Financial Performance Summary - The company reported a total operating revenue of 240,604.26 million RMB for the first half of 2025, representing a year-on-year increase of 32.65% [2][3] - The net profit attributable to shareholders reached 11,510.62 million RMB, showing a growth of 2.54% compared to the previous year [2] - Excluding the impact of tax deductions for advanced manufacturing recognition, the operating profit, total profit, and net profit attributable to shareholders would have increased by 15.96%, 16.31%, and 16.89% respectively [2] Market Conditions - The company faced a tight supply of tungsten raw materials, leading to a continuous rise in tungsten prices [2] - The increase in revenue was driven by both the rising market prices of tungsten products and an increase in sales volume [3] Operational Focus - The company has focused on its core business and actively expanded its market presence, leveraging stable product quality and rapid supply capabilities to maintain steady growth [2]

Financial Performance - The company reported total operating revenue of RMB 2,406,042,644.61 for the first half of 2025, representing a year-on-year increase of 32.65% compared to RMB 1,813,833,245.24 in the same period last year [1][2] - Operating profit for the period was RMB 137,328,795.94, showing a slight increase of 2.19% from RMB 134,390,078.49 in the previous year [1][2] - The total profit amounted to RMB 135,565,034.02, reflecting a 2.28% increase from RMB 132,544,199.11 year-on-year [1][2] - The net profit attributable to shareholders of the listed company was RMB 106,843,890.80, which is a decrease of 4.36% from RMB 111,714,769.51 in the previous year [1][2] - Basic earnings per share increased to 0.10 from 0.09, marking an 11.11% rise [1][2] Market Conditions - The report period experienced tight supply in the tungsten raw material market, leading to continuous price increases [2] - The company focused on its core business and actively expanded its market presence, achieving sales volume growth due to stable product quality and rapid supply capabilities [2] Tax and Financial Adjustments - The company implemented a 5% tax reduction on value-added tax, which was accounted for in the current period, covering the period from January 2023 to March 2024 [2] - Excluding the impact of tax adjustments, the company's operating profit, total profit, and net profit attributable to shareholders would have increased by 15.96% [2]

Growth - Rongzhi Rixin reported a net profit of 14.2355 million yuan in the first half of the year, representing a year-on-year increase of 2063.42% [1] - Zhejiang Shuculture achieved a net profit of 377 million yuan, up 156.26% year-on-year [1] - Guomai Culture's net profit reached 5.6632 million yuan, reflecting an 80.38% year-on-year growth [1] - Beiding Co., Ltd. reported a net profit of 55.8288 million yuan, marking a 74.92% increase year-on-year [1] - Hesheng New Materials posted a net profit of 97.0031 million yuan, up 58.31% year-on-year [1] - Huace Navigation achieved a net profit of 326 million yuan, a year-on-year increase of 29.94% [1] - Xinyangfeng reported a net profit of 951 million yuan, reflecting a 28.98% year-on-year growth [1] - Huangshanghuang's net profit was 76.9199 million yuan, up 26.9% year-on-year [1] - Guoguang Co., Ltd. reported a net profit of 231 million yuan, representing a 6.05% year-on-year increase [1] - Zhangyuan Tungsten Industry achieved a net profit of 115 million yuan, marking a 2.54% year-on-year growth [1] - Huate Dain reported a net profit of 337 million yuan, reflecting a 1.69% year-on-year increase [1] Decline and Loss - Awei New Materials reported a net profit of 29.9 million yuan, a year-on-year decline of 33% [1] - New Classics posted a net profit of 46.8763 million yuan, down 48.5% year-on-year [1] - Aisxu Co., Ltd. reported a net loss of 238 million yuan, a reduction compared to the previous year [1]

