Production and Resource Management - In the first half of 2024, the company produced 1,791.88 tons of tungsten concentrate (65% grade) and 414.86 tons of tin metal (100% grade), with a year-on-year growth of 6.28% [1] - The company completed resource verification and reporting for the Taoxikeng tungsten mine and Dongfeng exploration rights, and is finalizing the integration of the Xin'anzi tungsten-tin mine and Longtan exploration rights [1] - The company has added two new exploration rights: Gaosha and Tanjiaoli, enhancing resource integration potential [2] Cost and Supply Chain - The company's self-sufficiency rate for raw materials is approximately 20%, with the remainder sourced externally [2] - The company has established strict supplier management protocols to ensure stable supply of key raw materials [2] Sales Performance - In the first half of 2024, tungsten powder sales decreased by 16.34% to 1,849.82 tons, while tungsten carbide powder sales fell by 4.80% to 2,494.79 tons [2] - The company achieved a 20.12% increase in hard alloy sales, totaling 618.23 tons, and a significant rise in coated blade sales to 11.67 million pieces [3] Revenue Growth - Ganzhou Aoketai reported a revenue of 30,646.50 million yuan in the first half of 2024, marking a year-on-year growth of 27.33% [3] - The sales revenue from coated blades reached 18,508.36 million yuan, while bar sales revenue was 11,176.68 million yuan, both showing significant growth [3] Strategic Development - The company aims to enhance resource exploration and mining efficiency through intelligent construction and technology upgrades [4] - Plans include expanding production capacity for high-value-added products and developing a sustainable production system [4] - The company is focusing on high-end brand development in key industries such as aerospace and renewable energy [4]

证券代码：002378 证券简称：章源钨业 公告编号：2024-055 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 2．股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质押 | 本次质押 | 占其所 | 占公司 | 已质押股 | | 未质押 | | | 股东 | 持股数量 | 持股 | 前质押股 | 后质押股 | | | 份限售和 | 占已质 | 股份限 | 占未质 | | 名称 | （股） | 比例 | 份数量 | 份数量 | 持股份 | 总股本 | 冻结、标 | 押股份 | 售和冻 | 押股份 | | | | | | | 比例 | 比例 | | | | | | | | | （股） | （股） | | | 记数量 | 比例 | 结数量 | 比例 | | | | | | | | | （股） | | （股） | | | 章源 | ...

一、股东股份解除质押基本情况 崇义章源钨业股份有限公司 1．本次股份解除质押基本情况 | 股东 | 是否为控股股东 | 本次解除质 | 占其所 | 占公司总 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | 押股份数量 | 持股份 | 股本比例 | 起始日 | | 解除日期 | | 质权人 | | | 其一致行动人 | （股） | 比例 | | | | | | | | 章源 | 为本公司 | 26,000,000 | 3.57% | 2.16% | 2020 | 年 | 2024 | 年 | 中国工商银行股份 | | 控股 | 控股股东 | | | | 11 月 | 日 17 | 月 9 4 | 日 | 有限公司崇义支行 | 证券代码：002378 证券简称：章源钨业 公告编号：2024-054 关于控股股东部分股份解除质押的公告 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。 崇义章源钨业股份有限公司（ ...

Group 1: Mining Operations - In the first half of 2024, the company produced 1,791.88 tons of tungsten concentrate (65% grade), a decrease of 3.95% year-on-year; tin metal production was 414.86 tons, an increase of 6.28% year-on-year [2] - The company completed resource verification and reporting for the Taoxi Pit tungsten mine and Dongfeng exploration rights, preparing for submission to relevant departments for review [2] - New exploration rights were added in the first half of 2024, including Gaosha and Tanjiaoli, which will facilitate resource integration in surrounding areas [3] Group 2: Production Costs and Raw Material Supply - The company's raw material self-sufficiency rate is approximately 20%, with the remainder sourced externally; strict supplier management is in place to ensure stable supply [3] - The mining production costs vary based on ore grade, mining depth, and management levels, with total mining quotas regulated by the state [3] Group 3: Sales Performance - In the first half of 2024, tungsten powder sales decreased by 16.34% to 1,849.82 tons, while tungsten carbide powder sales fell by 4.80% to 2,494.79 tons; thermal spray powder sales decreased by 9.24% to 226.98 tons [3] - The company’s hard alloy sales increased, with main plant sales reaching 618.23 tons, a growth of 20.12% year-on-year; sales of coated blades from Ganzhou Aoketai reached 11.66 million pieces, up 23.36% [3] Group 4: Business Model and Strategy - The company employs different sales models for various products, utilizing direct sales for powder products and a combination of direct and distribution sales for deep-processed products [4] - Ganzhou Aoketai achieved revenue of 30,646.50 million yuan in the first half of 2024, a year-on-year increase of 27.33%, with significant growth in sales of coated blades and bars [4] Group 5: Future Development Plans - The company aims to enhance the utilization and development of tungsten resources, focusing on high-performance, high-precision, and high-value-added hard alloys [4] - Plans include digital transformation of production workshops and the establishment of a sustainable development system to promote green and high-quality growth [4]

