Major Estimate Revision • May 04
Consensus revenue estimates increase by 41% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥54.8b to CN¥77.1b. EPS estimate increased from CN¥1.98 to CN¥2.88 per share. Net income forecast to grow 59% next year vs 54% growth forecast for Metals and Mining industry in China. Consensus price target up from CN¥47.61 to CN¥77.80. Share price was steady at CN¥57.78 over the past week. Announcement • Apr 24
Xiamen Tungsten Co.,Ltd., Annual General Meeting, May 15, 2026 Xiamen Tungsten Co.,Ltd., Annual General Meeting, May 15, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Xiamen, Fujian China Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: CN¥0.70 (vs CN¥0.25 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.70 (up from CN¥0.25 in 1Q 2025). Revenue: CN¥15.7b (up 88% from 1Q 2025). Net income: CN¥1.11b (up 183% from 1Q 2025). Profit margin: 7.0% (up from 4.7% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥66.30, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 20x in the Metals and Mining industry in China. Total returns to shareholders of 266% over the past three years. Announcement • Mar 30
Xiamen Tungsten Co.,Ltd. to Report Q1, 2026 Results on Apr 24, 2026 Xiamen Tungsten Co.,Ltd. announced that they will report Q1, 2026 results on Apr 24, 2026 New Risk • Mar 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥62.40, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 24x in the Metals and Mining industry in China. Total returns to shareholders of 235% over the past three years. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥70.15, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 25x in the Metals and Mining industry in China. Total returns to shareholders of 239% over the past three years. Reported Earnings • Jan 28
Full year 2025 earnings released: EPS: CN¥1.46 (vs CN¥1.21 in FY 2024) Full year 2025 results: EPS: CN¥1.46 (up from CN¥1.21 in FY 2024). Revenue: CN¥46.5b (up 32% from FY 2024). Net income: CN¥2.31b (up 34% from FY 2024). Profit margin: 5.0% (up from 4.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥65.51, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 26x in the Metals and Mining industry in China. Total returns to shareholders of 223% over the past three years. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥48.19, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 21x in the Metals and Mining industry in China. Total returns to shareholders of 147% over the past three years. Announcement • Dec 26
Xiamen Tungsten Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2026 Xiamen Tungsten Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2026 Price Target Changed • Nov 17
Price target increased by 107% to CN¥47.61 Up from CN¥23.05, the current price target is provided by 1 analyst. New target price is 40% above last closing price of CN¥33.96. Stock is up 65% over the past year. The company is forecast to post earnings per share of CN¥1.55 for next year compared to CN¥1.21 last year. New Risk • Oct 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: CN¥0.51 (vs CN¥0.27 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.51 (up from CN¥0.27 in 3Q 2024). Revenue: CN¥12.8b (up 39% from 3Q 2024). Net income: CN¥809.6m (up 110% from 3Q 2024). Profit margin: 6.3% (up from 4.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 30
Xiamen Tungsten Co.,Ltd. to Report Q3, 2025 Results on Oct 25, 2025 Xiamen Tungsten Co.,Ltd. announced that they will report Q3, 2025 results on Oct 25, 2025 Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: CN¥0.37 (vs CN¥0.42 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.37 (down from CN¥0.42 in 2Q 2024). Revenue: CN¥10.8b (up 22% from 2Q 2024). Net income: CN¥581.2m (down 1.4% from 2Q 2024). Profit margin: 5.4% (down from 6.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Jun 30
Xiamen Tungsten Co.,Ltd. to Report First Half, 2025 Results on Aug 22, 2025 Xiamen Tungsten Co.,Ltd. announced that they will report first half, 2025 results on Aug 22, 2025 Announcement • May 15
Xiamen Tungsten New Energy Material Co., Ltd. agreed to acquire 47% stake in Ganzhou Haopeng Technology Co., Ltd. from Xiamen Tungsten Co.,Ltd. (SHSE:600549) for approximately ¥120 million. Xiamen Tungsten New Energy Material Co., Ltd. agreed to acquire 47% stake in Ganzhou Haopeng Technology Co., Ltd. from Xiamen Tungsten Co.,Ltd. (SHSE:600549) for approximately ¥120 million on May 15, 2025. A cash consideration of ¥119.67 million will be paid by Xiamen Tungsten New Energy Material Co., Ltd.
