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Qinghai-based state miner producing lead, zinc, copper, aluminum and lithium from western China's mineral belt.
Qinghai-based state miner producing lead, zinc, copper, aluminum and lithium from western China's mineral belt.
Digs and smelts several metals, so no single price decides profit: lead, zinc and copper come from its mines and aluminum from smelters, and lithium from salt-lake brine is a newer line. The Qinghai provincial government controls it through Western Mining Group.
In one line: A regional multi-metal miner, no single close US peer.
Moat: none (scale). Owns mineral-rich Qinghai/Tibet deposits but is a price-taking commodity producer.
Headquarters: Xining, China · Founded: 2000 · Employees: 6,603
Size Western Mining (601168.SS) is a China Materials company (Other Metals/Minerals) with a market value of $9.85B, the 252nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥27.56 on 6 Nov 2026.
Performance Over six months the shares fell 6.9%, against -26.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 18.3% over the last twelve months (peer median +32.5%); the operating margin is 17.1% (peer median 14.9%).
Valuation It trades at 8.2× forward earnings against a peer median of 13.4× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.8 points above its cost of capital (7.7% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥73.0B | CN¥61.5B | CN¥49.9B | CN¥42.6B | CN¥40.1B |
| Revenue growth | — | +23% | +17% | +6% | — |
| Gross profit | CN¥19.0B | CN¥11.7B | CN¥9.62B | CN¥7.41B | CN¥7.38B |
| EBITDA | n/a | CN¥11.1B | CN¥9.40B | CN¥7.55B | CN¥7.62B |
| Net income | CN¥7.49B | CN¥3.64B | CN¥2.93B | CN¥2.79B | CN¥3.42B |
| Free cash flow | CN¥2.73B | CN¥7.34B | CN¥5.21B | CN¥3.38B | CN¥8.45B |
| Capital expenditure | CN¥11.5B | CN¥3.04B | CN¥3.29B | CN¥2.89B | CN¥1.89B |
| Total debt | CN¥26.4B | CN¥26.5B | CN¥24.1B | CN¥25.2B | CN¥25.5B |
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 |
|---|---|---|---|---|---|---|
| Western Mining 601168.SS | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% |
| Zijin Mining 601899.SS | $109B | -15% | +16% | 30% | 9.6× | -10.2% |
| Tongling Nonferrous Metals 000630.SZ | $9.83B | -20% | +46% | 6% | 10.5× | n/a |
| Aluminum Corporation of China 601600.SS | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% |
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 | 601168.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.6% | -15.2% | 6th lowest of 21 |
| 6-month return | -6.9% | -26.5% | 5th highest of 21 |
| Distance from 52-week high | -36.3% | -45.2% | 7th highest of 21 |
| Revenue growth (TTM) | +18.3% | +32.5% | 7th lowest of 21 |
| Operating margin | 17.1% | 14.9% | 8th highest of 21 |
| Forward P/E | 8.2× | 13.4× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -5.6% | 6.3% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +16.5% | +14.0% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -22.1 pp | -5.0 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +10.8 pp | +3.5 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| 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% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| 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 |
| 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 |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | 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% |