Summary of Key Points Core Viewpoint - The controlling shareholder of Zhangyuan Tungsten Industry, Chongyi Zhangyuan Investment Holding Co., Ltd., plans to reduce its stake in the company by selling up to 24 million shares, representing 2% of the total shares, through block trading within a specified period from October 14, 2025, to January 13, 2026 [1] Company Information - Chongyi Zhangyuan Investment Holding Co., Ltd. currently holds 706 million shares of Zhangyuan Tungsten Industry, which accounts for 58.72% of the total shares [1]

Group 1 - The controlling shareholder of Zhangyuan Tungsten Industry, Chongyi Zhangyuan Investment Holding Co., Ltd., plans to reduce its stake by up to 24 million shares, representing 2% of the total share capital, within three months after 15 trading days from the announcement date [1] - As of the announcement, Zhangyuan Tungsten Industry has a market capitalization of 16.7 billion yuan [1] - For the first half of 2025, the company's revenue composition is as follows: non-ferrous metal mining and smelting, along with metal processing, account for 91.51%, while other businesses make up 8.49% [1]

证券代码：002378 证券简称：章源钨业 公告编号：2025-045 崇义章源钨业股份有限公司 崇义章源钨业股份有限公司（以下简称"公司"或"本公司"）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"）《关于股份减持计划的告知函》， 现将有关情况公告如下： 一、拟减持股东的基本情况 | 股东名称 | 类型 | 持有本公司股份数量 | 占本公司总股本的 | | --- | --- | --- | --- | | | | （股） | 比例 | | 崇义章源投资控股 | 控股股东 | 705,524,056 | 58.72% | | 有限公司 | | | | 二、本次减持计划的主要内容 （一）本次拟减持的具体安排 控股股东减持股份预披露公告 公司控股股东崇义章源投资控股有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 持有公司 705,524,056 股（占公司总股本比例 58.72%）的公司控股股东崇义 章源投资控股有限公司，计划在本公告披露之日起 15 个交易日后的 3 个月 ...

Group 1: Company Overview - The company primarily engages in the exploration and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloys [2][3] - It has established an integrated production system covering upstream exploration, mining, midstream smelting, and downstream deep processing, making it one of the few companies in China with a complete tungsten industry chain production capacity [2] Group 2: Mining Operations - In the first half of 2025, the company produced 1,849.93 tons of tungsten concentrate (WO3 65%), a year-on-year increase of 3.24%; tin concentrate production was 426.12 tons, up 2.71%; and copper concentrate production was 180.61 tons, up 2.02% [4] - The company is advancing resource integration and enhancing mining efficiency through mechanization, aiming to increase the output of tungsten, tin, and copper [4][5] Group 3: Cost and Procurement - Mining costs are influenced by geological conditions, ore grades, management levels, and labor costs, leading to variability across different mines [7] - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT externally, ensuring stable supply through rigorous supplier evaluations [8] Group 4: Market Impact and Sales Performance - The rise in tungsten concentrate prices positively impacts the company, but significant fluctuations in raw material prices can affect production costs and operational performance [9] - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a 43.68% increase; tungsten carbide powder sales were 2,975.12 tons, up 19.25%; however, hard alloy sales decreased by 7.17% to 573.92 tons [10][11] Group 5: Future Development - The company focuses on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloy R&D and production [11] - Plans include integrating mining resources, advancing digital transformation in production, and establishing a sustainable development system to promote green and high-quality ESG growth [11]

Company Overview - Changyuan Tungsten Industry Co., Ltd. is located in Chongyi County, Ganzhou City, Jiangxi Province, and was established on February 28, 2000. The company went public on March 31, 2010. Its main business involves the smelting, processing, research and development, and sales of products related to the tungsten industry chain, including APT, tungsten oxide, tungsten powder, tungsten carbide powder, tungsten materials, and hard alloys [2]. Financial Performance - For the period from January to June 2025, Changyuan Tungsten achieved operating revenue of 2.399 billion yuan, representing a year-on-year growth of 32.27%. The net profit attributable to the parent company was 115 million yuan, with a year-on-year increase of 2.54% [2]. - Since its A-share listing, the company has distributed a total of 862 million yuan in dividends, with 269 million yuan distributed over the past three years [3]. Stock Performance - As of September 12, Changyuan Tungsten's stock price increased by 2.04%, reaching 14.02 yuan per share, with a trading volume of 444 million yuan and a turnover rate of 2.69%. The total market capitalization is 16.844 billion yuan [1]. - Year-to-date, the stock price has risen by 119.13%, with a 1.59% increase over the last five trading days, a 44.39% increase over the last 20 days, and an 82.31% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Changyuan Tungsten was 54,300, a decrease of 3.46% from the previous period. The average number of circulating shares per person increased by 3.58% to 22,019 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 8.7857 million shares, an increase of 2.1363 million shares from the previous period. Silver Hua Xin Jia Two-Year Holding Period Mixed Fund remains unchanged with 6.1986 million shares, while Southern CSI 1000 ETF increased its holdings by 1.9392 million shares to 5.5279 million shares [3].

