Group 1 - The company held an online performance briefing on September 19, 2025, from 2 PM to 5 PM, via the "Investor Relations Interactive Platform" [1][2] - Key personnel participating in the event included General Manager Chen Weidong, CFO Zheng Lifang, Board Secretary Yang Feng, and Independent Director Huang Weikun [1][2] Group 2 - Investors inquired about the operational status of the company's mines, to which the company confirmed that mining operations are currently normal and advised to refer to periodic reports disclosed on the Giant Tide website [3] - The company addressed the impact of rising tungsten raw material prices on its operating performance, stating that operational conditions should be monitored through periodic reports on the Giant Tide website [3] - The company has not fully explored most areas of the Iron Cangzhai mining area and will develop detailed exploration plans based on market and internal conditions [3] - As of the end of 2018, the company had partially proven reserves of 43.36 million tons of ore with a WO3 metal content of 5,103 tons, along with various associated resources [3] - The company has a significant demand for externally purchased tungsten products and monitors prices regularly to mitigate the impact of price fluctuations [3] - The company noted that while the rise in tungsten prices increases the cost and selling price of tungsten wire for photovoltaic applications, the recovery value of waste tungsten wire has also increased, partially offsetting costs [3] - The company believes that tungsten wire has advantages over high-carbon steel wire and has a promising market outlook as a next-generation material [3] - The company produces according to demand and manages inventory cautiously to avoid risks associated with price volatility [3]

Group 1: Company Operations - The company’s tungsten mines are currently operating normally, with a monthly production capacity that is not specified [1] - The company primarily uses tungsten concentrate, with an approximate usage ratio of 50% [2] - As of December 31, 2018, the Iron Cangzhai mine has a proven ore reserve of 433,600 tons and a WO3 metal content of 5,103 tons [2][3] Group 2: Market Conditions and Pricing - The company’s sales prices are adjusted according to fluctuations in tungsten concentrate prices, which helps mitigate the impact of raw material price volatility on operating performance [3][4] - Rising tungsten prices have increased the costs and selling prices of tungsten wire used in photovoltaic applications, but the recovery value of scrap tungsten has also risen, offsetting most costs [4] Group 3: Future Exploration and Supply - The company has not conducted detailed exploration of most areas in the Iron Cangzhai mine, but plans to develop exploration plans based on market conditions and internal assessments [2] - The company does not rely on a single or few suppliers for tungsten concentrate, ensuring a diversified supply chain [3]

Core Viewpoint - The company indicates that its product sales prices are adjusted according to the fluctuations in tungsten concentrate prices, which helps mitigate the impact of raw material price volatility on its operating performance [1] Group 1 - The company stated that if there are significant changes in tungsten concentrate prices and the prices of tungsten products do not adjust accordingly, it could negatively affect the gross margin levels and operating performance of its main products [1]

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。 为进一步加强与投资者的互动交流，广东翔鹭钨业股份有限公司（以下简称"公 司"）将参加由广东证监局、广东上市公司协会与深圳市全景网络有限公司联合举办 的"向新提质 价值领航--2025 年广东辖区投资者集体接待日暨辖区上市公司中报业 绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站 （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（星期五） 15:30-17:00。 届时公司总经理陈伟东先生、财务总监郑丽芳女士、董事会秘书杨逢先生、独立 董事黄伟坤先生将通过网络互动形式就 2025 年半年度业绩、公司治理、发展战略、 经营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 证券代码：002842 证券简称：翔鹭钨业 公告编号：2025-075 广东翔鹭钨业股份有限公司 关于参加 2025 年广东辖区投资者集体接待日暨辖区上市公司中 报业绩说明会的公告 广东翔鹭钨业股份有限公司 董事会 2 ...

Core Viewpoint - The article discusses the performance of the stock market on September 15, highlighting mixed results among major indices and sector performances, with a focus on active sectors like gaming and pork, while noting the underperformance of certain materials sectors [2][5][10]. Market Performance - The three major indices closed with mixed results: Shanghai Composite Index at 3860.5 points, down 0.26%; Shenzhen Component Index at 13005.77 points, up 0.63%; and ChiNext Index at 3066.18 points, up 1.52% [2][3]. - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, a decrease of 245.8 billion yuan from the previous trading day, with over 3300 stocks declining and more than 1900 stocks rising [2][3]. Sector Performance - Active sectors included pork (+2.82%), gaming (+3.65%), and automotive parts, while superconductors and retail concepts showed weak performance [5][6]. - Notable stocks in the gaming sector included Xinghui Entertainment, which hit a 20% limit up, and Perfect World, which also reached the limit up, with several other gaming stocks rising over 6% [6]. - In the pork sector, stocks like Delisi and Aonong Biological reached their daily limit, while Tiankang Biological rose over 8% [7]. Capital Flow - Main capital inflows were observed in the automotive, electric equipment, and machinery sectors, while there were outflows from electronics, communications, and defense sectors [10]. - Specific stocks with significant net inflows included BYD, Top Group, and Zhongdali De, with net inflows of 840 million yuan, 716 million yuan, and 700 million yuan respectively [11]. - Conversely, stocks like Northern Rare Earth, Wolong Electric Drive, and Zhongji Xuchuang faced substantial net outflows of 2.01 billion yuan, 1.83 billion yuan, and 1.386 billion yuan respectively [12]. Institutional Views - Citic Securities noted that the market is entering a high-level consolidation phase, with macro trading becoming a significant variable affecting market direction [14]. - Huatai Securities expressed a positive mid-term outlook for the domestic fundamentals, suggesting maintaining a high position while focusing on cost-effectiveness and industry prosperity [14].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a continuous increase in the prices of various metals, particularly electrolytic cobalt and polysilicon, while lithium concentrate prices have seen a decline. This indicates a mixed outlook for different segments within the new materials industry [1][2][4]. Summary by Relevant Sections Non-Ferrous Metals - Electrolytic cobalt price is at 271,000 CNY/ton, up 3.0% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.87, up 1.4% [1][10]. - Lithium concentrate (Li2O 5%) price is at 700 USD/ton, down 3.58% week-on-week [1]. - The price of lithium iron phosphate and 523-type cathode materials is stable at 343,000 CNY/ton and 1,147,000 CNY/ton, respectively [1]. Photovoltaic New Materials - Polysilicon price is at 6.45 USD/kg, up 4.0% week-on-week, indicating a recovery in the solar materials market [2]. - EVA price remains stable at 10,800 CNY/ton, reflecting a low position since 2013 [2]. Nuclear Power New Materials - Uranium price is at 59.58 USD/lb, up 4.0% week-on-week, indicating a positive trend in nuclear materials [2]. Consumer Electronics New Materials - The price of cobalt tetroxide is at 214,200 CNY/ton, up 0.56% week-on-week, while lithium cobalt oxide price remains stable at 175.0 CNY/kg [3]. - Silicon carbide price is stable at 5,300 CNY/ton, reflecting steady demand in the electronics sector [3]. Investment Recommendations - The report suggests focusing on the metal new materials sector, particularly lithium and cobalt, due to price increases and supply disruptions. Companies like Salt Lake Co., Zangge Mining, and Huayou Cobalt are highlighted as potential investment opportunities [4].

