Silver sector stocks have surged significantly, with Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. rising by 355%. Industry leaders are actively advancing H-share IPOs and acquisitions.
Since 2025, driven by strong silver prices, leading companies in the silver sector have delivered impressive stock performance. Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. has seen a remarkable 355% increase since last year, becoming a market focus. However, against the backdrop of high valuations, related companies are engaging in frequent capital operations. Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. has initiated an H-share IPO, while Shengda Resources is progressing with mining asset acquisitions. Concurrently, the sector shows a clear divergence in ESG performance. Apart from Western Mining, which has a relatively good rating, most silver companies need to improve their ESG standards, with issues like workplace safety and carbon emissions posing challenges for development.
Rising Silver Prices Boost Stock Performance Strong Earnings Anticipated for Leaders Since 2025, silver has experienced a bull market, with particularly sharp gains recently. According to Wind data, the SHFE Silver Index rose 124.62% in 2025 and gained 54.91% in January 2026 (with a peak increase of 81.89%). As of February 11, the index had accumulated a gain of 175.54% since the start of 2025.
During the same period, silver-related stocks on the A-share market also performed well. Stocks such as Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd., Western Mining, and Hunan Silver have seen their prices double. Among them, Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. surged 355% since 2025, while Silver Corp. gained 251%. Public information shows that after acquiring Yubang Mining in 2025, Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. increased its silver reserves to 24,537 tons, accounting for 34.56% of China's total reserves and 4.5% of global silver reserves.
Recently, Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. has repeatedly issued "Stock Price Fluctuation Announcements," stating that "the significant fluctuation in stock price is mainly due to recent notable volatility in the market prices of our main products, silver and tin," thereby alerting investors to risks. On the other hand, Sun Kai, Vice President and Board Secretary of the company, announced on February 3 this year an increase in his shareholding by 40,000 shares, demonstrating confidence in the company's future development and stock price through concrete action. Regarding the reason for the share purchase, Sun Kai stated it was "based on confidence in the company's future development and recognition of its long-term investment value."
According to exchange requirements, listed companies must issue earnings forecasts within one month after the end of the fiscal year if they anticipate annual operating performance or financial conditions will show any of the following: net profit turning negative, a year-on-year increase or decrease in net profit exceeding 50%, a turnaround to profit, or negative net assets at period-end. Public information indicates that Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. disclosed a 2024 performance forecast in January 2025, estimating a 39.7% to 70% year-on-year increase in net profit attributable to shareholders compared to 2023. However, the company has not released a 2025 earnings forecast or preliminary report this year. According to calculations by Wei Yajun, a nonferrous metals industry analyst at Yongxing Securities, Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd.'s net profit attributable to shareholders for 2025 is expected to reach 1.98 billion yuan, representing a year-on-year increase of 29.2%.
Silver concept stock Shengda Resources has previously disclosed earnings forecasts or preliminary reports in past years but has not released a 2025 earnings forecast this year. In their October 2025 research report commenting on Shengda Resources' third-quarter results, Galaxy Securities analysts Hua Li and Yan Yulu estimated that the company's net profit attributable to shareholders for 2025 could reach 604 million yuan, a 54.8% increase compared to the 390 million yuan net profit in 2024.
Divergent ESG Performance In recent years, regulators have strongly encouraged listed companies to promote ESG initiatives, and the Wind ESG rating system has gained recognition from many firms. For instance, annual reports of companies like CITIC Special Steel have referenced Wind ESG ratings.
According to Wind data, some silver concept stocks have low ESG scores. In the Wind ESG ratings, apart from Western Mining, which achieved an AA rating with a score of 8.53, the latest ESG scores for Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd., Hunan Silver, Shengda Resources, and Silver Corp. are 6.32, 4.88, 4.33, and 3.58, with ratings of BBB, BB, B, and CCC, respectively.
A similar pattern is observed in the SynTao Green Finance ESG rating system, which is also frequently cited by listed companies. Information obtained from the SynTao website shows that Western Mining's latest ESG rating is A-, Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. is rated B+, Hunan Silver is B-, and Shengda Resources only achieves a C+.
Among silver concept stocks, the top two by market capitalization, Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. and Western Mining, show a significant gap in ESG performance. Western Mining's Wind ESG rating is two levels higher than that of Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. Generally, due to industry characteristics, the mining and smelting sector's ESG performance tends to lag behind that of the service or advanced manufacturing industries. However, Western Mining's AA rating demonstrates that mining companies can still enhance their ESG performance and brand image through excellent internal management and risk control.
