Group 1: Mining Operations - The company is actively integrating mining rights and expanding key mining projects, including the consolidation of the Taoxikeng tungsten mine and the Dongfeng exploration area [2] - Ongoing expansion projects are progressing in an orderly manner, with a focus on deep mining development and resource integration [4] - The company aims to enhance its resource base by accelerating the exploration of mining rights and promoting intelligent mining construction [6] Group 2: Cost and Supply Chain Management - Mining costs are influenced by factors such as tungsten grade, mining depth, and management levels, leading to varying costs across different mines [4] - The company's self-sufficiency rate for raw materials is approximately 20%, with the remainder sourced externally due to national quota controls on tungsten mining [4] - The company has established strict supplier management protocols to ensure stable supply of key raw materials [4] Group 3: Future Development Plans - The company is committed to developing high-performance, high-precision, and high-value-added tungsten products, focusing on digital transformation in production [6] - Plans include enhancing resource security and considering strategic acquisitions that align with the company's development goals [8] - The company aims to strengthen its position in high-value hard alloy products and expand into key industries such as aerospace and new energy [7]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved an operating income of 2,823.08 million yuan, a year-on-year increase of 32.74% from 2,178.07 million yuan [1] - The net profit attributable to shareholders reached 1,465.80 million yuan, reflecting a year-on-year growth of 33.00% [1] - The operating profit totaled 1,711.26 million yuan, indicating a year-on-year increase of 29.63% [1] Group 2: Inventory and Asset Management - As of the first three quarters of 2024, the company recognized inventory impairment provisions amounting to 7.26 million yuan [1] - Cumulative write-offs of inventory impairment provisions from product sales reached 23.37 million yuan [1] Group 3: Mining Operations - The company is advancing the integration of mining rights and key projects, including the Taoxikeng tungsten mine and Dongfeng exploration rights [2] - The company aims to enhance resource exploration and accelerate deep mining construction to solidify its resource base [2] - The self-sufficiency rate for raw materials is approximately 20%, with the remainder sourced externally [2] Group 4: Market Strategy and Customer Engagement - The company focuses on providing comprehensive processing solutions for key industries such as automotive, aerospace, and energy, enhancing customer loyalty [2] - Sales of coated blades and bars have seen growth, with plans to expand competitive, high-value-added product capacity based on market demand [2]

证券代码：002378 证券简称：章源钨业 编号：20241030 1 崇义章源钨业股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|---------------------------------|-------------------------------------------------------------------------------------| | | | | | | 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 □ | 业绩说明会 | | 投资者关系活 动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | 其他（ 2024 | 年第三季度报告解读） | | | 10 月 29 日交流人员名单（ | 2024 年第三季度报告解读）： | | | | 民生证券：邱祖学，孙二春；兴华基金：高伟绚；幸福人寿保 | | | | 险股份有限公司：张王越；上海歌汝私募基金管理有限公司： | | 及人员姓名 | 资有限公司：刘寻峰 | 公司：赖正健；新华基金管理有限公司： ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 6.84 yuan [5]. Core Views - The company reported a net profit attributable to shareholders of 1.47 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 33%. The net profit for Q3 2024 was 0.34 billion yuan, up 44.42% year-on-year but down 59.64% quarter-on-quarter [1][2]. - The report highlights that the decline in tungsten, tin, and copper prices has negatively impacted mining profits, with a 3.87 percentage point decrease in gross margin in Q3 2024 [2]. - Future growth is anticipated from the mining sector benefiting from rising tungsten prices and the continued expansion of the cutting tool business [3]. Financial Forecasts - The company is projected to achieve revenues of 3.76 billion yuan in 2024, with a growth rate of 10.6%. The net profit attributable to shareholders is expected to be 191 million yuan, reflecting a growth rate of 32.5% [4][6]. - For the years 2025 and 2026, revenues are forecasted to reach 4.38 billion yuan and 5.11 billion yuan, respectively, with corresponding net profits of 265 million yuan and 326 million yuan [4][6]. - The price-to-earnings (PE) ratio is expected to decrease from 43 in 2024 to 25 in 2026, indicating improving valuation over time [4][6]. Key Business Insights - The company possesses rich upstream mineral resources, with a total tungsten resource reserve of 94,600 tons, which positions it well to benefit from rising tungsten prices [3]. - The cutting tool segment, particularly through its subsidiary Ganzhou Aoketai, is expected to become a significant growth driver, with a production capacity of 20 million pieces [3].

证券代码：002378 证券简称：章源钨业 编号：2024-058 崇义章源钨业股份有限公司 第六届监事会第九次会议决议公告 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"）第六届监事会第九次会议（以 下简称"会议"）通知于 2024 年 10 月 15 日以专人送达、电话或电子邮件的方式 发出，于 2024 年 10 月 27 日在公司会议室以现场方式召开。会议应出席监事 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。 二、监事会会议审议情况 本次会议经审议，通过如下议案： 1. 审议通过《关于 2024 年 1-9 月计提资产减值准备的议案》。 三、备查文件 1. 经与会监事签字并加盖监事会印章的《第六届监事会第九次会议决议》。 具体内容参见公司 2024 年 10 月 29 日披露于《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）的《关于 202 ...

