Industry Overview and Outlook - Tungsten, tellurium, bismuth, molybdenum, and indium are classified as strategic minor metals and are widely used in industrial manufacturing, national defense, new materials, and semiconductor industries [2] - China holds over 50% of the global reserves for metals such as tungsten and indium, and its production accounts for more than 50% of tungsten, indium, gallium, rare earths, magnesium, and germanium [2] - According to USGS statistics, global tungsten resources reached 3.8 million tons in 2022, with China being the richest in tungsten reserves and production, holding 47.37% of the world's tungsten reserves and over 80% of its production [2] - Major tungsten resources in China are concentrated in Jiangxi, Hunan, and Inner Mongolia, with Jiangxi being the most significant, often referred to as the "Tungsten Capital of the World" [2] - The number of companies engaged in tungsten mining and processing in China is substantial, with leading firms including Xiamen Tungsten, Jiangxi Tungsten Holding Group, and China Tungsten High-tech [2] Supply and Demand Dynamics - The Ministry of Natural Resources announced a control indicator for tungsten mining in 2025, setting the total mining quota at 58,000 tons, a decrease of 6.45% from 2024 [3] - The main tungsten-producing region, Jiangxi, will see a reduction of 2,370 tons in its mining quota, exceeding a 10% decline [3] - Demand for tungsten remains stable due to the continuous growth of global manufacturing, particularly in high-end sectors such as aerospace, new energy vehicles, and electronic information [3] - Domestic tungsten concentrate prices have risen to 156,000 yuan per ton, nearing the historical high of 157,000 yuan per ton recorded in May of the previous year [3] - The overall supply growth of tungsten is expected to lag behind demand growth due to national mining quota controls, stricter environmental regulations, and natural declines in resource grades [3] Related Companies - China Tungsten High-tech serves as the operational management platform for the tungsten industry under China Minmetals, managing a complete tungsten industry chain from mining to processing and trading [5] - The company plans to complete the acquisition of Shizhu Garden Company by the end of 2024, which will significantly enhance its asset portfolio, as it holds over 30% of the national tungsten resource reserves [5] - Xiamen Tungsten focuses on tungsten, molybdenum, and rare earths, establishing a complete industry chain that includes mining, smelting, production of tungsten and molybdenum powders, and deep processing applications [5]

Core Viewpoint - Company is actively engaging in market management and is focused on enhancing shareholder value through various strategies, including compliance, governance, and capital management [3][5]. Group 1: Company Performance - In 2024, the company achieved operating revenue of 14.743 billion, a 7.8% increase from 2023, and a net profit attributable to shareholders of 939 million, up 17.47% from 2023 [3]. - The company's Q1 2025 report shows a main revenue of 3.392 billion, a year-on-year increase of 3.52%, and a net profit of 221 million, up 3.24% year-on-year [5]. Group 2: Market Strategy and Management - The company emphasizes risk control and market competition, aiming for steady growth while managing operational risks [3]. - The company plans to enhance its market image and brand value through scientific capital operations and investor relations management [3]. Group 3: Industry Context - The rise in tungsten and molybdenum prices benefits upstream resource companies but pressures downstream processing margins, with the company focusing on product innovation to mitigate raw material price fluctuations [3]. - The company is involved in the production of molybdenum products, such as cutting molybdenum wire and molybdenum targets, despite not engaging in molybdenum smelting [3]. Group 4: Future Plans - The company is actively planning to acquire additional mining assets and has made commitments regarding the acquisition of shares in Shizhu Garden Company [4]. - The company is conducting ongoing technical research related to tin, with plans to disclose any future production and sales of tin products [5]. Group 5: Analyst Ratings - In the last 90 days, 9 institutions have rated the stock, with 6 buy ratings and 3 hold ratings, and the average target price is 11.66 [6].

Group 1: Company Performance and Financials - In 2024, the company achieved a revenue of 14.743 billion CNY, representing a growth of 7.8% compared to 2023 [2] - The net profit attributable to shareholders reached 939 million CNY in 2024, an increase of 17.47% from 2023 [2] - The cash dividend ratio from 2022 to 2024 has consistently exceeded 30% [2] Group 2: Strategic Initiatives and Market Position - The company is actively contributing to the Hainan Free Trade Port construction and has been recognized as an excellent member of the Hainan Listed Companies Association [2] - Future strategies include compliance in information disclosure, improving corporate governance, and enhancing operational management to sustainably create company value [3] - The company plans to enhance its market image and brand value through scientific capital operations and investor relations management [3] Group 3: Impact of Market Conditions - The rise in tungsten and molybdenum prices benefits upstream resource companies but pressures the profit margins of downstream processing businesses [3] - The company aims to mitigate the impact of raw material price fluctuations by increasing the proportion of high value-added products through technological innovation [3] - Currently, the company does not engage in molybdenum smelting but produces molybdenum products such as cutting wires and targets [3] Group 4: Asset Management and Future Plans - The company is planning to actively pursue the acquisition of additional mining assets following the acquisition of Shizhu Garden Company [3] - There are ongoing technical research efforts related to tin recovery, although the company does not currently sell standalone tin products [3]

