Core Viewpoint - The recent market rally has led to significant stock price increases, yet major shareholders and executives are engaging in share reduction plans, raising questions about the implications of these actions for ordinary investors [1][2]. Group 1: Shareholder Actions - In 2023, Zhangyuan Tungsten's stock price has been on the rise, nearing historical highs, but the company has seen significant share reductions by its controlling shareholders and executives [3]. - On September 12, Zhangyuan Tungsten announced that its controlling shareholder, Chongyi Zhangyuan Investment Holdings, plans to reduce its holdings by up to 24 million shares (2% of total shares) within three months, potentially cashing out approximately 334 million yuan at a closing price of 13.93 yuan per share [3]. - Several executives, including the CFO and vice presidents, have also announced plans to reduce their holdings, with a total of 1.34 million shares sold at an average price of 8.26 yuan per share, resulting in over 10 million yuan in cash [4][5]. Group 2: Industry Context - Zhangyuan Tungsten is primarily engaged in the development and utilization of tungsten resources, producing various tungsten-based products, and is classified under the mining and manufacturing sectors [7]. - The tungsten market has been experiencing price increases due to supply constraints and strong downstream demand, with prices for tungsten concentrate and tungsten powder doubling compared to the beginning of the year [8]. - The company’s stock price movements have closely mirrored tungsten price fluctuations, particularly during significant price increases in May, July, and August [9]. Group 3: Financial Performance - Despite a revenue increase of 32.27% year-on-year to 2.399 billion yuan in the first half of 2025, Zhangyuan Tungsten reported a decline in net profit, contrasting with competitors who saw both revenue and net profit growth [12]. - The company's low self-sufficiency in tungsten concentrate (approximately 20%) necessitates external procurement, which may have increased costs amid rising tungsten prices [13]. - The gross margins for key products such as tungsten powder and carbide have decreased, indicating that rising raw material costs are impacting profitability [14]. Group 4: Competitive Landscape - Competitors like Zhongtung High-tech have reported significant profit increases due to their integrated business model, which allows for better cost control and raw material supply management [15].

投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 光大证券：张寅帅；兴证全球基金：苏宇鹏；国盛证券：何承 洋、张航 时间 2025 年 9 月 17 日 10:20-17:00 地点 公司展厅、生产线及会议室 上市公司接待 人员姓名 证券事务代表：张翠；董事会办公室：刘敏 投资者关系活 动主要内容 介绍 交流内容： 一、公司业务情况 公司主要从事钨矿山资源的开发利用及以钨为原料的仲 钨酸铵（APT）、氧化钨、钨粉、碳化钨粉、热喷涂粉、硬质 合金的生产及销售，构建了涵盖钨产业上游勘探、采选，中游 冶炼、制粉，以及下游精深加工的一体化生产体系，是国内具 备完整钨产业链生产能力的企业之一。 公司上游主要业务是钨矿山资源的勘探、采选，主要产品 为钨精矿，其作为原料用于仲钨酸铵的生产，副产品锡精矿和 铜精矿直接对外销售。 公司中游主要生产各种规格的粉末产品，公司可生产超细 颗粒、细颗粒、中颗粒、粗颗粒、超粗颗粒、超纯粉末产品， 满足不同客户需求。 硬质合金是公司的下游端产品，公司依托本部、赣州澳克 崇义章源钨业股份有限公司 ...

Group 1: Company Overview - The company primarily engages in the exploration and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloys [2][3] - It has established an integrated production system covering upstream exploration, mining, midstream smelting, and downstream deep processing, making it one of the few companies in China with a complete tungsten industry chain production capacity [2] Group 2: Mining Operations - In the first half of 2025, the company produced 1,849.93 tons of tungsten concentrate (WO3 65%), a year-on-year increase of 3.24%; tin concentrate production was 426.12 tons, up 2.71%; and copper concentrate production was 180.61 tons, up 2.02% [4] - The company is advancing resource integration and enhancing mining efficiency through mechanization, aiming to increase the output of tungsten, tin, and copper [4][5] Group 3: Cost and Procurement - Mining costs are influenced by geological conditions, ore grades, management levels, and labor costs, leading to variability across different mines [7] - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT externally, ensuring stable supply through rigorous supplier evaluations [8] Group 4: Market Impact and Sales Performance - The rise in tungsten concentrate prices positively impacts the company, but significant fluctuations in raw material prices can affect production costs and operational performance [9] - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a 43.68% increase; tungsten carbide powder sales were 2,975.12 tons, up 19.25%; however, hard alloy sales decreased by 7.17% to 573.92 tons [10][11] Group 5: Future Development - The company focuses on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloy R&D and production [11] - Plans include integrating mining resources, advancing digital transformation in production, and establishing a sustainable development system to promote green and high-quality ESG growth [11]

