翔鹭钨业(002842) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, outlines the report's structure, lists reference documents, and defines key terms for clarity Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[5] - Company head Chen Qifeng, chief accountant Zheng Lifang, and head of accounting department Chen Dongjie declare that the financial report in this semi-annual report is true, accurate, and complete[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this semi-annual period[5] Table of Contents This section lists the report's structural outline, covering nine main chapters including important notices, company profile, management discussion and analysis, and financial reports - The report's table of contents includes nine main chapters, covering various aspects of the company's operations[7] Reference Documents Reference documents include signed and sealed financial statements and original announcements of all company documents publicly disclosed during the reporting period, available at the Board of Directors' office - Reference documents include signed and sealed financial statements and original announcements of all company documents publicly disclosed[9] - The documents are available at the company's Board of Directors' office[10] Definitions This section provides definitions for common terms used in the report, such as company names, regulatory bodies, reporting period, and currency units, to ensure clear understanding - In this report, "Company," "the Company," "Joint Stock Company," and "Xianglu Tungsten" all refer to Guangdong Xianglu Tungsten Co., Ltd[11] - "Reporting Period" or "this Reporting Period" refers to January 1, 2025, to June 30, 2025[11] - "Yuan" refers to Renminbi Yuan[11] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of key accounting data and financial indicators for the reporting period 1. Company Profile This section introduces the company's basic information, including stock abbreviation, stock code, listing exchange, Chinese name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xianglu Tungsten | | Stock Code | 002842 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Guangdong Xianglu Tungsten Co., Ltd. | | Legal Representative | Chen Qifeng | 2. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yang Feng | An'tou Industrial Zone, Guantang Town, Xiangqiao District, Chaozhou City, Guangdong Province | 0768-6972888(8068) | 0768-6303998 | Stock@xl-tungsten.com | | Securities Affairs Representative | Zheng Siling | An'tou Industrial Zone, Guantang Town, Xiangqiao District, Chaozhou City, Guangdong Province | 0768-6972888(8068) | 0768-6303998 | Stock@xl-tungsten.com | 3. Other Information This section states that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15] - Information disclosure and document storage locations remained unchanged during the reporting period, with details available in the 2024 annual report[16] 4. Key Accounting Data and Financial Indicators This reporting period, the company's operating revenue increased by 3.24%, and net profit attributable to shareholders turned profitable, growing by 277.65%, while net cash flow from operating activities significantly decreased Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 930,975,109.13 | 901,756,396.79 | 3.24% | | Net Profit Attributable to Shareholders | 18,383,566.00 | -10,348,265.39 | 277.65% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 9,470,074.49 | -40,483,089.11 | 123.39% | | Net Cash Flow from Operating Activities | -49,442,396.09 | -15,788,339.92 | -213.16% | | Basic Earnings Per Share (CNY/share) | 0.06 | -0.04 | 250.00% | | Diluted Earnings Per Share (CNY/share) | 0.06 | -0.04 | 250.00% | | Weighted Average Return on Net Assets | 2.03% | -1.26% | 3.29% | Key Accounting Data and Financial Indicators (Current Period End vs. Prior Year End) | Indicator | Current Period End (CNY) | Prior Year End (CNY) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets | 2,147,073,794.71 | 2,061,697,688.87 | 4.14% | | Net Assets Attributable to Shareholders | 1,082,097,343.56 | 764,574,904.66 | 41.53% | 5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards During this reporting period, the company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[19] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[20] 6. Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for this period amounted to CNY 8,913,491.51, primarily from government subsidies, forward foreign exchange gains/losses, and input VAT deductions, with a negative impact from non-current asset disposal Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -36,493.64 | Gains/Losses from disposal of fixed assets | | Government Subsidies Included in Current Period P&L | 5,082,622.50 | Government subsidies | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 713,784.00 | Forward foreign exchange gains/losses | | Other Non-Operating Income and Expenses Apart from the Above | -590,968.75 | Donation expenses, etc. | | Other Gains and Losses Meeting the Definition of Non-Recurring Items | 4,770,462.52 | Input VAT additional deduction, etc. | | Less: Income Tax Impact | 1,025,915.12 | | | Total | 8,913,491.51 | | - Other gains and losses meeting the definition of non-recurring items include CNY 4.6864 million in additional VAT deductions, CNY 0.0055 million in individual income tax handling fee refunds, and CNY 0.0786 million in other government subsidies such as employment subsidies[23] Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business operations, core competitiveness, financial performance, investment activities, and risk factors during the reporting period 1. Main Business Activities During the Reporting Period In H1 2025, domestic tungsten concentrate, APT, tungsten powder, and cemented carbide powder prices all increased year-on-year, with the tungsten market showing high-level volatility. The company's main business remained largely unchanged, with operating revenue up 3.24% and net profit up 277.65%, driven by increased cemented carbide orders, photovoltaic tungsten wire capacity release, and cost control. The company has established a complete tungsten industry chain from concentrate to deep-processed products and is actively advancing its photovoltaic tungsten wire project - In H1 2025, the average price of domestic tungsten concentrate was CNY 151,800/ton, a 13.7% year-on-year increase; the average APT price was CNY 223,200/ton, up 12.16% year-on-year; and the average prices of tungsten powder and cemented carbide powder increased by 11.72% year-on-year[25](index=25&