Spot tin prices have firmly stabilized above the 300,000 yuan threshold, driving synchronized growth in both performance and stock prices across the industry chain.
Doright Co.,Ltd. (300950) announced on the evening of December 3 that its board of directors approved the termination of its major asset restructuring plan involving share issuance and cash payments for asset acquisition. The company confirmed that no formal agreements had been signed with relevant parties, and no breach of contract liabilities would apply. The termination is not expected to adversely affect normal operations or shareholder interests.
The restructuring plan, initially disclosed on June 29, involved acquiring control of Whale Cloud Technology, an international software and IT service provider. Following the announcement, Doright's shares surged 58.96% over three trading days after resuming trading on July 14. However, after signaling potential termination on November 7, the stock has declined over 40% from its yearly peak. The company cited difficulties in reaching mutually satisfactory terms within the effective timeframe as the reason for termination.
In the first three quarters of 2025, Doright reported revenue of 382 million yuan (down 9.29% YoY) and net profit of 72 million yuan (down 26.39% YoY).
Meanwhile, tin futures prices reached a 3.5-year high on December 3, with the Shanghai tin main contract hitting 314,100 yuan/ton during the session before closing at 312,300 yuan/ton, marking a 23.3% cumulative increase since June. Spot prices averaged 309,700 yuan/ton, maintaining above 300,000 yuan for five consecutive days.
The price surge stems from tight mine supply and macroeconomic expectations. Myanmar's Wa State has seen slow resumption of tin mining operations, while the market prices in an 89.2% probability of a 25-basis-point Fed rate cut in December. Emerging sectors, particularly semiconductors (accounting for 65% of tin consumption), are driving demand growth, with global semiconductor sales growing 19.1% in 2024.
Seven A-share companies in the tin industry chain have attracted investor attention, with sector stocks averaging 113.08% gains year-to-date. Yunnan Tin (000960) noted tightening policies in Southeast Asian producing countries and intensifying supply disruptions, while Guangxi Huaxi Nonferrous Metal highlighted tin's strategic importance in semiconductor packaging and photovoltaic applications.
Among tin-related stocks, Xingye Silver & Tin (000426), Shengtun Mining (600711), and Guangxi Huaxi Nonferrous Metal led gains with 226.33%, 160.32%, and 118.87% increases respectively. The seven companies collectively reported 43.314 billion yuan in net profits for the first three quarters, up 47.47% YoY, with Zijin Mining (601899) and Yunnan Tin posting significant growth.
Zijin Mining, holding 123,200 tons of tin reserves, saw 55.45% net profit growth to 37.864 billion yuan. Yunnan Tin, the global leader in tin production since 2005, reported 1.745 billion yuan net profit (up 35.99% YoY). Institutional coverage remains strong for Zijin Mining (25 analysts), Yunnan Tin (17), and Xingye Silver & Tin (10).
Comments