Group 1: Mining Operations - In the first half of 2024, the company produced 1,791.88 tons of tungsten concentrate (65% grade), a decrease of 3.95% year-on-year; tin metal production was 414.86 tons, an increase of 6.28% year-on-year [2] - The company completed resource verification and reporting for the Taoxi Pit tungsten mine and Dongfeng exploration rights, preparing for submission to relevant departments for review [2] - New exploration rights were added in the first half of 2024, including Gaosha and Tanjiaoli, which will facilitate resource integration in surrounding areas [3] Group 2: Production Costs and Raw Material Supply - The company's raw material self-sufficiency rate is approximately 20%, with the remainder sourced externally; strict supplier management is in place to ensure stable supply [3] - The mining production costs vary based on ore grade, mining depth, and management levels, with total mining quotas regulated by the state [3] Group 3: Sales Performance - In the first half of 2024, tungsten powder sales decreased by 16.34% to 1,849.82 tons, while tungsten carbide powder sales fell by 4.80% to 2,494.79 tons; thermal spray powder sales decreased by 9.24% to 226.98 tons [3] - The company’s hard alloy sales increased, with main plant sales reaching 618.23 tons, a growth of 20.12% year-on-year; sales of coated blades from Ganzhou Aoketai reached 11.66 million pieces, up 23.36% [3] Group 4: Business Model and Strategy - The company employs different sales models for various products, utilizing direct sales for powder products and a combination of direct and distribution sales for deep-processed products [4] - Ganzhou Aoketai achieved revenue of 30,646.50 million yuan in the first half of 2024, a year-on-year increase of 27.33%, with significant growth in sales of coated blades and bars [4] Group 5: Future Development Plans - The company aims to enhance the utilization and development of tungsten resources, focusing on high-performance, high-precision, and high-value-added hard alloys [4] - Plans include digital transformation of production workshops and the establishment of a sustainable development system to promote green and high-quality growth [4]

Financial Performance - In the first half of 2024, the company achieved operating revenue of CNY 1,813.83 million, a year-on-year increase of 5.23% [2] - Operating profit reached CNY 134.39 million, up 32.64% year-on-year [2] - Net profit attributable to shareholders was CNY 112.26 million, reflecting a year-on-year growth of 29.86% [2] Production and Sales - Tungsten concentrate (65%) production was 1,791.88 tons, a decrease of 3.95% compared to the previous year [2] - Tin metal (100%) production increased by 6.28% to 414.86 tons [2] - Tungsten powder sales were 1,849.82 tons, down 16.34% year-on-year [2] - Sales of tungsten carbide powder decreased by 4.80% to 2,494.79 tons [2] - Thermal spray powder sales fell by 9.24% to 226.98 tons [2] - Hard alloy sales increased, with main plant sales at 618.23 tons, up 20.12% year-on-year [2] - Coated blade sales from Ganzhou Aoketai reached 11.66 million pieces, a 23.36% increase [2] - Bar sales increased by 35.63% to 358.86 tons [2] Mining and Resource Management - The company completed resource verification for the Taoxikeng tungsten mine and Dongfeng exploration rights [3] - New exploration rights for Gaosha and Tanjiaoli were added, enhancing resource integration potential [3] - The self-sufficiency rate for tungsten concentrate is approximately 20%, with the remainder sourced externally [3] Ganzhou Aoketai Operations - Ganzhou Aoketai reported operating revenue of CNY 306.47 million, with coated blade sales contributing CNY 185.08 million [3] - The net profit for Ganzhou Aoketai was -CNY 9.31 million [3] - The company focuses on key industries such as automotive, aerospace, and energy, enhancing customer loyalty [3] - New product development included over 570 new coated blade products [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 5.38 yuan [4]. Core Views - The company benefits from rising tungsten prices, with significant profit growth in its mining operations and a continuous increase in its cutting tool business [3][4]. - The company is expected to see steady growth in its performance, with projected net profits of 2.18 billion, 2.87 billion, and 3.58 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 30, 22, and 18 times [3][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of 112 million yuan, a year-on-year increase of 29.86%, and a non-recurring net profit of 112 million yuan, up 70.74% year-on-year [1]. - In Q2 2024, the net profit attributable to shareholders was 85 million yuan, reflecting a year-on-year increase of 65.56% and a quarter-on-quarter increase of 212.61% [1]. Mining Operations - The company reported a slight decline in tungsten concentrate production, with H1 2024 output at 1,792 tons, a year-on-year increase of 5.64%. By contrast, associated tin production increased to 415 tons, up 6.28% year-on-year [2]. - The company has six mining rights and ten exploration rights, with tungsten resource reserves of 94,600 tons, tin reserves of 17,600 tons, and copper reserves of 12,900 tons [3]. Market Dynamics - The report highlights that the company’s mining profits have significantly increased due to rising prices of tungsten, tin, and copper. In Q2 2024, tungsten concentrate prices rose by 17% quarter-on-quarter and 21% year-on-year, reaching 145,000 yuan per ton [2]. - The cutting tool business is expected to be a major growth driver, with the subsidiary Ganzhou Aoketai's cutting tool sales volume increasing by 23% year-on-year [3]. Future Outlook - The company is well-positioned to benefit from the rising tungsten prices and the growing demand for hard alloy products, with a strong outlook for its cutting tool segment [3]. - The projected revenue for 2024 is 3.952 billion yuan, reflecting a growth rate of 16.2% [5].

