ZY-Tungsten(SZ:002378) Dong Jian Yan Bao·2025-08-27 12:09Group 1: Research Basic Information - The research object is Zhangyuan Tungsten Co., Ltd., belonging to the minor metals industry. The reception time was August 27, 2025. The listed company's reception staff included Zhang Cui, the representative of the securities affairs department, and Liu Min from the board of directors' office [17]. - The detailed research institutions included Zhongtai Securities (securities company with representatives Ren Heng and Li Runting), Huian (fund management company with representative Yang Kunhe), Guangdong Zhengyuan Private Equity (fund management company with representative Chen Zemin), and Yuanxin Yongfeng (fund management company with representative Ma Hongli) [18]. Group 2: Company's Business and Performance - The company is mainly engaged in the development and utilization of tungsten mine resources and the production and sales of ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and cemented carbide. It has an integrated production system covering upstream exploration and mining, mid - stream smelting and powder - making, and downstream deep processing of the tungsten industry [23]. - In the first half of 2025, affected by multiple factors such as supply - side tightening, rigid downstream demand, and international situations, the price of tungsten raw materials continued to rise. The company achieved an operating income of 239,920.59 million yuan, a year - on - year increase of 32.27%; an operating profit of 13,732.88 million yuan, a year - on - year increase of 2.19%; and a net profit attributable to shareholders of the listed company of 11,510.62 million yuan, a year - on - year increase of 2.54%. Excluding the impact of additional deductions, the operating profit and net profit attributable to shareholders of the listed company in the first half of 2025 were 12,751.38 million yuan and 10,664.70 million yuan respectively, with year - on - year increases of 15.94% and 16.87% [26][27]. Group 3: Company's Mine Conditions - In the first half of 2025, the company's tungsten concentrate (WO3 65%) output was 1,849.93 tons, a year - on - year increase of 3.24%; tin concentrate (100% metal content) output was 426.12 tons, a year - on - year increase of 2.71%; and copper concentrate (100% metal content) output was 180.61 tons, a year - on - year increase of 2.02% [28]. - After completing the record - filing of the "Reserves Verification Report of Tungsten Ore Resources in Taoxikeng Mining Area (Boundary Expansion)" for the Taoxikeng Tungsten Mine and Dongfeng Prospecting Right Mining Area, the company completed the compilation of the "Development and Utilization Plan of Mineral Resources in Taoxikeng (Boundary Expansion)" in the first half of 2025 and submitted it to the Ministry of Natural Resources for review. The "Reserves Verification Report of Tungsten Ore Resources in Xin'anzi Mining Area (Boundary Expansion)" for the Xin'anzi Tungsten - Tin Mine and Longtanmian Prospecting Right Mining Area has been completed and submitted for review. The resource exploration work in the Huangzhulong Tungsten Mine and its surrounding areas is progressing as planned. The deep - resource reserves verification and reconstruction project of Dayu Shilei Tungsten Mine is advancing in an orderly manner, and the underground filling system of Xin'anzi Tungsten - Tin Mine is filling the underground goaf as planned [29][30][31]. Group 4: Company's Product Sales and Subsidiary Performance - In the first half of 2025, the company actively expanded the market, optimized the product structure, and improved product performance. The sales volume of tungsten powder was 2,657.83 tons, a year - on - year increase of 43.68%; the sales volume of tungsten carbide powder was 2,975.12 tons, a year - on - year increase of 19.25%; the sales volume of the company's cemented carbide was 573.92 tons, a year - on - year decrease of 7.17%; and the sales volume of thermal spray powder was 222.59 tons, a year - on - year decrease of 1.93% [33]. - In the first half of 2025, Ganzhou Aoketai optimized its internal management and incentive mechanism, increased the enthusiasm of the sales team and problem - solving efficiency, and further explored the market. It achieved an operating income of 35,353.30 million yuan, a year - on - year increase of 15.36%. The sales revenue of cemented carbide tools was 18,927.11 million yuan, a year - on - year increase of 2.26%; the sales revenue of bars was 14,339.83 million yuan, a year - on - year increase of 28.30%. The net profit was 138.79 million yuan, turning from a loss in the previous year to a profit [34].