Market Overview - The small metals sector increased by 2.63% on September 11, with Baowu Magnesium leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Key Stocks Performance - Baowu Magnesium (002182) closed at 16.31, up 9.98% with a trading volume of 997,700 shares and a transaction value of 1.53 billion [1] - China Rare Earth (000831) closed at 55.10, up 4.83% with a trading volume of 1,029,200 shares and a transaction value of 5.64 billion [1] - Haotong Technology (301026) closed at 31.31, up 4.05% with a trading volume of 84,600 shares and a transaction value of 260 million [1] - Other notable performers include Zhongtung High-tech (000657) up 3.88% and Shenghe Resources (600392) up 3.52% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 861 million from institutional investors, while retail investors experienced a net outflow of 701 million [2][3] - Major stocks like China Rare Earth and Baowu Magnesium had significant net inflows from institutional investors, indicating strong institutional interest [3] Individual Stock Capital Flow - China Rare Earth had a net inflow of 34 million from institutional investors, while retail investors saw a net outflow of 204 million [3] - Baowu Magnesium experienced a net inflow of 26.6 million from institutional investors, with retail investors facing a net outflow of 145 million [3] - Shenghe Resources had a net inflow of 90 million from institutional investors, while retail investors had a net outflow of 59 million [3]

Group 1 - The price of black tungsten concentrate (≥65%) has increased by 101.4% to 288,000 yuan/ton, while ammonium paratungstate (APT) price has risen by 98.1% to 418,000 yuan/ton since the beginning of the year [1] - The Ministry of Natural Resources has set a total control index for tungsten mining of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons compared to the first batch in 2024, representing a decline of over 6% [1] - Demand for tungsten products has significantly increased due to the recovery of the manufacturing sector, particularly in automotive, aerospace, and machinery processing industries [1] Group 2 - Companies like Changyi Zhangyuan Tungsten Industry Co., Ltd. reported a revenue of 2.4 billion yuan in the first half of the year, a year-on-year increase of 32.27%, with tungsten powder sales rising by 43.68% to 2,657.83 tons [1] - The company has six mining rights and ten exploration rights, enhancing its resource reserve capabilities through collaboration with geological experts [2] - High tungsten prices may lead upstream mining companies to seek potential resource development, while also prompting downstream companies to accelerate the search for alternative materials [2] Group 3 - The development cycle for tungsten mining is long and capital-intensive, making it difficult to quickly increase production, suggesting that tungsten prices may still have room for growth [3] - The value of tungsten resources is being re-evaluated in the market, necessitating all stakeholders, including resource, processing, and end-use companies, to adapt to market changes [3]

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

证券之星消息，9月9日小金属板块较上一交易日下跌0.82%，章源钨业领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。小金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600549 厦门钨业 | | 1.59亿 | 5.99% | -1.02 Z | -3.82% | -5770.90万 | -2.17% | | 000831 中国稀土 | | 1.06亿 | 3.08% | -309.30万 | -0.09% | -1.02亿 | -2.98% | | 000960 铝亚股份 | | 6643.07万 | 6.76% | -3595.32万 | -3.66% | -3047.75万 | -3.10% | | 600459 | 贵研铂业 | 3436.29万 | 5.05% | -545.32万 | -0.80% | -2890.97万 ...

Group 1 - The announcement details the partial release and pledge of shares by the controlling shareholder, Changyi Zhangyuan Investment Holdings Co., Ltd. [2] - As of the announcement date, the controlling shareholder has pledged a total of 122,830,000 shares, which is 17.41% of its holdings and 10.22% of the company's total share capital, with a corresponding financing balance of 34 million yuan [2] - In the next year, the controlling shareholder has a total of 299,830,000 shares maturing, representing 42.50% of its holdings and 24.96% of the company's total share capital, with a financing balance of 76.58 million yuan [2] Group 2 - The funds for repayment by the controlling shareholder will primarily come from self-raised funds, and the shareholder has a good credit status and repayment capability [3] - There are no risks of forced liquidation or transfer of the pledged shares, and the pledge will not affect the company's operations or governance [4] - The company will continue to monitor changes in the controlling shareholder's pledged shares and will fulfill its information disclosure obligations in a timely manner [4]