Zhangyuan Tungsten (002378.SZ): Tungsten products are widely used in aerospace and other fields. The macroeconomic environment will affect market demand and tungsten product prices.

Tongtong Finance APP News, Zhangyuan Tungsten Industry (002378.SZ) announced that the company’s stock prices closed with a cumulative deviation of 20.38% over two consecutive trading days on February 26 and 27, 2026. According to the “Shenzhen Stock Exchange Listing Rules,” this constitutes an abnormal fluctuation in stock trading. During the company’s operations, it may face the following risks:

(1) Market risk. Tungsten products are widely used in machinery processing, aerospace, national defense and military industries, electronics, and transportation. The macroeconomic environment will affect market demand and tungsten prices, thereby impacting the company’s performance.
(2) Raw material price fluctuation risk. The country implements total control and quota production for tungsten mining. The company’s own tungsten concentrate cannot fully meet production needs, requiring external purchases of tungsten concentrate or ammonium paratungstate. Significant fluctuations in raw material prices will directly affect production costs at various stages, thereby impacting operational performance.
(3) Exchange rate fluctuation risk. The company and its wholly owned subsidiary, Ganzhou Aoketai Tool Technology Co., Ltd., mainly settle export revenues in US dollars. If the USD to RMB exchange rate experiences significant fluctuations, it may affect the company’s performance.
(4) Credit risk. The company grants credit limits and payment terms to some customers based on historical cooperation records and customer creditworthiness each year, but there is a certain risk of accounts receivable bad debts; during operations, the company may face risks of customers defaulting by not taking delivery as agreed, and suppliers failing to deliver products as scheduled, which could impact performance.