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 tungsten industry chain [1] - The upstream business focuses on tungsten mining resource exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [1] - The midstream production includes various specifications of powder products, capable of producing ultra-fine, fine, medium, coarse, and ultra-coarse powders to meet diverse customer needs [2] Group 2: Resource Integration and Procurement - The company completed the verification report for tungsten resource reserves in the Taoxikeng mining area and submitted the development plan for review by the Ministry of Natural Resources in the first half of 2025 [3] - The company self-produces all tungsten concentrates for its own use and procures additional tungsten concentrates and APT from qualified suppliers, ensuring stable raw material supply through rigorous supplier evaluation [4] Group 3: Business Operations and Market Position - Ganzhou Aoketai specializes in cutting tools for difficult-to-machine materials, producing various types of cutting tools for industries such as automotive, aerospace, and energy, with steady sales growth expected in 2025 [5][6] - The company aims to enhance its production capacity for competitive, high-value-added products based on market demand [6] Group 4: Future Trends and Strategic Direction - Tungsten is a strategic mineral resource in China, with supply constraints and increasing downstream demand expected to stabilize tungsten concentrate prices [6] - The company focuses on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloys [6] - Plans include strengthening upstream resource exploration, optimizing midstream production processes, and advancing downstream high-end brand strategies in sectors like aerospace and new energy [6]

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 alloys, establishing a comprehensive production system across the tungsten industry chain [1] - The upstream business focuses on tungsten mining resource exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [1] - The midstream segment produces various specifications of powder products, including ultra-fine, fine, medium, coarse, and ultra-coarse powders, catering to diverse customer needs [2] Group 2: Mining Operations - The company completed the filing of the tungsten resource reserve verification report for the Taoxikeng tungsten mine and the Dongfeng exploration rights area in the first half of 2025, and submitted the development and utilization plan for review [3] - Mining costs are influenced by geological conditions, ore grades, management levels, and labor costs, resulting in varying costs across different mines [3] Group 3: Raw Material Procurement - The company utilizes all self-produced tungsten concentrates and procures additional tungsten concentrates and APT externally to meet mid and downstream production needs [4] - Suppliers are evaluated based on management capabilities and technical levels, ensuring a stable supply of raw materials through long-term partnerships with qualified suppliers [4] Group 4: Business Performance and Market Outlook - The subsidiary, Ganzhou Aoketai, specializes in cutting tools for difficult-to-machine materials, with steady sales growth in 2025, and plans to expand competitive, high-value-added product capacity based on market demand [5] - Tungsten is a strategic mineral resource in China, subject to protective mining quotas, with tight supply and increasing downstream demand expected to stabilize tungsten concentrate prices in the future [5]

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 [1] - The upstream business focuses on tungsten mining resource exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [1] - The midstream segment produces various specifications of powder products, including ultra-fine, fine, medium, coarse, and ultra-coarse powders, catering to diverse customer needs [2] Group 2: Resource Integration and Procurement - The company has completed the verification report for tungsten resource reserves in the Taoxikeng mining area and submitted the development plan for review by the Ministry of Natural Resources [3] - The company self-produces all tungsten concentrates for its own use and procures additional tungsten concentrates and APT from qualified suppliers to ensure stable raw material supply [4] Group 3: Sales and Market Performance - From January to September 2025, tungsten raw material prices increased year-on-year, leading to a rise in product sales and revenue [5] - The subsidiary, Ganzhou Aoketai, specializes in cutting tools for difficult-to-machine materials, maintaining steady sales growth in the same period [6] Group 4: Future Development Directions - The company aims to enhance the efficient utilization and development of tungsten resources, focusing on high-performance, high-precision, and high-value-added hard alloy products [7] - Plans include increasing exploration efforts for mining rights, optimizing production processes, and developing specialized powder products to meet diverse market demands [7] - The company is committed to building a sustainable development system, promoting green and high-quality growth, and expanding into high-end markets such as aerospace and new energy [7]

