Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's gross profit margin has been continuously declining, with figures of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a revenue decline of 10.8% year-on-year, and its gross profit margin dropped significantly from 54.81% in 2023 to 32.75% in 2024 [2]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's sales gross margin has been continuously declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a 10.8% year-on-year revenue decline and a significant drop in sales gross margin from 54.81% in 2023 to 32.75% in 2024 [2]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's sales gross margin has been continuously declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a 10.8% decline in revenue and a significant drop in sales gross margin from 54.81% in 2023 to 32.75% in 2024 [2]

证券代码：000657 证券简称：中钨高新 公告编号：2025-95 中钨高新材料股份有限公司 关于 2021 年限制性股票激励计划预留授予第二个 解锁期解锁股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 市日为 2022 年 7 月 8 日，上市流通日为 2025 年 8 月 11 日。 占公司目前总股本的 0.0297%。 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第十一届董事会第三次临时会议，审议通过了《中钨高 新材料股份有限公司关于限制性股票激励计划首次授予第三个解锁 期及预留授予第二个解锁期解锁条件成就的议案》，公司限制性股票 激励计划预留授予限制性股票第二个解锁期解锁条件已成就，同意公 司按照相关规定办理解锁事宜。根据公司 2021 年第二次临时股东大 会的授权，公司按规定办理了限制性股票激励计划预留授予第二个解 锁期解锁股份的上市流通手续。现将具体情况公告如下： 一、激励计划已履行的相关审批程序 过了《关于公司 <限制性股票激励计划 草案="草案"> 及其摘要的议案 ...

Core Viewpoint - The announcement details the third unlock period of the restricted stock incentive plan for Zhongtung High-tech Materials Co., Ltd., confirming that the performance conditions have been met for the release of shares [1][10][11]. Summary by Sections Incentive Plan Approval and Implementation - The company held a board meeting on July 25, 2025, to approve the conditions for the third unlock period of the restricted stock incentive plan [1]. - The State-owned Assets Supervision and Administration Commission approved the implementation of the incentive plan [2]. Unlock Conditions and Performance Achievements - The performance conditions for the third unlock period have been achieved, including a net profit of 65,728.79 million yuan and a compound growth rate of 27.35% [8][10]. - The company’s performance metrics exceeded the set targets and industry averages, confirming the eligibility for unlocking [8][9]. Unlocking and Share Distribution - The unlocking date for the shares is set for August 11, 2025, with 125 eligible participants [10][11]. - A total of 7,370,990 shares will be unlocked, representing 0.3234% of the company's total share capital [11]. Changes in Share Capital Structure - The total share capital remains at 2,278,954,380 shares, with a slight adjustment in the structure due to the unlocking of shares [12]. - The number of restricted shares with limited sale conditions will decrease by 7,370,990 shares, while the number of unrestricted shares will increase by the same amount [12]. Variations in Incentive Plan - The number of participants and shares in the incentive plan has changed due to voluntary withdrawals, retirements, and performance evaluations [13][14]. - The company has taken necessary actions to adjust the incentive plan in response to these changes [15].

中钨高新材料股份有限公司 关于 2021 年限制性股票激励计划预留授予第二个 证券代码：000657 证券简称：中钨高新 公告编号：2025-95 解锁期解锁股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次解锁的限制性股票授予日为 2022 年 6 月 1 日，股票上 市日为 2022 年 7 月 8 日，上市流通日为 2025 年 8 月 11 日。 2、本次符合解锁条件的激励对象人数为 34 人。 3、解除限售股数量：本次限制性股票解锁数量为 676,800 股， 占公司目前总股本的 0.0297%。 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第十一届董事会第三次临时会议，审议通过了《中钨高 新材料股份有限公司关于限制性股票激励计划首次授予第三个解锁 期及预留授予第二个解锁期解锁条件成就的议案》，公司限制性股票 激励计划预留授予限制性股票第二个解锁期解锁条件已成就，同意公 司按照相关规定办理解锁事宜。根据公司 2021 年第二次临时股东大 2、2021 年 5 月 9 ...

证券代码：000657 证券简称：中钨高新 公告编号：2025-94 中钨高新材料股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第三个 解锁期解锁股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次解锁的限制性股票授予日为 2021 年 7 月 2 日，股票上 市日为 2021 年 7 月 22 日，上市流通日为 2025 年 8 月 11 日。 2、本次符合解锁条件的激励对象人数为 125 人。 3、解除限售股数量：本次限制性股票解锁数量为 7,370,990 股，占公司目前总股本的 0.3234%。 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第十一届董事会第三次临时会议，审议通过了《中钨高 新材料股份有限公司关于限制性股票激励计划首次授予第三个解锁 期及预留授予第二个解锁期解锁条件成就的议案》，公司限制性股票 激励计划首次授予限制性股票第三个解锁期解锁条件已成就，同意公 司按照相关规定办理解锁事宜。根据公司 2021 年第二次临时股东大 会的授权，公司按规 ...

