章源钨业 20250827 摘要 章源钨业 2025 年上半年营收近 24 亿元，同比增长 32%；归母净利润 1.15 亿元，同比增长 2.5,954%。剔除税收优惠因素，营业利润和归母 净利润同比分别增长 15.94%和 16.87%。 公司构建了涵盖上游钨矿采选、中游冶炼制粉及下游精深加工的一体化 生产体系，拥有 10 个探矿权矿区和 6 座采矿权矿山，钨资源储量 7.94 万吨。 公司中游业务主要生产超细颗粒和中颗粒等各种规格的粉末产品，单体 产量排名分别位列第一和第二（2024 年底数据）。 下游业务包括本部（传统硬质合金），子公司赣州奥克泰（机加工刀 具）和张元喷涂（工件表面喷涂）。赣州奥克泰上半年营收 3.5 亿元， 同比增长 15%，实现扭亏为盈。 2025 年上半年钨矿产量约 1,840 至 1,850 吨，下半年预计保持平稳。 淘锡坑钨矿正在进行资源整合，预计 2026 年上半年完成并获得新的采 矿权证。 章源钨业在 2025 年上半年实现了稳步提升的经营业绩。公司营业收入接近 24 亿元，同比增长 32%；营业利润为 1.37 亿元，同比增长 2%；归属于母公司 净利润为 1.15 亿元 ...

证券代码：002378 证券简称：章源钨 业 崇义章源钨业股份有限公司投资者关系活动记录表 编号：20250827 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | 2025 | 其他（2025 年半年度报告解读） 年 月 日： 8 26 | | | 民生证券：李挺；汇泉基金管理有限公司：陈谦；中庚基金管 | | | 理有限公司：王震；国联基金管理有限公司：孙磊；新华基金： | | | 黄泓鉴；招商基金管理有限公司：查汉斌；西部利得基金管理 | | 参与单位名称 | 有限公司：温震宇；中信资管：高明洋；富国基金管理有限公 | | 及人员姓名 | 司：王佳晨；信达澳亚基金管理有限公司：杜开欣 | | 2025 | 年 8 月 27 日： | | | 中泰证券：任恒、李润婷；汇安基金管理有限责任公司：杨坤 | | | 河；广东正圆私募基金管理有限公司：陈泽敏；圆信永丰基金 | | | 管理有限公司：马红丽 | | 时间 2025 | 年 月 日至 年 月 日 8 26 ...

Group 1: Capacity Expansion and Market Strategy - The company is focused on upstream resource exploration and integration to ensure orderly replacement of mining resources, with plans for deep mining and infrastructure development to enhance resource reserves and extraction efficiency [1][7] - In the midstream, the company aims to optimize production processes and develop automated production workshops to meet diverse market demands [1][2] - The company’s subsidiary, Ganzhou Aoketai Tool Technology Co., Ltd., is committed to high-value hard alloy markets, particularly in aerospace and new energy sectors [2] Group 2: Environmental and Energy Management - The company has established an integrated management system and obtained ISO14001:2015 and ISO50001:2018 certifications for environmental and energy management [4] - Continuous technological innovation and process improvements are being implemented to optimize energy structure and promote energy-saving technologies [5] - The company emphasizes resource efficiency, clean production, and compliance with environmental regulations, actively promoting green practices among employees [5] Group 3: Financial Performance and Market Challenges - The company’s overseas revenue accounted for 18.71% of total revenue, with a year-on-year decrease of 5.2%, indicating challenges in international trade [5] - The company is focused on enhancing product quality and stability, expanding product categories, and increasing customer loyalty to penetrate overseas markets [5] - The gross margins for core products like tungsten powder and tungsten carbide powder are relatively low at 8.01% and 10.38%, respectively, prompting the company to seek measures to improve profitability [7] Group 4: Resource Management and Future Plans - The company owns six mining rights and ten exploration rights, with ongoing efforts to integrate mining resources and explore deeper mining opportunities [6][7] - New exploration rights are expected to enhance resource integration and expand tungsten concentrate production capacity [7] - The company is committed to maintaining a stable supply of raw materials and improving product competitiveness to mitigate the impact of raw material price fluctuations [7][9]