Zhangyuan Tungsten Industry: the company's operating profit is 43.7937 million yuan in 2020.

I. key financial data and indicators for 2020

II. Statement of operating results and financial position Due to the weak market demand for tungsten products affected by the domestic epidemic outbreak and overseas epidemic spread in 2020, the company and all members of the board of directors guarantee that the content of the information disclosure is true, accurate and complete, and there are no false records, misleading statements or major omissions. Through the optimization of product sales structure, timely adjustment of procurement and sales strategies, the implementation of cost reduction and efficiency measures, in the joint efforts of all staff to achieve business performance to turn losses into profits. During the reporting period, the company's operating profit was 43.7937 million yuan, the total profit was 36.3669 million yuan, and the net profit belonging to the shareholders of the listed company was 37.1543 million yuan. The main reason was that the sales gross profit increased over the previous year. Tax and additional, sales expenses, management expenses and R & D expenses all decreased to a certain extent compared with the previous year, and the impairment losses of assets such as receivables, fixed assets and inventory decreased compared with the previous year. Basic earnings per share of 0.04 yuan is due to the increase in net profit of shareholders of listed companies over the previous year.

III. Explanation of the difference between the previous performance forecast and the previous performance forecast. The company disclosed the "Annual performance Forecast" on January 30, 2021, and the net profit attributed to shareholders of the listed company is expected to be 35 million yuan to 52.5 million yuan. There is no difference between the operating results disclosed by KuaiBao and the previous performance forecast.

IV. Documents for reference 1. A comparative balance sheet and profit statement signed and sealed by the company's current legal representative, the person in charge of accounting work and the person in charge of the accounting institution (accountant in charge); two。 Other documents required by Shenzhen Stock Exchange.