Financial Performance - In the first half of 2024, the company achieved operating revenue of CNY 1,813.83 million, a year-on-year increase of 5.23% [2] - Operating profit reached CNY 134.39 million, up 32.64% year-on-year [2] - Net profit attributable to shareholders was CNY 112.26 million, reflecting a year-on-year growth of 29.86% [2] Production and Sales - Tungsten concentrate (65%) production was 1,791.88 tons, a decrease of 3.95% compared to the previous year [2] - Tin metal (100%) production increased by 6.28% to 414.86 tons [2] - Tungsten powder sales were 1,849.82 tons, down 16.34% year-on-year [2] - Sales of tungsten carbide powder decreased by 4.80% to 2,494.79 tons [2] - Thermal spray powder sales fell by 9.24% to 226.98 tons [2] - Hard alloy sales increased, with main plant sales at 618.23 tons, up 20.12% year-on-year [2] - Coated blade sales from Ganzhou Aoketai reached 11.66 million pieces, a 23.36% increase [2] - Bar sales increased by 35.63% to 358.86 tons [2] Mining and Resource Management - The company completed resource verification for the Taoxikeng tungsten mine and Dongfeng exploration rights [3] - New exploration rights for Gaosha and Tanjiaoli were added, enhancing resource integration potential [3] - The self-sufficiency rate for tungsten concentrate is approximately 20%, with the remainder sourced externally [3] Ganzhou Aoketai Operations - Ganzhou Aoketai reported operating revenue of CNY 306.47 million, with coated blade sales contributing CNY 185.08 million [3] - The net profit for Ganzhou Aoketai was -CNY 9.31 million [3] - The company focuses on key industries such as automotive, aerospace, and energy, enhancing customer loyalty [3] - New product development included over 570 new coated blade products [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 5.38 yuan [4]. Core Views - The company benefits from rising tungsten prices, with significant profit growth in its mining operations and a continuous increase in its cutting tool business [3][4]. - The company is expected to see steady growth in its performance, with projected net profits of 2.18 billion, 2.87 billion, and 3.58 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 30, 22, and 18 times [3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of 112 million yuan, a year-on-year increase of 29.86%, and a non-recurring net profit of 112 million yuan, up 70.74% year-on-year [1]. - In Q2 2024, the net profit attributable to shareholders was 85 million yuan, reflecting a year-on-year increase of 65.56% and a quarter-on-quarter increase of 212.61% [1]. Mining Operations - The company reported a slight decline in tungsten concentrate production, with H1 2024 output at 1,792 tons, a year-on-year increase of 5.64%. By contrast, associated tin production increased to 415 tons, up 6.28% year-on-year [2]. - The company has six mining rights and ten exploration rights, with tungsten resource reserves of 94,600 tons, tin reserves of 17,600 tons, and copper reserves of 12,900 tons [3]. Market Dynamics - The report highlights that the company’s mining profits have significantly increased due to rising prices of tungsten, tin, and copper. In Q2 2024, tungsten concentrate prices rose by 17% quarter-on-quarter and 21% year-on-year, reaching 145,000 yuan per ton [2]. - The cutting tool business is expected to be a major growth driver, with the subsidiary Ganzhou Aoketai's cutting tool sales volume increasing by 23% year-on-year [3]. Future Outlook - The company is well-positioned to benefit from the rising tungsten prices and the growing demand for hard alloy products, with a strong outlook for its cutting tool segment [3]. - The projected revenue for 2024 is 3.952 billion yuan, reflecting a growth rate of 16.2% [5].