As of March 31, 2025, Ganzhou Haopeng Technology Co., Ltd. reported total assets of ¥176.9 million and total common equity of ¥153.07 million.
The transaction has been approved by the board of Xiamen Tungsten Co.,Ltd. Major Estimate Revision • May 02
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CN¥1.59 to CN¥1.28 per share. Revenue forecast steady at CN¥41.9b. Net income forecast to grow 23% next year vs 41% growth forecast for Metals and Mining industry in China. Consensus price target of CN¥24.10 unchanged from last update. Share price fell 3.2% to CN¥18.32 over the past week. Reported Earnings • Apr 26
First quarter 2025 earnings released: EPS: CN¥0.25 (vs CN¥0.30 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.25 (down from CN¥0.30 in 1Q 2024). Revenue: CN¥8.38b (up 1.3% from 1Q 2024). Net income: CN¥391.0m (down 8.5% from 1Q 2024). Profit margin: 4.7% (down from 5.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Announcement • Apr 26
Xiamen Tungsten Co.,Ltd., Annual General Meeting, May 28, 2025 Xiamen Tungsten Co.,Ltd., Annual General Meeting, May 28, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Xiamen, Fujian China Announcement • Mar 28
Xiamen Tungsten Co.,Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Xiamen Tungsten Co.,Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 New Risk • Mar 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.003x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.003x net interest cover). Revenue is less than US$1m (CN¥3.5m revenue, or US$487k). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Dec 27
Xiamen Tungsten Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 26, 2025 Xiamen Tungsten Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 26, 2025 Price Target Changed • Dec 11
Price target increased by 7.6% to CN¥24.80 Up from CN¥23.05, the current price target is an average from 2 analysts. New target price is 18% above last closing price of CN¥21.10. Stock is up 25% over the past year. The company is forecast to post earnings per share of CN¥1.33 for next year compared to CN¥1.14 last year. Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: CN¥0.27 (vs CN¥0.26 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.27 (up from CN¥0.26 in 3Q 2023). Revenue: CN¥9.21b (down 15% from 3Q 2023). Net income: CN¥385.8m (up 4.3% from 3Q 2023). Profit margin: 4.2% (up from 3.4% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Xiamen Tungsten Co.,Ltd. to Report Q3, 2024 Results on Oct 26, 2024 Xiamen Tungsten Co.,Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥20.92, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Metals and Mining industry in China. Total loss to shareholders of 6.8% over the past three years. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: CN¥0.42 (vs CN¥0.25 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.42 (up from CN¥0.25 in 2Q 2023). Revenue: CN¥8.89b (down 13% from 2Q 2023). Net income: CN¥589.5m (up 68% from 2Q 2023). Profit margin: 6.6% (up from 3.5% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 16
Second quarter 2024 earnings released: EPS: CN¥0.42 (vs CN¥0.25 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.42 (up from CN¥0.25 in 2Q 2023). Revenue: CN¥8.89b (down 13% from 2Q 2023). Net income: CN¥588.1m (up 67% from 2Q 2023). Profit margin: 6.6% (up from 3.5% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jun 29
Xiamen Tungsten Co.,Ltd. to Report First Half, 2024 Results on Aug 23, 2024 Xiamen Tungsten Co.,Ltd. announced that they will report first half, 2024 results on Aug 23, 2024 Reported Earnings • Apr 20
First quarter 2024 earnings released: EPS: CN¥0.30 (vs CN¥0.31 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.30 (down from CN¥0.31 in 1Q 2023). Revenue: CN¥8.27b (down 3.4% from 1Q 2023). Net income: CN¥427.1m (down 2.9% from 1Q 2023). Profit margin: 5.2% (up from 5.1% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Apr 20
Xiamen Tungsten Co.,Ltd., Annual General Meeting, May 10, 2024 Xiamen Tungsten Co.,Ltd., Annual General Meeting, May 10, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Xiamen, Fujian China Announcement • Mar 29
Xiamen Tungsten Co.,Ltd. to Report Q1, 2024 Results on Apr 19, 2024 Xiamen Tungsten Co.,Ltd. announced that they will report Q1, 2024 results on Apr 19, 2024 Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥16.47, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Metals and Mining industry in China. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥7.62 per share. Reported Earnings • Jan 17
