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 ...

章源钨业分析师会议 调研日期：2025年08月27日 调研行业：小金属 参与调研的机构：中泰证券、汇安、广东正圆私募、圆信永丰等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CA ...

来源：上海证券报·中国证券网 上证报中国证券网讯 8月27日盘后，章源钨业披露的机构调研纪要显示，上半年，公司积极拓展市场， 优化产品结构，改进产品性能，推出满足市场需求的新产品，钨粉销量2657.83吨，同比增加43.68%； 碳化钨粉销量 2975.12吨，同比增加19.25%；本部硬质合金销量573.92吨，同比减少7.17%；热喷涂粉销 量222.59吨，同比减少 1.93%。 上半年，公司钨精矿（WO3 65%）产量1849.93吨，同比增加3.24%；锡精矿（金属量100%）产量 426.12吨，同比增加2.71%；铜精矿（金属量 100%）产量180.61吨，同比增加2.02%。 上半年，子公司赣州澳克泰通过优化内部管理与激励机制，提升销售团队积极性及问题解决效率，进一 步开拓市场，开发行业重点客户，实现营业收入35,353.30 万元，同比增长15.36%，其中硬质合金刀具 销售收入18,927.11 万元，同比增长 2.26%；棒材销售收入 14,339.83 万元，同比增长28.30%。赣州澳克 泰净利润 138.79 万元，由上年同期亏损转为盈利。（黄浦江） ...

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 ...

Summary of Conference Call Industry Overview - The company operates in the uranium industry, which is considered a strategic mineral resource in China, subject to protective mining regulations [2][3] - Uranium has three key characteristics: high melting point, high hardness, and high density, making it essential in various sectors of the national economy [2] Company Business - The company is engaged in the resource development and utilization of uranium mines, producing and selling various products derived from uranium [3][4] - The product range includes ammonium diuranate, uranium oxide, uranium carbide powder, thermal spray powder, and hard alloys [3] - The company has established an integrated production system covering upstream mining, midstream smelting, and downstream processing, making it one of the few domestic manufacturers with a complete uranium industry chain [3][4] Resource and Production Data - As of the end of 2024, the company holds uranium reserves of 79,400 tons, tin reserves of 17,600 tons, and copper reserves of 11,300 tons [4] - The company ranks first in uranium powder production and second in uranium carbide powder production in China [4] Market Trends and Pricing - The average price of uranium products has increased by 11% to 14% year-on-year [3] - The company is focusing on expanding its market presence and has seen a rise in market prices for uranium products and by-products [6] Production Challenges - There has been a slight decline in uranium ore production due to natural grade degradation, but the company is working on resource integration to stabilize production levels [8][9] - The company is also addressing rising mining costs, which have increased slightly over the years [10] Financial Performance - The company reported a stable performance in 2024, with an increase in sales volume for uranium powder and hard alloys, despite some pressure in the hard alloy market [24] - The gross margin for hard alloys has improved, with a reported increase from 16-17% to 20% [20][21] Strategic Initiatives - The company is actively pursuing resource integration projects to enhance production capacity and efficiency [9] - There are ongoing efforts to expand into high-end markets, particularly in the aerospace and automotive sectors [17][30] Export and Trade Considerations - The company’s export ratio is around 12%, primarily to Asia and Europe, with minimal exposure to the U.S. market [18] - Recent trade tensions and export controls have not significantly impacted the company, although they have extended export processing times [19] Future Outlook - The company remains optimistic about the long-term price trends for uranium, despite current market fluctuations [28] - Plans for a new uranium project are underway, with expectations for production to commence in the near future [29] Conclusion - The company is positioned as a leading player in the uranium industry, with a comprehensive production chain and a focus on market expansion and product innovation [30]

