On October 25, Xiamen Tungsten New Energy released its third-quarter performance report in the Science and Technology Innovation Board Daily News.

In the first three quarters of this year, Xiamen Tungsten New Energy achieved revenue of 9.882 billion yuan, a 24.69% year-on-year decrease; it posted a net profit attributable to shareholders of 0.367 billion yuan, a 10.89% year-on-year decrease.

Looking at individual quarters, Xiamen Tungsten New Energy has seen a continuous year-on-year decline in revenue and net income since 2023. In the third quarter of this year, the company generated an income of 3.582 billion yuan, a 28.37% year-on-year decrease; the net profit attributable to shareholders was 0.128 billion yuan, an 18.59% year-on-year decrease, with a marginal 0.47% increase compared to the previous quarter.

Xiamen Tungsten New Energy's main business is the research, production, and sale of new energy battery materials, with key products including high-voltage lithium cobaltate, high-voltage ternary materials, high-nickel ternary materials, high-power ternary materials, hydrogen materials, used in the fields of consumer electronics, new energy autos, and energy storage.

In terms of sales volume, the company achieved a sales volume of 0.0711 million tons for lithium battery cathode materials in the first three quarters. Specifically, lithium cobaltate achieved a sales volume of 0.0323 million tons, an increase of 30.45% year-on-year; ternary materials achieved a sales volume of 0.0386 million tons, an increase of 64.86% year-on-year.

In the third quarter of this year, Xiamen Tungsten New Energy's sales volume for lithium battery cathode materials reached 0.0263 million tons, a 28.16% increase compared to the previous quarter. Specifically, lithium cobaltate sales were 0.0139 million tons, an increase of 38.22% quarter-on-quarter; ternary materials sales were 0.0122 million tons, an increase of 16.62% quarter-on-quarter.

Regarding progress, the third-quarter report mentioned that Xiamen Tungsten New Energy's cooperation with a well-known battery company in researching and developing the NL all-new structured cathode material is progressing smoothly. This new structured cathode material significantly outperforms traditional lithium cobaltate and ternary materials in key performance areas such as energy density, rate performance, and cycle life, and is expected to be widely used in the fields of consumer electronics, siasun robot&automation, low altitude economy, solid state batteries.

In terms of solid-state battery progress, Xiamen Tungsten New Energy indicated when responding to investor inquiries that the company mainly focuses on the layout of cathode materials and solid-state electrolytes in solid-state batteries. In terms of solid-state battery cathode materials, the company focuses on the matching of cathode materials and solid-state electrolytes, achieving initial mass production of halide and sulfide all-solid-state batteries.

Regarding the overseas market, according to the institutional research report disclosed by Xiamen Tungsten in September, the company's affiliated enterprise Xiamen Tungsten New Energy in Europe and OranoCAM, a subsidiary of France's Orano group, jointly invested to establish French Xiamen Tungsten New Energy Materials Co., Ltd. in France, constructing a production line with an annual output of 0.04 million tons of ternary cathode materials. The project is currently in the preparation stage of factory construction, and all work is progressing in an orderly manner.

On October 22nd, Xiamen Tungsten New Energy announced that there has been a change in the equity structure of its indirectly controlled shareholder Fujian Metallurgy (Holdings) Co., Ltd., where the shareholder Fujian Provincial State-owned Assets Supervision and Administration Commission transferred its 20% equity in Metallurgical Holdings to Fujian Provincial Investment Co., Ltd. for no consideration. "This change has not affected the number and proportion of shares indirectly held by Metallurgical Holdings, the controlling shareholder, the indirectly controlling shareholder, and the actual controller have not changed, and it will not affect the company's corporate governance structure or continuous operation."

Looking at the shareholders, since the disclosure of the semi-annual report this year, Chengtun Mining Group Co., Ltd. has exited from the top 10 shareholders of Xiamen Tungsten New Energy. Currently, the top 10 shareholders of the company have added Fujian Provincial State-owned Assets Management Co., Ltd., holding 4,366,158 shares, accounting for 1.04%.

In terms of the market situation, according to SMM data, on today (October 25th), the average price of battery-grade lithium carbonate is 0.0733 million yuan per ton, and the average price of industrial-grade lithium carbonate is 0.06915 million yuan per ton, both unchanged from the previous working day. Their analysis believes that, "although downstream demand in October remains relatively optimistic, affected by the current level of lithium carbonate inventory, it is expected that the spot price of lithium carbonate will continue to decline in the near term."