Financial Performance - The company's operating revenue for 2024 was ¥1,749,018,174.12, a decrease of 2.77% compared to ¥1,798,754,965.21 in 2023[20] - The net profit attributable to shareholders for 2024 was -¥89,502,661.25, an improvement of 30.68% from -¥129,123,133.20 in 2023[20] - The net cash flow from operating activities decreased by 19.47% to ¥40,080,692.08 in 2024, down from ¥49,770,802.84 in 2023[20] - The basic earnings per share for 2024 was -¥0.32, showing a 31.91% improvement from -¥0.47 in 2023[20] - Total assets at the end of 2024 were ¥2,061,697,688.87, a decrease of 2.52% from ¥2,115,003,394.08 at the end of 2023[20] - The net assets attributable to shareholders decreased by 7.18% to ¥764,574,904.66 at the end of 2024, down from ¥823,676,156.38 at the end of 2023[20] - The weighted average return on equity for 2024 was -11.49%, an improvement from -14.56% in 2023[20] - The company reported a net profit after deducting non-recurring gains and losses of -¥120,503,356.70 for 2024, a decrease of 7.56% from -¥130,359,513.35 in 2023[20] - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[20] Revenue Breakdown - The revenue from powder products is CNY 1,391,787,031.9, accounting for 79.58% of total revenue, down 7.80% from CNY 1,509,473,608.5 in 2023[53] - The revenue from hard alloy products increased by 20.96% to CNY 259,094,443.19, compared to CNY 214,192,793.22 in 2023[53] - The revenue from tungsten wire series surged by 659.10% to CNY 58,130,188.44, up from CNY 7,657,747.56 in 2023[53] - Domestic sales accounted for 79.25% of total revenue, totaling CNY 1,386,091,547.9, a decrease of 5.16% from CNY 1,461,535,775.5 in 2023[53] - The company’s direct sales model generated CNY 1,605,844,958.7, representing 91.81% of total revenue, a slight decrease of 1.16% from CNY 1,624,688,988.3 in 2023[53] Production and Sales - The production and sales of tungsten carbide powder decreased by 18.68% and 11.48% respectively, while the production and sales of hard alloy increased by 15.83% and 31.93% respectively in the fourth quarter[38] - The production volume of tungsten wire series increased by 739.79% year-on-year, driven by product capacity expansion[57] - The inventory of tungsten wire series increased by 1823.06% year-on-year, also due to product capacity expansion[57] Market Outlook - The global tungsten reserves in 2024 are estimated at 4.6 million tons, with China holding the largest share at 2.4 million tons, accounting for 52.17%[29] - China's tungsten concentrate production in 2024 is projected to be 67,000 tons, representing 82.72% of the global total[30] - The average price of tungsten concentrate in 2024 is expected to be around ¥135,500 per ton, reflecting a year-on-year increase of 13.85%[33] - The average annual price of APT in 2024 is projected to be ¥202,800 per ton, marking a year-on-year increase of 13.14%[33] - The tungsten market is expected to see a gradual price increase driven by global economic recovery and rising demand, with supply remaining tight until 2025[92] Strategic Focus - The company is focusing on optimizing its industrial structure, with an emphasis on high-end product production and equipment manufacturing[35] - The company is focusing on the development of new products, particularly photovoltaic tungsten wire, which has led to an increase in R&D expenses[38] - The company aims to improve operational performance by leveraging talent and technology, focusing on automation and information management integration[43] - The company will continue to optimize its marketing network and expand sales channels to enhance market share and customer resources[43] - The company is strategically exiting the precision tool business to concentrate resources on more promising areas for sustainable development[39] Research and Development - The company is committed to investing in research and development for new technologies to maintain its competitive edge in the industry[113] - R&D investment increased by 6.69% from ¥73,057,775.88 in 2023 to ¥77,943,015.16 in 2024, representing 4.46% of operating revenue[65] - The company is focusing on new product development and technology enhancements to improve the quality and economic benefits of its hard alloy products[64] Environmental Responsibility - The company adheres to environmental regulations, executing wastewater and air emissions within the specified limits[162] - The company has obtained ISO 14001 environmental management system certification, demonstrating commitment to environmental responsibilities[162] - The total COD discharge from wastewater was 18.8 mg/L, well below the limit of 90 mg/L[163] - The ammonia nitrogen discharge from wastewater was 0.241 mg/L, significantly lower than the limit of 10 mg/L[163] - The company has implemented pollution control facilities that are operational and compliant with environmental standards[164] Corporate Governance - The company has established a robust independent financial management system, ensuring complete control over its assets and financial decisions[108] - The company maintains a clear separation from its controlling shareholders in terms of assets, personnel, and operations, ensuring independent business capabilities[107] - The company has implemented measures to prevent the dilution of immediate returns for investors and is linking compensation systems to the execution of return compensation measures[177] Shareholder Engagement - The company is committed to enhancing shareholder value through its "Quality and Return Dual Improvement" action plan[104] - The company actively engages with investors through online platforms, facilitating communication regarding its operational performance[102] - The company held multiple shareholder meetings in 2024, with participation rates of 39.32% and 45.24% for the first and annual meetings respectively[110] Employee Management - The total number of employees at the end of the reporting period was 926, with 642 in the parent company and 284 in major subsidiaries[136] - The company implemented a salary management model consisting of fixed salary and performance bonuses, enhancing employee motivation and retention[138] - The company has established a comprehensive training system to enhance employee skills and knowledge, supporting organizational and individual development[139]