Group 1 - The core business of Zhangyuan Tungsten Industry revolves around the development and utilization of tungsten mining resources, with a complete integrated production system covering upstream exploration, midstream smelting and powdering, and downstream deep processing [1] - The company has completed the filing and review of reports related to the Taoxikeng tungsten mine and Dongfeng exploration rights, and is progressing with exploration work at Huangzhulang tungsten mine [2] - In the first half of 2025, the production of tungsten concentrate (WO3 65%) was 1,849.93 tons, a year-on-year increase of 3.24%, while tin concentrate and copper concentrate also saw slight increases in production [2] Group 2 - In the first half of 2025, the company actively expanded its market and optimized its product structure, with tungsten powder sales increasing by 43.68% year-on-year [3] - The sales revenue of tools from Ganzhou Aoketai reached 30,679.61 million yuan, a year-on-year increase of 2.26%, and the company achieved profitability with a net profit of 138.79 million yuan [3][4] - Ganzhou Aoketai positions itself as an expert in cutting difficult-to-process materials, aiming to replace similar imported products in the domestic market [4]

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 tungsten industry chain [2][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 [2][3] 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% [5] - The company is advancing resource integration and deep mining construction, enhancing mining and selection efficiency to increase output of tungsten, tin, and copper [6] Group 3: Cost and Procurement - Mining costs are influenced by geological conditions, ore grades, management levels, and labor costs, varying across different mines [7] - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT from external suppliers, ensuring stable supply through rigorous supplier evaluation [8] Group 4: Impact of Raw Material Prices - Rising tungsten concentrate prices positively affect the company, but significant fluctuations in procurement prices can impact production costs and overall business performance [9] Group 5: Sales Performance - 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, and thermal spray powder sales fell by 1.93% to 222.59 tons [10] Group 6: Subsidiary Performance - In the first half of 2025, the subsidiary Ganzhou Aoketai achieved revenue of 353.53 million yuan, a year-on-year increase of 15.36%, with hard alloy tool sales contributing 189.27 million yuan, up 2.26% [11][12] - Ganzhou Aoketai specializes in cutting tools for difficult-to-machine materials, providing solutions for various industries including automotive, aerospace, and energy [12]

Group 1 - The company conducted an investor relations activity on September 17, 2025, with three institutions participating, including Everbright Securities, Xingzheng Global Fund, and Guosheng Securities [1] - The company has established an integrated production system covering the entire tungsten industry chain, including exploration, mining, smelting, powder production, and deep processing [1] - The company reported an increase in production for tungsten concentrate, tin concentrate, and copper concentrate in the first half of 2025, with tungsten concentrate production reaching 1,849.93 tons, a year-on-year increase of 3.24% [2] Group 2 - The company achieved a sales volume of 2,657.83 tons for tungsten powder in the first half of 2025, representing a year-on-year increase of 43.68% [3] - The subsidiary, Ganzhou Aoketai, reported a revenue of 353.53 million yuan in the first half of 2025, a year-on-year growth of 15.36%, with hard alloy tool sales contributing 189.27 million yuan, up 22.6% [3] - The company is focusing on establishing long-term partnerships with quality suppliers for tungsten raw materials, while also facing challenges from price fluctuations in externally sourced raw materials [2]

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 [1][2] - The upstream business focuses on tungsten mining resource exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [1][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% [3] - The company is advancing resource integration and enhancing mining efficiency through mechanization, aiming to increase the output of tungsten, tin, and copper [3][4] Group 3: Raw Material Procurement - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT externally, evaluating suppliers based on management capabilities and quality to ensure stable raw material supply [7] - Fluctuations in tungsten concentrate prices can impact production costs and overall business performance, especially given the high proportion of externally sourced raw materials [8] Group 4: Sales Performance - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a 43.68% increase year-on-year; tungsten carbide powder sales were 2,975.12 tons, up 19.25%; however, hard alloy sales decreased by 7.17% to 573.92 tons, and thermal spray powder sales fell by 1.93% to 222.59 tons [9] - The subsidiary, Ganzhou Aoketai, achieved revenue of 353.53 million yuan, a 15.36% increase, with hard alloy tool sales contributing 189.27 million yuan, up 2.26%, and bar sales reaching 143.40 million yuan, up 28.30% [10]

