diamond. It has expanded its product offerings from CNC blades to complete tools and customized solutions [1][20]. - The company’s revenue for 2024 was 759 million CNY, with a breakdown of revenue from turning, milling, drilling, and complete tools [14]. 2. Market Dynamics - The CNC tool market is experiencing a dual drive from stable general demand and the upgrade of high-end manufacturing structures. The global market for tools exceeds 200 billion CNY, with significant growth potential from international expansion [2][4]. - The company is focusing on high-end tool innovation and enhancing service for large clients, positioning itself as a leader in domestic high-end replacement [2][3]. 3. Product Development - The company is accelerating the development of humanoid robots and AI software, which can enhance machining efficiency by 5%-30%. This aligns with trends in the humanoid robot industry [3][4]. - The company has seen a significant increase in production capacity and is focusing on high-end product development to meet market demands [19][31]. 4. Financial Projections - Revenue projections for 2025-2027 are 1.05 billion CNY, 1.26 billion CNY, and 1.45 billion CNY, with year-on-year growth rates of 38.3%, 20.0%, and 14.7% respectively. Net profits are expected to reach 180 million CNY, 290 million CNY, and 370 million CNY during the same period [4][5]. - The company’s net profit margin is projected to improve significantly, reflecting operational efficiencies and market recovery [31][30]. 5. Competitive Position - The company is well-positioned in the CNC tool market, with a stable share and a focus on high-end products. The competitive landscape is evolving, with opportunities for growth in both domestic and international markets [2][4]. - The company’s strategic initiatives include enhancing R&D investment and expanding its sales network to capture more market share [19][22].

旗滨集团表示，未来三年公司在足额预留盈余公积金以后，每年以现金方式分配的利润（含年度、中期 分配）高于当年实现的可供分配利润的50%。记者发现，公司最近3年以现金方式累计分配的利润不少 于当年可分配利润的50%。 记者发现，除了旗滨集团，上市湘企邵阳液压、华锐精密也于近期发布分红公告。其中邵阳液压于12月 10日发布公告，表示单一年度以现金方式分配的利润不少于当年度实现的可分配利润的10%。同日，公 司发布公告拟6亿元并购新承航锐，深化公司在高端制造产业的布局。华锐精密于12月2日发布公告表 示，今年前三季度，公司实现归属于上市公司股东的净利润137445757.34 元，截至2025年9月30日，公 司合并报表期末可供分配利润为659000092.36 元（以上财务数据未经审计）。经董事会决议，公司拟向 全体股东每10股派发现金红利6元（含税），合计拟派发现金红利56140920.60 元（含税）。 长沙晚报掌上长沙12月15日讯（全媒体记者 刘军）今年以来，上市公司以现金分红等方式积极回馈投 资者。截至12月12日，A股上市公司现金分红总额达到2.47万亿元，已超过2024年全年的现金分红总 额。并且，不 ...