Core Viewpoint - Xiamen Tungsten Co., Ltd. has approved changes to its fundraising projects, reallocating remaining funds to new initiatives [1] Group 1: Company Decisions - The company held its 24th meeting of the 10th Board of Directors on February 10, 2026, where the proposal to change certain fundraising projects was unanimously approved with 9 votes in favor [1] - The original fundraising project for the "100 billion meters of tungsten wire production line for photovoltaic use" will undergo changes in investment amount, implementation locations, and construction period [1] Group 2: Fund Allocation - The remaining raised funds amounting to 58 million yuan will be redirected to new projects, including the "hard surface material expansion project," "CNC blade substrate expansion project," and "metal cutting solution engineering center project" [1]

Core Viewpoint - Xiamen Tungsten Co., Ltd. has a complete industrial chain in tungsten and molybdenum products, showcasing significant competitive advantages in various sectors including smelting, wire materials, powder, and hard alloy deep processing [1] Group 1: Tungsten and Molybdenum Business - The company produces high-end tungsten wire for photovoltaic applications, which is a result of independent research and development, holding multiple national invention patents and utility model patents [1] - Hard alloy products are characterized by high quality and high unit price, with production and sales scale ranking among the top in China [1] - Cutting tool products are positioned in the mid-to-high end market, supported by strong research and development capabilities [1] Group 2: Rare Earth Business - The company possesses a complete rare earth industrial chain, covering fine chemical products, luminescent materials, rare earth metals, high-performance magnetic materials, and optoelectronic crystals [1] Group 3: Battery Materials Business - The company has strong technological advantages, business scale advantages, and market/customer advantages in the battery materials sector, adhering to a development path focused on product high-endization, management refinement, and international operations [1]

Core Viewpoint - Xianglu Tungsten Industry expects a significant increase in net profit for 2025, projecting a range of 125 million to 180 million yuan, representing a year-on-year growth of 239.66% to 301.11% [1] Financial Performance - The basic earnings per share are estimated to be between 0.4 and 0.57 yuan [1] - The primary reason for the performance change is the continuous increase in tungsten metal raw material prices throughout the year [1] Market Conditions - The supply and demand situation in the tungsten market has improved compared to previous years [1] - As a major manufacturer of tungsten products and materials in China, the company has enhanced its pricing power for tungsten products [1] Cost and Revenue Dynamics - The increase in raw material prices has been smoothly transmitted to downstream products, leading to significant growth in gross margin and gross profit for major products [1] - There has been a notable increase in sales orders for cemented carbide, and the production capacity for tungsten wire used in photovoltaics is gradually being released [1] - The company has strengthened cost control measures, which have improved profitability, contributing to the increase in revenue and gross profit year-on-year [1]

Core Viewpoint - Xianglu Tungsten Industry (002842.SZ) expects a net profit attributable to shareholders of 125 million to 180 million yuan for 2025, indicating a turnaround from losses in the previous year [1] Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses of 115 million to 170 million yuan for 2025, also reflecting a recovery from previous losses [1] - The increase in tungsten metal raw material prices throughout the year has positively impacted the company's financial performance [1] Market Conditions - The tungsten market's supply and demand situation has improved compared to previous years, enhancing the company's pricing power for tungsten products [1] - The sales order volume for hard alloys has significantly increased year-on-year, contributing to revenue growth [1] Operational Efficiency - The gradual release of production capacity for tungsten wire used in photovoltaic applications has supported the company's performance [1] - The company has strengthened cost control measures, leading to improved profitability and increased contributions to revenue and gross profit year-on-year [1]

Core Viewpoint - Xianglu Tungsten Industry expects a net profit of 125 million to 180 million yuan for the fiscal year 2025, representing a year-on-year growth of 239.66% to 301.11% [1] Group 1: Market Conditions - The price of tungsten raw materials has been continuously increasing throughout the year, leading to an improved supply-demand situation in the tungsten market compared to previous years [1] - The company, as a major manufacturer of tungsten products and materials in China, has enhanced its pricing power for tungsten products [1] Group 2: Financial Performance - The increase in raw material prices has been smoothly transmitted to downstream products, resulting in significant growth in gross profit margin and gross profit for the company's main products [1] - The sales order volume for hard alloys has significantly increased year-on-year, contributing to revenue growth [1] Group 3: Production and Cost Management - The production capacity for tungsten wire used in photovoltaic applications is gradually being released [1] - The company has strengthened cost control measures, which have improved profitability levels, thereby supporting revenue and gross profit contributions year-on-year [1]

Core Viewpoint - Xianglu Tungsten Industry (002842.SZ) forecasts a net profit attributable to shareholders of 125 million to 180 million yuan for the fiscal year 2025, marking a turnaround from loss to profit [1] Group 1: Financial Performance - The company expects a significant increase in net profit compared to the previous year, driven by rising tungsten metal raw material prices and improved market supply and demand [1] - The gross profit margin of the products has notably increased due to enhanced pricing power [1] Group 2: Operational Highlights - There has been an increase in orders for hard alloys, contributing to the overall revenue growth [1] - The release of production capacity for tungsten wire used in photovoltaic applications has positively impacted profitability [1] - Strengthened cost control measures have further improved the company's profit levels [1]

