Financial Performance - In 2024, the company achieved an operating revenue of CNY 367,325.17 million, representing an 8.02% increase year-on-year [2] - The net profit attributable to shareholders was CNY 17,202.86 million, reflecting a 19.50% growth compared to the previous year [2] - For Q1 2025, the operating revenue reached CNY 118,625.34 million, marking a 35.74% increase year-on-year [2] - The net profit attributable to shareholders for Q1 2025 was CNY 4,256.78 million, a significant increase of 56.46% year-on-year [2] Mining Operations - In 2024, the production of tungsten concentrate (65%) was 3,739 tons, a decrease of 9.99% year-on-year [3] - The production of tin concentrate (100% metal content) was 828 tons, down 6.12% year-on-year [3] - Copper concentrate production (100% metal content) increased by 1.81% to 449 tons [3] - The self-sufficiency rate for tungsten raw materials was approximately 20% in 2024 [4] Resource Integration - The company is advancing resource integration, with the verification report for the Taoxikeng tungsten mine and Dongfeng's resources approved by the Ministry of Natural Resources [5] - The verification reports for the Xin'anzi tungsten-tin mine and Longtanmian, as well as the deep resource verification report for Dayu Shilei tungsten mine, are nearing completion [5][6] Powder Product Sales - In 2024, tungsten powder sales were 3,980 tons, a decrease of 4.67% year-on-year [7] - Sales of tungsten carbide powder were 4,923 tons, showing a slight increase of 0.20% [7] - Sales of thermal spray powder decreased by 12.22% to 388 tons [7] - In Q1 2025, the company experienced an increase in product sales due to enhanced customer loyalty [7] Subsidiary Performance - In 2024, Ganzhou Aoketai reported operating revenue of CNY 66,599.13 million, a growth of 21.93% year-on-year [8] - The net profit was a loss of CNY 682.28 million, an improvement from a loss of CNY 4,193.11 million in the previous year [8] - Gaining traction in various sectors, Aoketai increased sales of coated blades by 6.22% to 2,168 million pieces and rod sales by 12.19% to 773 tons [8] Market Impact - The rise in tungsten concentrate prices has a generally positive impact on the company, although significant fluctuations in raw material prices could affect production costs and operational performance [9] Future Development Plans - The company aims to focus on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloys [10] - Plans include resource exploration, deep mining development, and digital transformation of production facilities [11] - The strategy involves enhancing production processes, developing specialized powder products, and targeting high-value markets such as aerospace and new energy [11]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Tungsten Industry**: Focus on strategic minerals and the impact of export controls on tungsten - **Huaihe Energy**: Involvement in coal, electricity, and logistics sectors - **5G-A Technology**: Development and deployment of advanced 5G technology Core Points and Arguments Tungsten Industry 1. **Export Control Measures**: The government has initiated actions to combat the smuggling of strategic minerals, including tungsten, which is essential in various industries such as automotive and aerospace [3][1] 2. **Tungsten Characteristics**: Tungsten is recognized for its high melting point, hardness, density, and thermal conductivity, earning it the nickname "industrial teeth" [3][1] 3. **Global Tungsten Supply**: By 2024, global tungsten reserves are projected to reach 4.6 million metric tons, with China contributing over 80% of the world's tungsten production [7][1] 4. **Demand and Applications**: The demand for tungsten is expected to reach 142,000 metric tons in 2024, primarily for hard alloys and tungsten steel, with significant applications in automotive and defense sectors [7][1] 5. **Recycling and Supply Challenges**: China's tungsten recycling rate is only 17%, indicating a gap in recovery and quality compared to international standards, which may affect future supply [7][1] Huaihe Energy 1. **Asset Injection Impact**: The company plans to acquire a significant stake in Huaihe Energy Power Group, which is expected to enhance its operational capacity and increase net profit by 105% [8][1] 2. **Coal Supply and Production**: Huaihe Energy has a strong coal supply chain, with a high coverage rate for long-term contracts, which positions it competitively in the market [11][1] 3. **Future Growth Potential**: The company has additional coal and power assets that could further increase its operational scale, with potential for significant growth in the coming years [11][1] 5G-A Technology 1. **Performance Enhancements**: 5G-A technology is expected to increase upload and download speeds by tenfold, significantly improving connectivity and reducing latency [12][1] 2. **Global Deployment**: Testing networks for 5G-A have been established across 31 provinces in China, with plans for expansion into international markets [12][1] 3. **Investment in Infrastructure**: There is a notable increase in capital expenditure from operators for 5G-A, indicating a strong commitment to enhancing network capabilities [15][1] Other Important but Possibly Overlooked Content - **Market Trends**: The tungsten sector is experiencing a bullish trend due to government actions against smuggling and the strategic importance of tungsten in various applications [4][1] - **Stock Performance**: Several companies within the tungsten industry and those involved in 5G technology have seen significant stock price increases, reflecting positive market sentiment [9][1][13][1] - **Long-term Outlook**: The overall outlook for both the tungsten industry and 5G-A technology remains positive, with expectations of sustained demand and growth opportunities in the coming years [7][1][15][1]

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 ...