股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-040 债券代码：128072 债券简称：翔鹭转债 广东翔鹭钨业股份有限公司 关于"翔鹭转债"摘牌的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"翔鹭转债"赎回日：2025 年 4 月 17 日 2、投资者赎回款到账日：2025 年 4 月 24 日 3、"翔鹭转债"摘牌日：2025 年 4 月 25 日 4、"翔鹭转债"摘牌原因：存续期内可转债全部赎回 一、可转债上市发行基本情况 （一）可转债发行情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2019 年 7 月 25 日下发的《关于核准广东翔鹭钨业股份有限公司公开发行可转换公司债券的 批复》（证监许可[2019]1374 号）文件，公司于 2019 年 8 月 20 日公开发行了 3,019,223 张可转债，每张面值人民币 100 元，发行总额 30,192.23 万元，期限 6 年。 （二）可转债上市情况 经深圳证券交易所（以下简称"深交所"）"深证上[2019]548 号"文同意， 公司 30,19 ...

股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-039 债券代码：128072 债券简称：翔鹭转债 广东翔鹭钨业股份有限公司 关于"翔鹭转债"赎回结果的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、可转债上市发行基本情况 （一）可转债发行情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2019 年 7 月 25 日下发的《关于核准广东翔鹭钨业股份有限公司公开发行可转换公司债券的批复》 （证监许可[2019]1374 号）文件，公司于 2019 年 8 月 20 日公开发行了 3,019,223 张可转债，每张面值人民币 100 元，发行总额 30,192.23 万元，期限 6 年。 （二）可转债上市情况 经深圳证券交易所（以下简称"深交所"）"深证上[2019]548 号"文同意，公司 30,192.23 万元可转债自 2019 年 9 月 16 日起在深交所挂牌交易，债券简称"翔鹭 转债"，债券代码"128072"。 （三）可转债转股期限 根据有关规定和公司《募集说明书》的约定，本次发行的可转债转股期限自 发行结束之日 ...

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].

股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-037 债券代码：128072 债券简称：翔鹭转债 广东翔鹭钨业股份有限公司 关于"翔鹭转债"即将停止转股暨赎回前最后 一个交易日的重要提示性公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1、截至 2025 年 4 月 16 日收市后仍未转股的"翔鹭转债"，将按照 101.64 元/张的价格被强制赎回，因目前"翔鹭转债"二级市场价格与赎回价格 存在较大差异，特提醒"翔鹭转债"持有人注意在限期内转股，投资者如未及 时转股，可能面临损失。 2、最后转股日：2025 年 4 月 16 日 2025 年 4 月 16 日是"翔鹭转债"的最后一个转股日。2025 年 4 月 16 日收 市以前，持有"翔鹭转债"的投资者仍可进行转股，2025 年 4 月 16 日收市以 后，未实施转股的"翔鹭转债"将停止转股。 3、截至 2025 年 4 月 15 日下午收市后，距离"翔鹭转债"赎回日（2025 年 4 月 17 日）仅剩 1 个交易日可进行转股。 4、公司提醒投资者仔细阅读本公告内容，关注 ...

关于控股股东及一致行动人因可转债转股权益比例 被动稀释触及 1%整数倍的提示性公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 自 2025 年 4 月 11 日至 2025 年 4 月 14 日,"翔鹭转债"因转股减少 561,155 张，累计转股 9,792,812 股，公司总股本由 316,869,335 股增加至 326,662,147 股，导致控股股东陈启丰及其一致行动人潮州启龙贸易有限公司 （以下简称"启龙贸易"）、陈伟东、陈伟儿在合计持有公司股份数量不变的 情况下，合计权益比例从 32.96%被动稀释至 31.97%，触及 1%的整数倍。 股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-038 债券代码：128072 债券简称：翔鹭转债 广东翔鹭钨业股份有限公司 1、本次权益变动主要系公司可转换公司债券转股使公司总股本增加，致使 控股股东及一致行动人合计权益比例由 32.96%被动稀释至 31.97%，触及 1%的 整数倍，不涉及持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及一致行动人发 ...