Group 1: Mining Production and Resources - 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% [2] - The production of tin concentrate (100% metal content) was 426.12 tons, up 2.71% year-on-year [2] - Copper concentrate (100% metal content) production reached 180.61 tons, reflecting a 2.02% increase year-on-year [2] - The company completed the preparation of the "Tao Xikeng (Expanded) Mineral Resource Development and Utilization Plan" and submitted it for review [3] Group 2: Cost and Price Impact - Mining costs are influenced by geological conditions, ore grades, management levels, and labor costs, leading to variability across different mines [4] - The rise in tungsten concentrate prices positively impacts the company, but significant fluctuations in raw material prices could affect production costs and operational performance [5] Group 3: Sales Performance - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a year-on-year increase of 43.68% [6] - Sales of tungsten carbide powder were 2,975.12 tons, up 19.25% year-on-year [6] - 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 [6] Group 4: Subsidiary Performance - In the first half of 2025, Ganzhou Aoketai achieved operating revenue of 353.53 million yuan, a year-on-year increase of 15.36% [7] - Sales revenue from hard alloy tools was 189.27 million yuan, up 2.26% year-on-year [7] - Sales revenue from bars increased by 28.30% to 143.40 million yuan [7] - Gaining profitability, Ganzhou Aoketai reported a net profit of 1.39 million yuan, recovering from a loss in the previous year [7]

Summary of the Conference Call for Zhangyuan Tungsten Industry Company Overview - Zhangyuan Tungsten Industry reported nearly 2.4 billion yuan in revenue for the first half of 2025, representing a year-on-year increase of 32% [2][4] - The net profit attributable to the parent company was 115 million yuan, with a staggering year-on-year growth of 2,954% [2][4] - Excluding tax incentives, operating profit and net profit attributable to the parent company increased by 15.94% and 16.87% respectively [2][4] - The company has an integrated production system covering upstream tungsten mining, midstream smelting and powder production, and downstream deep processing [2][6] Industry Insights - The tungsten market in the first half of 2025 experienced a continuous upward trend due to tightening supply, rigid downstream demand, and international geopolitical factors [3] - Average prices for tungsten products such as tungsten concentrate, ammonium paratungstate, tungsten powder, and tungsten carbide powder increased by over 11% year-on-year [3] Business Segments Upstream Operations - The company owns 10 exploration rights and 6 mining rights, with tungsten resource reserves of 79,400 tons [2][7] - Main upstream products include tungsten concentrate, which is used internally for producing ammonium paratungstate, and by-products like tin and copper concentrates [7] Midstream Operations - The midstream business focuses on producing various specifications of powder products, including ultrafine, medium, and coarse powders [8] - The company ranks first in ultrafine powder production and second in medium powder production as of the end of 2024 [8] Downstream Operations - Downstream operations consist of the main company, wholly-owned subsidiary Ganzhou Aokai, and Zhangyuan Spraying [9] - Ganzhou Aokai reported revenue of 350 million yuan in the first half of 2025, a 15% increase, and turned a profit from a previous loss [10] Production and Supply Chain - Tungsten ore production for the first half of 2025 was approximately 1,840 to 1,850 tons, with expectations for stable production in the second half [11] - The company received a national quota of 2,615 tons for the first half of 2025, with expectations for similar levels in the second half [11] - Ongoing resource integration at the Taoxikeng tungsten mine is expected to be completed by the first half of 2026 [11] Market Dynamics - The increase in tungsten prices is attributed to tightening supply and a seller's market, with significant price hikes observed recently [5][17] - Despite rising raw material prices, downstream demand for hard alloys has not been sufficient to support such rapid increases [17] Future Outlook - The company plans to maintain a stable dividend policy, adjusting based on performance [5][23] - Ongoing waste recycling projects are being explored, with the company possessing the technology for powder recovery [5][24] - The company is open to acquiring new mining assets if suitable opportunities arise [13] Additional Considerations - The overall self-sufficiency rate for tungsten may decline despite increased tungsten powder production [19] - The company’s tungsten inventory is sufficient for daily needs, with minimal changes compared to previous years [20] - There is no clear indication of joint resistance or procurement restrictions within the industry regarding current tungsten price hikes [21]

