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Fujian-based producer of tungsten and rare-earth products plus lithium-ion battery cathode materials through a subsidiary.
Fujian-based producer of tungsten and rare-earth products plus lithium-ion battery cathode materials through a subsidiary.
Sells tungsten and rare earths at prices that follow commodity markets, so metal price cycles move results alongside volumes. The battery-cathode arm sells to cell makers and is more exposed to electric-vehicle demand. A Fujian provincial state-owned metals group controls it.
In one line: A tungsten/battery-materials hybrid, no direct US peer.
Moat: narrow (scale, process know-how). Vertically integrated from tungsten ore to carbide tools, giving cost and quality control.
Headquarters: Xiamen, China · Founded: 1997 · Employees: 19,486
Size Xiamen Tungsten (600549.SS) is a China Materials company (Other Metals/Minerals) with a market value of $8.55B, the 290th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥36.21 on 6 Nov 2026.
Performance Over six months the shares fell 37.3%, against -17.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 67.0% over the last twelve months (peer median +42.2%); the operating margin is 9.6% (peer median 29.5%).
Valuation It trades at 13.2× forward earnings against a peer median of 13.2× (11th cheapest of 21).
Capital Return on invested capital runs 0.4 points below its cost of capital (10.1% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥68.2B | CN¥46.2B | CN¥35.3B | CN¥39.3B | CN¥48.2B |
| Revenue growth | — | +31% | -10% | -18% | — |
| Gross profit | CN¥14.6B | CN¥7.92B | CN¥6.12B | CN¥6.26B | CN¥6.34B |
| EBITDA | n/a | CN¥5.53B | CN¥4.25B | CN¥4.26B | CN¥3.91B |
| Net income | CN¥3.75B | CN¥2.31B | CN¥1.71B | CN¥1.60B | CN¥1.45B |
| Free cash flow | -CN¥2.15B | CN¥1.08B | CN¥985M | CN¥2.23B | -CN¥2.02B |
| Capital expenditure | CN¥2.14B | CN¥1.99B | CN¥2.13B | CN¥2.10B | CN¥1.73B |
| Total debt | CN¥30.2B | CN¥18.9B | CN¥15.2B | CN¥14.1B | CN¥17.6B |
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 |
|---|---|---|---|---|---|---|
| Xiamen Tungsten 600549.SS | $8.55B | -37% | +67% | 10% | 13.2× | n/a |
| CMOC 603993.SS | $41.0B | -29% | +32% | 20% | 8.7× | -5.4% |
| Contemporary Amperex Technology 300750.SZ | $179B | -42% | +51% | 14% | 13.0× | 1.6% |
| China Tungsten & Hightech Materials 000657.SZ | $13.2B | -34% | +66% | 16% | 21.0× | n/a |
| Chongyi Zhangyuan Tungsten 002378.SZ | $3.18B | -48% | +105% | 12% | n/a | n/a |
| China Northern Rare Earth (Group) High-Tech 600111.SS | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% |
| Ningbo Ronbay New Energy Technology 688005.SS | $2.05B | -45% | +41% | 1% | 37.8× | n/a |
| Beijing Easpring Material Technology 300073.SZ | $2.86B | -45% | +116% | 5% | 18.8× | 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 | 600549.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.2% | -14.3% | 9th lowest of 21 |
| 6-month return | -37.3% | -17.7% | 6th lowest of 21 |
| Distance from 52-week high | -62.6% | -41.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | +67.0% | +42.2% | 8th highest of 21 |
| Operating margin | 9.6% | 29.5% | 5th lowest of 21 |
| Forward P/E | 13.2× | 13.2× | 11th cheapest of 21 |
| ROIC minus cost of capital | -0.4 pp | +5.8 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| 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% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |