Minor Metals Interim Reports | Shanxi Huayang New Material Co.,Ltd. Posts Lowest Gross Margin at 0.54%, Relies on Non-recurring Items for "Transfusion", Three Consecutive Years of Non-GAAP Net Loss

As of August 31, 2025, minor metals listed companies have completed their interim financial report disclosures for the first half of 2025. We selected 23 representative listed companies for performance comparison and analysis. Among various financial indicators, gross profit margin and net profit margin, as two core profitability assessment metrics, are closely watched by market investors.

From a gross profit margin perspective, most listed companies in the minor metals industry have gross profit margins below 20%. In the first half of 2025, Anning shares ranked first with a gross profit margin of 60.13%. In comparison, Guiyan Platinum and Shanxi Huayang New Material Co.,Ltd. had gross profit margins below 3%, at 2.19% and 0.54% respectively.

From a net profit margin perspective, most listed companies have net profit margins below 7%. Three listed companies - Guiyan Platinum, Baowu Magnesium, and Xianglu Tungsten - had net profit margins below 2%, at 1.18%, 1.56%, and 1.97% respectively.

Listed companies' gross profit margins are typically higher than their net profit margins. However, among the minor metals listed companies in our statistics, we discovered an anomaly. For Shanxi Huayang New Material Co.,Ltd., the company's gross profit margin was only 0.54% in the first half of 2025, while its net profit margin reached 54.62%, with the net profit margin significantly exceeding the gross profit margin, indicating an abnormal situation. This is primarily because the company's core business performance remains under pressure, and the company's net profit recovery was mainly due to land transfers, government subsidies, and inventory impairment reversals caused by rising precious metals prices. The company still recorded losses after excluding non-recurring items.

In the first half of 2025, the minor metals industry as a whole achieved profitability, but from a relative level perspective, in terms of net profit margin, Guiyan Platinum ranked last with a net profit margin of only 1.18%. Additionally, Baowu Magnesium and Xianglu Tungsten also had relatively low net profit margins at 1.56% and 1.97% respectively.