Group 1: Research Basic Information - The research object is Zhangyuan Tungsten Co., Ltd., belonging to the minor metals industry. The reception time was August 27, 2025. The listed company's reception staff included Zhang Cui, the representative of the securities affairs department, and Liu Min from the board of directors' office [17]. - The detailed research institutions included Zhongtai Securities (securities company with representatives Ren Heng and Li Runting), Huian (fund management company with representative Yang Kunhe), Guangdong Zhengyuan Private Equity (fund management company with representative Chen Zemin), and Yuanxin Yongfeng (fund management company with representative Ma Hongli) [18]. Group 2: Company's Business and Performance - The company is mainly engaged in the development and utilization of tungsten mine resources and the production and sales of ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and cemented carbide. It has an integrated production system covering upstream exploration and mining, mid - stream smelting and powder - making, and downstream deep processing of the tungsten industry [23]. - In the first half of 2025, affected by multiple factors such as supply - side tightening, rigid downstream demand, and international situations, the price of tungsten raw materials continued to rise. The company achieved an operating income of 239,920.59 million yuan, a year - on - year increase of 32.27%; an operating profit of 13,732.88 million yuan, a year - on - year increase of 2.19%; and a net profit attributable to shareholders of the listed company of 11,510.62 million yuan, a year - on - year increase of 2.54%. Excluding the impact of additional deductions, the operating profit and net profit attributable to shareholders of the listed company in the first half of 2025 were 12,751.38 million yuan and 10,664.70 million yuan respectively, with year - on - year increases of 15.94% and 16.87% [26][27]. Group 3: Company's Mine Conditions - In the first half of 2025, the company's tungsten concentrate (WO3 65%) output was 1,849.93 tons, a year - on - year increase of 3.24%; tin concentrate (100% metal content) output was 426.12 tons, a year - on - year increase of 2.71%; and copper concentrate (100% metal content) output was 180.61 tons, a year - on - year increase of 2.02% [28]. - After completing the record - filing of the "Reserves Verification Report of Tungsten Ore Resources in Taoxikeng Mining Area (Boundary Expansion)" for the Taoxikeng Tungsten Mine and Dongfeng Prospecting Right Mining Area, the company completed the compilation of the "Development and Utilization Plan of Mineral Resources in Taoxikeng (Boundary Expansion)" in the first half of 2025 and submitted it to the Ministry of Natural Resources for review. The "Reserves Verification Report of Tungsten Ore Resources in Xin'anzi Mining Area (Boundary Expansion)" for the Xin'anzi Tungsten - Tin Mine and Longtanmian Prospecting Right Mining Area has been completed and submitted for review. The resource exploration work in the Huangzhulong Tungsten Mine and its surrounding areas is progressing as planned. The deep - resource reserves verification and reconstruction project of Dayu Shilei Tungsten Mine is advancing in an orderly manner, and the underground filling system of Xin'anzi Tungsten - Tin Mine is filling the underground goaf as planned [29][30][31]. Group 4: Company's Product Sales and Subsidiary Performance - In the first half of 2025, the company actively expanded the market, optimized the product structure, and improved product performance. The sales volume of tungsten powder was 2,657.83 tons, a year - on - year increase of 43.68%; the sales volume of tungsten carbide powder was 2,975.12 tons, a year - on - year increase of 19.25%; the sales volume of the company's cemented carbide was 573.92 tons, a year - on - year decrease of 7.17%; and the sales volume of thermal spray powder was 222.59 tons, a year - on - year decrease of 1.93% [33]. - In the first half of 2025, Ganzhou Aoketai optimized its internal management and incentive mechanism, increased the enthusiasm of the sales team and problem - solving efficiency, and further explored the market. It achieved an operating income of 35,353.30 million yuan, a year - on - year increase of 15.36%. The sales revenue of cemented carbide tools was 18,927.11 million yuan, a year - on - year increase of 2.26%; the sales revenue of bars was 14,339.83 million yuan, a year - on - year increase of 28.30%. The net profit was 138.79 million yuan, turning from a loss in the previous year to a profit [34].