美畅股份：通过“生产-销售-回收”的循环商业模式，使公司得以保持平稳运营

Core Viewpoint - The company does not own tungsten resources and does not directly benefit from the rising tungsten prices, which have increased procurement costs and put pressure on profits [1] Group 1: Company Operations - The company procures tungsten powder and tungsten wire to manufacture tungsten wire saws, facing increased costs due to rising tungsten prices [1] - The company has established a "production-sales-recycling" cost-hedging mechanism to mitigate the impact of raw material cost fluctuations through the recovery of tungsten waste [1] - The effectiveness of the hedging mechanism is influenced by multiple variables, including product structure, order pricing, recovery efficiency, and operational costs [1] Group 2: Business Model and Sustainability - The "production-sales-recycling" circular business model allows the company to maintain stable operations while absorbing cost shocks and ensuring stable supply to customers [1] - The approach aims to protect the interests of all shareholders and promote the company's healthy and sustainable development [1]