Xiamen Tungsten Co (600549) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 8.38 billion, up 1.29% year-over-year; net profit attributable to shareholders was RMB 391 million, down 8.46% year-over-year.

• Cash flow from operating activities was negative RMB 376 million, a significant decrease due to increased inventory funding.

• Total assets at quarter-end were RMB 45.26 billion, down 0.45% from year-end 2024; shareholders' equity rose 2.56% to RMB 16.31 billion.

Financial highlights

• Basic and diluted EPS were RMB 0.2463, down from RMB 0.3019 in Q1 2024.

• Gross margin and operating profit margin declined, with net profit margin also lower year-over-year.

• Net cash outflow from investing activities was RMB 787 million; net cash outflow from financing activities was RMB 346 million.

• Cash and cash equivalents at quarter-end were RMB 3.77 billion, down from RMB 5.26 billion at the start of the year.

Segment performance

• Tungsten and molybdenum business revenue was RMB 4.05 billion, up 0.18% year-over-year; profit fell 2.35%.

• Energy new materials revenue was RMB 2.98 billion, down 9.77%; profit rose 8.52%. Ternary materials sales volume dropped 32%, cobalt lithium sales rose 47%.

• Rare earth business revenue was RMB 1.34 billion, up 46.36%; profit up 65.10%. Magnetic materials sales volume up 49%.

• Real estate revenue was RMB 11 million, down 9.09%; segment loss increased due to absence of prior year one-time investment gain.