Core Viewpoint - Xianglu Tungsten Industry (002842.SZ) forecasts a net profit attributable to shareholders of 125 million to 180 million yuan for the fiscal year 2025, marking a turnaround from losses to profits [1] Group 1: Financial Performance - The company expects a significant increase in net profit compared to the previous year, driven by rising tungsten metal raw material prices and improved market supply and demand [1] - The gross profit margin of the products has notably increased due to enhanced pricing power [1] Group 2: Operational Highlights - There has been an increase in orders for hard alloys, contributing to the overall revenue growth [1] - The release of production capacity for tungsten wire used in photovoltaic applications has positively impacted profitability [1] - Strengthened cost control measures have further improved the company's profit levels [1]

Core Viewpoint - The prices of tungsten products have surged significantly in 2023, with black tungsten concentrate prices increasing over 140% year-to-date, driven by supply constraints and rising demand in high-end manufacturing and emerging industries [1][3]. Price Trends - As of December 5, black tungsten concentrate (≥65%) is priced at 353,000 CNY/ton, up 3.8% week-on-week; APT (ammonium paratungstate: ≥88.5%) is at 518,000 CNY/ton, up 4.7%; tungsten powder is at 825 CNY/kg, up 3.8% [1]. - Compared to the beginning of the year, black tungsten concentrate has increased by 146.85% from 143,000 CNY/ton, APT by 145.5%, and tungsten powder by 161.08% [1][3]. Supply and Demand Dynamics - China is the world's leading tungsten producer and consumer, with an estimated production of 67,000 metric tons in 2024, accounting for 82.7% of global output [3]. - The Ministry of Natural Resources and the Ministry of Industry and Information Technology have set a total mining control target of 58,000 tons for tungsten concentrate (65% WO3) in 2025, a decrease of 4,000 tons (6.45%) from 2024 [3]. - The demand for tungsten is driven by its unique physical properties, making it essential in high-end manufacturing and emerging industries such as photovoltaics, military, and semiconductors [3]. Future Outlook - According to Zhejiang Securities, the recovery of China's manufacturing sector is expected to accelerate post-global interest rate cuts, which will boost tungsten consumption [4]. - New applications in AI, controlled nuclear fusion, and new infrastructure are anticipated to increase marginal demand for tungsten-based new materials [4]. Company Developments - Seven A-share companies involved in tungsten production have seen collective stock price increases, averaging 2.02%, with notable gains from Zhongtung High-tech, Xianglu Tungsten, and Luoyang Molybdenum [5]. - Companies are actively expanding tungsten applications in emerging industries, with Zhongtung High-tech successfully producing high-quality nano-grade tungsten carbide powder for PCB micro-drills [5]. - Xiamen Tungsten is focusing on expanding its tungsten wire applications in photovoltaics, achieving significant results with mainstream product lines reaching below 28μ in diameter [5]. - Zhangyuan Tungsten is committed to high-value hard alloy markets, focusing on aerospace and new energy sectors, and developing core business areas including cutting tools and high-end ceramic materials [6]. Financial Performance - In the first three quarters, tungsten-related companies reported improved profitability, with Xianglu Tungsten and Guangsheng Nonferrous turning profitable, while others like Luoyang Molybdenum, Hunan Gold, and Zhangyuan Tungsten saw significant year-on-year profit growth of 72.61%, 54.28%, and 29.71% respectively [6].

Group 1 - The company held an online performance briefing on September 19, 2025, from 2 PM to 5 PM, via the "Investor Relations Interactive Platform" [1][2] - Key personnel participating in the event included General Manager Chen Weidong, CFO Zheng Lifang, Board Secretary Yang Feng, and Independent Director Huang Weikun [1][2] Group 2 - Investors inquired about the operational status of the company's mines, to which the company confirmed that mining operations are currently normal and advised to refer to periodic reports disclosed on the Giant Tide website [3] - The company addressed the impact of rising tungsten raw material prices on its operating performance, stating that operational conditions should be monitored through periodic reports on the Giant Tide website [3] - The company has not fully explored most areas of the Iron Cangzhai mining area and will develop detailed exploration plans based on market and internal conditions [3] - As of the end of 2018, the company had partially proven reserves of 43.36 million tons of ore with a WO3 metal content of 5,103 tons, along with various associated resources [3] - The company has a significant demand for externally purchased tungsten products and monitors prices regularly to mitigate the impact of price fluctuations [3] - The company noted that while the rise in tungsten prices increases the cost and selling price of tungsten wire for photovoltaic applications, the recovery value of waste tungsten wire has also increased, partially offsetting costs [3] - The company believes that tungsten wire has advantages over high-carbon steel wire and has a promising market outlook as a next-generation material [3] - The company produces according to demand and manages inventory cautiously to avoid risks associated with price volatility [3]

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]