Investment Rating - Buy (maintained) [1] Core Views - The company's 2024H1 revenue reached 1.81 billion yuan, a year-on-year increase of 5.23%, with net profit attributable to the parent company of 112 million yuan, a year-on-year increase of 29.86% [3] - The company's tungsten powder and carbide powder businesses benefited from rising tungsten prices, with gross margins increasing by 0.77 and 1.69 percentage points respectively [3] - The subsidiary Aokete achieved a revenue of 310 million yuan in 2024H1, a year-on-year increase of 27.33%, but incurred a loss of 9.31 million yuan [4] - The company's hard alloy products saw significant growth in sales, with a gross margin of 18.49%, up 3.47 percentage points year-on-year [3] Financial Performance - The company's 2024H1 tungsten concentrate (65%) production was 1,791.88 tons, a year-on-year decrease of 3.95%, while tin metal (100%) production was 414.86 tons, a year-on-year decrease of 6.28% [3] - In 2024Q2, the company achieved revenue of 940 million yuan, a year-on-year increase of 4.3%, and net profit attributable to the parent company of 85 million yuan, a year-on-year increase of 65.6% [3] - The company's tungsten powder, carbide powder, and thermal spray powder sales in 2024H1 were 1,849.82 tons, 2,494.79 tons, and 226.98 tons, respectively, with year-on-year decreases of 16.34%, 4.80%, and 9.24% [3] - The company's hard alloy, coated blades, and rod sales in 2024H1 were 618.23 tons, 11.66 million pieces, and 358.86 tons, respectively, with year-on-year increases of 20.12%, 23.36%, and 35.63% [3] Market and Industry Analysis - The average price of tungsten concentrate (WO3≥65%) and ammonium paratungstate (APT) in 2024H1 was 134,100 yuan/ton and 198,500 yuan/ton, respectively, up 12.97% and 10.96% year-on-year [3] - The company's tungsten powder and carbide powder products are in the middle of the industrial chain, with production costs and prices strongly correlated with tungsten concentrate prices [3] - The company's hard alloy products are downstream products, with the company actively expanding the market and developing new customers, leading to a year-on-year increase in production and sales [3] Future Projections - The company's revenue for 2024-2026 is projected to be 3.8 billion yuan, 4.0 billion yuan, and 4.1 billion yuan, respectively, with net profit attributable to the parent company of 210 million yuan, 270 million yuan, and 360 million yuan, respectively [4] - The company's PE ratios for 2024-2026 are projected to be 30.14x, 23.56x, and 17.88x, respectively [4] - The company's gross margin for 2024-2026 is projected to be 13.2%, 14.5%, and 15.8%, respectively [5] - The company's net profit margin for 2024-2026 is projected to be 5.6%, 6.9%, and 8.8%, respectively [5]

证券代码：002378 证券简称：章源钨业 公告编号：2024-053 崇义章源钨业股份有限公司 关于控股股东部分股份质押的公告 一、股东股份质押基本情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 崇义章源钨业股份有限公司（以下简称"本公司"）于 2024 年 8 月 27 日接到 控股股东崇义章源投资控股有限公司（以下简称"章源控股"）函告，获悉其所持 本公司的部分股份被质押，具体事项如下： 一、股东股份质押基本情况 1．本次股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否为 补充 | 质押起 | | 质押 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 数量（股） | | | | | 始日 | | 到期日 | | 用途 | | | 一致行动人 | | 比例 | 比例 | 售股 | 质押 | | | | | | | ...

