北京市竞天公诚律师事务所 关于广东翔鹭钨业股份有限公司 2023 年度向特定对象发行 A 股股票的 法律意见书 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 电 话：（86-10）5809-1000 传真：（86-10）5809-1100 | | | | | | 释 义 在本法律意见书中，除非文义另有所指，下列词语具有下述涵义： | "本所"或"本所律师" | 指： | 北京市竞天公诚律师事务所及其经办律师 | | --- | --- | --- | | "发行人"、"公司"或 | 指： | 广东翔鹭钨业股份有限公司 | | "翔鹭钨业" | | | | "翔鹭有限" | 指： | 潮州翔鹭钨业有限公司 | | "启龙有限" | 指： | 潮州启龙贸易有限公司及其前身潮州启龙有色金 | | | | 属有限公司 | | "国安基金" | 指： | 深圳国安基金投资发展有限公司－国安伟大航路 | | | | 私募证券投资基金 | | "江西翔鹭" | 指： | 江西翔鹭钨业有限公司及其前身大余隆鑫泰钨业 | | | | 有限公司 | | "隆鑫泰矿业" | 指： | 大余隆鑫泰 ...

证券简称：翔鹭钨业 证券代码：002842 广东翔鹭钨业股份有限公司 Guangdong Xianglu Tungsten Co., Ltd. （广东省潮州市湘桥区官塘镇庵头工业区） 2023年度向特定对象发行A股股票 募集说明书 声 明 1、本公司及董事会全体成员保证公告内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏，并对本募集说明书内容的真实性、准确性、 完整性承担个别和连带的法律责任。 2、本募集说明书按照《上市公司证券发行注册管理办法》、《公开发行证券 的公司信息披露内容与格式准则第 61 号——上市公司向特定对象发行证券募集 说明书和发行情况报告书》等要求编制。 3、本次向特定对象发行股票完成后，公司经营与收益的变化由公司自行负 责；因本次向特定对象发行股票引致的投资风险由投资者自行负责。 4、本募集说明书是公司董事会对本次向特定对象发行股票的说明，任何与 之相反的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的经纪人、律师、专业会计师或其他 专业顾问。 （申报稿） 保荐人（主承销商） （江西省南昌市新建区子实路 1589 号） 二〇二五年十月 6、本募集说明书所述事项并 ...

| 审计报告……………………………………………… | 1-5 | | --- | --- | | 合并资产负债表……………………………………… | 1 | | 合并利润表…………………………………………… | 2 | | 合并现金流量表……………………………………… | 3 | | 合并所有者权益变动表……………………………… | 4-5 | | 母公司资产负债表…………………………………… | 6 | | 母公司利润表………………………………………… | 7 | | 母公司现金流量表…………………………………… | 8 | | 母公司所有者权益变动表…………………………… | 9-10 | | 财务报表附注………………………………………… | 11-109 | 6-1-1 审 计 报 告 广东翔鹭钨业股份有限公司 2024 年度审计报告 司农审字[2025]24009060017 号 目 录 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了翔鹭钨业 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合 并及母公司经营成果和现金流量。 二、形成审计意见的 ...

Group 1 - Xianglu Tungsten Industry (002842) has submitted an application for a private placement of shares, which has been accepted by the Shenzhen Stock Exchange [1] - The company expects to raise approximately 491 million yuan through this issuance [1] - The sponsor for this issuance is Guosheng Securities Co., Ltd. [1]

