证券代码：002378 证券简称：章源钨业 公告编号：2025-025 崇义章源钨业股份有限公司 第六届董事会第十七次会议决议公告 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、董事会会议召开情况 崇义章源钨业股份有限公司（以下简称"公司"）第六届董事会第十七次会议（以 下简称"会议"）通知于 2025 年 4 月 15 日以专人送达、电话或电子邮件的形式发 出，于 2025 年 4 月 26 日在公司会议室以现场结合视频方式召开。本次会议应出 席董事 9 名，实际出席董事 9 名，其中董事、总经理黄世春先生及董事潘峰先生、 独立董事王京彬先生通讯表决。本次会议由董事长黄泽兰先生主持，公司监事及部 分高级管理人员列席了会议。本次会议的召开符合《中华人民共和国公司法》及公 司《章程》的规定。 二、董事会会议审议情况 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 公司第六届董事会审计委员会于 2025 年 4 月 25 日召开 2025 年第三次会议， 事前审议通过本议案。 具体内容参见公司 2025 年 4 月 29 日披露于《证券时报》《中 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,186,253,423.19, representing a 35.74% increase compared to ¥873,946,805.15 in the same period last year[4] - Net profit attributable to shareholders was ¥42,567,795.73, up 56.46% from ¥27,206,530.54 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥40,923,722.81, reflecting a 69.64% increase from ¥24,124,511.84 in the previous year[4] - Basic and diluted earnings per share both increased to ¥0.04, doubling from ¥0.02 in the previous year[5] - Total operating revenue for the current period reached ¥1,186,253,423.19, an increase of 35.7% compared to ¥873,946,805.15 in the previous period[32] - Net profit for the current period was ¥42,413,447.49, representing a 58.5% increase from ¥26,736,401.99 in the previous period[33] - Total comprehensive income for the period reached CNY 42,570,678.09, compared to CNY 27,206,660.45 in the previous period, representing a growth of approximately 56.5%[34] Cash Flow - The net cash flow from operating activities improved significantly to -¥5,742,471.85, a 96.73% improvement from -¥175,851,809.83 in the same period last year[4] - Cash inflow from operating activities increased by 396.88 million yuan, a growth of 68.78%, due to increased sales orders[19] - Cash outflow from operating activities increased by 226.77 million yuan, a growth of 30.12%, mainly due to increased cash payments for purchased goods[19] - Net cash flow from operating activities increased by 170.11 million yuan, a growth of 96.73%, as cash received from sales exceeded cash paid for purchases[19] - Cash inflow from operating activities totaled CNY 973,929,490.09, up from CNY 577,050,141.97, indicating a growth of approximately 68.6%[36] - Cash outflow for operating activities increased to CNY 979,671,961.94 from CNY 752,901,951.80, reflecting a rise of about 30.1%[36] - Net cash flow from investing activities was negative at CNY -55,045,669.69, compared to CNY -78,527,232.99 in the previous period, showing an improvement[36] - Cash inflow from financing activities decreased to CNY 302,463,230.00 from CNY 755,245,000.00, a decline of approximately 60%[37] - Cash outflow for financing activities was CNY 338,345,195.44, down from CNY 668,151,454.84, indicating a reduction of about 49.3%[37] - The ending cash and cash equivalents balance was CNY 273,992,192.02, down from CNY 347,360,704.47, a decrease of approximately 21.1%[37] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,898,501,840.97, a decrease of 1.52% from ¥4,974,113,488.54 at the end of the previous year[5] - Current assets totaled ¥2,609,498,444.52, down 3.8% from ¥2,711,414,337.43 at the beginning of the period[28] - Inventory decreased to ¥1,262,060,958.78, a reduction of 12% from ¥1,434,985,058.50[27] - Short-term borrowings increased to ¥839,423,022.86, up 2.4% from ¥815,577,196.36[29] - The company's total liabilities decreased to ¥2,720,022,379.06 from ¥2,839,308,054.46, a decline of 4.2%[30] - The company's equity attributable to shareholders rose to ¥2,174,662,561.17, an increase of 2% from ¥2,130,834,185.10[30] Operating Costs and Income - The company experienced a 39.74% increase in operating costs, amounting to ¥102,260,850.00 compared to ¥73,181,120.00 in the previous year[15] - Total operating costs amounted to ¥1,124,186,962.78, up 36.1% from ¥826,126,585.79 in the prior period[32] - The company recorded a 92.28% increase in non-operating income, totaling ¥32,860.00 compared to ¥17,090.00 in the same period last year[15] - Operating costs increased by 290.80 million yuan, a growth of 39.74%, mainly due to increased product sales[16] - Other income rose by 3.29 million yuan, an increase of 38.65%, primarily from VAT input tax deductions for advanced manufacturing enterprises[16] - Investment income decreased by 0.99 million yuan, down 85.01%, mainly due to increased financing discount interest on receivables[16] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 56,219[23] - The largest shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., holds 58.72% of shares, totaling 705,524,056 shares[23] Research and Development - Research and development expenses for the current period were ¥17,748,229.94, an increase of 22.5% compared to ¥14,502,565.72 in the previous period[32] Audit Status - The first quarter report was not audited, indicating that the financial data may be subject to further review[38]

