根据披露的机构调研信息2025年11月7日，泉果基金对上市公司欧科亿进行了调研。 泉果基金Q1、公司目前订单情况如何？ 答：公司当前在手订单充足，随着下游需求的逐步恢复和渠道补库存的需求，新增订单呈现快速增长趋 势。 泉果基金Q2、公司产能情况如何？产能利用率怎么样？ 答：公司产能储备充足，各产品产能利用率均呈现快速提升趋势。公司数控刀片经过产品结构升级和下 游行业切换，自2025年三季度开始，产能利用率快速提升。公司新项目"数控刀具产业园项目"包括棒材 1300吨、整体硬质合金刀具300万支（目前产能已提升到600万支）、数控刀具20万套，金属陶瓷刀片 500万片，今年该新项目为投产第一年，2025年三季度产能利用率平均约为50%，四季度产能继续爬 升。随着下游渠道开启补库存周期，市场需求回暖，各产品产能利用率呈现环比快速提升的势头，各产 品毛利率也同步提升。 泉果基金Q3、刀具价格有什么变化？是否还会进一步上涨？ 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为237.87亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （ ...

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]