Core Viewpoint - In the first half of the year, the company actively expanded its market, optimized product structure, improved product performance, and launched new products to meet market demand, resulting in significant sales growth in various product categories [1] Group 1: Sales Performance - Tungsten powder sales reached 2,657.83 tons, an increase of 43.68% year-on-year [1] - Tungsten carbide powder sales amounted to 2,975.12 tons, up 19.25% year-on-year [1] - Sales of hard alloy from the main office were 573.92 tons, a decrease of 7.17% year-on-year [1] - Thermal spray powder sales were 222.59 tons, down 1.93% year-on-year [1] Group 2: Production Output - The production of tungsten concentrate (WO3 65%) was 1,849.93 tons, an increase of 3.24% year-on-year [1] - Tin concentrate (metal content 100%) production was 426.12 tons, up 2.71% year-on-year [1] - Copper concentrate (metal content 100%) production reached 180.61 tons, an increase of 2.02% year-on-year [1] Group 3: Subsidiary Performance - The subsidiary Ganzhou Aoketai improved internal management and incentive mechanisms, enhancing sales team motivation and problem-solving efficiency, leading to a revenue of 353.53 million yuan, a year-on-year increase of 15.36% [1] - Sales revenue from hard alloy tools was 189.27 million yuan, a growth of 2.26% year-on-year [1] - Sales revenue from bars was 143.40 million yuan, an increase of 28.30% year-on-year [1] - Ganzhou Aoketai achieved a net profit of 1.39 million yuan, turning from a loss in the same period last year to profitability [1]

Core Viewpoint - Zhangyuan Tungsten Industry (002378) reported a strong performance in its 2025 mid-year report, with significant increases in total revenue and net profit, although some key profitability metrics showed declines [1] Financial Performance - Total revenue reached 2.399 billion yuan, a year-on-year increase of 32.27% [1] - Net profit attributable to shareholders was 115 million yuan, up 2.54% year-on-year [1] - In Q2 alone, total revenue was 1.213 billion yuan, reflecting a 29.05% increase year-on-year, while net profit for the quarter was 72.54 million yuan, down 14.71% year-on-year [1] - Gross margin was 14.14%, down 18.33% year-on-year, and net margin was 4.79%, down 22.03% year-on-year [1] - Total operating expenses were 159 million yuan, accounting for 6.62% of revenue, a decrease of 18.7% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 20.30% to 826 million yuan, representing 480.34% of the latest annual net profit [1][5] - Cash and cash equivalents decreased by 19.33%, influenced by customer credit policies and cash dividends [3] - Interest-bearing liabilities decreased by 6.65% to 1.961 billion yuan [1] Cash Flow Analysis - Operating cash flow per share was 0.17 yuan, a significant increase of 466.18% year-on-year [1] - Net cash flow from operating activities increased due to higher revenue and changes in payment methods for raw materials [4] Investment and R&D - R&D expenses increased by 35.01%, indicating a commitment to new product development [4] - The company’s return on invested capital (ROIC) was 6.19%, which is considered average, with historical data showing a median ROIC of 3.65% over the past decade [4] Fund Holdings - The largest fund holding Zhangyuan Tungsten is Guotai Junan CSI 1000 Preferred Stock Initiation A, with a current scale of 155 million yuan and a recent net value of 1.5859 [5]

Core Viewpoint - The company, Zhangyuan Tungsten Industry, reported a significant increase in revenue and net profit for the first half of 2025, driven by rising tungsten prices and increased sales volume [2][3]. Financial Performance - The company achieved operating revenue of 2.399 billion yuan, a year-on-year increase of 32.27% [3]. - The net profit attributable to shareholders was 115 million yuan, reflecting a growth of 2.54% compared to the previous year [3]. - The net cash flow from operating activities surged by 466.18%, reaching 203 million yuan [3]. - Basic and diluted earnings per share increased by 11.11% to 0.10 yuan [3]. - Total assets at the end of the reporting period amounted to approximately 5.261 billion yuan, up 5.77% from the end of the previous year [3]. Market Dynamics - The company noted that the increase in revenue was attributed to higher product sales and prices, with domestic revenue growing by 41.84% due to rising tungsten raw material prices [7]. - The main income from tungsten deep processing products rose by 34.30%, with tungsten powder and tungsten carbide powder experiencing revenue growth of 62.38% and 34.51%, respectively [8]. Resource Management - The company holds significant resources, including 79,400 tons of tungsten (WO3) reserves, 17,600 tons of tin, and 11,300 tons of copper [8]. - The company is actively working on resource integration and enhancing mining efficiency to increase output of tungsten, tin, and copper [8]. Price Trends - The first batch of tungsten mining quotas for 2025 was set at 58,000 tons, a decrease of 4,000 tons or 6.45% from the previous year, indicating tightening supply [9]. - The company has adjusted its tungsten product prices upwards, with significant increases noted in August 2025 [12]. Stock Performance - The company's stock price experienced a rapid increase, with consecutive trading halts on August 24 and 25, and a closing price of 14.63 yuan per share on August 26, marking a 9.34% rise [4][5].