证券代码：002378 证券简称：章源钨业 公告编号：2025-029 崇义章源钨业股份有限公司 关于举行 2024 年度暨 2025 年第一季度业绩说明会的公告 公司出席本次业绩说明会人员：董事、总经理黄世春先生，董事、常务副总 经理、财务总监范迪曜先生，董事、副总经理、董事会秘书刘佶女士，独立董事 王平先生（如遇特殊情况，参会人员可能进行调整）。 三、投资者参加方式及问题征集 1. 参加方式 投资者可于 2025 年 5 月 15 日（星期四）15:00-16:00，通过网址 https://eseb.cn/1nHTe0pqjcc 或使用微信扫描下方小程序码即可进入参与互动交流。 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 2025 年 4 月 22 日、 4 月 29 日在《证券时报》《中国证券报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）披露了《2024 年年度报告及其摘要》《2025 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 ...

证券代码：002378 证券简称：章源钨业 公告编号：2025-027 崇义章源钨业股份有限公司 关于 2025 年第一季度计提资产减值准备的公告 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。 特别说明：本公告中报告期指 2025 年 1 月 1 日至 2025 年 3 月 31 日，相关 数据未经审计。 为真实反映崇义章源钨业股份有限公司（以下简称"公司"）截至 2025 年 3 月 31 日的财务状况及经营成果，公司对公司及分子公司的各类资产进行了全面 清查，并对各类资产进行了充分的分析和评估，确定 2025 年第一季度存在资产 减值情况。 公司于 2025 年 4 月 26 日召开第六届董事会第十七次会议、第六届监事会第 十三次会议，审议通过《关于 2025 年第一季度计提资产减值准备的议案》，具 体情况公告如下： 一、2025 年第一季度计提资产减值情况 （一）存货跌价准备情况 依据《企业会计准则》和公司会计政策，资产负债表日，存货采用成本与可 变现净值孰低计量，当存货成本低于可变现净值时，存货按成本计量；当存货成 本高于可变现净值时，存货按可变现净 ...

章源钨业（002378）公告，2025年第一季度营业收入11.86亿元，同比增长35.74%。净利润4256.78万 元，同比增长56.46%。 ...

本公司及监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、监事会会议召开情况 崇义章源钨业股份有限公司（以下简称"公司"）第六届监事会第十三次会议 （以下简称"会议"）通知于 2025 年 4 月 15 日以专人送达、电话或电子邮件的方 式发出，于 2025 年 4 月 26 日在公司会议室以现场表决的方式召开。会议应出席 监事共 3 名，实际出席监事 3 名，本次会议由监事会主席刘军先生主持。本次监 事会的召开符合《中华人民共和国公司法》及公司《章程》的规定。 证券代码：002378 证券简称：章源钨业 公告编号：2025-026 崇义章源钨业股份有限公司 第六届监事会第十三次会议决议公告 2. 审议通过《2025 年第一季度报告》。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 经审议，监事会认为：董事会编制和审核《2025 年第一季度报告》的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整，不存在任 何虚假记载、误导性陈述或者重大遗漏。 具体内容参见公司 2025 年 4 月 29 日披露于《证券时报》《中国证券报》《上 海证 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company has demonstrated stable revenue growth, with an increase in sales of hard alloys and tools [1]. - The company is expected to benefit from its tungsten resource advantages and integrated industry chain layout, enhancing competitiveness in high-end hard alloy products [6]. - Future performance is projected to remain robust, with estimated net profits of 201 million, 244 million, and 302 million yuan for 2025, 2026, and 2027 respectively [6]. Financial Data and Valuation - Total revenue for 2024 is projected at 36.73 billion yuan, reflecting an 8% year-on-year growth [2]. - The company's gross profit margin for 2024 is expected to be 16.07%, an increase of 1.04 percentage points from the previous year [6]. - The company’s net profit attributable to shareholders for 2024 is forecasted to be 1.72 billion yuan, a 19.5% increase year-on-year [6]. - The company’s PE ratio is projected to decrease from 55.2 in 2023 to 26.3 by 2027, indicating improving valuation [2][23]. Sales and Production Performance - The company’s tungsten concentrate production for 2024 is expected to be 3,739 tons, a decrease of 9.99% year-on-year due to national mining control policies [6]. - Sales of tungsten powder are projected at 3,980 tons, a decrease of 4.67% year-on-year, while sales of carbide tools are expected to increase by 16.07% to 21.68 million pieces [6]. - The company has achieved a continuous increase in multi-product sales, leveraging its full industry chain synergy [6]. Cash Flow and Debt Management - The operating cash flow for 2024 is expected to be 5.05 billion yuan, an increase of 3.18 billion yuan year-on-year [6]. - The company’s debt ratio is projected to decrease to 57.08% in 2024, down 1.01 percentage points from the previous year [6].