证券代码：000657 证券简称：中钨高新 公告编号：2025-65 中钨高新材料股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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。 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开了第十届董事会第三十二次会议和第十届监事会第二十四次 会议，审议通过了《关于使用暂时闲置募集资金进行现金管理的议 案》，同意公司在经董事会批准之日起 12 个月内使用不超过 8 亿元的 暂时闲置募集资金进行现金管理，在上述额度和期限内循环滚动使用。 具体内容详见公司于 2025 年 4 月 25 日刊登在《中国证券报》、巨潮 资讯网（www.cninfo.com.cn）上的《关于使用暂时闲置募集资金进行 现金管理的公告》（公告编号：2025-41）。 一、本次使用暂时闲置募集资金购买现金管理产品的基本情况 | 受托方 | 产品名称 | 收益类型 | 购买金额 （万元） | 起息日 | 到期日 | 预期年化 收益率 | | --- | --- | --- | --- | --- | --- | ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Tungsten Industry**: Focus on strategic minerals and the impact of export controls on tungsten - **Huaihe Energy**: Involvement in coal, electricity, and logistics sectors - **5G-A Technology**: Development and deployment of advanced 5G technology Core Points and Arguments Tungsten Industry 1. **Export Control Measures**: The government has initiated actions to combat the smuggling of strategic minerals, including tungsten, which is essential in various industries such as automotive and aerospace [3][1] 2. **Tungsten Characteristics**: Tungsten is recognized for its high melting point, hardness, density, and thermal conductivity, earning it the nickname "industrial teeth" [3][1] 3. **Global Tungsten Supply**: By 2024, global tungsten reserves are projected to reach 4.6 million metric tons, with China contributing over 80% of the world's tungsten production [7][1] 4. **Demand and Applications**: The demand for tungsten is expected to reach 142,000 metric tons in 2024, primarily for hard alloys and tungsten steel, with significant applications in automotive and defense sectors [7][1] 5. **Recycling and Supply Challenges**: China's tungsten recycling rate is only 17%, indicating a gap in recovery and quality compared to international standards, which may affect future supply [7][1] Huaihe Energy 1. **Asset Injection Impact**: The company plans to acquire a significant stake in Huaihe Energy Power Group, which is expected to enhance its operational capacity and increase net profit by 105% [8][1] 2. **Coal Supply and Production**: Huaihe Energy has a strong coal supply chain, with a high coverage rate for long-term contracts, which positions it competitively in the market [11][1] 3. **Future Growth Potential**: The company has additional coal and power assets that could further increase its operational scale, with potential for significant growth in the coming years [11][1] 5G-A Technology 1. **Performance Enhancements**: 5G-A technology is expected to increase upload and download speeds by tenfold, significantly improving connectivity and reducing latency [12][1] 2. **Global Deployment**: Testing networks for 5G-A have been established across 31 provinces in China, with plans for expansion into international markets [12][1] 3. **Investment in Infrastructure**: There is a notable increase in capital expenditure from operators for 5G-A, indicating a strong commitment to enhancing network capabilities [15][1] Other Important but Possibly Overlooked Content - **Market Trends**: The tungsten sector is experiencing a bullish trend due to government actions against smuggling and the strategic importance of tungsten in various applications [4][1] - **Stock Performance**: Several companies within the tungsten industry and those involved in 5G technology have seen significant stock price increases, reflecting positive market sentiment [9][1][13][1] - **Long-term Outlook**: The overall outlook for both the tungsten industry and 5G-A technology remains positive, with expectations of sustained demand and growth opportunities in the coming years [7][1][15][1]

