7-Day Limit-Up Changyuan Tungsten Industry Abnormal Movement Announcement: 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 prices closed with a cumulative deviation of 20.38% over two consecutive trading days on February 26 and 27, 2026, indicating 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, and transportation sectors. Macroeconomic conditions will affect market demand and tungsten prices, thereby impacting the company’s performance. Second, raw material price fluctuation risk. The country implements total volume 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 the company’s production costs at various stages, impacting operational performance. Third, exchange rate risk. The company’s and its wholly owned subsidiary Ganzhou Aoketai Tool Technology Co., Ltd.'s export revenue is mainly settled in US dollars. Large fluctuations in the USD to RMB exchange rate 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 risk of accounts receivable bad debts. Additionally, the company may face risks of breach of contract if customers fail to take delivery as agreed, or performance risks if suppliers do not deliver products as scheduled, which could impact operational results. (Shenzhen Stock Exchange)