Core Viewpoint - Zhangyuan Tungsten Industry (002378) reported a strong performance in its 2024 annual report, showing growth in revenue and net profit, although there are concerns regarding cash flow and debt management [2][10]. Business Overview - The total operating revenue for 2024 was 3.673 billion yuan, an increase of 8.02% year-on-year; the net profit attributable to shareholders was 172 million yuan, up 19.50%; and the net profit after deducting non-recurring items was 180 million yuan, reflecting a growth of 32.82% [2]. Profitability Analysis - The gross profit margin for 2024 was 16.07%, an increase of 6.93% year-on-year; the net profit margin was 4.66%, up 10.96%, indicating effective cost control and enhanced product value [3]. Main Revenue Composition - Main revenue sources included tungsten carbide powder (1.249 billion yuan, 34.01%), tungsten powder (1.036 billion yuan, 28.21%), and hard alloys (924 million yuan, 25.16%); hard alloys had the highest gross margin at 19.13%, while other supplementary products achieved a gross margin of 60.60% [4]. Cash Flow and Debt Situation - The operating cash flow per share was 0.42 yuan, a significant increase of 169.82% year-on-year, primarily due to increased use of acceptance bills for raw material payments [5]. - Cash and cash equivalents totaled 494 million yuan, a decrease of 25.19% year-on-year, attributed to reduced discounting of acceptance bills and increased investment in technological upgrades; interest-bearing liabilities stood at 1.846 billion yuan, down 8.06% year-on-year, but the interest-bearing asset-liability ratio remained high at 36.74% [6]. Cost and Expenses - Management expenses increased by 21.94% due to the addition of personnel in subsidiaries, adjustments in social security payment bases, and costs related to tailings pond closure; R&D expenses rose by 31.52% as the company intensified investment in new product development [7]. Subsidiary Performance - The wholly-owned subsidiary Ganzhou Aoketai reported operating revenue of 666 million yuan, a year-on-year increase of 21.93%, but incurred a net loss of 6.82 million yuan, a reduction in loss of 41.93 million yuan compared to the previous year; the subsidiary made positive progress in high-end tool products and overseas market expansion [8].

Group 1 - The core viewpoint of the news is that Zhangyuan Tungsten Industry (002378.SZ) has reported a decrease in institutional holdings, with the top ten institutional investors holding a combined 63.85% of shares, down 2.33 percentage points from the previous quarter [1] - As of April 21, 2025, a total of 68 institutional investors disclosed holdings in Zhangyuan Tungsten Industry, amounting to 774 million shares, which represents 64.40% of the total share capital [1] Group 2 - In the public fund sector, two public funds reported a decrease in holdings, with a total reduction of 0.15% compared to the previous quarter [2] - A total of 61 new public funds were disclosed this period, including several notable funds such as Yinhua Xinjia Two-Year Holding Mixed Fund and Huaxia CSI 1000 ETF [2] - One pension fund reported a decrease in holdings, specifically the Basic Pension Insurance Fund 804 Combination, with a slight decline in holding percentage [2] - One foreign fund, Hong Kong Central Clearing Limited, also reported a decrease in holdings, with a reduction of 0.40% compared to the previous quarter [2]

崇义章源钨业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了崇义章源钨业股份有限公司（以下简称章源钨业公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕3-187 号 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中国·杭州 中国注册会计师： 二〇二五年四月十九日 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 第 1 页 共 2 页 四、财务报告内部控制审计意见 我们认为，章源钨业公司于 2024 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是章源 钨业 ...