上海市徐汇区淮海中路1010号嘉华中心45层 邮政编码200031 电话: (86-21) 5404-9930 传真: (86-21) 5404-9931 为出具本法律意见，本所律师审查了《广东翔鹭钨业股份有限公司第五届董 事会2025年第五次临时会议决议公告》《广东翔鹭钨业股份有限公司关于召开 2025年第二次临时股东会的通知》以及本所律师认为必要的其他文件和资料，同 时审查了出席现场会议股东的身份和资格、见证了本次股东会的召开，并参与了 本次股东会议案表决票的现场监票计票工作。 本所及本所指派律师依据《中华人民共和国证券法》《律师事务所从事证券 法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及 本法律意见出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了 勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事 实真实、准确、完整，所发表的意见合法、准确，不存在虚假记载、误导性陈述 1 或者重大遗漏，并承担相应法律责任。 本所在此同意，公司可以将本法律意见书作为本次股东会公告的法定文件， 随其他公告文件一并提交深圳证券交易所予以审核公告。 本所律师根据《股东会 ...

Core Viewpoint - Xianglu Tungsten Industry experienced a decline of 1.18% today, with a turnover rate of 35.10% and a trading volume of 1.22 billion yuan, indicating significant market activity and investor interest [2] Trading Activity - The stock was listed on the Shenzhen Stock Exchange due to its turnover rate reaching 35.10%, with institutional investors net selling 71.84 million yuan [2] - The top five trading departments accounted for a total transaction volume of 300 million yuan, with a buying amount of 82.18 million yuan and a selling amount of 217 million yuan, resulting in a net sell of 13.5 million yuan [2] - Among the trading departments, two institutional special seats were involved, with a total buying amount of 21.42 million yuan and a selling amount of 93.26 million yuan, leading to a net sell of 71.84 million yuan [2] Fund Flow - The stock saw a net outflow of 94.79 million yuan from main funds today, with a significant outflow of 69.73 million yuan from large orders and 25.07 million yuan from medium orders [2] - Over the past five days, the main funds have seen a net inflow of 221 million yuan [2]

Group 1 - Xianglu Tungsten Industry experienced a trading limit increase today, with a turnover rate of 33.29% and a transaction amount of 1.094 billion yuan, showing a volatility of 12.82% [2] - Institutional investors net bought 33.61 million yuan, while the total net buying from brokerage seats reached 71.94 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to its daily turnover rate of 33.29%, with institutional proprietary seats net buying 33.61 million yuan [2] Group 2 - The top five brokerage seats accounted for a total transaction amount of 278 million yuan, with a buying transaction amount of 192 million yuan and a selling transaction amount of 86.38 million yuan, resulting in a net buying of 106 million yuan [2] - Among the brokerage seats, two institutional proprietary seats were involved, with a total buying amount of 77.61 million yuan and a selling amount of 43.99 million yuan, leading to a net buying of 33.61 million yuan [2] - The stock saw a net inflow of 229 million yuan from main funds today, with a significant single net inflow of 246 million yuan, while large single funds experienced a net outflow of 17.07 million yuan [2]

Group 1 - The small metals sector increased by 3.78% on August 28, with Chinese rare earths leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Notable performers in the small metals sector included China Rare Earths, which rose by 10.00% to a closing price of 53.02, and Xianglu Tungsten Industry, which also increased by 10.00% to 12.76 [1] Group 2 - The small metals sector experienced a net outflow of 754 million yuan from institutional investors, while retail investors saw a net inflow of 341 million yuan [2] - The main capital flow data indicated that China Rare Earths had a net inflow of 1.81 billion yuan from institutional investors, despite a net outflow of 1.14 billion yuan from speculative funds [3] - Other companies like Yunnan Pig Industry and Xianglu Tungsten Industry also showed varied capital flows, with Yunnan Pig Industry experiencing a net inflow of 243 million yuan from institutional investors [3]