Group 1: RWA Registration and Brain-Computer Interface Development - The RWA registration platform has officially launched in Hong Kong, initiated by the Hong Kong Web3.0 Standardization Association, aiming to facilitate the entire process of RWA asset tokenization [1] - Seven government departments in China have released implementation opinions to promote innovation in the brain-computer interface industry, focusing on the development of high-precision surgical robots for implanting brain-computer interfaces [1] Group 2: Market Trends and Company Developments - The global cellular IoT connections are expected to reach 5.1 billion by 2030, driven by key technologies such as 5G RedCap and 4G LTE Cat-1bis modules [2] - The company "Ele.me" faced user dissatisfaction due to system failures, leading to delivery delays and order issues [2] - The collaboration between Yuanrong Qixing and Smart has reportedly ended, with Yuanrong denying the claims and stating they have reported the matter to the police [2] Group 3: Financial Performance and Corporate Actions - Xinhua Insurance has received regulatory approval for Zhang Xiaodong to serve as a director, effective from August 6, 2025 [3] - Guangfa Asset Management has withdrawn its application for public fund management qualifications, with only two firms receiving approvals in 2023 [3] - Lingxin Qiaoshou has completed a multi-hundred million yuan angel round financing led by Ant Group, aimed at enhancing technology reserves and data collection capabilities [5] - The China Securities Regulatory Commission has approved the IPO registration of Guangzhou Bibete Medical Co., Ltd. for listing on the Sci-Tech Innovation Board [5] - *ST Tianmao is likely to apply for voluntary delisting due to significant operational uncertainties, marking the third company this year to pursue such action [5] Group 4: Project Approvals and Financial Results - Lichong Group's subsidiary has received project approvals for aluminum alloy wheels from international vehicle manufacturers, with expected sales of approximately 1.643 billion yuan over the project durations [6] - Jidian Co. has received approval for a 1507.93 MW wind power project, which will add over 10% to its total installed capacity [7] - Jian Sheng Group reported a net profit of 142 million yuan for the first half of 2025, a year-on-year decrease of 14.46% [8] - Nanya New Materials reported a net profit of 87.19 million yuan for the first half of 2025, a year-on-year increase of 57.69% [9] - Hewei Electric reported a net profit of 243 million yuan for the first half of 2025, a year-on-year increase of 56.79% [10] - Rongzhi Rixin reported a net profit of 14.24 million yuan for the first half of 2025, a year-on-year increase of 2063.42% [11] - Chaoping San reported a net profit of 11.31 million yuan for the first half of 2025, a year-on-year increase of 163.01% [13] - Zhangyuan Tungsten reported a net profit of 115 million yuan for the first half of 2025, a year-on-year increase of 2.54% [14] Group 5: Market Performance - The Shanghai Composite Index rose by 0.16%, reaching a new high for the year, while the Shenzhen Component Index and the ChiNext Index experienced declines [15] - The market saw significant trading volume, with a total turnover of 1.83 trillion yuan, reflecting a 914 billion yuan increase from the previous trading day [15]

Group 1 - Hewei Electric achieved a net profit of 243 million yuan in the first half of 2025, a year-on-year increase of 56.79% [1] - The company reported a revenue of 1.884 billion yuan, representing a year-on-year growth of 36.39% [1] - Hewei Electric specializes in the sales of wind power converters and photovoltaic inverters, along with related services [1] Group 2 - Jidian Co. received approval for a 1507.93 MW wind power project, increasing its approved project capacity to 1607.93 MW, over 10% of last year's total installed capacity [2] - The company focuses on the research, production, and sales of thermal power, hydropower, and renewable energy [2] Group 3 - Nanya New Materials reported a net profit of 87.19 million yuan in the first half of 2025, a year-on-year increase of 57.69% [2] - The company achieved a revenue of 2.305 billion yuan, reflecting a year-on-year growth of 43.06% [2] - Nanya specializes in the design, research, production, and sales of copper-clad laminates and bonding sheets [2] Group 4 - Rongzhi Rixin reported a net profit of 14.24 million yuan in the first half of 2025, a significant year-on-year increase of 2063.42% [2] - The company achieved a revenue of 256 million yuan, representing a year-on-year growth of 16.55% [2] - Rongzhi Rixin provides intelligent operation and maintenance solutions for industrial equipment [3] Group 5 - Jiasheng Group reported a net profit of 142 million yuan in the first half of 2025, a year-on-year decrease of 14.46% [4] - The company achieved a revenue of 1.171 billion yuan, showing a slight year-on-year growth of 0.19% [4] - Jiasheng specializes in the production and manufacturing of knitted sportswear [4] Group 6 - Lidong Group's subsidiary received project approvals for aluminum alloy wheels from international automotive manufacturers, with expected sales of approximately 1.643 billion yuan over the project duration [5][6] - The company focuses on the research, manufacturing, and sales of aluminum alloys and related products [6] Group 7 - Jianglong Shipbuilding won a bid for a 78.55 million yuan infrastructure project in the marine economic development zone [7] - The project has a duration of 540 days and involves the design, research, production, and sales of various types of boats [7] Group 8 - Liyuan Information reported a net profit of 96.13 million yuan in the first half of 2025, a year-on-year increase of 65.79% [31] - The company achieved a revenue of 4.034 billion yuan, reflecting a year-on-year growth of 17.46% [31] - Liyuan specializes in the distribution of electronic components and the development of smart grid products [31] Group 9 - Baijie Shenzhou reported a net profit of 450 million yuan in the first half of 2025, reversing a loss of 287.7 million yuan from the previous year [32] - The company achieved total revenue of 17.518 billion yuan, a year-on-year increase of 46% [32] - Baijie Shenzhou focuses on the research, development, production, and commercialization of innovative drugs [32] Group 10 - Xianhe Co. plans to invest 11 billion yuan in a new integrated high-performance paper-based material project [34] - The project will include the construction of production lines for bamboo pulp and high-performance paper-based materials [34] Group 11 - Zhongchuan Technology's subsidiary plans to invest approximately 5.712 billion yuan in a 1.3 million kilowatt wind power project [35] - The company specializes in wind turbine manufacturing and related engineering services [35] Group 12 - Source Technology received a purchase order worth 1.415 billion yuan for high-power laser chips [20] - The company focuses on the research, design, production, and sales of optical chips [21]