Group 1: Company Overview - The company primarily engages in the development and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloy products, establishing a comprehensive production system across the tungsten industry chain [3] - The upstream business focuses on tungsten ore exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [3] Group 2: 2025 Half-Year 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% [4] - Operating profit reached 13,732.88 million yuan, with a year-on-year growth of 2.19% [4] - Net profit attributable to shareholders was 11,510.62 million yuan, reflecting a year-on-year increase of 2.54% [4] - Excluding tax incentives, operating profit and net profit would have increased by 15.94% and 16.87%, respectively [4] Group 3: Mining Production and Resource Integration - In the first half of 2025, tungsten concentrate production was 1,849.93 tons, up 3.24% year-on-year; tin concentrate production was 426.12 tons, up 2.71%; and copper concentrate production was 180.61 tons, up 2.02% [5] - The company completed the resource verification report for the Taoxikeng tungsten mine and submitted the development plan for review [6] Group 4: Product Sales Performance - Tungsten powder sales reached 2,657.83 tons, a year-on-year increase of 43.68%; tungsten carbide powder sales were 2,975.12 tons, up 19.25% [7] - Sales of hard alloys decreased by 7.17% to 573.92 tons, while thermal spray powder sales fell by 1.93% to 222.59 tons [7] Group 5: Ganzhou Aoketai Performance - Ganzhou Aoketai achieved operating revenue of 35,353.30 million yuan, a year-on-year increase of 15.36% [9] - Sales revenue from hard alloy tools was 18,927.11 million yuan, up 2.26% year-on-year [9] - The company transitioned from a loss to a profit, reporting a net profit of 138.79 million yuan [9]

Group 1 - The core point of the article highlights a significant increase in tungsten prices, with ammonium paratungstate (APT) reaching 350,000 yuan/ton, a rise of 10,000 yuan/ton from the previous day and a 65.9% increase since the beginning of the year [1] - Black tungsten concentrate (≥65%) is priced at 233,000 yuan/standard ton, and white tungsten concentrate (≥65%) at 232,000 yuan/standard ton, both showing a daily increase of 7,000 yuan/ton and over 60% rise year-to-date [1] - Despite the rising tungsten prices, related concept stocks experienced a collective decline, with the tungsten index dropping 3.7%, marking the largest decline in August [1] Group 2 - Leading companies in the industry have also raised their prices, with Xiamen Tungsten's APT long-term price reaching 279,500 yuan/ton in early August, an increase of 16,500 yuan/ton from late July [2] - The A-share tungsten sector has seen a general rise, with the Tonghuashun tungsten index increasing over 31% in August, and specific companies like Zhangyuan Tungsten and Xianglu Tungsten experiencing stock price increases of 45.56% and 34.48%, respectively [2] - The supply side is under pressure, with a reduction in tungsten ore mining quotas for 2025, decreasing by 4,000 tons or 6.45% compared to 2024, leading to tighter supply expectations [2] Group 3 - Export data shows that tungsten exports in July totaled 1,692.7 tons, a 34.1% increase from June and a 25.2% increase year-on-year, although the cumulative exports from January to July still reflect a 17.9% year-on-year decline [3] - Market analysts maintain an optimistic outlook, citing a significant supply shortage due to reduced mining quotas and delayed allocation of the second batch of quotas, which are expected to influence tungsten prices [3] - The demand side is also expected to grow steadily, driven by new applications in photovoltaic tungsten wire, nuclear shielding materials, and solid-state battery tungsten-based anode materials, maintaining a tight supply-demand balance [3]