Core Viewpoint - The tungsten market is experiencing significant price increases, driven by supply constraints and surging demand from military and renewable energy sectors [1][4]. Group 1: Market Dynamics - As of August 27, 2023, ammonium paratungstate (APT) prices reached 360,000 CNY per ton, up 10,000 CNY from the previous day, marking a 70.62% increase since the beginning of the year [1]. - Black tungsten concentrate (≥65%) and white tungsten concentrate (≥65%) prices both rose by 8,000 CNY per ton to 241,000 CNY and 240,000 CNY per ton, respectively, reflecting over a 68% increase year-to-date [1]. - The tungsten sector index hit a historical high of 1,904.20 points, with a year-to-date increase exceeding 80% [2]. Group 2: Company Performance - Xiamen Tungsten reported a revenue of 19.178 billion CNY for the first half of 2023, a year-on-year increase of 11.75%, while Xianglu Tungsten had the lowest revenue at 931 million CNY [3]. - Zhangyuan Tungsten emerged as a "dark horse" with a revenue growth of 32.27% to 2.399 billion CNY [3]. - Xiamen Tungsten's net profit increased by 7.53% to 923 million CNY, while Zhongtung High-tech saw a substantial profit increase of 310.54% to 484 million CNY [4]. Group 3: Supply and Demand Factors - Supply constraints are attributed to reduced mining quotas in China, environmental inspections leading to lower operational rates, and declining ore grades globally [4]. - Demand is driven by increased military orders, rising penetration of tungsten in photovoltaic applications, and new requirements from nuclear fusion devices [4]. - Speculative trading and stockpiling by traders have also contributed to the price surge, alongside geopolitical tensions enhancing the strategic resource premium [4]. Group 4: Profitability and Challenges - Not all tungsten companies are benefiting equally; companies with higher self-sufficiency in raw materials are likely to see greater profits [4]. - Zhangyuan Tungsten's net profit decreased by 4.36% to 107 million CNY, attributed to rising raw material costs and a lag in price transmission for their powder products [6]. - The company reported a gross margin of 14.14%, down 3.17 percentage points year-on-year, indicating challenges in maintaining profitability amid rising costs [6]. Group 5: Future Outlook - Analysts suggest monitoring domestic mining quotas, overseas new mine production schedules, and demand data from military and photovoltaic sectors for potential market shifts [7]. - The tungsten price is expected to remain high in the short term, with long-term projections indicating a potential upward trend due to resource depletion and expanding demand [6][7].

Company Overview - Xianglu Tungsten Industry's stock price closed at 11.58 yuan on August 26, 2025, down 0.55 yuan, a decrease of 4.53% from the previous trading day [1] - The stock reached a low of 11.12 yuan and a high of 11.90 yuan during the day, with a total trading volume of 9.04 billion yuan and a turnover rate of 29.53% [1] - The company specializes in the research, production, and sales of tungsten products, including tungsten powder, hard alloys, and other tungsten products, which are widely used in mechanical processing, mining, and electronics industries [1] Market Activity - On August 26, the stock experienced a quick rebound, with an increase of over 2% within 5 minutes, reaching 11.59 yuan by 13:06, with a trading volume of 6.04 billion yuan [1] - The net inflow of main funds into Xianglu Tungsten Industry on that day was 8.175 million yuan, with a cumulative net inflow of 106 million yuan over the past five days [1]

Group 1 - The core point of the article highlights a significant increase in tungsten prices, with ammonium paratungstate (APT) reaching 350,000 yuan/ton, a rise of 10,000 yuan/ton from the previous day and a 65.9% increase since the beginning of the year [1] - Black tungsten concentrate (≥65%) is priced at 233,000 yuan/standard ton, and white tungsten concentrate (≥65%) at 232,000 yuan/standard ton, both showing a daily increase of 7,000 yuan/ton and over 60% rise year-to-date [1] - Despite the rising tungsten prices, related concept stocks experienced a collective decline, with the tungsten index dropping 3.7%, marking the largest decline in August [1] Group 2 - Leading companies in the industry have also raised their prices, with Xiamen Tungsten's APT long-term price reaching 279,500 yuan/ton in early August, an increase of 16,500 yuan/ton from late July [2] - The A-share tungsten sector has seen a general rise, with the Tonghuashun tungsten index increasing over 31% in August, and specific companies like Zhangyuan Tungsten and Xianglu Tungsten experiencing stock price increases of 45.56% and 34.48%, respectively [2] - The supply side is under pressure, with a reduction in tungsten ore mining quotas for 2025, decreasing by 4,000 tons or 6.45% compared to 2024, leading to tighter supply expectations [2] Group 3 - Export data shows that tungsten exports in July totaled 1,692.7 tons, a 34.1% increase from June and a 25.2% increase year-on-year, although the cumulative exports from January to July still reflect a 17.9% year-on-year decline [3] - Market analysts maintain an optimistic outlook, citing a significant supply shortage due to reduced mining quotas and delayed allocation of the second batch of quotas, which are expected to influence tungsten prices [3] - The demand side is also expected to grow steadily, driven by new applications in photovoltaic tungsten wire, nuclear shielding materials, and solid-state battery tungsten-based anode materials, maintaining a tight supply-demand balance [3]