证券代码：002378 证券简称：章源钨业 编号：2024-051 1. 基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | --- | --- | --- | --- | | 成立日期 | 2011 年 月 18 日 组织形式 | 7 | 特殊普通合伙 | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 128 | | 号 | | 首席合伙人 | 王国海 上年末合伙人数量 | | 238 人 | | 上年末执业人员 | 注册会计师 | | 2,272 人 | | 数量 | 签署过证券服务业务审计报告的注册会计师 | | 836 人 | | 年（经审 2023 | 业务收入总额 亿元 34.83 | | | 1 崇义章源钨业股份有限公司 关于续聘公司 2024 年审计机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 崇义章源钨业股份有限公司（以下简称"公司"或"本公司 ...

崇义章源钨业股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 崇义章源钨业股份有限公司（以下简称"公司"）于 2024 年 8 月 25 日召开第 六届董事会第十一次会议，审议通过《关于提请召开 2024 年第三次临时股东大 会的议案》，现将本次股东大会有关事项公告如下： 一、召开会议的基本情况 证券代码：002378 证券简称：章源钨业 编号：2024-052 1. 股东大会届次：2024 年第三次临时股东大会 2. 股东大会的召集人：公司董事会 公司于 2024 年 8 月 25 日召开第六届董事会第十一次会议，审议通过《关于 提请召开 2024 年第三次临时股东大会的议案》，决定于 2024 年 9 月 20 日召开 公司 2024 年第三次临时股东大会。 3. 会议召开的合法性、合规性：本次股东大会的召开程序符合有关法律、行 政法规、部门规章、规范性文件和公司《章程》的规定。 4. 会议召开的日期、时间： （1）现场会议召开日期、时间：2024 年 9 月 20 日（星期五）14:30 （2） ...

证券代码：002378 证券简称：章源钨业 编号：2024-048 崇义章源钨业股份有限公司 第六届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 崇义章源钨业股份有限公司（以下简称"公司"）第六届董事会第十一次会议 （以下简称"会议"）通知于 2024 年 8 月 13 日以专人送达、电话或电子邮件的形 式发出，于 2024 年 8 月 25 日在公司会议室以现场结合视频方式召开。本次会议 应出席董事 9 名，实际出席董事 9 名，其中董事长黄泽兰先生、董事潘峰先生、 独立董事王京彬先生、独立董事王平先生、独立董事吴崎右女士以视频方式出席。 本次会议由董事长黄泽兰先生主持，公司监事及部分高级管理人员列席了会议。 本次会议的召开符合《中华人民共和国公司法》及公司《章程》的规定。 二、董事会会议审议情况 本次会议经审议，通过如下议案： 1. 审议通过《公司 2024 年半年度报告全文》及《公司 2024 年半年度报告 摘要》。 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 公司第六届董事会审计委员 ...

证券代码：002378 证券简称：章源钨业 编号：2024-049 一、监事会会议召开情况 崇义章源钨业股份有限公司（以下简称"公司"）第六届监事会第八次会议（以 下简称"会议"）通知于 2024 年 8 月 13 日以专人送达、电话或电子邮件的方式发 出，于 2024 年 8 月 25 日在公司会议室以现场方式召开。会议应出席监事 3 名， 实际出席监事 3 名，本次会议由监事会主席刘军先生主持。本次监事会的召开符 合《中华人民共和国公司法》及公司《章程》的规定。 二、监事会会议审议情况 本次会议经审议，通过如下议案： 1. 审议通过《公司 2024 年半年度报告全文》及《公司 2024 年半年度报告 摘要》。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 经审核，监事会认为：公司董事会编制的《公司 2024 年半年度报告全文及 摘要》程序符合法律、行政法规和中国证监会的规定。报告内容真实、准确、完 整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗 漏。 《公司 2024 年半年度报告全文》详见 2024 年 8 月 27 日的巨潮资讯网 （http://www.cnin ...

崇义章源钨业股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024 年期初占用 | 2024 年 | 1-6 月占用累计 发生金额 | 2024 | 年 1-6 资金的利息 | 月占用 2024 | 年 1-6 | 月偿还 | 2024 年 | 6 月末占 | 占用形成原因 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 资金余额 | | （不含利息） | | （如有） | | 累计发生金额 | | | 用资金余额 | | 占用性质 | | 控股股东、实际控制人 | | | | | | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | | | | 前 ...