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Jiangxi-based miner and processor of tungsten ore into tungsten concentrate, APT and tungsten powder for hard-metal tools.
Jiangxi-based miner and processor of tungsten ore into tungsten concentrate, APT and tungsten powder for hard-metal tools.
Sells tungsten in intermediate forms priced off APT, the standard traded tungsten salt, so earnings follow tungsten prices closely. Its mines work under state-issued mining quotas that cap how much anyone in China can dig, which protects holders of those quotas.
Moat: narrow (scale, regulatory licence). China's state tungsten-mining quotas restrict new supply, favoring incumbent quota holders.
Headquarters: Ganzhou, China · Employees: 3,990
Size Chongyi Zhangyuan Tungsten (002378.SZ) is a China Materials company (Other Metals/Minerals) with a market value of $3.18B, the 813th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.75 on 6 Nov 2026.
Performance Over six months the shares fell 47.6%, against -32.6% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 105.2% over the last twelve months (peer median +27.9%); the operating margin is 11.5% (peer median 12.5%).
Valuation It trades at 2.6× enterprise value to sales against a peer median of 2.8× (10th cheapest of 20).
Capital Return on invested capital runs 1.2 points above its cost of capital (12.9% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.70B | CN¥5.20B | CN¥3.66B | CN¥3.39B | CN¥3.19B |
| Revenue growth | — | +42% | +8% | +6% | — |
| Gross profit | CN¥2.54B | CN¥806M | CN¥551M | CN¥466M | CN¥454M |
| EBITDA | n/a | CN¥718M | CN¥480M | CN¥428M | CN¥491M |
| Net income | CN¥821M | CN¥290M | CN¥172M | CN¥144M | CN¥203M |
| Free cash flow | -CN¥1.09B | -CN¥67.9M | CN¥142M | CN¥105M | CN¥5.55M |
| Capital expenditure | CN¥173M | CN¥240M | CN¥376M | CN¥99.5M | CN¥219M |
| Total debt | CN¥4.70B | CN¥3.68B | CN¥2.32B | CN¥2.37B | CN¥2.23B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Chongyi Zhangyuan Tungsten 002378.SZ | $3.18B | -48% | +105% | 12% | 2.6× | n/a |
| Xiamen Tungsten 600549.SS | $8.55B | -37% | +67% | 10% | 1.3× | n/a |
| China Tungsten & Hightech Materials 000657.SZ | $13.2B | -34% | +66% | 16% | 3.4× | n/a |
| Almonty Industries AII.TO | n/a | +1% | n/a | n/a | n/a | 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 | 002378.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.7% | -17.5% | 8th highest of 21 |
| 6-month return | -47.6% | -32.6% | 4th lowest of 20 |
| Distance from 52-week high | -63.3% | -56.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +105.2% | +27.9% | 4th highest of 20 |
| Operating margin | 11.5% | 12.5% | 8th lowest of 20 |
| EV / Sales | 2.6× | 2.8× | 10th cheapest of 20 |
| ROIC minus cost of capital | +1.2 pp | +0.7 pp | 10th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 12% | 2.6× | n/a | n/a |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | 1.4× | n/a | n/a |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 4.6× | n/a | n/a |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 9.7× | n/a | n/a |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 2.8× | 0.4% | +20.4% |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 3.7× | 24.9% | +13.9% |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | 0.7× | -3.9% | +26.8% |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | 78.8× | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 0.6× | n/a | n/a |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 15% | 19.3× | n/a | n/a |
| Lygend Resources And Technology 001246.SZ | China | $3.48B | n/a | +28% | 19% | 0.9× | -5.9% | +39.8% |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 0.8× | -1.6% | +8.5% |
| GuoCheng Mining 000688.SZ | China | $3.57B | -60% | +193% | 50% | 4.7× | 3.3% | +39.6% |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 2.2× | n/a | n/a |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 0.7× | n/a | n/a |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 6.7× | 54.3% | +9.7% |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 7.3× | 12.8% | +8.5% |
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 18% | 16.1× | 48.1% | +9.7% |
| Chuangxin Industries 2788.HK | Hong Kong | $3.82B | -43% | +23% | 23% | 2.2× | -0.8% | +8.9% |
| Chengtun Mining 600711.SS | China | $3.84B | -39% | +28% | 12% | 1.1× | n/a | n/a |