Full year 2023 earnings released: EPS: CN¥1.13 (vs CN¥1.03 in FY 2022) Full year 2023 results: EPS: CN¥1.13 (up from CN¥1.03 in FY 2022). Revenue: CN¥39.4b (down 18% from FY 2022). Net income: CN¥1.60b (up 11% from FY 2022). Profit margin: 4.1% (up from 3.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Dec 30
Xiamen Tungsten Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 19, 2024 Xiamen Tungsten Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 19, 2024 Announcement • Dec 22
Xiamen Tungsten's Indirect Controlling Shareholder Plans to Raise Company Stake Xiamen Tungsten Co.,Ltd. (SHSE:600549) said indirect controlling shareholder plans to raise stake in the company by CNY 50 million- CNY 100 million ($7.01 million -$14.01 million) within six months. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.28 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.26 (down from CN¥0.28 in 3Q 2022). Revenue: CN¥10.8b (down 15% from 3Q 2022). Net income: CN¥369.8m (down 7.1% from 3Q 2022). Profit margin: 3.4% (up from 3.1% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Xiamen Tungsten Co.,Ltd. to Report Q3, 2023 Results on Oct 25, 2023 Xiamen Tungsten Co.,Ltd. announced that they will report Q3, 2023 results on Oct 25, 2023 Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: CN¥0.25 (vs CN¥0.38 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.25 (down from CN¥0.38 in 2Q 2022). Revenue: CN¥10.2b (down 26% from 2Q 2022). Net income: CN¥351.2m (down 34% from 2Q 2022). Profit margin: 3.5% (down from 3.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 15
Second quarter 2023 earnings released: EPS: CN¥0.25 (vs CN¥0.38 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.25 (down from CN¥0.38 in 2Q 2022). Revenue: CN¥10.2b (down 26% from 2Q 2022). Net income: CN¥351.8m (down 34% from 2Q 2022). Profit margin: 3.5% (down from 3.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jun 28
Xiamen Tungsten Co.,Ltd. to Report First Half, 2023 Results on Aug 26, 2023 Xiamen Tungsten Co.,Ltd. announced that they will report first half, 2023 results on Aug 26, 2023 Announcement • May 19
Xiamen Tungsten Co.,Ltd. announced that it expects to receive CNY 4 billion in funding from Fujian Yekong Equity Investment Management Co., Ltd. Xiamen Tungsten Co., Ltd. announced a private placement of 425,537,760 A shares for gross proceeds of CNY 4,000,000,000 on May 18, 2023. The issuance price of this of stocks shall not be lower than 80% of the average stock trading price of the 20 trading days before the pricing base date. The company will issue the shares to not more than 35 (including 35) specific investors, including Fujian Metallurgical (Holding) Co., Ltd., On the same date, the transaction was approved at the 26th meeting of the ninth session of the board of directors and the twelfth session of the ninth session of the board of supervisors. The transaction is subjected to the approval of shareholders, Shanghai Stock Exchange, China Securities Regulatory Commission, and Fujian Provincial State-owned Assets Supervision and Administration Commission. All securities issued in the transaction are subject to a hold period of 36 months from the issuance closing date. Reported Earnings • Apr 26
First quarter 2023 earnings released: EPS: CN¥0.31 (vs CN¥0.27 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.31 (up from CN¥0.27 in 1Q 2022). Revenue: CN¥8.56b (down 19% from 1Q 2022). Net income: CN¥440.1m (up 16% from 1Q 2022). Profit margin: 5.1% (up from 3.6% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 23
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: CN¥1.04 (up from CN¥0.84 in FY 2021). Revenue: CN¥48.2b (up 51% from FY 2021). Net income: CN¥1.46b (up 24% from FY 2021). Profit margin: 3.0% (down from 3.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to CN¥22.32 Up from CN¥20.79, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of CN¥22.56. Stock is up 1.2% over the past year. The company is forecast to post earnings per share of CN¥1.15 for next year compared to CN¥0.84 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Wenwen Cheng was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥23.23, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Metals and Mining industry in China. Total returns to shareholders of 87% over the past three years. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: CN¥0.28 (vs CN¥0.22 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.28 (up from CN¥0.22 in 3Q 2021). Revenue: CN¥12.8b (up 61% from 3Q 2021). Net income: CN¥397.9m (up 29% from 3Q 2021). Profit margin: 3.1% (down from 3.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 22
