Xiamen Tungsten Co (600549) investor relations material

Executive summary

• 9M 2026 revenue rose 67.83% YoY to RMB53.94bn; net profit attributable to shareholders increased 81.86% to RMB3.23bn.

• Growth reflected higher raw-material prices and linked product pricing, alongside higher sales volumes for cutting tools, battery cathode materials and magnetic materials.

Financial highlights

• Q3 revenue was RMB18.92bn, up 47.06% YoY; Q3 attributable net profit was RMB1.03bn, up 27.44%.

• 9M total profit was RMB5.45bn, up 81.29% YoY; net profit attributable to shareholders was RMB3.23bn, up 81.86%.

• Adjusted 9M attributable net profit, excluding non-recurring items, was RMB3.03bn, up 76.43% YoY.

• 9M net profit was RMB4.38bn, including RMB1.15bn attributable to non-controlling interests.

Segment performance

• Tungsten and molybdenum 9M revenue rose 67.28% YoY to RMB24.31bn; total profit increased 86.12% to RMB4.38bn. Cutting-tool sales grew steadily.

• Rare-earth 9M revenue increased 56.38% YoY to RMB7.05bn; total profit rose 97.68% to RMB201m. Magnetic-material sales reached 10,200 tonnes, up 25%.

• Battery materials 9M revenue rose 71.83% YoY to RMB22.44bn; total profit increased 39.26% to RMB853m. Cathode-material sales were 63,100 tonnes, up 19%.

• Lithium cobalt oxide sales were 43,100 tonnes, down 8% YoY amid weaker downstream demand; leadership in the high-voltage segment remained firm.

• Real-estate revenue rose 255.49% YoY to RMB142m; total profit increased RMB77m to RMB15m after transfer of the remaining units in Haixia International Community Phases I–IV.