General Manager's Work Report of Guangdong Xianglu Tungsten Industry Co., Ltd. for 2025
In 2025, the average annual price of domestic tungsten concentrate was CNY 213,700 per ton, an increase of 57.77% year-on-year. The average annual price of APT was CNY 315,700 per ton, up 55.67% year-on-year; the average price of tungsten powder was CNY 486.57 per kilogram, up 60.14% year-on-year; and the average price of tungsten carbide powder was CNY 474.20 per kilogram, up 58.77% year-on-year. In 2025, although there was a slight increase in the production of tungsten ore and tungsten products in China, the prices of tungsten ore and its products exhibited a composite operational characteristic of reaching new highs, periodic adjustments, and high-level fluctuations due to structural tightening on the domestic supply side, rigid support from downstream demand, and intertwined international geopolitical risks. Overall, against the backdrop of tightening core supply and the strategic resource value of tungsten becoming more prominent, tungsten prices still have room for further increases as company inventories continue to deplete.
I. Major Business Developments During the Reporting Period
During the reporting period, there were no significant changes in the company's main business. The company achieved operating revenue of CNY 2,408.55 million, an increase of 37.71% year-on-year; net profit attributable to shareholders of the listed company was CNY 143.70 million, an increase of 260.56% compared to the same period last year; and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was CNY 134.84 million, an increase of 211.90% year-on-year. The reasons for the changes in operating performance are mainly as follows: (1) The price of tungsten metal raw materials continued to rise throughout the year, and the supply and demand situation in the tungsten market improved compared to previous years. As a major manufacturer of tungsten products and materials in China, the company’s bargaining power for tungsten products increased, and the transmission of rising raw material prices to downstream products was relatively smooth, resulting in significant growth in gross profit margins and gross profits for major products. (2) The sales order volume of hard alloys increased significantly year-on-year, the production capacity of tungsten wire for photovoltaic applications was gradually released, and the company strengthened cost control to improve profitability, contributing to revenue and gross profit growth.