Price target increased to CN¥26.28 Up from CN¥20.79, the current price target is an average from 2 analysts. New target price is 16% above last closing price of CN¥22.72. Stock is down 4.5% over the past year. The company is forecast to post earnings per share of CN¥1.03 for next year compared to CN¥0.84 last year. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.38 (vs CN¥0.27 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.38 (up from CN¥0.27 in 2Q 2021). Revenue: CN¥13.7b (up 72% from 2Q 2021). Net income: CN¥529.1m (up 40% from 2Q 2021). Profit margin: 3.9% (down from 4.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 14%, compared to a 31% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥24.80, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Metals and Mining industry in China. Total returns to shareholders of 98% over the past three years. Reported Earnings • Jul 17
Second quarter 2022 earnings released: EPS: CN¥0.38 (vs CN¥0.27 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.38 (up from CN¥0.27 in 2Q 2021). Revenue: CN¥13.7b (up 72% from 2Q 2021). Net income: CN¥532.3m (up 40% from 2Q 2021). Profit margin: 3.9% (down from 4.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.2%, compared to a 36% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥19.27, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Metals and Mining industry in China. Total returns to shareholders of 35% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Xiao Jie Ye was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CN¥0.84 (up from CN¥0.44 in FY 2020). Revenue: CN¥3.18m (down 100% from FY 2020). Net income: CN¥117.9k (down 100% from FY 2020). Profit margin: 3.7% (up from 3.2% in FY 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 964,806%, compared to a 26% growth forecast for the mining industry in China. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥24.57, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 18x in the Metals and Mining industry in China. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥23.14, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 18x in the Metals and Mining industry in China. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥32.93, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 20x in the Metals and Mining industry in China. Total returns to shareholders of 158% over the past three years. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥0.27 (vs CN¥0.12 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥7.93b (up 81% from 2Q 2020). Net income: CN¥379.2m (up 135% from 2Q 2020). Profit margin: 4.8% (up from 3.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year and the company’s share price has also increased by 29% per year. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥30.15, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 20x in the Metals and Mining industry in China. Total returns to shareholders of 124% over the past three years. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥31.20, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 19x in the Metals and Mining industry in China. Total returns to shareholders of 114% over the past three years. Major Estimate Revision • Jul 09
Consensus EPS estimates increase to CN¥0.64 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from CN¥22.2b to CN¥23.2b. EPS estimate increased from CN¥0.48 to CN¥0.64 per share. Net income forecast to grow 13% next year vs 34% growth forecast for Metals and Mining industry in China. Consensus price target up from CN¥20.79 to CN¥24.23. Share price rose 27% to CN¥26.96 over the past week. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥23.93, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 18x in the Metals and Mining industry in China. Total returns to shareholders of 64% over the past three years. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS CN¥0.22 (vs CN¥0.051 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥6.30b (up 78% from 1Q 2020). Net income: CN¥308.0m (up 328% from 1Q 2020). Profit margin: 4.9% (up from 2.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS CN¥0.44 (vs CN¥0.18 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥19.0b (up 9.0% from FY 2019). Net income: CN¥614.1m (up 136% from FY 2019). Profit margin: 3.2% (up from 1.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Mar 09
