China Tungsten and High-tech Materials (000657.SZ) issued a forecast, with a expected increase in net profit for 2024 of 848 million to 910 million yuan, a year-on-year growth of 1.07% to 8.46%.

China Tungsten and Hightech Materials (000657.SZ) released its performance forecast for the year 2024, expecting a net profit attributable to shareholders of the listed company of 848 million to 910 million yuan, an increase of 1.07% to 8.46% year-on-year (restated data). During the reporting period, the net profit attributable to shareholders of the listed company increased by 75% to 87.8% compared to the disclosed amount for 2023, mainly due to changes in the scope of company consolidation. During the reporting period, the company issued shares and paid cash to purchase 100% equity of Hunan Shizhuyuan Nonferrous Metal Co., Ltd. (referred to as Shizhuyuan Company) and raised matching funds. On December 27, 2024, the equity of Shizhuyuan Company was transferred to the company. Therefore, there were changes in the company's consolidated financial statements during the reporting period. During the reporting period, the net profit after deducting non-recurring gains and losses decreased by 40.13% to 49.56% compared to the disclosed amount for 2023. The main reasons are as follows: first, insufficient downstream demand, intensified competition in the cemented carbide market, declining product sales prices, and rising costs of raw materials all contributed to a decrease in the net profit of cemented carbide products year-on-year; second, according to relevant regulations, the net profit of Shizhuyuan Company in 2024 was all included in non-recurring gains and losses.