Investment Rating - Buy (maintained) [1] Core Views - The company's 2024H1 revenue reached 1.81 billion yuan, a year-on-year increase of 5.23%, with net profit attributable to the parent company of 112 million yuan, a year-on-year increase of 29.86% [3] - The company's tungsten powder and carbide powder businesses benefited from rising tungsten prices, with gross margins increasing by 0.77 and 1.69 percentage points respectively [3] - The subsidiary Aokete achieved a revenue of 310 million yuan in 2024H1, a year-on-year increase of 27.33%, but incurred a loss of 9.31 million yuan [4] - The company's hard alloy products saw significant growth in sales, with a gross margin of 18.49%, up 3.47 percentage points year-on-year [3] Financial Performance - The company's 2024H1 tungsten concentrate (65%) production was 1,791.88 tons, a year-on-year decrease of 3.95%, while tin metal (100%) production was 414.86 tons, a year-on-year decrease of 6.28% [3] - In 2024Q2, the company achieved revenue of 940 million yuan, a year-on-year increase of 4.3%, and net profit attributable to the parent company of 85 million yuan, a year-on-year increase of 65.6% [3] - The company's tungsten powder, carbide powder, and thermal spray powder sales in 2024H1 were 1,849.82 tons, 2,494.79 tons, and 226.98 tons, respectively, with year-on-year decreases of 16.34%, 4.80%, and 9.24% [3] - The company's hard alloy, coated blades, and rod sales in 2024H1 were 618.23 tons, 11.66 million pieces, and 358.86 tons, respectively, with year-on-year increases of 20.12%, 23.36%, and 35.63% [3] Market and Industry Analysis - The average price of tungsten concentrate (WO3≥65%) and ammonium paratungstate (APT) in 2024H1 was 134,100 yuan/ton and 198,500 yuan/ton, respectively, up 12.97% and 10.96% year-on-year [3] - The company's tungsten powder and carbide powder products are in the middle of the industrial chain, with production costs and prices strongly correlated with tungsten concentrate prices [3] - The company's hard alloy products are downstream products, with the company actively expanding the market and developing new customers, leading to a year-on-year increase in production and sales [3] Future Projections - The company's revenue for 2024-2026 is projected to be 3.8 billion yuan, 4.0 billion yuan, and 4.1 billion yuan, respectively, with net profit attributable to the parent company of 210 million yuan, 270 million yuan, and 360 million yuan, respectively [4] - The company's PE ratios for 2024-2026 are projected to be 30.14x, 23.56x, and 17.88x, respectively [4] - The company's gross margin for 2024-2026 is projected to be 13.2%, 14.5%, and 15.8%, respectively [5] - The company's net profit margin for 2024-2026 is projected to be 5.6%, 6.9%, and 8.8%, respectively [5]