Xiamen Tungsten Co., Ltd. to Report Fiscal Year 2020 Results on Mar 31, 2021 Xiamen Tungsten Co., Ltd. announced that they will report fiscal year 2020 results on Mar 31, 2021 Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥20.83, the stock is trading at a trailing P/E ratio of 56.4x, up from the previous P/E ratio of 47.7x. This compares to an average P/E of 29x in the Metals and Mining industry in China. Total returns to shareholders over the past three years are 22%. Is New 90 Day High Low • Feb 10
New 90-day high: CN¥20.83 The company is up 42% from its price of CN¥14.63 on 12 November 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥24.80 per share. Is New 90 Day High Low • Jan 21
New 90-day high: CN¥18.14 The company is up 33% from its price of CN¥13.61 on 23 October 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥22.84 per share. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥18.14, the stock is trading at a trailing P/E ratio of 49.2x, up from the previous P/E ratio of 41.7x. This compares to an average P/E of 30x in the Metals and Mining industry in China. Total return to shareholders over the past three years is a loss of 6.1%. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥17.60, the stock is trading at a trailing P/E ratio of 47.7x, up from the previous P/E ratio of 39.3x. This compares to an average P/E of 32x in the Metals and Mining industry in China. Total return to shareholders over the past three years is a loss of 2.2%. Is New 90 Day High Low • Dec 18
New 90-day high: CN¥16.50 The company is up 16% from its price of CN¥14.28 on 18 September 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥23.56 per share. Is New 90 Day High Low • Nov 17
New 90-day high: CN¥15.45 The company is up 2.0% from its price of CN¥15.10 on 19 August 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥22.03 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥520.8m, up 228% from the prior year. Total revenue was CN¥17.5b over the last 12 months, down 3.5% from the prior year. Announcement • Oct 27
Xiamen Tungsten Co., Ltd. to Report Q3, 2020 Results on Oct 30, 2020 Xiamen Tungsten Co., Ltd. announced that they will report Q3, 2020 results on Oct 30, 2020 Announcement • Jul 30
Xiamen Tungsten Co., Ltd. (SHSE:600549) completed the acquisition of additional 10% in Xiamen Golden Egret Special Alloy Co.,Ltd from Sandvik Machining Solutions AB. Xiamen Tungsten Co., Ltd. (SHSE:600549) agreed to acquire additional 10% in Xiamen Golden Egret Special Alloy Co.,Ltd from Sandvik Machining Solutions AB for CNY 490 million on May 13, 2020. Post completion Xiamen tungsten will hold 70% stake and Sandvik will not hold any stake in Xiamen Golden. The Board of Xiamen Tungsten approved the transaction on May 14, 2020. As on May 29, 2020, the transaction was approved by the shareholders of Xiamen Tungsten Co., Ltd. In 2019, Xiamen Golden recorded revenue of CNY 3.1773648 billion, total assets of CNY 3.9030625 billion, Net profit of CNY 264.8122 million and total common equity of CNY 2.4 billion. The deal is expected to close during the summer of 2020. Ernst & Young acted as financial advisor to Sandvik Machining Solutions AB.
Xiamen Tungsten Co., Ltd. (SHSE:600549) completed the acquisition of additional 10% in Xiamen Golden Egret Special Alloy Co.,Ltd from Sandvik Machining Solutions AB on July 1, 2020. The transaction was approved in the second shareholders meeting of Xiamen Tungsten. Xiamen Golden Egret obtained the notice on the approval of the registration modification and the revised business license issued by the Market Supervision Administration of Xiamen. Announcement • Jul 09
Xiamen Tungsten Co., Ltd. to Report First Half, 2020 Results on Aug 22, 2020 Xiamen Tungsten Co., Ltd. announced that they will report first half, 2020 results on Aug 22, 2020 
