Xiamen Tungsten Co (600549) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 15.74 billion, up 86.99% year-over-year, with net profit attributable to shareholders at RMB 1.11 billion, up 189.14% year-over-year.

• Significant growth in all major business segments, especially in tungsten, cobalt, battery materials, and rare earths, driven by higher raw material prices and increased sales volumes.

Financial highlights

• Operating income: RMB 15.74 billion, up 86.99% year-over-year.

• Net profit attributable to shareholders: RMB 1.11 billion, up 189.14% year-over-year.

• Basic and diluted EPS: RMB 0.6972, up 189.17% year-over-year.

• Gross margin improved due to effective price linkage and product mix optimization.

• Net cash flow from operating activities: -RMB 2.57 billion, a significant decrease due to increased inventory and raw material costs.

Outlook and guidance

• Management expects continued volatility in raw material prices and will maintain dynamic pricing and cost control strategies.

• Focus remains on expanding market share in key product lines and further improving profitability.