Core Viewpoint - Xiamen Tungsten Co., Ltd. reported a revenue of 19.178 billion yuan for the first half of 2025, representing a year-on-year increase of 11.75%, while net profit decreased by 4.41% to 972 million yuan [1] Financial Performance - The decline in total profit is primarily attributed to the absence of significant investment income from the previous year, where the company recognized 192 million yuan from the disposal of equity in Chengdu Tengwang Pavilion real estate and property [1] - During the reporting period, the company incurred a tax payment of 63 million yuan related to the comprehensive recovery of tungsten concentrate from tailings at its subsidiary, Luoyang Yulu [1] - Excluding the aforementioned impacts, the company's total profit increased by 3.58% year-on-year, and net profit grew by 7.70% [1]

崇义章源钨业股份有限公司 （2025 年 7 月 12 日经公司第六届董事会第十八次会议审议通过） 第一章 总则 第一条 为规范崇义章源钨业股份有限公司（以下简称"公司"）对外担保和 提供财务资助行为，确保公司资产安全，保护投资者合法权益，依据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司监管指引第 8 号—上市公 司资金往来、对外担保的监管要求》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等法律、法 规、规章及公司《章程》的规定，制定本办法。 第二条 本办法所称对外担保是指公司为他人提供担保，包括为公司控股子 公司提供担保。具体种类包括借款担保、银行开立信用证和银行承兑汇票担保、 开具保函的担保等。 第三条 本办法所称提供财务资助是指公司及其控股子公司有偿或者无偿提 供资金、委托贷款等行为，但下列情形除外： （一）公司以对外提供借款、贷款等融资业务为其主营业务； （二）资助对象为公司合并报表范围内且持股比例超过50%的控股子公司， 且该控股子公司其他股东中不包含公司的控股股东、实际控制人及其关联人； （三）中国证券监督管理委员会或者深圳 ...

General Principles - The company establishes a system to regulate financial derivatives trading and mitigate associated risks, in accordance with relevant laws and regulations [1] - Financial derivatives trading includes activities involving swap contracts, forward contracts, and non-standard options, with underlying assets being securities, indices, interest rates, exchange rates, currencies, commodities, or combinations thereof [1] Operational Principles - The company strictly controls the types and scale of financial derivatives trading, focusing on hedging and risk avoidance rather than profit-making [2] - Transactions are only permitted with qualified financial institutions approved by regulatory authorities, and the company must use its own funds for these activities [2] Approval Authority - Financial derivatives trading requires a feasibility analysis report to be submitted to the board for approval, with certain conditions necessitating shareholder approval [3] - The board or shareholders must approve the trading limits, and the general manager is authorized to manage and operate the derivatives business [3] Management and Internal Processes - The finance department is responsible for planning, funding, operations, accounting, and daily management of derivatives trading [4] - The audit and supervision department evaluates risks and compliance of trading activities, while the board office ensures legal compliance and information disclosure [4] Risk Management - The company must establish a robust risk management mechanism to prevent and address various risks associated with derivatives trading [6] - In case of significant risks, the finance department must report to the financial director and board secretary, who will discuss countermeasures [6] Information Disclosure - The company must disclose trading activities according to regulatory requirements, especially when losses exceed certain thresholds [7] - Documentation related to trading plans and agreements must be maintained for ten years by the finance department [7] Miscellaneous - The system will be revised in accordance with any new laws or regulations that conflict with it, and it will take effect upon board approval [8]

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [1][2] - The registered capital of the company is RMB 1,201,417,666 [2] - The company is permanently established and has a legal representative who is the general manager [2][3] Business Objectives and Scope - The company's business objective is to utilize and develop tungsten resources, focusing on the research and production of high-performance, high-precision, and high-value-added hard alloys [3][4] - The business scope includes mining, sales of metal ores, processing of non-ferrous metals, and various related activities [3][4] Shares - The company's shares are issued in the form of stocks, with all shares being ordinary shares totaling 1,201,417,666 [5][6] - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for each share of the same category [5][6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and other benefits proportional to their shareholdings [10][11] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [18][19] - Decisions at shareholder meetings require a majority or two-thirds majority vote, depending on the nature of the resolution [80][82] Related Party Transactions - Related shareholders must disclose their relationships and abstain from voting on matters where they have a conflict of interest [32][84] - The company must ensure that related party transactions are conducted fairly and transparently [32][84]