证券代码：002378 证券简称：章源钨业 公告编号：2024-059 崇义章源钨业股份有限公司 关于 2024 年 1-9 月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。 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 2024 年 9 月 30 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全面清 查，并对各类资产进行了充分的分析和评估，确定 2024 年 1-9 月存在资产减值 情况。 （1）赣州澳克泰工具技术有限公司 2024 年 1-9 月，公司全资子公司赣州澳克泰工具技术有限公司（以下简称 "赣州澳克泰"）合金棒材类产品市场价格上涨，但部分产品成本较高导致毛利倒 挂，产生存货减值。2024 年 9 月 30 日，对存货成本与可变现净值的差额进行测 算后确认应计提存货跌价准备期末余额 4,111.13 万元，2024 年 1-9 月计提存货 跌价准备 1,811.86 万元，同时产品销售转销存货减值准备 2,602.49 万元。 公司于 2024 年 10 月 27 日召开第六届董事会第十二次会议、第 ...

Revenue and Profit Growth - Revenue for the third quarter reached RMB 1,009,246,756.19, a 26.99% increase year-over-year[2] - Net profit attributable to shareholders was RMB 34,323,057.03, up 44.42% compared to the same period last year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 36,972,908.22, a significant increase of 135.62% year-over-year[2] - Total revenue for the third quarter of 2024 reached 2,823,080,001.43 yuan, a 12.1% increase compared to the same period last year[25] - Net profit attributable to the parent company's shareholders was 146,580,374.36 yuan, a 33% increase year-over-year[26] - Operating profit for the quarter was 178,067,860.42 yuan, up 32.7% from the previous year[26] - Net profit attributable to owners of the parent company increased by 36.37 million yuan, a rise of 33.00%, driven by increased product sales, higher product prices, and improved gross margins[12] - Basic earnings per share (EPS) for the quarter was 0.12 yuan, up from 0.09 yuan in the same period last year[27] - Total comprehensive income for the quarter was 144,865,994.62 yuan, a 32% increase year-over-year[27] Asset and Liability Changes - Total assets as of the end of the reporting period were RMB 5,018,635,785.05, a 2.93% increase from the end of the previous year[3] - Total assets increased to RMB 5,018,635,785.05, up from RMB 4,875,765,322.21 at the beginning of the period[20] - Current assets totaled RMB 2,829,095,314.19, compared to RMB 2,766,353,425.73 at the beginning of the period[19] - Accounts receivable rose significantly to RMB 789,753,742.13 from RMB 359,127,329.89[19] - Inventory decreased to RMB 1,315,441,229.26 from RMB 1,486,972,401.57[19] - Fixed assets declined to RMB 1,167,373,457.30 from RMB 1,208,735,399.62[20] - Construction in progress increased to RMB 112,801,068.27 from RMB 59,962,962.86[20] - Total current liabilities decreased to RMB 1,985,988,950.17 from RMB 2,161,980,403.99[21] - Total liabilities increased to 2,901,990,878.65 yuan, up 2.4% from the previous period[23] - Total equity increased to 2,116,644,906.40 yuan, a 3.6% increase compared to the previous period[23] Cash Flow and Financing Activities - Net cash flow from operating activities increased by 374.98 million yuan, a rise of 256.12%, due to increased receipt of payments and higher use of acceptance bills for tungsten raw material procurement[13] - Cash outflow from investing activities increased by 124.44 million yuan, a rise of 199.79%, due to increased cash payments for technical renovation projects[14] - Cash inflow from financing activities increased by 546.28 million yuan, a rise of 61.10%, due to increased bank loans and recovery of loan guarantees[14] - Cash outflow from financing activities increased by 803.23 million yuan, a rise of 89.14%, due to increased repayment of loans and payment of loan guarantees[14] - Cash flow from operating activities was 2,332,849,828.45 yuan, a 7.6% increase compared to the previous year[28] - Operating cash inflow totaled 2,359,459,969.77 RMB, a decrease from 2,204,008,771.26 RMB in the previous period[29] - Net cash flow from operating activities was 228,570,042.72 RMB, compared to -146,408,984.35 RMB in the previous period[29] - Net cash flow from investing activities was -170,443,320.45 RMB, compared to -40,782,705.23 RMB in the previous period[29] - Cash received from borrowings was 1,410,946,545.00 RMB, up from 876,710,000.00 RMB[30] - Net cash flow from financing activities was -263,973,580.75 RMB, compared to -7,022,509.43 RMB in the previous period[30] - The net increase in cash and cash equivalents was -205,095,876.68 RMB, compared to -194,893,749.71 RMB in the previous period[30] - The ending balance of cash and cash equivalents was 308,885,643.53 RMB, down from 513,981,520.21 RMB at the beginning of the period[30] Accounts Receivable and Payable - Accounts receivable increased by 119.91% to RMB 78,975.37 million compared to the beginning of the year[7] - Accounts payable decreased by 33.63% to RMB 10,825.53 million due to reduced payments to suppliers for raw materials[9] - Contract liabilities decreased by 21.74 million yuan, a drop of 74.35%, and other current liabilities decreased by 2.85 million yuan, a drop of 76.93%, due to a reduction in prepayments[10] - Non-current liabilities due within one year decreased by 369.62 million yuan, a drop of 64.09%, due to repayment of matured loans[10] - Long-term loans increased by 252.43 million yuan, a rise of 48.60%, due to adjustments in financing structure and increased medium to long-term working capital loans[10] - Long-term loans increased to RMB 771,884,045.00 from RMB 519,450,000.00[21] - Short-term borrowings decreased slightly to RMB 871,183,269.31 from RMB 887,846,520.88[21] Expenses and Taxes - Taxes and surcharges increased by 3.50 million yuan, a rise of 31.30%, due to increased VAT payments leading to higher additional taxes[11] - Credit impairment losses increased by 12.53 million yuan, a rise of 66.44%, due to an increase in accounts receivable and single-item credit impairment losses[12] - R&D expenses increased to 52,220,806.72 yuan, a 25.6% increase year-over-year[25] - Cash paid for employee compensation and benefits amounted to 356,717,405.51 RMB, up from 322,411,065.16 RMB[29] Prepayments and Other Assets - Prepayments decreased by 69.90% to RMB 1,323.89 million due to reduced prepayments for tungsten raw materials[9] - Construction in progress increased by 88.12% to RMB 11,280.11 million due to increased investment in technical renovation projects[9] - Other non-current assets increased by 32.90% to RMB 34,902.48 million due to new mining rights and exploration investments[9] - The company's monetary funds decreased to RMB 516,286,276.69 from RMB 660,541,033.05[19] Sales and Operating Performance - Sales revenue from goods and services reached 2,823,080,001.43 yuan, a 12.1% increase compared to the same period last year[25]

