Xiamen Tungsten Co (600549) Q4 2025 earnings summary

Executive summary

• Achieved consolidated revenue of ¥46.27 billion, up 30.79% year-over-year; net profit attributable to shareholders was ¥2.31 billion, up 34.89% year-over-year.

• All core business segments—tungsten-molybdenum, rare earths, and new energy materials—delivered strong growth in both revenue and profit.

• Major product market shares remained industry-leading, with significant gains in key products such as tungsten powder, fine tungsten wire, hard alloys, ammonium molybdate, and lithium cobalt oxide.

• Board approved a cash dividend of ¥0.584 per 10 shares, with total cash dividends for the year at ¥927 million, representing 40.15% of net profit.

Financial highlights

• Revenue: ¥46.26 billion, up 30.79% year-over-year; net profit attributable to shareholders: ¥2.31 billion, up 34.89%.

• Operating cash flow: ¥2.97 billion, down 2.87% year-over-year due to increased inventory and receivables.

• Basic and diluted EPS: ¥1.4546, up 21.39% year-over-year; ROE: 13.99%.

• Gross margin for tungsten-molybdenum: 28.38%; rare earths: 10.08%; battery materials: 9.78%.

• Total assets: ¥56.07 billion, up 21.36% year-over-year; net assets attributable to shareholders: ¥17.20 billion, up 8.67%.

Outlook and guidance

• Expects continued tight supply and strong demand in tungsten and rare earths, with high-end manufacturing and new energy sectors driving growth.

• Plans to further expand core businesses, strengthen resource security, accelerate internationalization, and invest in R&D and digital transformation.

• 2026 targets: aim for year-over-year growth in both revenue and total profit.