Core Viewpoint - The report from Guosheng Securities indicates that the long-term quotes from major tungsten manufacturers have significantly increased, suggesting a continued upward trend in tungsten prices due to ongoing supply-demand tightness [1][2]. Price Trends - As of August 5, the prices for black tungsten concentrate, APT, and tungsten carbide powder have risen by 12%, 13%, and 14% respectively compared to early July, with current prices at 194,500 CNY/ton, 285,000 CNY/ton, and 422,500 CNY/ton [2]. - The long-term quotes for major manufacturers in early August include: Xiamen Tungsten Industry at 279,500 CNY/ton for APT, Zhangyuan Tungsten at 192,500 CNY/ton for black tungsten concentrate and 283,000 CNY/ton for APT, and Jiangxi Tungsten Group at 194,000 CNY/ton for black tungsten concentrate [2]. Market Dynamics - The current strong performance of tungsten prices is driven by three factors: the manufacturing sector is at a cyclical low, inventory levels among industries and traders are low, and external tungsten prices have been rising since June, reflecting a recovery in exports [3]. - The price gap between domestic and international tungsten prices has reached historical highs, indicating strong demand for domestic products as external markets recover [3]. Supply Situation - The long-term quotes from major manufacturers are close to market price announcements, indicating that the tight supply situation persists [4]. - The Bakuta tungsten mine in Kazakhstan has resumed normal shipments since May, with an average monthly output of around 800 tons. However, the domestic tungsten price remains strong, suggesting that local demand and supply constraints have effectively mitigated any potential market disruption from this new supply [5]. Investment Recommendations - Companies positioned at both ends of the tungsten industry chain are expected to benefit from the rising tungsten prices. Recommended stocks include Zhongtung High-tech (000657.SZ) and Anyuan Coal Industry (600397.SH), with related stocks being Xiamen Tungsten Industry (600549.SH), Zhangyuan Tungsten (002378.SZ), and Xianglu Tungsten (002842.SZ) [6].

Investment Rating - The report maintains a "Buy" rating for the companies involved in the tungsten industry, specifically recommending Zhongtung High-tech and Anyuan Coal Industry [4]. Core Viewpoints - The tungsten price is expected to continue rising due to tight supply and demand dynamics, with significant price increases observed in various tungsten products as of early August [1][2]. - The report identifies three main reasons for the strong performance of tungsten prices: the manufacturing sector is at a cyclical bottom, low inventory levels prompting restocking, and a recovery in export demand since June [2][3]. - The long-term outlook for tungsten prices remains positive due to persistent supply constraints and the scarcity of resources, which is likely to elevate the price center [4]. Summary by Sections Market Prices - As of August 5, 2023, black tungsten concentrate prices reached 194,500 CNY/ton, up 12% from early July; APT prices were 285,000 CNY/ton, up 13%; and tungsten carbide powder prices were 422,500 CNY/ton, up 14% [1]. Long-term Quotes - Major companies have set long-term quotes close to market prices, indicating ongoing raw material shortages. For instance, Xiamen Tungsten's APT quote was 279,500 CNY/ton, while Zhangyuan Tungsten's black tungsten concentrate was quoted at 192,500 CNY/ton [2][3]. Supply and Demand Dynamics - The report notes that the domestic tungsten price remains strong despite the normal output from the Bakuta tungsten mine in Kazakhstan, which has a capacity of nearly 10,000 tons of tungsten concentrate per year. The market has absorbed this supply increase without significant price drops [3]. Investment Recommendations - The report suggests that short-term price elasticity will be driven by restocking and export recovery, while long-term supply issues will support higher tungsten prices. Recommended stocks include Zhongtung High-tech and Anyuan Coal Industry, with related stocks being Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten [4].

Market Performance - The small metals sector increased by 0.49% on August 6, with Jintian Titanium leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Jintian Titanium (688750) closed at 23.01, up 4.64% with a trading volume of 119,700 shares and a transaction value of 273 million yuan [1] - Baotai Co. (600456) closed at 32.62, up 3.56% with a trading volume of 257,500 shares and a transaction value of 843 million yuan [1] - Caoyuan Tungsten (002378) closed at 9.33, up 2.64% with a trading volume of 439,600 shares and a transaction value of 409 million yuan [1] - Other notable performers include Baowu Magnesium (002182) up 2.30% and Zhongtung High-tech (000657) up 2.09% [1] Capital Flow Analysis - The small metals sector experienced a net outflow of 452 million yuan from main funds, while retail investors saw a net inflow of 355 million yuan [2][3] - The main funds showed a significant outflow from Jintian Titanium, with a net outflow of 37.02 million yuan [3] - Retail investors contributed positively to Jintian Titanium with a net inflow of 7.50 million yuan [3] Summary of Key Stocks - Jintian Titanium had a notable trading day with a significant increase in share price despite main fund outflows [1][3] - Baotai Co. and Caoyuan Tungsten also showed positive price movements, indicating investor interest in these stocks [1] - The overall small metals sector reflects mixed capital flows, with retail investors actively participating [2][3]