证券代码：002378 证券简称：章源钨业 公告编号：2024-053 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。 崇义章源钨业股份有限公司（以下简称"本公司"）于 2024 年 8 月 27 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，获悉其所持 本公司的部分股份被质押，具体事项如下： 一、股东股份质押基本情况 1．本次股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否为 补充 | 质押起 | | 质押 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 数量（股） | | | | | 始日 | | 到期日 | | 用途 | | | 一致行动人 | | 比例 | 比例 | 售股 | 质押 | | | | | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,813,833,245.24, representing a 5.23% increase compared to ¥1,723,664,508.27 in the same period last year[12]. - The net profit attributable to shareholders of the listed company reached ¥112,257,317.33, a 29.86% increase from ¥86,442,119.99 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥111,714,769.51, up 70.74% from ¥65,431,237.72 in the same period last year[12]. - The basic earnings per share increased to ¥0.09, up 28.57% from ¥0.07 in the previous year[12]. - The company's operating profit reached 13,439.01 million CNY, reflecting a year-on-year growth of 32.64%[32]. - The net profit for the current period was ¥111,382,992.23, a 29.33% increase from ¥86,122,218.08 in the previous year[47]. - The total comprehensive income for the first half of 2024 was CNY 123,066,790.98, compared to CNY 93,125,590.73 in the first half of 2023, reflecting a growth of approximately 32.1%[140]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,951,399,949.20, a 1.55% increase from ¥4,875,765,322.21 at the end of the previous year[12]. - The net assets attributable to shareholders of the listed company were ¥2,075,336,466.50, reflecting a 1.90% increase from ¥2,036,676,415.39 at the end of the previous year[12]. - Cash and cash equivalents decreased to ¥373,641,929.88, accounting for 7.55% of total assets, down 6 percentage points from the previous year[57]. - Accounts receivable increased to ¥686,892,154.96, representing 13.87% of total assets, up 6.50 percentage points year-over-year[57]. - Inventory decreased to ¥1,441,588,967.29, making up 29.11% of total assets, down 1.39 percentage points from last year[57]. - Short-term borrowings rose to ¥1,050,249,930.54, which is 21.21% of total liabilities, an increase of 3 percentage points due to operational needs[58]. - Long-term borrowings increased to ¥782,850,000.00, representing 15.81% of total liabilities, up 5.16 percentage points driven by operational requirements[58]. - Total liabilities decreased to ¥1,942,149,593.00 from ¥2,161,980,403.99, indicating a reduction of approximately 10.1%[130]. Market and Product Development - The average price of tungsten concentrate (WO3≥65%) increased by 12.97% year-on-year to ¥134,100 per ton, while ammonium paratungstate (APT) rose by 10.96% to ¥198,500 per ton during the reporting period[19]. - The company continues to focus on expanding its market presence and enhancing its product offerings in response to increasing demand for tungsten products[19]. - The company launched over 570 new coated blade products, enhancing its product offerings[34]. - The company is focusing on expanding its market presence in key industries such as automotive, aerospace, and energy[34]. Environmental and Social Responsibility - The company complies with environmental regulations and has implemented measures to ensure pollutant emissions meet standards[72]. - The company has obtained ISO 14001 certification for its environmental management system, ensuring adherence to environmental protection measures[73]. - The company achieved a chemical oxygen demand (COD) level of 5.69 mg/L in wastewater, well under the limit of 100 mg/L[74]. - The company has invested in pollution control facilities, including a wastewater treatment station and dust removal systems, operational since 2015 and 2012 respectively[75]. - The company completed ecological restoration projects, including replanting 6,750 trees in restored mining areas, demonstrating its commitment to environmental sustainability[84]. - The company donated a total of CNY 456,000 to support local infrastructure and education initiatives, reflecting its social responsibility efforts[89]. Research and Development - R&D investment increased by 8.56% to ¥73,466,485.99, reflecting the company's commitment to innovation[47]. - Research and development expenses for the first half of 2024 amounted to CNY 18,165,795.62, an increase from CNY 14,237,219.14 in the same period of 2023, showing a rise of about 27.0%[138]. Financial Management - The company experienced a significant increase in financial expenses by 33.62% due to changes in financing scale and structure[46]. - The cash flow from operating activities showed a negative net amount of ¥-55,476,230.45, a decline of 278.84% compared to the previous year[47]. - The company reported a significant increase in cash outflow for employee payments, totaling 171,950,326.49 RMB, compared to 160,692,893.53 RMB in the previous year[144]. Corporate Governance - The company has a board of directors with a diverse background, including 3 independent directors and a female representation of 22.2%[83]. - The company achieved a 100% labor contract signing rate and social security coverage rate, enhancing employee satisfaction and contributing to sustainable development[87]. - The company reported a 100% response rate to investor inquiries on the Shenzhen Stock Exchange's "Interactive Easy" platform, indicating strong communication with shareholders[85].

崇义章源钨业股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024 年期初占用 | 2024 年 | 1-6 月占用累计 发生金额 | 2024 | 年 1-6 资金的利息 | 月占用 2024 | 年 1-6 | 月偿还 | 2024 年 | 6 月末占 | 占用形成原因 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 资金余额 | | （不含利息） | | （如有） | | 累计发生金额 | | | 用资金余额 | | 占用性质 | | 控股股东、实际控制人 | | | | | | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | | | | 前 ...