Core Insights - The tungsten concentrate industry is crucial for strategic sectors like aerospace and defense, with a focus on high-density, high-melting-point, and high-hardness properties [1][5][11] - China, as the largest tungsten producer, faces rapid resource consumption and has implemented policies for total control and export regulation to transition from resource output to high value-added production [1][5][6] - The industry is characterized by a concentration of resources, with significant production capacity in provinces like Jiangxi and Henan, and a market dominated by state-owned enterprises [1][12][16] Industry Overview - Tungsten concentrate is extracted from tungsten ore through various processes, requiring a minimum tungsten trioxide (WO₃) content of 65% [2][3] - The global tungsten resource distribution is highly concentrated, with China holding 52% of the total reserves, while the domestic reserve-to-production ratio is only 36 years [10][11] Policy Analysis - China has established a policy framework focusing on resource protection and sustainable utilization, including total mining volume management and export controls [5][6][14] - Recent policies have refined the management of mining quotas and introduced stricter regulations on exports of tungsten-related products [6][14] Industry Chain - The tungsten concentrate industry chain includes exploration, mining, and processing, with a high concentration of mining enterprises and increasing prices due to supply constraints [8][12] - The downstream applications are diverse, with significant growth in demand for tungsten wire in the photovoltaic sector, while traditional sectors face cost pressures [8][12] Current Industry Status - The tungsten industry in China is experiencing a transformation, with a focus on high-end applications and a shift towards sustainable practices [13][15] - In 2024, the total tungsten concentrate production is projected to be 12.7 million tons, reflecting the impact of total control policies [14][15] Competitive Landscape - The industry is characterized by a "resource core, state-owned leadership, and collaborative ecosystem" model, with major players like Jiangxi Tungsten Industry Group and Xiamen Tungsten leading the market [16][17] - The market concentration is high, with the top five companies controlling 61% of the production capacity [16] Future Trends - The tungsten concentrate industry is expected to evolve towards resource consolidation, technological advancement, and global expansion [17][19] - Key trends include a shift from scale advantages to ecological dominance, with a focus on high-end applications and green transformation [17][18][19]

Investment Rating - The report rates the mining machinery industry as "Overweight" due to expected growth driven by rising metal prices [3][4]. Core Insights - Rising prices of precious and industrial metals are anticipated to boost capital expenditures on mining equipment, as increased profits for mining companies enhance their willingness to invest in new equipment [4]. - The demand for tools and spare parts is expected to rise directly with increased mining and processing volumes, with specific companies recommended for investment in these segments [4]. - The acceleration of new mining projects will lead to increased demand for complete machinery, with several companies highlighted as potential investment opportunities [4]. - Companies with mining assets are expected to benefit directly from price increases, particularly those involved in tungsten mining, which has seen significant price appreciation this year [4]. Summary by Sections Equipment Investment - The report emphasizes that equipment investment is driven by the upward trend in metal prices, which leads to increased mining activity and capital expenditures [4]. Tools and Spare Parts - The report categorizes mining tools into three types: dragging tools, rotating tools, and impact tools, recommending companies such as New Sharp, Hengli Drill, and Zhongtung High-Tech for investment [4]. Complete Machinery - The report identifies key segments in the mining process, including excavation, crushing, transportation, and mineral processing, and suggests companies like Xugong Machinery and Sany Heavy Industry for investment [4]. Mining Asset Companies - The report highlights the significant profit potential for companies with tungsten mining assets due to substantial price increases, recommending companies like Zhongtung High-Tech and Xiamen Tungsten for investment [4].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 广东翔鹭钨业股份有限公司（以下简称"公司"）于近日接到公司股东陈伟 东关于其所持公司股份质押变动情况的通知，具体事项如下： 一、股东股份质押基本情况 股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-076 广东翔鹭钨业股份有限公司 关于公司股东股份质押的公告 | 股东名称 | 是否为控 股股东或 第一大股 | 本次质押 股数（股） | 占其所 持股份 | 占公 司总 股本 | 是否 为限 | 是否 为补 充质 | 质押 起始 | 质押 到期 | 质权人 | 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 | | 比例 | 比例 | 售股 | 押 | 日 | 日 | | | | | 致行动人 | | | | | | | | | | | 陈伟东 | 是 | 2,500,000 | 19.90% | 0.76% | 否 | 否 | 2025. 9.30 | 办理 解除 质押 | 潮州市 ...

