ZY-Tungsten(SZ:002378)2025-11-28 07:32Group 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]