Group 1: Copper Industry - The investment rating for the copper industry is currently neutral, with LME copper prices increasing by 0.89% to $9,439.00 per ton and Shanghai copper prices rising by 0.30% to 77,500 yuan per ton [1][13]. - Supply-side data indicates that the import copper concentrate processing fee index has dropped to -$43.11 per ton, while Codelco's copper production increased by 14.8% year-on-year to 123,200 tons in March [1][13]. - Domestic copper rod enterprises' operating rates have decreased to 62.79%, down 17.10 percentage points week-on-week, primarily due to high copper prices leading to a significant reduction in new orders [1][13]. Group 2: Aluminum Industry - The investment rating for the aluminum industry is neutral, with LME aluminum prices decreasing by 0.66% to $2,418.00 per ton and Shanghai aluminum prices falling by 1.63% to 19,600 yuan per ton [2][14]. - Domestic electrolytic aluminum ingot inventory stands at 620,000 tons, a decrease of 16,000 tons compared to earlier in the week, while aluminum oxide weekly operating rates have been adjusted down by 0.07 percentage points to 79.67% [2][14]. - Downstream demand remains weak, with companies primarily adopting a wait-and-see approach and purchasing based on demand [2][14]. Group 3: Gold Industry - The investment rating for the gold industry is positive, with COMEX gold prices decreasing by 0.43% to $3,329.10 per ounce, influenced by international trade tensions and geopolitical conflicts [3][15]. - The Federal Reserve has maintained the federal funds rate at 4.25% to 4.5%, indicating increased uncertainty in the U.S. economic outlook [3][15]. - SPDR gold holdings have decreased by 1.45 tons to 937.94 tons, reflecting market dynamics amid geopolitical developments [3][15]. Group 4: Rare Earth Industry - The investment rating for the rare earth industry is positive, with prices rising due to export controls and supply disruptions from Myanmar [4][32]. - The price of praseodymium and neodymium oxide has increased by 3.65% to 423,300 yuan per ton, while dysprosium oxide has risen by 9.87% to 1,670,000 yuan per ton [4][32]. - The overall supply-demand situation is improving, with expectations of moderate quota growth and increased focus on rare earth resources amid global geopolitical shifts [4][32]. Group 5: Lithium and Cobalt Industries - The investment rating for the lithium industry is neutral, with lithium carbonate prices decreasing by 3.35% to 66,000 yuan per ton [5]. - Cobalt prices remain stable, with the price of cobalt at 242,000 yuan per ton, reflecting steady demand in the market [5]. - Nickel prices have increased by 2.7% to $15,800 per ton, indicating a positive trend in the nickel market [5].

Growth Drivers - Future profit growth will be driven by both external and internal factors, including the injection of remaining tungsten mine assets and acquisitions in upstream and downstream sectors [2] - The company aims to enhance development through technological innovation, focusing on green, intelligent, and high-end growth, while controlling management costs to improve overall profitability [2] 2024 Performance - In 2024, the company achieved a revenue of CNY 14.743 billion, a year-on-year increase of 7.8%; total profit reached CNY 1.176 billion, up 15.6% year-on-year; earnings per share increased by CNY 0.07 [3] - Growth was attributed to the acquisition of 100% equity in Shizhu Garden, which enhanced overall revenue and profit through integrated operations, and adjustments in product structure to increase the proportion of high-value-added products [3] Q1 2025 Performance - In Q1 2025, the net profit attributable to shareholders reached CNY 221 million, a significant increase compared to the same period last year; the net profit after deducting non-recurring gains and losses was CNY 204 million, up 341.62% year-on-year [4] - The increase was driven by high prices of mineral resource products and the profitability boost from AI and cloud computing sectors since Q3 2024 [4] Tungsten Price Outlook - Tungsten, a strategic scarce resource, is expected to see price support due to supply constraints from government regulations and declining ore grades, despite the need to monitor the recovery of the hard alloy market [5] Production and Supply - The company currently has a tungsten concentrate annual production of approximately 8,000 tons, with a self-sufficiency rate of about 20%; including other mines, the total production is estimated at 26,000-27,000 tons, with a self-sufficiency rate exceeding 70% [6] - The Shizhu Garden project is progressing well, expected to be completed by 2027, which will increase annual tungsten concentrate production to 10,000 tons [6] Market Dynamics - Rising tungsten prices are expected to impact downstream processing profits, but the company plans to increase the proportion of high-value-added products to improve gross margins [6] - The company’s hard alloy products account for about 25% of its overseas market share, generating approximately CNY 3 billion in revenue [7] Competitive Landscape - The hard alloy market is characterized by intense competition, with upstream tungsten concentrate prices affecting downstream product pricing; the company plans to control costs and enhance R&D capabilities to improve competitiveness [7]

