格隆汇12月23日丨欧科亿(688308.SH)在投资者互动平台表示，公司三季度末库存的钨材料及在产品约 3.5亿左右，目前，刀具产品价格大幅上涨，公司将聚焦更多结构升级产品，同时利用自身原料库存优 势，进一步提升公司盈利能力。 ...

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]

Group 1 - The core viewpoint of the article is that the company, 欧科亿, is currently in a phase of continuous price increases for its products, with a notable rise in order prices observed in December [1] Group 2 - The company responded to investor inquiries on an interactive platform, indicating the ongoing price adjustments [1] - There is a significant increase in order prices for December, suggesting strong demand or market conditions favoring price hikes [1]

Core Viewpoint - The company, 欧科亿 (688308.SH), has made significant advancements in the development of tools for processing core components of robots, indicating a strong commitment to enhancing its product offerings in this sector [1] Group 1: Product Development - The company has already developed tool products that can be used for processing robot components, such as screws, reducers, and planetary gears [1] - The newly developed cyclone milling cutter is specifically designed for high-precision screw processing, improving production efficiency and processing accuracy [1] - Gear processing tools have been validated by downstream customers and have entered the supply phase [1] Group 2: Market Positioning - The company has completed tool testing with leading enterprises in the reducer sector, showcasing its capability and reliability in the market [1] - There is a commitment to continuously optimize and develop related tool products, as well as to expand the overall solutions for processing core components of robots [1]

格隆汇12月18日丨欧科亿(688308.SH)在投资者互动平台表示，目前，公司产品处于持续提价阶段，12 月份订单价格有明显上涨。 ...

Core Viewpoint - The company is currently in a phase of continuous price increases for its products, with a significant rise in order prices observed in December [1] Group 1 - Investors inquired about the recent surge in tungsten prices since December and whether the company would further increase its order prices [1] - The company confirmed that there has been a noticeable increase in order prices for December compared to previous months [1]

Core Viewpoint - The company, Okoyi (688308.SH), is developing high-temperature alloy processing tools and diamond-coated drill bits, which are aimed at the aerospace sector, indicating a focus on domestic alternatives to imported brands and significant growth potential in the future [1] Group 1 - The company has developed a series of tools including high-temperature alloy processing tools and solid carbide diamond-coated drill bits [1] - These tools are specifically designed for the aerospace industry, which is a key market for the company [1] - The company aims to replace imported brands in this sector, highlighting a strategy of import substitution [1] - There is a considerable development space for these products in the future, suggesting optimism about market expansion [1]

Group 1 - The company, 欧科亿 (688308.SH), has developed high-temperature alloy processing tools and solid carbide diamond-coated drill bits that can be used in the aerospace sector [1] - The tools in this sector primarily compete with imported brands, aiming for import substitution, indicating significant future growth potential [1]

Group 1 - The company has sufficient orders on hand and is experiencing a growth trend in new orders [1] - The capacity utilization rate of the newly built park is still in the stage of capacity enhancement [1]

Group 1 - The company, Oke Yi, has developed high-temperature alloy processing tools and integral hard alloy diamond-coated drill bits that can be used in the aerospace sector [1] - The tools are primarily aimed at replacing imported brands, indicating a focus on domestic production and import substitution [1] - There is significant growth potential in this area, suggesting a promising future for the company's products in the aerospace industry [1]