Core Viewpoint - Xianglu Tungsten Industry has shown significant stock performance with a year-to-date increase of 92.91%, indicating strong market interest and potential growth in the tungsten sector [1][2]. Company Overview - Xianglu Tungsten Industry, established on April 17, 1997, and listed on January 19, 2017, is located in the Aantou Industrial Zone, Xiangqiao District, Chaozhou, Guangdong Province. The company specializes in the development, production, and sales of tungsten products [1]. - The revenue composition of Xianglu Tungsten includes: powder products (60.46%), hard alloys (22.14%), tungsten wire series (12.59%), and others (4.80%) [1]. Stock Performance - As of September 12, the stock price reached 11.98 CNY per share, with a trading volume of 1.23 billion CNY and a turnover rate of 3.88%, resulting in a total market capitalization of 39.20 billion CNY [1]. - The stock has experienced a net inflow of 1.35 billion CNY on the last appearance on the "Dragon and Tiger List" on August 29, with total buy orders of 82.18 million CNY, accounting for 6.73% of total trading volume [1]. 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%. The net profit attributable to shareholders was 18.38 million CNY, showing a substantial increase of 277.65% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 88.66 million CNY in dividends, with no dividends paid in the last three years [2]. Shareholder Information - As of August 29, the number of shareholders for Xianglu Tungsten reached 48,900, an increase of 93.12% from the previous period. The average circulating shares per person decreased by 48.22% to 5,492 shares [2].

Core Viewpoint - The small metal industry has shown varied financial performance among 23 representative listed companies, with notable differences in sales gross margin and net profit margin for the first half of 2025 [1] Financial Performance Summary - The majority of listed companies in the small metal industry reported sales gross margins below 20% for the first half of 2025, with Anning Co. leading at a gross margin of 60.13% [1] - Most companies exhibited net profit margins under 7%, with Guoyan Platinum, Baowu Magnesium, and Xianglu Tungsten showing particularly low net profit margins of 1.18%, 1.56%, and 1.97% respectively [1] - An anomaly was observed in Huayang New Materials, which had a sales gross margin of only 0.54% but a remarkably high net profit margin of 54% for the first half of 2025 [1] - Overall, the small metal industry achieved profitability in the first half of 2025, but Guoyan Platinum's net profit margin of 1.18% was the lowest among the companies analyzed [1]

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

Core Viewpoint - The analysis focuses on the inventory status of 23 representative industrial metal companies as of the first half of 2025, highlighting significant changes in inventory scale and turnover efficiency. Inventory Scale Analysis - In the first half of 2025, most industrial metal companies experienced an increase in inventory scale, with Huaxi Nonferrous's inventory growing the most, reaching 795 million yuan, a year-on-year increase of 51% [1] - The inventory scale of Guiyan Platinum Industry was 7.391 billion yuan, up 44.24% year-on-year, with inventory accounting for 37.34% of total assets [2][3] - Other companies with notable inventory scales include: - Xianglu Tungsten Industry: 781 million yuan, up 10.97%, 36.36% of total assets [2][3] - China Rare Earth: 2.025 billion yuan, up 28.61%, 36.14% of total assets [2][3] - Northern Rare Earth: 15.958 billion yuan, up 16.74%, 33.73% of total assets [2][3] - Guangsheng Nonferrous: 2.406 billion yuan, up 7.01%, 30.76% of total assets [2][3] Inventory Turnover Efficiency - Most companies reported inventory turnover days below 180 days, indicating efficient inventory management [3] - Companies with low inventory turnover efficiency and turnover days exceeding 300 days include: - Baotai Co., Ltd.: 312.34 days [3] - Yunnan Geology: 327.51 days [3] - Jintian Titanium Industry: 330.15 days [3]