第六届董事会第十二次会议决议公告 崇义章源钨业股份有限公司 证券代码：002378 证券简称：章源钨业 公告编号：2024-057 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"）第六届董事会第十二次会议 （以下简称"会议"）通知于 2024 年 10 月 15 日以专人送达、电话或电子邮件的 形式发出，于 2024 年 10 月 27 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，其中董事长黄泽兰先生、董事黄世春 先生、董事潘峰先生、独立董事王京彬先生、独立董事王平先生、独立董事吴崎 右女士以视频方式出席。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 本次会议经审议，通过如下议案： 1. 审议通过《关于 2024 年 1-9 月计提资产减值准备的议案》。 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已事前审议通过本 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于崇义章源钨业股份有限公司 2024 年第三次临时股东大会的法律意见书 致：崇义章源钨业股份有限公司 1 国浩律师（上海）事务所 法律意见书 2024 年 9 月 20 日（星期五）下午 14:30 在江西省赣州市崇义县城塔下崇义章源 钨业股份有限公司二楼多媒体会议室召开。 经本所律师核查，本次股东大会采取现场投票与网络投票相结合的方式召开， 其中： 国浩律师（上海）事务所（以下简称"本所"）担任崇义章源钨业股份有限公 司（以下称"公司"或"章源钨业"）之特聘法律顾问，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）等法律、法规和《上市公司股东大会规则》（以下称"《股东大会规则》"） 及《崇义章源钨业股份有限公司章程》（以下称"公司《章程》"）等有关规定， 指派金诗晟律师、孟怡律师出席并见证了公司于2024年9月20日（星期五）下午 14:30在江西省赣州市崇义县城塔下崇义章源钨业股份有限公司二楼多媒体会议 室召开的2024年第三次临时股东大会（以下简称"本次股东大会"），对本次股东 大 ...

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。 证券代码：002378 证券简称：章源钨业 编号：2024-056 崇义章源钨业股份有限公司 2024 年第三次临时股东大会决议公告 （1）现场会议召开时间：2024 年 9 月 20 日（星期五）14:30 （2）网络投票时间： 通过深圳证券交易所互联网投票系统的投票时间为 2024 年 9 月 20 日 9:15 至 15:00 期间的任意时间。 通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 9 月 20 日 9:15-9:25、9:30-11:30 和 13:00-15:00。 2. 现场会议召开地点：江西省赣州市崇义县城塔下崇义章源钨业股份有限 公司二楼多媒体会议室。 3. 会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 特别提示： 1．本次股东大会未出现否决议案的情形。 2．本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1. 会议召开时间： 4. 会议召集人：公司董事会 5. 会议主持人：公司董事长黄泽兰先生 6. 本次会议的召集、召 ...