Group 1: Copper Industry - The investment rating for the copper industry is currently neutral, with LME copper prices increasing by 0.89% to $9,439.00 per ton and Shanghai copper prices rising by 0.30% to 77,500 yuan per ton [1][13]. - Supply-side data indicates that the import copper concentrate processing fee index has dropped to -$43.11 per ton, while Codelco's copper production increased by 14.8% year-on-year to 123,200 tons in March [1][13]. - Domestic copper rod enterprises' operating rates have decreased to 62.79%, down 17.10 percentage points week-on-week, primarily due to high copper prices leading to a significant reduction in new orders [1][13]. Group 2: Aluminum Industry - The investment rating for the aluminum industry is neutral, with LME aluminum prices decreasing by 0.66% to $2,418.00 per ton and Shanghai aluminum prices falling by 1.63% to 19,600 yuan per ton [2][14]. - Domestic electrolytic aluminum ingot inventory stands at 620,000 tons, a decrease of 16,000 tons compared to earlier in the week, while aluminum oxide weekly operating rates have been adjusted down by 0.07 percentage points to 79.67% [2][14]. - Downstream demand remains weak, with companies primarily adopting a wait-and-see approach and purchasing based on demand [2][14]. Group 3: Gold Industry - The investment rating for the gold industry is positive, with COMEX gold prices decreasing by 0.43% to $3,329.10 per ounce, influenced by international trade tensions and geopolitical conflicts [3][15]. - The Federal Reserve has maintained the federal funds rate at 4.25% to 4.5%, indicating increased uncertainty in the U.S. economic outlook [3][15]. - SPDR gold holdings have decreased by 1.45 tons to 937.94 tons, reflecting market dynamics amid geopolitical developments [3][15]. Group 4: Rare Earth Industry - The investment rating for the rare earth industry is positive, with prices rising due to export controls and supply disruptions from Myanmar [4][32]. - The price of praseodymium and neodymium oxide has increased by 3.65% to 423,300 yuan per ton, while dysprosium oxide has risen by 9.87% to 1,670,000 yuan per ton [4][32]. - The overall supply-demand situation is improving, with expectations of moderate quota growth and increased focus on rare earth resources amid global geopolitical shifts [4][32]. Group 5: Lithium and Cobalt Industries - The investment rating for the lithium industry is neutral, with lithium carbonate prices decreasing by 3.35% to 66,000 yuan per ton [5]. - Cobalt prices remain stable, with the price of cobalt at 242,000 yuan per ton, reflecting steady demand in the market [5]. - Nickel prices have increased by 2.7% to $15,800 per ton, indicating a positive trend in the nickel market [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002378 证券简称：章源钨业 公告编号：2025-028 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。 重要内容提示： 1. 董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 2. 公司负责人黄世春、主管会计工作负责人范迪曜及会计机构负责人（会计主管人员）赵本林声明：保 证季度报告中财务信息的真实、准确、完整。 3. 第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 ■ 其他符合非经常性损益定义的损益项目的具体情况 √适用 □不适用 年初至报告期末"其他符合非经常性损益定义的损益项目"发生额-1,733,089.68元，系公司对大余石雷钨 矿尾矿库进行风险隐患治理，对尾矿库实施闭库产生的费用。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损 ...

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].

Investment Rating - The report maintains an "Accumulate" rating for the tungsten industry, indicating a positive outlook for companies with resource advantages and deep processing capabilities [7]. Core Viewpoints - The tightening of total mining control indicators and resource scarcity are driving the upward trend in tungsten prices. The first batch of tungsten mining control indicators for 2025 is set at 58,000 tons, a decrease of 6.5% from the previous year [2][10]. - The global tungsten resource supply bottleneck began in 2016, leading to a shift in pricing logic from "demand narrative" to "supply narrative," initiating the longest price increase cycle in nearly 20 years [4][26]. - The recent export controls on tungsten products have significantly reduced export volumes, with March exports dropping by 63% year-on-year [3][19]. Summary by Sections Total Mining Control Indicators - The first batch of tungsten mining control indicators for 2025 is 58,000 tons, down from 62,000 tons in the previous year, primarily due to reductions in Jiangxi, Yunnan, and Heilongjiang provinces [10][11]. - The overall annual total mining control indicators are expected to remain flat or decrease compared to last year, reflecting a long-term growth bottleneck in domestic tungsten supply since its peak in 2015 [12][28]. March Exports - The export control measures implemented on February 4, 2025, have led to a drastic reduction in the export of dual-use tungsten items, with March exports falling to 502 tons, a 63% decrease year-on-year [3][19]. - The newly controlled tungsten products, such as tungsten carbide and ammonium paratungstate, saw their export volumes drop to zero, while other tungsten products also experienced significant declines [17][19]. Investment Recommendations - Companies with resource supply advantages and deep processing capabilities are expected to benefit significantly from the tungsten industry's favorable cycle, as resource scarcity continues to dominate the market [5][28]. - Key investment targets include Zhongtung High-tech, Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten, which are well-positioned to capitalize on the current market dynamics [5][28].