（修订后更名为： 《股东会议 证券代码：002378 证券简称：章源钨业 公告编号：2025-035 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、董事会会议召开情况 崇义章源钨业股份有限公司（以下简称"公司"）第六届董事会第十八次会议 （以下简称"会议"）通知于 2025 年 7 月 1 日以专人送出或电子邮件的形式发出， 于 2025 年 7 月 12 日在公司会议室以现场结合视频方式召开。本次会议应出席董 事 9 名，实际出席董事 9 名，其中董事黄世春先生、董事潘峰先生、独立董事王 京彬先生、独立董事王平先生、独立董事吴崎右女士以通讯表决方式出席会议。 本次会议由董事长黄泽兰先生主持，公司监事及部分高级管理人员列席了会议。 本次会议的召开符合《中华人民共和国公司法》及公司《章程》的规定。 二、董事会会议审议情况 本次会议经审议，通过如下议案： 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 为贯彻落实《中华人民共和国公司法》等最新法律法规要求，进一步完善公 司治理，提升公司规范运作水平，根据中国证券监督管理委 ...

崇义章源钨业股份有限公司 《章程》及其附件修订对照表 为贯彻落实《中华人民共和国公司法》等最新法律法规要求，进一步完善公 司治理，提升公司规范运作水平，崇义章源钨业股份有限公司（以下简称"公司"） 根据中国证券监督管理委员会《关于新 <公司法> 配套制度规则实施相关过渡期 安排》 《上市公司章程指引》 《上市公司股东会规则》和《深圳证券交易所股票上 市规则》等相关规定，并结合公司实际管理需要，对公司《章程》及其附件《股 东大会议事规则》《董事会议事规则》进行了修订。 具体修订内容如下： 除上述调整外，其他调整条款序号、段落顺序等对内容表述不造成实质影响 的修订，未列入修订对照表中。修订对照表如下： 公司《章程》修订前 公司《章程》修订后 第一章 总则 第一章 总则 第一条 为维护崇义章源钨业股份有限公司（以 第一条 为维护崇义章源钨业股份有限 公司（以 下简称"公司"或"本公司"）、股东和债权人的合法权 下简称"公司"或"本公司"） 、股东、职工和债权人的合 益，规范公司的组织和行为，根据《中华人民共和国 法权益，规范公司的组织和行为，根 据《中华人民共 公司法》（2018 年） （以下简称"《公司法》"）、 ...

翔鹭钨业（002842）公告，预计2025年上半年净利润为1500万元至2200万元，上年同期为亏损1034.83 万元。 ...