Group 1 - The core viewpoint of the article highlights that Zhangyuan Tungsten Industry (002378.SZ) experienced a significant stock price increase of 9.34%, reaching a new high in over ten years, with a turnover rate of 21.3% and a transaction volume of 3.341 billion yuan [1] - The net selling by the Shenzhen Stock Connect amounted to 8.66 million yuan, with notable selling from institutional investors and specific trading groups [1] - The top five buying entities included the Shenzhen Stock Connect with a purchase amount of 212.203 million yuan, accounting for 3.65% of the total transaction [1] Group 2 - The top five selling entities included the Shenzhen Stock Connect, which sold 212.203 million yuan, representing 3.65% of the total transaction [1] - The overall buying and selling totals for the top five entities amounted to 257.835 million yuan, which is 7.72% of the total transaction [1]

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交6.36亿元，其中，买入成交额为2.58亿 元，卖出成交额为3.79亿元，合计净卖出1.21亿元。 具体来看，今日上榜的营业部中，共有3家机构专用席位现身，即买三、买四、卖五，合计买入金额 6737.25万元，卖出金额9187.53万元，合计净卖出2450.28万元，深股通为第一大买入营业部及第一大卖 出营业部，买入金额为1.22亿元，卖出金额为1.31亿元，合计净卖出866.44万元。 资金流向方面，今日该股主力资金净流出4.84亿元，其中，特大单净流出3.00亿元，大单资金净流出 1.84亿元。近5日主力资金净流入2210.37万元。 融资融券数据显示，该股最新（8月25日）两融余额为5.44亿元，其中，融资余额为5.38亿元，融券余额 为558.53万元。近5日融资余额合计增加3805.33万元，增幅为7.61%，融券余额合计增加155.97万元，增 幅38.74%。（数据宝） 章源钨业8月26日交易公开信息 | | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | | | 元） | 元 ...

Group 1 - The tungsten market continues to experience upward momentum, with tight supply expectations due to strict safety production controls [1] - The price of 65% black tungsten concentrate is reported at 233,000 RMB per standard ton, an increase of 62.9% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 232,000 RMB per standard ton, reflecting a 63.4% increase year-to-date [1] Group 2 - In the ammonium paratungstate (APT) market, suppliers are holding onto stock in anticipation of price increases, leading to a scarcity of APT [1] - The price of APT is reported at 350,000 RMB per ton, which is a 65.9% increase since the start of the year [1] - European APT prices range from 485 to 520 USD per ton (equivalent to 308,000 to 330,000 RMB per ton), marking a 52.3% increase year-to-date [1]

Core Viewpoint - The company reported a steady increase in operating performance for the first half of 2025, with significant growth in revenue and net profit, driven by a focus on safety, environmental sustainability, and technological innovation [5][6]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 239,920.59 million yuan, a year-on-year increase of 32.27% - Operating profit reached 13,732.88 million yuan, up 2.19% year-on-year - Net profit attributable to shareholders was 11,510.62 million yuan, reflecting a 2.54% increase compared to the previous year [5]. Operational Highlights - The company maintained a strong commitment to safety and environmental protection, with no major safety incidents or environmental pollution events reported during the period [6]. - The company successfully advanced resource integration and key engineering projects, including the completion of various resource verification reports and development plans [7]. - Product research and development efforts led to the introduction of new technologies and products, enhancing competitiveness in the market [8][9]. Market Development - The company actively expanded its market presence and optimized product structure, resulting in stable growth in sales and revenue, particularly in the bar business [10]. - The company developed over 1,400 new products targeting industries such as aerospace, energy, and automotive [9]. Digital Transformation - The company made significant strides in digitalization and automation, implementing smart equipment upgrades and digital systems to enhance production efficiency and quality [11][12].

证券代码：002378 证券简称：章源钨业 公告编号：2025-043 崇义章源钨业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 崇义章源钨业股份有限公司（以下简称"公司"或"本公司"）股票（股票简称： 章源钨业，股票代码：002378）于 2025 年 8 月 21 日、2025 年 8 月 22 日、2025 年 8 月 25 日，连续 3 个交易日收盘价格涨幅偏离值累计达到 20%，根据《深圳 证券交易所股票上市规则》的规定，属于股票交易异常波动的情况。 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所股票上市规 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、 协议等；董事会也未获悉本公司有根据《深圳证券交易所股票上市规则》等有关 规定应予以披露而未披露的、对本公司股票及其衍生品种交易价格产生较大影响 的信息；公司前期披露的信息不存在需要更正、补充之处。 四、必要的风险提示 于 2025 年 8 月 26 日披露《2025 年半年度报告》，公司财务数据请以公司发布的 定期报 ...

Group 1 - The company announced the election of a new employee representative director, Ms. Zeng Guiling, to the sixth board of directors [1] - The decision was made during the employee representative assembly held on August 24, 2025 [1] - This election reflects the company's commitment to employee representation in its governance structure [1]

【2连板章源钨业：上半年净利润1.15亿元 同比增长2.54%】智通财经8月25日电，章源钨业(002378.SZ) 公告称，上半年营业收入23.99亿元，同比增长32.27%；归属于母公司所有者的净利润1.15亿元，同比 增长2.54%。 转自：智通财经 ...