Core Insights - Tungsten has emerged as a critical resource in military industrial applications, with a melting point of 3400°C and hardness second only to diamond, making it essential for armor-piercing ammunition, missile engine components, and advanced chip manufacturing [1][7]. Resource Comparison - Global tungsten reserves are approximately 4.6 million tons, with China holding 2.4 million tons (52.17%), Russia at 450,000 tons, and the U.S. at only 140,000 tons [3]. - In China, the Jiangxi Gannan region hosts significant tungsten deposits, with the Zhu Xi tungsten mine and Wu Ning Da Hu Tang tungsten mine holding reserves of 2.86 million tons and 1.06 million tons, respectively, surpassing the combined reserves of the U.S. and Russia [3]. U.S. and Russian Challenges - The U.S. has ceased commercial tungsten mining since 2015, relying on imports for 58% of its tungsten alloy needs, primarily from China [5]. - Russia's tungsten mining is hindered by extreme environmental conditions and high transportation costs, limiting its production capacity to 3,000 tons per year, which is only one-twentieth of China's output [5]. Military Applications - Tungsten's military value is highlighted in the Ukraine conflict, where tungsten alloy armor-piercing shells can penetrate thick armor due to their high density [7]. - The U.S. military consumes over 6,000 tons of tungsten annually, and any disruption in the supply chain could cripple half of its weapon production lines [7]. Supply Chain Control - China controls the entire tungsten supply chain, from mining to high-end processing, implementing annual quotas and monopolizing deep processing technologies, which increases costs for Western companies by 30% [9]. - Export restrictions on tungsten products starting in 2025 have already led to a 25% drop in export volumes, pushing international tungsten prices close to historical highs [9]. Historical Context - The competition for tungsten resources dates back to the 1930s, with significant historical events involving tungsten trade impacting military capabilities during World War II and the Cold War [12][14]. - The ongoing "tungsten war" reflects the geopolitical struggle for resource control, with China transitioning from a resource exporter to a technology price setter [16]. Future Implications - The strategic importance of tungsten is underscored by its applications in advanced technologies, such as nano tungsten wires for chip etching and tungsten-molybdenum alloys for hypersonic missiles [16]. - The potential for a supply disruption from China is recognized as a top-tier risk for the U.S. military, with significant implications for various industries, including aerospace and semiconductors [16].

Core Viewpoint - The A-share market for tungsten stocks is experiencing a strong performance, with significant price increases in tungsten products and notable stock price gains for companies in the sector [1] Group 1: Market Performance - Zhangyuan Tungsten Industry has reached a daily limit increase of 10%, while China Rare Earth and Xianglu Tungsten Industry have risen over 4%, and Xiamen Tungsten Industry has increased by over 2% [1] - The total market capitalization of Zhangyuan Tungsten Industry is 13.9 billion, with a year-to-date increase of 80.03% [2] - China Rare Earth has a market capitalization of 50.9 billion, with a year-to-date increase of 71.12% [2] - Xianglu Tungsten Industry has a market capitalization of 3.615 billion, with a year-to-date increase of 77.94% [2] - Xiamen Tungsten Industry has a market capitalization of 43.3 billion, with a year-to-date increase of 44.32% [2] Group 2: Price Adjustments - Zhangyuan Tungsten Industry and Jiangxi Tungsten Industry have announced the guidance prices for tungsten products for the second half of August [1] - The guidance price for Jiangxi Tungsten Group's national standard first-class black tungsten concentrate is set at 213,000 yuan per standard ton, an increase of 19,000 yuan per standard ton, representing a rise of 9.79% [1] - The monthly increase in the price of black tungsten concentrate is 17.03% [1] Group 3: Price Trends - Recent industry data indicates that tungsten prices have surged by 5,000 to 10,000 yuan per ton [1] - The price of 65% black tungsten concentrate is 216,000 yuan per standard ton, up 51.1% since the beginning of the year [1] - The price of 65% white tungsten concentrate is 215,000 yuan per standard ton, reflecting a 51.4% increase since the beginning of the year [1] - The price of ammonium paratungstate (APT) is 320,000 yuan per ton, which is a 51.7% increase since the beginning of the year [1]

Group 1 - A-shares in the tungsten industry are experiencing a strong performance, with Zhangyuan Tungsten hitting the daily limit, China Rare Earth rising over 4%, Xianglu Tungsten increasing by over 4%, and Xiamen Tungsten up by over 2% [1] - Jiangxi Tungsten Holdings Group has raised the guidance price for black tungsten concentrate to 213,000 yuan per standard ton for the second half of August, an increase of 19,000 yuan per standard ton, representing a 9.79% rise and a month-to-date increase of 17.03% [1] - Tungsten prices have surged recently, with daily increases ranging from 5,000 yuan to 10,000 yuan per ton, leading to a 51.1% increase in the price of 65% black tungsten concentrate compared to the beginning of the year [1] Group 2 - Zhangyuan Tungsten has a market capitalization of 13.9 billion yuan and has seen an 80.03% increase year-to-date [2] - China Rare Earth has a market capitalization of 50.9 billion yuan with a year-to-date increase of 71.12% [2] - Xianglu Tungsten has a market capitalization of 3.615 billion yuan and a year-to-date increase of 77.94% [2] - Xiamen Tungsten has a market capitalization of 43.3 billion yuan and a year-to-date increase of 44.32% [2]