Industry Overview - Tungsten carbide (WC) is a compound made of tungsten and carbon, known for its high hardness, high melting point, and excellent conductivity, making it essential in various industrial applications [1][2][10] - The production of tungsten carbide in China is projected to remain above 60,000 tons from 2022 to 2024, with an estimated production of approximately 68,000 tons in 2024, reflecting a year-on-year increase of 2000 tons [10][12] Market Dynamics - The demand for tungsten carbide has been positively influenced by the continuous development of downstream industries, with China being the largest producer and exporter of tungsten products [1][12] - In 2024, China's tungsten carbide exports are expected to be 4,146.8 tons, generating an export value of 17,934.1 million USD, although there has been a decline in export volume in early 2025 due to new export controls [12][13] Policy Support - The Chinese government has recognized tungsten as a strategic resource, implementing policies to support the deep processing of tungsten, including plans for significant tungsten smelting projects and the development of tungsten-based new materials [6][8][24] - Recent government initiatives aim to enhance the tungsten industry chain, focusing on exploration, mining, and deep processing to create a complete industrial chain [8][24] Industry Chain - The tungsten carbide production chain includes upstream raw materials such as tungsten concentrate and graphite, with the midstream focusing on the production of tungsten carbide, and the downstream applications spanning aerospace, defense, and high-end manufacturing [16][18][20] - The production of tungsten concentrate in China is projected to reach 130,500 tons in 2024, marking a year-on-year increase of 1.95% [18] Application Areas - Tungsten carbide is widely used in defense and aerospace for manufacturing high-performance military equipment, as well as in high-end manufacturing for precision tools and components [24][25] - The material is also utilized in the semiconductor industry and renewable energy sectors, showcasing its versatility and importance in modern technology [24][25] Future Trends - The demand for tungsten carbide is expected to continue growing as downstream applications expand, with increasing performance requirements driving technological advancements in production [25] - Environmental policies are pushing for greener production methods in the tungsten carbide industry, aligning with national goals for sustainable development [25]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The primary driver for the recent increase in tungsten prices is China's supply-side policy, with domestic black tungsten concentrate prices reaching approximately 173,000 yuan per ton, and ammonium paratungstate prices at 253,000 yuan per ton, marking increases of 22.3% and 21.3% respectively since the end of March [1][12] - Global supply levels remain tight, and China's industrial policies have increased their influence on tungsten prices. The first batch of tungsten mining quotas for 2025 is set at 58,000 tons, a decrease of 4,000 tons or 6.45% compared to the same period in 2024 [2][12] - Japan has diversified its tungsten procurement sources, significantly increasing imports from Germany and Vietnam, but still relies heavily on Chinese supplies [3][13] - The geopolitical environment is worsening, leading to increased demand for strategic metal reserves, with the US planning to increase its tungsten reserves from 266 tons to 2041 tons by 2025 [4][19] - The manufacturing sector in China is showing marginal improvement, with a PMI of 49.7% in June, and a significant increase in the production of metal cutting machine tools, which may support stable growth in tungsten demand [5][20] Summary by Sections Price Trends - As of July 1, domestic black tungsten concentrate prices reached 173,000 yuan per ton, and ammonium paratungstate prices reached 253,000 yuan per ton, both hitting historical highs [1][12] Supply and Demand Dynamics - China's tungsten exports decreased by 1,879 tons from January to May 2025, with significant reductions in exports to South Korea, Israel, the US, and Germany [2][12] - The global supply situation remains tight, exacerbated by export controls that hinder short-term exports, leading to insufficient international market supply [2][12] Geopolitical Factors - The ongoing geopolitical tensions are likely to sustain the demand for tungsten reserves, as countries seek to bolster their military and industrial capabilities [4][19] Manufacturing Sector Insights - The manufacturing PMI in China indicates a slight recovery, with a notable increase in the production of metal cutting machine tools, which could drive demand for tungsten materials [5][20]

Group 1 - The article discusses judicial auctions conducted by the Ninghua County People's Court, detailing various properties available for bidding [1][3] - The auction for a residential property located at 136 Zhonghuan Middle Road, Ninghua County, has a starting price of 577,698 yuan and a deposit of 100,000 yuan, with a bidding period from July 28 to July 29, 2025 [3][4] - Another property at 2 Jingangting Road, Ninghua County, has a starting price of 577,698 yuan and a bidding period from July 21 to July 22, 2025, with a building area of 104.88 square meters [8] Group 2 - A property at 144 Xiaohubian, Ninghua County, is being auctioned for the second time, with a starting price of 360,000 yuan and a bidding period from July 2 to July 3, 2025, featuring a building area of 178 square meters [12] - The auction for a property at 2 Shilaoxia, Lianqun Village, Ninghua County, has a starting price of 239,808 yuan and a bidding period starting June 13, 2025, with a building area of 300 square meters [17] - A commercial property at 103-107, B District, Binjiang No. 1, Ninghua County, is being auctioned with a total area of 15,371.11 square meters, starting at 21,100,317 yuan, with a bidding period from July 26 to July 27, 2025 [27][28] Group 3 - The auction for industrial land in the Ninghua Overseas Chinese Economic Development Zone has a starting price of 1,289,820 yuan, with a bidding period from July 6 to July 7, 2025, covering an area of 5,052.68 square meters [34][35] - The auction process includes specific conditions regarding the properties, such as potential violations and the responsibilities of the bidders regarding property conditions and transfer [3][12][17]