国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于崇义章源钨业股份有限公司 2023 年度股东大会的法律意见书 致：崇义章源钨业股份有限公司 国浩律师（上海）事务所（以下简称"本所"）担任崇义章源钨业股份有限公 司（以下称"公司"或"章源钨业"）之特聘法律顾问，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》"）等法律、法规和《上市公司股东大会规则》（以下称"《股东大会规则》"） 及《崇义章源钨业股份有限公司章程》（以下称"公司《章程》"）等有关规定， 指派金诗晟律师、陆伟律师出席并见证了公司于2024年5月14日（星期二）下午 14:30在江西省赣州市崇义县城塔下崇义章源钨业股份有限公司二楼多媒体会议 室召开的2023年度股东大会（以下简称"本次股东大会"），对本次股东大会的召 集、召开程序、出席人员资格、会议表决程序等事宜进行了审查。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国现行法律、 法规及规范性文件发表法律意见。 本所同意将本法律意见书作为公司本次股东大会公告的法定文件，随公司其 他公告一并提交深圳证券交易所审查并 ...

证券代码：002378 证券简称：章源钨业 编号：2024-042 崇义章源钨业股份有限公司 关于参加江西辖区上市公司 2024 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，崇义章源钨业股份有限公司（以下简称 “公司”）将参加由江西省上市公司协会与深圳市全景网络有限公司联合举办的 “2024 年江西辖区上市公司投资者集体接待日活动”，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录“全景路演”网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为2024 年 5月 17 日（周五）15:00-17:00。 届时公司高管将在线就公司 2023 年度业绩、公司治理、发展战略、经营状 况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通 与交流。欢迎广大投资者踊跃参与！ 特此公告。 ...

崇义章源钨业股份有限公司 关于控股股东部分股份解除质押及再质押的公告 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。 一、控股股东股份质押基本情况 崇义章源钨业股份有限公司（以下简称"本公司"）于 2024 年 4 月 30 日接到 控股股东崇义章源投资控股有限公司（以下简称"章源控股"）函告，获悉章源控 股所持本公司的部分股份解除质押及再质押，具体事项如下： 证券代码：002378 证券简称：章源钨业 编号：2024-041 1 | | | | 本次解除 | 本次解除 | | | 已质押股份情况 | | | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 质押及再 | 质押及再 | 占其所 | 占公司 | 已质押 | | 未质押 | | | 股东 | 持股数量 | 持股 | | | | | 股份限 | 占已质 | 股份限 | 占未质 | | 名称 | | | 质押前质 | 质押后质 | 持股份 | 总股本 | | | | | | | （ ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥873,946,805.15, representing a 6.23% increase compared to ¥822,676,918.20 in the same period last year[4] - The net profit attributable to shareholders decreased by 22.42% to ¥27,206,530.54 from ¥35,070,909.23 year-on-year[4] - Basic and diluted earnings per share both fell by 33.33% to ¥0.02 from ¥0.04 in the same period last year[5] - Net profit for Q1 2024 was CNY 26,736,401.99, a decrease of 23.9% from CNY 35,164,947.24 in Q1 2023[34] - The total comprehensive income for the first quarter of 2024 was CNY 26,736,531.90, compared to CNY 35,262,312.42 in the same period last year, reflecting a decrease of approximately 24.5%[35] Cash Flow - The net cash flow from operating activities was negative at ¥175,851,809.83, worsening by 20.26% compared to the previous year[5] - Net cash flow from operating activities decreased by CNY 29.62 million, a change of 20.26%, primarily due to an increase in VAT and corporate income tax paid by the parent company compared to the same period last year[21] - Cash inflow from sales of goods and services was CNY 569,656,036.88, down from CNY 584,134,303.17 year-on-year, representing a decrease of approximately 2.5%[37] - The company reported a total cash outflow from operating activities of CNY 752,901,951.80, which is an increase from CNY 739,355,669.21 in the previous year, indicating a rise of about 1.9%[38] - The net cash flow from investing activities was CNY -78,527,232.99, compared to CNY -18,454,654.21 in the previous year, showing a significant increase in cash outflow[39] - The net cash flow from financing activities was CNY 87,093,545.16, an increase from CNY 69,102,935.24 in the previous year, indicating a growth of about 26%[39] Assets and Liabilities - Total assets decreased by 2.06% to ¥4,775,459,176.14 from ¥4,875,765,322.21 at the end of the previous year[5] - Current liabilities totaled CNY 1,940,592,569.66, down from CNY 2,161,980,403.99 in the previous year, indicating a reduction of 10.2%[30] - The company's total liabilities increased significantly, with a notable rise in borrowings received amounting to CNY 729,995,000.00, compared to CNY 364,010,000.00 in the previous year, reflecting a growth of approximately 100.5%[39] Equity - The company's equity attributable to shareholders increased by 1.30% to ¥2,063,190,015.01 from ¥2,036,676,415.39 at the end of the previous year[5] - The company reported a decrease in total equity attributable to shareholders to CNY 2,063,190,015.01 from CNY 2,036,676,415.39 year-over-year, a decline of 1.3%[31] Expenses - Total operating costs for Q1 2024 were CNY 826,126,585.79, up from CNY 771,245,995.00 in the same period last year, reflecting a year-over-year increase of 7.1%[33] - Sales expenses rose by 39.41% to ¥1,485.95 million, attributed to increased personnel costs and travel expenses for the sales team[17] - Research and development expenses for Q1 2024 were CNY 14,502,565.72, slightly down from CNY 15,337,025.21 in Q1 2023[33] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 53,749[24] - The largest shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., holds 60.65% of the shares, totaling 728,616,456 shares, with 427,600,000 shares pledged[24] Other Financial Metrics - The company experienced a 537.44% increase in lease liabilities, reaching ¥320.95 million, due to new property leases[14] - Asset impairment losses increased by CNY 3.55 million, a change of 88.58%, due to an increase in inventory impairment provisions compared to the same period last year[18] - Operating profit decreased by CNY 7.61 million, a decline of 18.47%; total profit decreased by CNY 7.01 million, a decline of 17.39%; net profit decreased by CNY 8.43 million, a decline of 23.97% compared to the same period last year[18] - Cash inflow from investment activities decreased by CNY 649,400, a decline of 41.47%, due to a decrease in cash received from the disposal of fixed assets compared to the same period last year[22] - Cash outflow from investment activities increased by CNY 59.42 million, an increase of 296.81%, due to increased investment in technological transformation projects[22] - Cash inflow from financing activities increased by CNY 390.99 million, an increase of 107.34%, due to an increase in bank loans and the recovery of loan guarantees compared to the same period last year[22] - Cash outflow from financing activities increased by CNY 372.99 million, an increase of 126.37%, due to an increase in loan repayments and payments for loan guarantees compared to the same period last year[22]

