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According to the investor identity, Xiamen Tungsten (symbol: 600549.SH) achieved increased profits in H1 despite a decrease in revenue, thanks to the high tungsten prices; the profit contribution from the tungsten sector was the highest.

Xiamen Tungsten released its financial report for the first half of 2024 this evening, reporting total revenue of 17.162 billion yuan, an 8.37% decrease compared to the same period last year; net income attributable to shareholders was 1.017 billion yuan, a 28.47% increase compared to the same period last year.

According to the announcement, the company's tungsten and molybdenum business achieved revenue of 8.781 billion yuan in the first half of the year, a 10.98% increase compared to the same period last year; the total profit was 1.427 billion yuan, a 29.50% increase compared to the same period last year. Among them, fine tungsten wire for deep processing maintained fast growth, with a total sales volume of 74.3 billion meters in the first half of the year, a 119% increase compared to the same period last year, and a 62% increase in sales revenue.

In the energy new materials business, the company achieved revenue of 6.3 billion yuan in the first half of the year, a 22.43% decrease compared to the same period last year; the total profit was 0.246 billion yuan, a 10.06% decrease compared to the same period last year.

In the rare earth business, the company achieved revenue of 2.054 billion yuan in the first half of the year, a 21.48% decrease compared to the same period last year; the total profit was 0.117 billion yuan, a 23.50% decrease compared to the same period last year.

Since the beginning of this year, there have been significant fluctuations in tungsten prices. According to industry data, by the end of May, the price of black tungsten concentrate (grade ≥65%), also known as tungsten price, reached a record high of 0.158 million yuan/ton; thereafter, the tungsten price reversed and declined, falling below 0.13 million yuan/ton at the end of July and then rising again. As of August 22, the tungsten price was 0.1385 million yuan/ton, with a nearly 7% increase for the month.

After the tungsten price rebounded, downstream tungsten enterprises have successively followed the increase.

According to the statistics of China Tungsten Online in the second half of August, the long-term quotation for Chongyi Zhangyuan Tungsten (002378.SZ) black tungsten concentrate (WO3≥55%) was 0.1345 million yuan per metric ton, an increase of 4500 yuan per metric ton compared to the first half of the month, a 3.5% increase; with a monthly increase of 5.1%; Jiangxi Tungsten Group national standard grade black tungsten concentrate was quoted at 0.1355 million yuan per metric ton, an increase of 3500 yuan per metric ton compared to the first half of the month, a 2.65% increase; with a monthly increase of 5.04%; Xiamen Tungsten's ammonium paratungstate purchasing price for long-term contracts is 0.2 million yuan per ton, an increase of 4000 yuan per ton compared to the first half of the month, a 2% increase; with a monthly increase of 1.5%. Guangdong Xianglu Tungsten (002842.SZ) 55% or higher grade black tungsten concentrate in August was priced at 0.1335 million yuan per metric ton, a 2.7% increase compared to July.

It is worth noting that recently, the Ministry of Natural Resources issued a notice regarding the allocation of total tungsten mining control indicators for the year 2024, indicating a total mining control indicator of 114,000 tons, an increase of 3000 tons compared to last year. Analysts explained to Cailian Press reporters that this may be to alleviate the current tight situation of tungsten raw materials.

The notice mentioned above states that by the end of December 2025, except for transferred exploration rights to mining rights, deep and upper level agreements for mining rights, registration for tungsten mining rights will be suspended. This means that the domestic control over tungsten upstream mineral resources will be further strengthened.