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]