1. 会议召开时间：2024 年 5 月 13 日（星期一）16:00-17:00 证券代码：002378 证券简称：章源钨业 编号：2024-040 崇义章源钨业股份有限公司 关于举办 2023 年度暨 2024 年第一季度业绩说明会的公告 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。 崇义章源钨业股份有限公司（以下简称"公司"）分别于 2024 年 4 月 23 日、 2024 年 4 月 30 日在巨潮资讯网（http://www.cninfo.com.cn）披露了《2023 年年 度报告全文》《2024 年第一季度报告》。为便于广大投资者更加全面深入地了解 公司经营业绩、发展战略等情况，公司定于 2024 年 5 月 13 日（星期一）16:00- 17:00，在"价值在线"（www.ir-online.cn）举办公司 2023 年度暨 2024 年第一季度 业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。具体事 宜如下： 一、本次业绩说明会召开的时间、地点和方式 为充分尊重投资者，提升交流的针对性，广泛听取投资者的意见和建议，投 资 ...

Investment Rating - The report maintains a "Recommended" rating for the company [7][66]. Core Views - The company benefits from rising tungsten prices, with expectations for continued growth in its cutting tool business [4][66]. - In 2023, the company achieved a revenue of 3.4 billion yuan, a year-on-year increase of 6.15%, while net profit attributable to shareholders decreased by 29.21% to 144 million yuan [1][17]. - The company has a strong resource base, with tungsten reserves of 94,600 tons, tin reserves of 17,600 tons, and copper reserves of 12,900 tons [4][54]. Summary by Sections 1. Event Overview - In 2023, the company reported a revenue of 3.4 billion yuan, up 6.15% year-on-year, and a net profit of 144 million yuan, down 29.21% year-on-year [1][17]. 2. Commentary: Mining Benefits from Rising Tungsten Prices - The company increased its tungsten concentrate production to 4,154 tons, a 5.64% increase year-on-year, and tin production to 882 tons, a 6.23% increase year-on-year [2][21]. - The company’s gross margin decreased by 0.55 percentage points to 15.03% in 2023, despite a 5% increase in tungsten market prices [3][22]. 3. Future Core Highlights - The company has low mining costs and is well-positioned to benefit from rising tungsten prices, with significant mining rights and exploration areas [4][54]. - The cutting tool segment is expected to be a major growth driver, with the subsidiary Ganzhou Aoketai achieving a 27.66% increase in cutting tool sales volume [4][64]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 214 million yuan, 287 million yuan, and 357 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 37, 28, and 22 [4][66].