Core Viewpoint - Xianglu Tungsten Industry's stock price has shown significant volatility and growth in 2023, with a year-to-date increase of 75.36% as of September 30, 2023, despite recent fluctuations in trading volume and net capital flow [1][2]. Group 1: Stock Performance - As of September 30, 2023, Xianglu Tungsten's stock price was 10.89 CNY per share, with a market capitalization of 3.563 billion CNY [1]. - The stock has experienced a 6.97% increase over the last five trading days, an 11.89% decrease over the last 20 days, and a 29.80% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on August 29, 2023, where it recorded a net buy of -135 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Xianglu Tungsten reported a revenue of 931 million CNY, reflecting a year-on-year growth of 3.24%, and a net profit attributable to shareholders of 18.38 million CNY, which is a substantial increase of 277.65% year-on-year [2]. - The company has cumulatively distributed 88.66 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of August 29, 2023, the number of shareholders for Xianglu Tungsten was 48,900, which represents an increase of 93.12% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 48.22% to 5,492 shares [2]. Group 4: Business Overview - Xianglu Tungsten, established on April 17, 1997, and listed on January 19, 2017, is primarily engaged in the development, production, and sales of tungsten products [1]. - The revenue composition of the company includes powder products (60.46%), hard alloys (22.14%), tungsten wire series (12.59%), and other products (4.80%) [1].

Core Insights - The small metals sector experienced a rise of 1.03% on September 25, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Small Metals Sector Performance - Zhongkuang Resources (002738) closed at 43.49, up 4.32%, with a trading volume of 401,800 shares and a transaction value of 1.754 billion [1] - Xianglu Tungsten Industry (002842) closed at 10.60, up 3.72%, with a trading volume of 280,100 shares [1] - Western Materials (002149) closed at 17.64, up 3.40%, with a trading volume of 218,100 shares and a transaction value of 381 million [1] - Xiamen Tungsten Industry (600549) closed at 28.78, up 2.68%, with a trading volume of 1,570,900 shares and a transaction value of 1.628 billion [1] - Northern Rare Earth (600111) closed at 47.28, up 1.59%, with a trading volume of 1,483,800 shares and a transaction value of 7.025 billion [1] Capital Flow Analysis - The small metals sector saw a net inflow of 478 million from institutional investors, while retail investors experienced a net outflow of 823 million [2][3] - Northern Rare Earth (600111) had a net inflow of 27.7 million from institutional investors, but a net outflow of 360 million from retail investors [3] - Xiamen Tungsten Industry (600549) recorded a net inflow of 126 million from institutional investors, with a significant net outflow of 198 million from retail investors [3]

Investment Rating - The report maintains a positive outlook on non-ferrous metal stocks, suggesting to buy on dips [2][3]. Core Views - The report indicates that the recent decline in metal prices has ended, leading to increased purchasing activity from downstream buyers. It emphasizes a long-term bullish view on non-ferrous resources, particularly copper, gold, silver, aluminum, rare earths, tungsten, antimony, and cobalt [1][3]. Industry Overview - The non-ferrous metal sector has seen a significant performance with a 1-month absolute return of 5.9%, a 6-month return of 24.7%, and a 12-month return of 88.3% [3]. - The report highlights the recent fluctuations in metal prices, with copper inventory increasing by 0.46 thousand tons to 148.9 thousand tons, while LME copper inventory decreased by 5,075 tons to 148 thousand tons [3][6]. - The report notes that the price of gallium has increased by 3.74% due to tight supply and demand dynamics, while molybdenum prices have decreased by 2.40% due to weakened demand [3][6]. Key Metal Insights - **Copper**: The report anticipates a decrease in copper inventory due to pre-holiday stocking, supporting copper prices in the medium to long term. Key companies to watch include Zijin Mining, China Nonferrous Mining, and Jiangxi Copper [3][6]. - **Aluminum**: The report indicates a slight increase in aluminum inventory but expects a positive trend in aluminum prices and profits due to improved downstream consumption [3][6]. - **Cobalt**: The report mentions that the Democratic Republic of Congo is considering extending its cobalt export ban for two more months, which could lead to a supply shortage and price increases for cobalt intermediates [6][3]. Stock Performance - The report identifies the top-performing stock in the non-ferrous sector as Boqian New Materials, which saw a weekly increase of 14.76%, while Xianglu Tungsten experienced the largest decline at -12.66% [3][6].