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Producer of tungsten concentrates and tungsten-based hard materials (carbide) used in cutting tools and mining equipment.
Producer of tungsten concentrates and tungsten-based hard materials (carbide) used in cutting tools and mining equipment.
Mines tungsten ore and turns it into powders, carbide tools and parts; the products it makes itself earn more per ton than the raw concentrate, whose price follows the Chinese tungsten market. China Minmetals, a central state-owned group, controls it.
In one line: A Chinese Sandvik-adjacent tungsten/carbide materials producer.
Moat: narrow (scale, installed base). Significant tungsten resource base in a market where China dominates global supply.
Headquarters: Ganzhou, Jiangxi, China · Employees: 9,685
Size China Tungsten & Hightech Materials (000657.SZ) is a China Materials company (Other Metals/Minerals) with a market value of $13.2B, the 180th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥38.65 on 6 Nov 2026.
Performance Over six months the shares fell 33.6%, against -26.5% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 66.0% over the last twelve months (peer median +27.6%); the operating margin is 15.7% (peer median 15.4%).
Valuation It trades at 21.0× forward earnings against a peer median of 12.7× (3rd most expensive of 21).
Capital Return on invested capital runs 3.2 points above its cost of capital (15.3% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥28.6B | CN¥17.6B | CN¥14.7B | CN¥13.6B | CN¥13.0B |
| Revenue growth | — | +19% | +8% | +5% | — |
| Gross profit | CN¥9.32B | CN¥3.98B | CN¥3.22B | CN¥2.73B | CN¥2.11B |
| EBITDA | n/a | CN¥2.45B | CN¥1.97B | CN¥1.59B | CN¥1.18B |
| Net income | CN¥3.41B | CN¥1.28B | CN¥991M | CN¥800M | CN¥535M |
| Free cash flow | -CN¥1.25B | -CN¥392M | CN¥116M | CN¥170M | CN¥185M |
| Capital expenditure | CN¥1.11B | CN¥792M | CN¥864M | CN¥505M | CN¥582M |
| Total debt | CN¥9.03B | CN¥6.61B | CN¥5.82B | CN¥4.77B | CN¥3.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Tungsten & Hightech Materials 000657.SZ | $13.2B | -34% | +66% | 16% | 21.0× | n/a |
| Xiamen Tungsten 600549.SS | $8.55B | -37% | +67% | 10% | 13.2× | n/a |
| Sandvik SAND.ST | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% |
| Chongyi Zhangyuan Tungsten 002378.SZ | $3.18B | -48% | +105% | 12% | n/a | n/a |
| Kennametal KMT | $1.76B | -36% | +32% | 31% | 8.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000657.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.5% | -15.3% | 4th lowest of 21 |
| 6-month return | -33.6% | -26.5% | 7th lowest of 21 |
| Distance from 52-week high | -66.1% | -44.8% | lowest of 21 |
| Revenue growth (TTM) | +66.0% | +27.6% | 4th highest of 21 |
| Operating margin | 15.7% | 15.4% | 11th highest of 21 |
| Forward P/E | 21.0× | 12.7× | 3rd most expensive of 21 |
| ROIC minus cost of capital | +3.2 pp | +0.2 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Jiangxi Copper 600362.SS | China | $14.3B | -29% | +14% | 4% | 7.2× | n/a | n/a |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |
| Jinduicheng Molybdenum 601958.SS | China | $8.06B | -15% | +7% | 32% | 13.6× | 4.2% | +13.7% |