个股表现 -36% -31% -26% -21% -16% -11% -6% -1% 4% 9% 14% 2023-04 2023-07 2023-09 2023-11 2024-02 2024-04 章源钨业 有色金属 2024 年 4 月 24 日 市盈率 54.00 章源钨业(002378) 证券研究报告：有色金属 | 公司点评报告 最新收盘价（元） 6.48 ⚫ 投资要点 事件：公司发布 2023 年度报告，报告期内，公司实现营业收入 34.00 亿元，同比+6.15%，实现归母净利润 1.44 亿元，同比-29.21%， 实现扣非归母净利润 1.35 亿元，同比-20.41%。2023 年 Q4 实现营业 收入 8.82 亿元，同/环比+26.54%/10.94%；实现归母净利润/扣非归 母净利润 0.34/0.54 亿元， 同 比 +30.77%/+145.45% ， 环 比 +41.67%/+237.50%。 子公司赣州澳克泰销售费用、存货跌价损失增加。公司 2023 年 业绩下滑主要由于公司全资子公司赣州澳克泰因加大开拓市场力度， 销售费用增加，此外对部分存货项目计提存货跌价损失，销售费用和 ...

证券代码：002378 证券简称：章源钨业 公告编号：2024-034 崇义章源钨业股份有限公司 关于控股股东部分股份质押的公告 一、股东股份质押基本情况 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。 | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所 | 占公 | 是否 | 是否 | | | 质押 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数量 | 持股份 | 司总 | 为限 | 为补 | 质押起 | | 到期 | 质权人 | | | 名称 | 大股东及其 | | | 股本 | | 充质 | 始日 | | | | 用途 | | | | （股） | 比例 | | 售股 | | | | 日 | | | | | 一致行动人 | | | 比例 | | 押 | | | | | | | 章源 | 为本公司控 | | | | 否 | 否 | 2024 月 | 年 | 至申 请解 除质 | 中信银行 | 生产 | | | | ...

| --- | --- | |-----------------------------------------------------|------------------------------| | 章源钨业（ 买入（维持） | 002378.SZ ）：钨粉末 | | 所属行业：有色金属 / 小金属 当前价格 ( 元 ) ： 6.63 | 业务筑盈利底，澳克泰有望打开 | | 证券分析师 | 向上空间 | 事件：公司披露 2023 年报。公司全年实现营收 34.0 亿元，同比+6.15%；实现归 母净利 1.44 亿元，同比-29.21%；实现扣非归母净利润 1.35 亿元，同比-20.41%， 主要系全资子公司澳克泰产生亏损，棒材类产品市场价下滑，且产能未完全释放 以致毛利倒挂，产生存货减值；以及为开拓市场导致销售费用大幅增加；全年亏 损 4875.39 万元。公司 2023Q4 单季度实现营收 8.82 亿元，同比+26.5%，实现 归母净利 0.34 万元，同比+32.2%，环比+42.0%，同环比均有所改善。公司计划 现金分红 7209 万元，股利支付率达 50.07%。 澳克泰因销售费用增加以 ...

证券代码：002378 证券简称：章源钨业 编号：2024-030 崇义章源钨业股份有限公司 关于提请股东大会授权董事会办理小额快速融资相关事宜的公告 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。 崇义章源钨业股份有限公司（以下简称"公司"）于 2024 年 4 月 21 日召开第 六届董事会第九次会议，审议通过《关于提请股东大会授权董事会办理小额快速 融资相关事宜的议案》，相关事项公告如下： 一、授权事项说明 根据《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券发 行上市审核规则》《深圳证券交易所上市公司证券发行与承销业务实施细则》等 相关规定，公司董事会提请年度股东大会授权董事会决定向特定对象发行融资总 额不超过人民币 3 亿元且不超过最近一年末净资产 20%的人民币普通股（A 股） 股票（以下简称"本次发行"或"小额快速融资"），授权期限为 2023 年度股东大会 通过之日起至 2024 年度股东大会召开之日止。 本次授权事宜现提请公司 2023 年度股东大会审议，本次授权事宜包括但不 限于以下内容： 1. 确认公司是否符合以简易程序向特定 ...