黄竹垅钨矿及其周边大桥、高沙、泥坑、石咀脑探矿权矿 区资源勘查工作按计划推进。 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：20251120 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 东方证券：李一涛、刘洋、黄雨韵 时间 2025 年 11 月 20 日 15:00-16:00 地点 网络平台线上交流 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、公司整体业务情况 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 ...

11月20日，章源钨业盘中上涨2.34%，截至13:02，报13.11元/股，成交3.77亿元，换手率2.45%，总市值 157.51亿元。 资金流向方面，主力资金净流入150.19万元，特大单买入914.26万元，占比2.42%，卖出1009.92万元， 占比2.68%；大单买入8711.91万元，占比23.09%，卖出8466.07万元，占比22.43%。 章源钨业所属申万行业为：有色金属-小金属-钨。所属概念板块包括：基金重仓、航天军工、专精特 新、融资融券、中盘等。 截至9月30日，章源钨业股东户数9.81万，较上期增加80.69%；人均流通股12185股，较上期减少 44.66%。2025年1月-9月，章源钨业实现营业收入38.78亿元，同比增长37.38%；归母净利润1.90亿元， 同比增长29.71%。 分红方面，章源钨业A股上市后累计派现8.62亿元。近三年，累计派现2.69亿元。 机构持仓方面，截止2025年9月30日，章源钨业十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1300.64万股，相比上期增加422.07万股。银华心佳两年持有期混合（010730）位居第四大 流通 ...

Core Viewpoint - Zhangyuan Tungsten Industry has shown significant stock price appreciation and strong financial performance in 2023, indicating potential growth in the tungsten industry. Financial Performance - As of September 30, 2025, Zhangyuan Tungsten achieved a revenue of 3.878 billion yuan, representing a year-on-year growth of 37.38% [2] - The net profit attributable to shareholders for the same period was 190 million yuan, reflecting a year-on-year increase of 29.71% [2] - The company has distributed a total of 862 million yuan in dividends since its A-share listing, with 269 million yuan distributed over the last three years [3] Stock Market Activity - On November 7, 2023, the stock price increased by 2.04%, reaching 13.48 yuan per share, with a trading volume of 341 million yuan and a turnover rate of 2.16% [1] - The stock has appreciated by 110.69% year-to-date, with a 4.58% increase over the last five trading days, 8.10% over the last 20 days, and 45.57% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 26, 2023, where it recorded a net buy of -121 million yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 98,100, up by 80.69% from the previous period [2] - The average number of circulating shares per shareholder decreased by 44.66% to 12,185 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 13.0064 million shares, and several ETFs, with varying changes in their holdings [3]

Core Viewpoint - Zhangyuan Tungsten's stock price has shown significant growth this year, with a year-to-date increase of 104.44%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Zhangyuan Tungsten achieved a revenue of 3.878 billion yuan, representing a year-on-year growth of 37.38% [2]. - The net profit attributable to shareholders for the same period was 190 million yuan, reflecting a year-on-year increase of 29.71% [2]. Stock Market Activity - As of October 31, Zhangyuan Tungsten's stock price was 13.08 yuan per share, with a trading volume of 416 million yuan and a turnover rate of 2.63% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 26, where it recorded a net buy of -121 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders for Zhangyuan Tungsten was 98,100, an increase of 80.69% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 44.66% to 12,185 shares [2]. Dividend Distribution - Since its A-share listing, Zhangyuan Tungsten has distributed a total of 862 million yuan in dividends, with 269 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 13.0064 million shares, an increase of 4.2207 million shares from the previous period [3]. - The top ten circulating shareholders include various ETFs, with some showing changes in their holdings [3].

Summary of Key Points from the Conference Call Industry Overview - The conference discusses the tungsten tool industry, specifically focusing on the price surge of tungsten steel milling cutters since July 2025, which has doubled in price, marking an unprecedented situation in the speaker's 20 years of experience [1][3][11]. Core Insights and Arguments - **Price Increases**: Tungsten steel milling cutters have seen price increases of 60%-70%, while CNC blades have increased by 25%-30%. An additional rise of approximately 20% is expected in November 2025, leading to overall increases of 50%-60% [1][11]. - **Supply and Demand Dynamics**: The market has experienced significant changes in supply and demand, with small manufacturers forced to exit due to high costs and procurement difficulties. Large manufacturers benefit from their financial stability and raw material reserves [1][3][11]. - **Market Shortages**: A shortage began at the end of August 2025, peaking in early September. Many small factories halted production, while large factories controlled shipment volumes, leading to a tight supply chain [1][5][8]. - **Inventory Challenges**: Wholesalers face tight inventory levels due to the inability to replenish stock amid rising prices and cash payment requirements from manufacturers [4][10]. - **End-User Behavior**: Downstream customers exhibit both rigid demand and stockpiling behavior in anticipation of further price increases. The overall competition in the tool industry remains strong, particularly in sectors like new energy and automotive [7][27]. Additional Important Content - **Material Price Increases**: The price of tungsten powder has risen from 318 RMB/kg to 630 RMB/kg, with expectations to reach 850 RMB/kg due to government restrictions on production quotas [2][33]. - **Impact of Government Policies**: The Chinese government has classified tungsten as a strategic material, implementing strict production quotas that have reduced output by 6.8% compared to the previous year [34][35]. - **Market Trends**: The demand for tools is expected to rise due to increased automotive production, stable wind power projects, and a trend towards domestic substitution. However, rough processing businesses are struggling, leading to the exit of small hard alloy manufacturers from the general products market [1][12][30]. - **Future Growth Expectations**: The tool industry is projected to grow steadily over the next couple of years, driven by the exit of small manufacturers and increased demand in sectors such as new energy vehicles, military, and wind power [26][27]. Conclusion - The tungsten tool industry is currently facing significant challenges due to rising material costs, supply shortages, and government regulations. However, the overall demand is expected to grow, particularly in key sectors, providing potential investment opportunities for larger manufacturers while posing risks for smaller players in the market.