Group 1: Financial Performance and Goals - The company plans to achieve a sales revenue of 3.8 billion CNY in 2025, with a focus on various operational segments [2] - In 2024, the company produced 3,739 tons of tungsten concentrate (65%), a decrease of 9.99% year-on-year [8] - The self-sufficiency rate for tungsten raw materials in 2024 was approximately 20% [9] Group 2: Operational Strategy - The company is enhancing its mining operations by integrating resource exploration and optimizing mining methods to improve efficiency [3] - The company aims to develop high-value-added products and improve production processes through digital transformation [5] - The company has established a complete tungsten industry chain, ranking first in tungsten powder production and second in carbide tungsten powder production as of Q4 2024 [3] Group 3: Market Position and Competitive Advantage - The company is recognized as one of the few manufacturers in China with a complete tungsten industry chain, which strengthens its market resilience [3] - The company focuses on innovation and has established a technology center to drive research and development [4] - The company benefits from regional policy advantages that support the development and utilization of tungsten resources [5] Group 4: Product Sales and Market Trends - In 2024, tungsten powder sales were 3,980 tons, a decrease of 4.67% year-on-year, while tungsten carbide powder sales increased by 0.20% to 4,923 tons [14] - The company’s subsidiary, Ganzhou Aoketai, reported a revenue of 665.99 million CNY in 2024, a year-on-year increase of 21.93% [15] - The sales of coated blades increased by 6.22% to 21.68 million pieces in 2024 [15] Group 5: Future Development Outlook - The company is committed to sustainable development and aims to enhance resource exploration and mining efficiency [6] - The focus will be on high-performance tungsten products for various industries, including aerospace and renewable energy [7] - The company plans to continue its efforts in resource integration and smart mining construction to ensure orderly resource replacement [10]

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]

Financial Performance - In 2024, the company achieved an operating revenue of CNY 367,325.17 million, representing an 8.02% increase year-on-year [2] - The net profit attributable to shareholders was CNY 17,202.86 million, reflecting a 19.50% growth compared to the previous year [2] - For Q1 2025, the operating revenue reached CNY 118,625.34 million, marking a 35.74% increase year-on-year [2] - The net profit attributable to shareholders for Q1 2025 was CNY 4,256.78 million, a significant increase of 56.46% year-on-year [2] Mining Operations - In 2024, the production of tungsten concentrate (65%) was 3,739 tons, a decrease of 9.99% year-on-year [3] - The production of tin concentrate (100% metal content) was 828 tons, down 6.12% year-on-year [3] - Copper concentrate production (100% metal content) increased by 1.81% to 449 tons [3] - The self-sufficiency rate for tungsten raw materials was approximately 20% in 2024 [4] Resource Integration - The company is advancing resource integration, with the verification report for the Taoxikeng tungsten mine and Dongfeng's resources approved by the Ministry of Natural Resources [5] - The verification reports for the Xin'anzi tungsten-tin mine and Longtanmian, as well as the deep resource verification report for Dayu Shilei tungsten mine, are nearing completion [5][6] Powder Product Sales - In 2024, tungsten powder sales were 3,980 tons, a decrease of 4.67% year-on-year [7] - Sales of tungsten carbide powder were 4,923 tons, showing a slight increase of 0.20% [7] - Sales of thermal spray powder decreased by 12.22% to 388 tons [7] - In Q1 2025, the company experienced an increase in product sales due to enhanced customer loyalty [7] Subsidiary Performance - In 2024, Ganzhou Aoketai reported operating revenue of CNY 66,599.13 million, a growth of 21.93% year-on-year [8] - The net profit was a loss of CNY 682.28 million, an improvement from a loss of CNY 4,193.11 million in the previous year [8] - Gaining traction in various sectors, Aoketai increased sales of coated blades by 6.22% to 2,168 million pieces and rod sales by 12.19% to 773 tons [8] Market Impact - The rise in tungsten concentrate prices has a generally positive impact on the company, although significant fluctuations in raw material prices could affect production costs and operational performance [9] Future Development Plans - The company aims to focus on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloys [10] - Plans include resource exploration, deep mining development, and digital transformation of production facilities [11] - The strategy involves enhancing production processes, developing specialized powder products, and targeting high-value markets such as aerospace and new energy [11]