As of August 31, 2025, A-share listed companies in the industrial metals sector (according to SHNW Level 2 classification) have completed the disclosure of their 2025 semi-annual reports. We selected 23 representative listed companies for performance comparison and analysis. Among the 23 industrial metals companies we selected, we can see that the profit conditions of most listed companies have improved.
Eight listed companies including Northern Rare Earth, Orient Tantalum Industry, Zhangyuan Tungsten, Anning Shares, Huaxi Nonferrous Metals, Sino-Platinum Metals, China Tungsten and Hightech Materials, and Yunnan Tin achieved double growth in performance. Seven companies including China Rare Earth, Yunnan Germanium, Shenghe Resources, Xiamen Tungsten, Huayang New Materials, Orient Zirconic, and Guangsheng Nonferrous Metals turned from losses to profits. Among them, China Rare Earth's net profit attributable to shareholders turned from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan; Yunnan Germanium's net profit attributable to shareholders turned from a loss of 9 million yuan in H1 2024 to a profit of 22 million yuan; Shenghe Resources' net profit attributable to shareholders turned from a loss of 69 million yuan in H1 2024 to a profit of 377 million yuan; Xiamen Tungsten's net profit attributable to shareholders turned from a loss of 10 million yuan in H1 2024 to a profit of 18 million yuan; Huayang New Materials' net profit attributable to shareholders turned from a loss of 49 million yuan in H1 2024 to a profit of 82 million yuan; Orient Zirconic's net profit attributable to shareholders turned from a loss of 60 million yuan in H1 2024 to a profit of 29 million yuan; Guangsheng Nonferrous Metals' net profit attributable to shareholders turned from a loss of 302 million yuan in H1 2024 to a profit of 73 million yuan.
Western Materials, Baoti Shares, and Jintian Titanium Industry experienced double declines in performance. Among them, Western Materials recorded operating revenue of 1.539 billion yuan in the first half of the year, down 0.35% year-on-year; net profit attributable to shareholders was 61.16 million yuan, down 36.03% year-on-year. Baoti Shares achieved total operating revenue of 2.967 billion yuan in the first half of the year, down 20.45% year-on-year; net profit attributable to shareholders was 205 million yuan, down 49.00% year-on-year. Jintian Titanium Industry recorded operating revenue of 318 million yuan in the first half of the year, down 22.38% year-on-year; net profit attributable to shareholders was 40.53 million yuan, down 49.71% year-on-year.
Four listed companies including Sinomine Resource Group Co.,Ltd., Xiamen Tungsten, Baowu Magnesium, and China Molybdenum experienced revenue growth without profit growth. Among them, Sinomine Resource Group Co.,Ltd.'s net profit attributable to shareholders declined 81.16% year-on-year from 473 million yuan in H1 2024 to 89 million yuan; Baowu Magnesium's net profit attributable to shareholders declined 46.47% year-on-year from 120 million yuan in H1 2024 to 64 million yuan; Xiamen Tungsten's net profit attributable to shareholders declined 4.37% year-on-year from 1.017 billion yuan in H1 2024 to 972 million yuan; China Molybdenum's net profit attributable to shareholders declined 8.27% year-on-year from 1.507 billion yuan in H1 2024 to 1.382 billion yuan.
From a dynamic perspective, China Rare Earth ranked first in the industry for revenue growth rate, with company revenue growing 62.38% year-on-year to 1.875 billion yuan in the first half of 2025. Guangsheng Nonferrous Metals ranked last in revenue growth rate, with company revenue declining 47.83% year-on-year to 2.677 billion yuan in the first half of 2025. Excluding turnaround companies, Northern Rare Earth ranked first in the industry for net profit attributable to shareholders growth rate, with company net profit attributable to shareholders growing 1951.52% year-on-year to 931 million yuan in the first half of 2025; Sinomine Resource Group Co.,Ltd. ranked last in net profit attributable to shareholders growth rate, with company net profit attributable to shareholders declining 81.16% year-on-year in the first half of 2025.
For Sinomine Resource Group Co.,Ltd., the company's performance was poor. In the first half of 2025, the company experienced revenue growth without profit growth, with net profit attributable to shareholders declining 81.16% year-on-year to 89 million yuan. In addition, the company's gross margin/net margin/ROE continued to decline. Over the past three semi-annual reports, the company's sales gross margin was 62.37%, 41.62%, and 17.96% respectively, showing a continuous downward trend; sales net margin was 41.74%, 19.53%, and 2.57% respectively, showing a continuous downward trend; weighted average return on equity was 15.44%, 3.86%, and 0.73% respectively, showing a continuous downward trend. In addition, the company's cash flow situation was equally concerning. During the reporting period, net cash flows from operating activities, investing activities, and financing activities were all negative, at -350 million yuan, -280 million yuan, and -40 million yuan respectively. Baowu Magnesium's net profit declined 46.47%.
For Western Materials, the company experienced double declines with poor performance, recording operating revenue of 1.539 billion yuan, down 0.35% year-on-year; net profit attributable to shareholders was 61.16 million yuan, down 36.03% year-on-year. The company's sales net margin and ROE continued to decline. Over the past three semi-annual reports, sales net margin was 9.05%, 8.1%, and 4.55% respectively, showing a continuous downward trend; weighted average return on equity was 3.63%, 3.22%, and 2.1% respectively, showing a continuous downward trend. In addition, the company's cash flow situation was equally concerning. During the reporting period, net cash flows from operating activities, investing activities, and financing activities were all negative, at -30 million yuan, -50 million yuan, and -130 million yuan respectively.
In addition, Baoti Shares and Jintian Titanium Industry also showed poor performance, both experiencing double declines in the first half of 2025. Among them, Baoti Shares recorded operating revenue of 2.967 billion yuan in the first half of 2025, down 20.45% year-on-year; net profit attributable to shareholders was 205 million yuan, down 49.00% year-on-year. Jintian Titanium Industry recorded operating revenue of 318 million yuan in the first half of 2025, down 22.38% year-on-year; net profit attributable to shareholders was 40.53 million yuan, down 49.71% year-on-year.
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