Core Viewpoint - The A-share small metal industry experienced a collective rise on October 27, with tungsten-related companies leading the gains, driven by strong raw material prices and increased product pricing across the industry [1] Industry Summary - The leading company, Xiamen Tungsten, reached its daily limit up and set a new high, while other companies like Zhongtung High-tech and Zhangyuan Tungsten also saw significant increases of over 6% and 4%, respectively [1] - Tungsten market prices are on the rise, with the price of 65% black tungsten concentrate reported at 285,000 yuan per standard ton, up 99.3% since the beginning of the year; tungsten powder prices at 630 yuan per kilogram, up 99.4%; and tungsten carbide powder at 615 yuan per kilogram, up 97.8% [1] Market Dynamics - Despite the continuous rise in tungsten prices, downstream demand has not increased correspondingly, leading to weak market transactions at high price levels [1] - The short-term tungsten market is expected to be primarily driven by cost factors, with caution advised regarding potential price corrections and changes in downstream acceptance, as well as uncertainties in the international macroeconomic environment [1]

Core Viewpoint - Zhangyuan Tungsten Industry's stock has experienced significant fluctuations, with a year-to-date increase of 90.06% but a recent decline of 8.09% over the past five trading days [1] Group 1: Company Overview - Zhangyuan Tungsten Industry Co., Ltd. is located in Chongyi County, Ganzhou City, Jiangxi Province, and was established on February 28, 2000, with its listing date on March 31, 2010 [2] - The company specializes in the tungsten industry chain, including products such as APT, tungsten oxide, tungsten powder, tungsten carbide powder, tungsten materials, and hard alloys [2] - The revenue composition of the main business includes tungsten carbide powder (34.10%), tungsten powder (31.47%), hard alloys (21.28%), and other products [2] Group 2: Financial Performance - For the first half of 2025, Zhangyuan Tungsten Industry achieved operating revenue of 2.399 billion yuan, a year-on-year increase of 32.27%, and a net profit attributable to shareholders of 115 million yuan, up 2.54% year-on-year [2] - The company has distributed a total of 862 million yuan in dividends since its A-share listing, with 269 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders in Zhangyuan Tungsten Industry was 54,300, a decrease of 3.46% from the previous period, with an average of 22,019 circulating shares per person, an increase of 3.58% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 8.7857 million shares, and Silver Hua Xin Jia Two-Year Holding Period Mixed Fund, which holds 6.1986 million shares [3]

Company Overview - Changyuan Tungsten Industry Co., Ltd. is located in Chongyi County, Ganzhou City, Jiangxi Province, established on February 28, 2000, and listed on March 31, 2010 [2] - The company specializes in the tungsten industry chain, including products such as APT, tungsten oxide, tungsten powder, tungsten carbide powder, tungsten materials, and hard alloys [2] - The revenue composition includes tungsten carbide powder (34.10%), tungsten powder (31.47%), hard alloys (21.28%), and other products [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 2.399 billion yuan, a year-on-year increase of 32.27%, and a net profit attributable to shareholders of 115 million yuan, up 2.54% year-on-year [2] - Since its A-share listing, the company has distributed a total of 862 million yuan in dividends, with 269 million yuan distributed in the last three years [3] Stock Market Activity - On September 26, the stock price increased by 2.14%, reaching 12.41 yuan per share, with a trading volume of 419 million yuan and a turnover rate of 2.85%, resulting in a total market capitalization of 14.91 billion yuan [1] - Year-to-date, the stock price has risen by 93.97%, with a slight decline of 0.24% over the last five trading days and a 16.43% drop over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 26, where it recorded a net buy of -121 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 54,300, a decrease of 3.46% from the previous period, with an average of 22,019 circulating shares per shareholder, an increase of 3.58% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 8.7857 million shares, and other significant shareholders such as Yinhua XinJia Two-Year Holding Period Mixed Fund and Southern CSI 1000 ETF [3]

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]

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].