Group 1 - The small metal sector experienced a significant increase of 5.6% on August 25, with Zhangyuan Tungsten leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Notable performers in the small metal sector included Caoyuan Tungsten, which rose by 10.03% to a closing price of 13.38, and Xianlu Tungsten, which increased by 9.97% to 12.13 [1] Group 2 - The small metal sector saw a net inflow of 459 million yuan from main funds, while retail investors experienced a net outflow of 308 million yuan [2][3] - The top stock in terms of main fund inflow was Northern Rare Earth, with a net inflow of 357 million yuan, representing 1.57% of its total [3] - Xiamen Tungsten and Xianglu Tungsten also saw significant main fund inflows of 88.19 million yuan and 71.57 million yuan, respectively [3]

Core Viewpoint - The tungsten sector is experiencing significant price increases and heightened demand, driven by supply constraints and emerging applications in new energy technologies, particularly in photovoltaic and lithium battery industries [1][2][3]. Industry Overview - As of 2024, global tungsten reserves are estimated at 4.6 million metric tons, with China holding 2.4 million metric tons, accounting for 52% of the total [2]. - The demand for tungsten in the new energy sector is projected to grow, with the penetration rate of tungsten wire in photovoltaics expected to rise from 20% in 2024 to 40% in 2025, and lithium battery consumption anticipated to increase by 22% year-on-year, reaching 1,500 tons by 2025 [1][2]. Price Trends - Tungsten product prices have been on the rise, with 65% tungsten concentrate priced at 217,000 CNY/ton as of August 20, 2023, reflecting a 51.75% increase since the beginning of the year [2]. - The price of ammonium paratungstate (APT) has reached 311,500 CNY/ton, up 47.98% year-to-date, while tungsten powder is priced at 482.5 CNY/kg, marking a 53.91% increase [2]. Company Insights - Xiamen Tungsten is a leading integrated player in the tungsten industry, with nearly 50% of its revenue coming from tungsten and molybdenum businesses in 2024 [4]. - China Tungsten High-Tech is the top global player in hard alloys, with a resource self-sufficiency rate of 70% [4]. - Zhangyuan Tungsten ranks among the top three in domestic tungsten resource reserves, with over 60% self-sufficiency in tungsten concentrate [4]. - Xianglu Tungsten is a core supplier of hard alloys, producing ultra-fine tungsten powder with a purity of 99.99%, catering to high-end military and aerospace demands [4]. - Luoyang Molybdenum, the second-largest tungsten producer globally, is expected to reach a tungsten concentrate output of 12,000 tons by 2025, with reserves exceeding 300,000 tons [5].

Group 1: Tungsten Price Trends - Tungsten prices have been on the rise throughout the year, with significant increases noted in recent weeks. As of August 20, the price of 65% tungsten concentrate reached 217,000 yuan/ton, up 3,000 yuan/ton from August 19, marking a 51.75% increase since the beginning of the year [5][8] - The price of ammonium paratungstate (APT) at 88.5% purity is reported at 311,500 yuan/ton, reflecting a 47.98% increase year-to-date, while tungsten powder is priced at 482.5 yuan/kg, up 53.91% since the start of the year [5][8] Group 2: Supply and Demand Dynamics - The surge in tungsten prices is attributed to tightening supply and emerging demand. The Ministry of Natural Resources has set a control target for tungsten mining at 58,000 tons for 2025, a reduction of 4,000 tons or 6.45% from the previous year [8] - Major tungsten-producing regions, such as Jiangxi and Yunnan, have also seen reductions in mining output, contributing to a significant decrease in market circulation [8] - Demand for tungsten is growing in various sectors, including aerospace, defense, and electronics, with notable increases in the renewable energy sector, particularly in photovoltaic applications [8] Group 3: Market Performance and Stock Analysis - Tungsten-related stocks in the A-share market have generally performed well, with an average increase of 10.1% since August. Leading stocks include Luoyang Molybdenum, Zhongtung High-tech, and Xianglu Tungsten, with respective gains of 22.48%, 18.99%, and 17.41% [10][14] - The valuation of some tungsten concept stocks remains low, with a median rolling P/E ratio of 30.24 times, and several stocks, including Shengtun Mining and Luoyang Molybdenum, having P/E ratios below 20 times [11][12] - Luoyang Molybdenum is expected to report a net profit of 8.2 to 9.1 billion yuan for the first half of the year, representing a year-on-year growth of 51.37% to 67.98% [12]