Core Viewpoint - Zhangyuan Tungsten Industry (002378.SZ) reported a significant increase in revenue and net profit for the first half of 2025, driven by rising tungsten product prices and increased sales volume [1] Financial Performance - The company achieved an operating revenue of 2.406 billion yuan, representing a year-on-year growth of 32.65% [1] - The net profit attributable to shareholders was 115 million yuan, reflecting a year-on-year increase of 2.54% [1] Market Factors - The growth in total operating revenue is attributed to the rise in tungsten product market prices and an increase in product sales [1]

Core Viewpoint - Zhangyuan Tungsten Industry reported a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance and growth potential in the tungsten industry [2] Financial Performance - The company's operating revenue reached approximately 2.406 billion yuan, representing a year-on-year increase of 32.65% [2] - The net profit attributable to shareholders was about 115 million yuan, showing a year-on-year growth of 2.54% [2] - Basic earnings per share were reported at 0.1 yuan, reflecting an increase of 11.11% compared to the previous year [2]

章源钨业发布业绩快报，上半年营业收入24.06亿元，同比增长32.65%。净利润1.15亿元，同比增长 2.54%。报告期内，公司营业总收入较上年同期增长32.65%，系钨产品市场价格上涨及产品销量增加影 响所致。 ...

格隆汇8月7日丨章源钨业(002378.SZ)公布2025年半年度业绩快报，上半年公司实现营业收入24.06亿 元，同比增长32.65%；归属于上市公司股东的净利润1.15亿元，同比增长2.54%；扣除非经常性损益后 的归属于上市公司股东的净利润1.07亿元，同比下降4.36%；基本每股收益 0.10元。 ...

[Key Financial Data and Indicators](index=1&type=section&id=%E4%B8%80%E3%80%812025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87) The company's total operating revenue increased by 32.65% in the first half of 2025, while net profit attributable to shareholders grew by 2.54%, and declined by 4.36% after deducting non-recurring items, with total assets increasing by 5.77% Key Financial Data and Indicators | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **2,406,042,644.61** | 1,813,833,245.24 | **32.65%** | | Operating Profit | 137,328,795.94 | 134,390,078.49 | 2.19% | | Total Profit | 135,565,034.02 | 132,544,199.11 | 2.28% | | **Net Profit Attributable to Shareholders** | **115,106,176.49** | 112,257,317.33 | **2.54%** | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 106,843,890.80 | 111,714,769.51 | -4.36% | | Basic Earnings Per Share | 0.10 | 0.09 | 11.11% | | **Total Assets (Period-End)** | **5,261,303,690.69** | 4,974,113,488.54 (Period-Start) | **5.77%** | [Explanation of Operating Performance and Financial Position](index=2&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Performance growth during the reporting period was primarily driven by increased product prices and sales due to tight tungsten raw material supply, with core profit indicators showing significantly higher growth rates of 15.96%, 16.31%, and 16.89% respectively, after excluding the one-time tax credit impact - During the reporting period, total operating revenue increased by **32.65%**, driven by rising tungsten product market prices due to tight raw material supply and increased sales from active market expansion efforts[5](index=5&type=chunk)[6](index=6&type=chunk) Impact of Tax Credit on Core Profit Indicators | Indicator | Reported Data (YoY Growth) | Adjusted Data (Excluding Tax Credit, YoY Growth) | | :--- | :--- | :--- | | Operating Profit | 137 million RMB (2.19%) | 128 million RMB (15.96%) | | Total Profit | 136 million RMB (2.28%) | 126 million RMB (16.31%) | | Net Profit Attributable to Shareholders | 115 million RMB (2.54%) | 107 million RMB (16.89%) | [Explanation of Differences from Previous Performance Forecast](index=2&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8E%E5%89%8D%E6%AC%A1%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E7%9A%84%E5%B7%AE%E5%BC%82%E8%AF%B4%E6%98%8E) The company confirms no prior performance forecasts were issued for this reporting period, thus no discrepancies exist - The company did not issue any prior performance forecasts[7](index=7&type=chunk) [Reference Documents](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6) The company has prepared comparative balance sheets and income statements, signed and sealed by the legal representative, head of accounting, and head of the accounting department, as required reference documents - Reference documents include comparative balance sheets and income statements, signed and sealed by company executives[8](index=8&type=chunk)