Group 1: Tungsten Price Trends - Tungsten prices have been on the rise throughout the year, with significant increases noted in recent weeks. As of August 20, the price of 65% tungsten concentrate reached 217,000 yuan/ton, up 3,000 yuan/ton from August 19, marking a 51.75% increase since the beginning of the year [5][8] - The price of ammonium paratungstate (APT) at 88.5% purity is reported at 311,500 yuan/ton, reflecting a 47.98% increase year-to-date, while tungsten powder is priced at 482.5 yuan/kg, up 53.91% since the start of the year [5][8] Group 2: Supply and Demand Dynamics - The surge in tungsten prices is attributed to tightening supply and emerging demand. The Ministry of Natural Resources has set a control target for tungsten mining at 58,000 tons for 2025, a reduction of 4,000 tons or 6.45% from the previous year [8] - Major tungsten-producing regions, such as Jiangxi and Yunnan, have also seen reductions in mining output, contributing to a significant decrease in market circulation [8] - Demand for tungsten is growing in various sectors, including aerospace, defense, and electronics, with notable increases in the renewable energy sector, particularly in photovoltaic applications [8] Group 3: Market Performance and Stock Analysis - Tungsten-related stocks in the A-share market have generally performed well, with an average increase of 10.1% since August. Leading stocks include Luoyang Molybdenum, Zhongtung High-tech, and Xianglu Tungsten, with respective gains of 22.48%, 18.99%, and 17.41% [10][14] - The valuation of some tungsten concept stocks remains low, with a median rolling P/E ratio of 30.24 times, and several stocks, including Shengtun Mining and Luoyang Molybdenum, having P/E ratios below 20 times [11][12] - Luoyang Molybdenum is expected to report a net profit of 8.2 to 9.1 billion yuan for the first half of the year, representing a year-on-year growth of 51.37% to 67.98% [12]

Core Viewpoint - The price of tungsten products has been continuously rising this year, driven by supply constraints and increasing demand from various industries, particularly in the renewable energy sector [1][3][4]. Price Trends - Tungsten concentrate prices have surged, with a recent increase of 3,000 to 10,000 yuan per ton. As of August 20, the price for 65% tungsten concentrate was 217,000 yuan per ton, up 51.75% since the beginning of the year [1]. - The price for ammonium paratungstate (APT) reached 311,500 yuan per ton, reflecting a 47.98% increase year-to-date, while tungsten powder prices rose to 482.5 yuan per kilogram, up 53.91% [1]. Supply and Demand Dynamics - Supply has tightened due to a reduction in mining quotas set by the Ministry of Natural Resources, with a 6.45% decrease in the first batch of tungsten mining quotas for 2025 compared to 2024 [3]. - Major tungsten-producing regions, such as Jiangxi and Yunnan, have also seen significant reductions in mining output, leading to a sharp decrease in market circulation [3]. - Demand for tungsten is growing, particularly in hard alloy applications across various sectors, including aerospace, defense, and electronics. The demand for tungsten in the renewable energy sector is expected to exceed 4,500 tons by 2025 [3]. Market Outlook - Short-term prospects for tungsten prices are positive, driven by restocking needs and export recovery. However, long-term supply constraints may lead to a sustained increase in tungsten prices [4]. - The profit distribution within the tungsten industry is characterized by a "smile curve," where companies at both ends of the value chain are likely to benefit from rising tungsten prices [4]. Stock Performance - Tungsten-related stocks in the A-share market have generally risen, with an average increase of 10.1% since August. Notable performers include Luoyang Molybdenum, Zhongtung High-tech, and Xianglu Tungsten, with cumulative increases of 22.48%, 18.99%, and 17.41%, respectively [5][9]. - Some tungsten stocks are currently undervalued, with a median rolling P/E ratio of 30.24 times, and companies like Shengtun Mining and Luoyang Molybdenum have P/E ratios below 20 times [6]. Company Performance - Shengtun Mining has the lowest valuation with a rolling P/E ratio of 12.41 times and holds 32,200 tons of tungsten metal in its own mines [7]. - Among the companies that have reported earnings, a significant proportion (75%) showed positive growth, with Luoyang Molybdenum expected to report a net profit of 8.2 to 9.1 billion yuan for the first half of the year, marking a year-on-year increase of 51.37% to 67.98% [7].