股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-035 债券代码：128072 债券简称：翔鹭转债 广东翔鹭钨业股份有限公司 关于"翔鹭转债"赎回实施暨即将停止转股的 重要提示性公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1、截至 2025 年 4 月 16 日收市后仍未转股的"翔鹭转债"，将按照 101.64 元/张的价格被强制赎回，因目前"翔鹭转债"二级市场价格与赎回价格 存在较大差异，特提醒"翔鹭转债"持有人注意在限期内转股，投资者如未及 时转股，可能面临损失。 2、最后转股日：2025 年 4 月 16 日 2025 年 4 月 16 日是"翔鹭转债"的最后一个转股日。2025 年 4 月 16 日收 市以前，持有"翔鹭转债"的投资者仍可进行转股，2025 年 4 月 16 日收市以 后，未实施转股的"翔鹭转债"将停止转股。 3、截至 2025 年 4 月 14 日下午收市后，距离"翔鹭转债"赎回日（2025 年 4 月 17 日）仅剩 2 个交易日可进行转股。 4、公司提醒投资者仔细阅读本公告内容，关注相关风险，谨 ...

一、担保情况概述 股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-036 广东翔鹭钨业股份有限公司 关于公司为全资子公司提供担保的进展公告 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。 广东翔鹭钨业股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开 第四届董事会 2024 年第三次临时会议并于 2024 年 5 月 17 日召开 2023 年度股东 大会，审议通过了《关于公司及控股子公司向银行申请融资额度的议案》，同意 公司 2024 年度为合并报表范围内子公司提供担保总额度不超过 28 亿元，期限一 年，自 2023 年度股东大会审议通过之日起算，具体内容详见公司分别于 2024 年 4 月 25 日、2024 年 5 月 18 日在《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《广东翔鹭钨业股份有限公司第四届董事会 2024 年第三次临时会议决议公告》《广东翔鹭钨业股份有限公司 2023 年度股东 大会决议公告》。 二、担保进展情况 近日，公司与中国银行股份有限公司大 ...

股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-033 债券代码：128072 债券简称：翔鹭转债 广东翔鹭钨业股份有限公司 关于"翔鹭转债"赎回实施暨即将停止转股的 重要提示性公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1、截至 2025 年 4 月 16 日收市后仍未转股的"翔鹭转债"，将按照 101.64 元/张的价格被强制赎回，因目前"翔鹭转债"二级市场价格与赎回价格 存在较大差异，特提醒"翔鹭转债"持有人注意在限期内转股，投资者如未及 时转股，可能面临损失。 2、最后转股日：2025 年 4 月 16 日 2025 年 4 月 16 日是"翔鹭转债"的最后一个转股日。2025 年 4 月 16 日收 市以前，持有"翔鹭转债"的投资者仍可进行转股，2025 年 4 月 16 日收市以 后，未实施转股的"翔鹭转债"将停止转股。 3、截至 2025 年 4 月 11 日下午收市后，距离"翔鹭转债"赎回日（2025 年 4 月 17 日）仅剩 3 个交易日可进行转股。 4、公司提醒投资者仔细阅读本公告内容，关注相关风险，谨 ...

股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-034 债券代码：128072 债券简称：翔鹭转债 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及一致行动人发 生变化，不会影响公司的治理结构和持续经营。 近日，因广东翔鹭钨业股份有限公司（以下简称"公司"）可转换公司债 券（以下简称"可转债"）转股导致公司总股本增加，公司控股股东及其一致 行动人在持股数量不变的情况下，合计权益比例被动稀释，现将本次权益变动 情况公告如下： 自 2025 年 3 月 27 日至 2025 年 4 月 10 日,"翔鹭转债"因转股减少 443,590 张，累计转股 7,741,226 股，公司总股本由 309,128,109 股增加至 316,869,335 股，导致控股股东陈启丰及其一致行动人潮州启龙贸易有限公司 （以下简称"启龙贸易"）、陈伟东、陈伟儿在合计持有公司股份数量不变的 | 1、基本情况 | | | --- | --- | | 信息披露 | 陈启丰 | | 义务人一 | | | 通讯地址 | 广东省 ...