Zhangyuan Tungsten: The macroeconomic environment will affect market demand and tungsten product prices, thereby impacting the company's operating performance.

Zhangyuan Tungsten Industry announced that the company’s stock price has experienced a cumulative increase of 20.38% over two consecutive trading days, which is considered an abnormal fluctuation in stock trading. During its operations, the company may face the following risks: First, market risk. Tungsten products are widely used in machinery processing, aerospace, national defense and military industries, electronics, transportation, and other fields. Macroeconomic conditions will affect market demand and tungsten product prices, thereby impacting the company’s performance. Second, 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 the purchase of tungsten concentrate or ammonium paratungstate. Significant fluctuations in raw material prices will directly affect the company’s production costs at various stages, thereby impacting performance. Third, exchange rate fluctuation risk. The company’s and its wholly-owned subsidiary Ganzhou Aoketai Tool Technology Co., Ltd.'s export revenue is mainly settled in US dollars. If the USD to RMB exchange rate experiences significant fluctuations, it may affect the company’s performance. Fourth, 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.