Summary of the Conference Call for Zhongtung High-Tech Company Overview - Zhongtung High-Tech has established a complete tungsten industry chain through the acquisition of Shizhu Garden, enhancing resource self-sufficiency and promoting product diversification, green, intelligent, and high-end development [2][6][9] Financial Performance - In 2024, the company achieved a total profit of 1.176 billion yuan, a year-on-year increase of 15.6%, with earnings per share of 1.16 yuan and a total cash dividend exceeding 360 million yuan [2][3] - For Q1 2025, the net profit attributable to shareholders was 230 million yuan, significantly up from the previous year, driven by the mining business of Shizhu Garden and Jingzhou [2][5][9] - The overall revenue for 2024 reached 14.743 billion yuan, a 7.8% increase year-on-year [3] Business Segments - The cutting tools segment saw a revenue increase of approximately 4% in 2024, although the gross margins for CNC blades and traditional blades declined [2][3] - The hard alloy segment experienced a slight decrease, while the refractory metals segment's revenue grew nearly 12% [3] - The overall gross margin for cutting tools improved by about four percentage points, mainly due to the high-end Pangu series products [3][4] Production and Capacity - The company plans to produce 8,000 tons of tungsten concentrate in 2025, maintaining the same quota as the previous year [2][14] - The self-sufficiency rate for tungsten concentrate is approximately 20%, which can reach 70% when including other mines [2][24] - The production capacity for micro-drill products has expanded to 680 million units, with a monthly output nearing 70 million units [2][21] Market Dynamics - A reduction in tungsten concentrate quotas may lead to a short-term price drop, but long-term prospects for tungsten prices remain positive due to its strategic scarcity [2][10] - The company is focusing on high-quality mining assets and small enterprises with core technologies in downstream processing [4][12] Strategic Initiatives - The company is actively responding to market management requirements and emphasizes stable cash dividend policies to enhance shareholder returns [2][8] - Strategic restructuring has been deepened, with a focus on integrating the tungsten industry chain and enhancing resource reserves [6][9] Technological Advancements - The micro-drill products from Jinzhu Company align with the demand for AI servers and intelligent computing infrastructure, with a leading market position in technology reserves [7][21] - The company is involved in the robotics sector, focusing on cutting tools and tungsten wire applications, although specific quantitative data is not available [23] Challenges and Risks - The cutting tools segment faces operational pressures, particularly in the micro-drill business, despite good performance in aerospace and automotive direct sales [17] - The average sales price of cutting tools has decreased by about 9% year-on-year, primarily due to structural changes in product pricing [18] Conclusion - Zhongtung High-Tech is positioned for growth through strategic acquisitions, diversified product offerings, and a focus on technological advancements, while navigating challenges in market dynamics and operational pressures in certain segments [2][6][9][10]

中钨高新材料股份有限公司 证券代码：000657 证券简称：中钨高新 公告编号：2025-64 届时，公司主要高管人员将参加本次活动，通过网络在线交流形式， 就公司 2024 年年报披露、财务数据、公司治理、内部控制、发展战略、 经营状况、现金分红、重大事项、可持续发展等投资者所关心的问题， 与投资者进行"一对多"形式的沟通与交流。欢迎广大投资者踊跃参与。 特此公告。 中钨高新材料股份有限公司董事会 关于参加"2024 年度海南辖区上市公司业绩说明会 暨投资者集体接待日"的公告 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。 二〇二五年五月七日 为推动辖区上市公司进一步建立董事会与投资者的良好沟通机制， 让投资者更准确地读懂年度报告、更全面地了解上市公司，切实提高上 市公司透明度和治理水平，海南证监局将与深圳市全景网络有限公司、 海南上市公司协会联合举办"2024 年度海南辖区上市公司业绩说明会暨 投资者集体接待日"活动，活动时间为 2025 年 5 月 13 日 14:00-17:00， 平台登录地址为：https://rs.p5w.net。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The injection of the Shizhu Garden tungsten mine is expected to significantly enhance the company's profitability [4] - The company operates as a management platform for the tungsten industry under China Minmetals, managing a complete tungsten industry chain from mining to smelting, processing, and trading [6][4] - The company has achieved a notable increase in revenue and net profit, with a projected growth in net profit from 1.08 billion RMB in 2025 to 1.26 billion RMB in 2027 [4][6] Financial Summary - For 2024, the company reported a revenue of 14.743 billion RMB, a year-on-year increase of 7.8%, and a net profit of 939 million RMB, up 17.5% year-on-year [6] - The projected revenues for 2025, 2026, and 2027 are 15.523 billion RMB, 16.462 billion RMB, and 17.546 billion RMB respectively, with corresponding net profits of 1.08 billion RMB, 1.175 billion RMB, and 1.264 billion RMB [4][7] - The company's gross profit margin for 2024 was 22.1%, with a total gross profit of 3.25 billion RMB [6][7] Market Performance - The acquisition of Shizhu Garden Company, which owns the largest single tungsten mine currently in production, is expected to enhance the company's asset quality and profitability [6][4] - The company has optimized its product structure, focusing on high-value-added products, and has achieved a significant market share in the CNC blade production [6][4] Profitability Forecast - The company is expected to maintain a steady growth trajectory, with projected earnings per share (EPS) of 0.47 RMB in 2025, 0.52 RMB in 2026, and 0.55 RMB in 2027 [4][7] - The return on equity (ROE) is projected to be 6.44% in 2025, gradually increasing to 6.78% by 2027 [4][7]