Wind data shows that Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. is a constituent stock of major indices including the CSI 500, CSI A500, CSI 800, MSCI China A-Share, and Shenzhen 300. The company's ESG report indicates that compared to 2023, its raw coal consumption decreased in 2024, but diesel consumption saw a significant increase. In 2023, the company's diesel consumption (Scope 1) was 7.6742 million liters, equivalent to 23,760 tons of CO2 emissions. In 2024, Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd.'s diesel consumption (Scope 1) reached 9.8335 million liters, equivalent to 26,354 tons of CO2 emissions, representing increases of 28% and 11%, respectively.
The 2024 ESG report states that Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. has set "Three Zeros" (zero general and above accidents, zero major fire accidents, zero major equipment accidents) as core goals for employee rights and personal safety. According to the company's records of major work-related injuries and fatalities, following a safety incident at its subsidiary Tibet Bosheng Mining in July 2024 that resulted in one death, another safety accident occurred on March 9, 2025, at the Xiwuzhumuqin Banner Yinman Mining subsidiary's contracting party, where one on-site construction worker died after rescue efforts failed. Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. apologized to the deceased's family and committed to conducting comprehensive safety self-inspections, implementing corrective measures, and eliminating safety hazards.
In recent years, regulators have encouraged industry leaders, state-owned enterprises, and major index constituent companies to enhance their ESG efforts and take the lead in ESG reporting coverage. Wind data shows that Hunan Silver is a constituent of the CSI 1000 index and a state-owned listed company in Hunan, but it has not yet disclosed a dedicated ESG report.
Although Shengda Resources is a constituent of the CSI 1000 index, its latest Wind ESG rating is only B. Shengda Resources has also not released a dedicated ESG report.
Huazheng ESG ratings are also frequently cited by listed companies. Information obtained from Huazheng indicates that Western Mining has a high ESG score of 92.5, with an AA rating, ranking among the top in the mining industry. Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd.'s Huazheng ESG rating score is only 72.5, with a B rating. Shengda Resources has a rating score of 58.4, placing it in the lowest C grade. Since May 2025, Shengda Resources' Huazheng ESG rating has been downgraded by two levels, from CCC to C. Hunan Silver's Huazheng ESG rating is also low, at CC.
Public information shows that Shengda Resources' Chairman Zhao Qing has overseas study experience, and Board Secretary and Vice President Wang Wei is an experienced professional board secretary, having previously served as Vice President and Board Secretary for listed companies such as Dongyue Rongsheng and Tianma Stock. Wang Wei resigned from Tianma Stock in 2018. At that time, Tianma Stock's actual controller, Xu Maodong, was subject to administrative penalties and market entry restrictions by the CSRC in 2019 for misappropriating 1.02 billion yuan from the company. Wang Wei was also warned by the CSRC and fined 100,000 yuan.
Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. Pursues Hong Kong IPO Shengda Resources Advances Acquisition Plans High valuations are providing favorable financing opportunities for companies. Recently, several silver companies have been promoting capital operations, including IPOs, private placements, or acquisitions.
For example, Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd. announced in January 2026 its plan to pursue an H-share IPO, aiming to deepen its international strategic layout and build an international capital operation platform. Wind data shows that Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd.'s current PB (LF) ratio is 9.8 times, near a historical high. In recent years, the company's monetary funds have continued to grow, increasing from 136 million yuan at the end of 2021 to 1.14 billion yuan at the end of 2024. By the end of September 2025, the company's monetary funds had risen to 1.92 billion yuan (consolidated statements), indicating relatively ample funds.
Similarly, Shengda Resources announced a "Plan for Issuing Shares to Purchase Assets and Raise Supporting Funds" in October 2024, proposing to issue shares to acquire a 47% stake in Sichuan Honglin Mining Co., Ltd. held by seven counterparties including Zhou Qinglong and Ma Ling, and to issue shares to raise supporting funds. Upon completion of the transaction, the company will hold a 100% stake in Honglin Mining.
The latest announcement from Shengda Resources at the end of January this year indicates that this acquisition is still in progress. Honglin Mining possesses rich copper-gold mineral resources. However, its production timeline has been slower than expected. A recent Shengda Resources announcement disclosed that the trial production at the Caiyuanzi Copper-Gold Mine, owned by Honglin Mining, originally scheduled to end in December 2025 with full production expected in 2026, has been extended until the end of March 2026.
Additionally, Shengda Resources announced in January 2026 its plan to acquire a 55% stake in Guangxi Laibin Jinshi Mining Co., Ltd. from four shareholders including Jiang Wenli for 270 million yuan in cash. Laibin Jinshi will become a controlled subsidiary of the listed company. Industrial and commercial information systems show that Shengda Resources officially obtained the 55% equity in Laibin Jinshi in February this year.
The announcement reveals that as of the end of 2024, Laibin Jinshi had total assets of 112 million yuan, total liabilities of 138 million yuan, and shareholder equity of negative 26.78 million yuan, meaning it was technically insolvent. Furthermore, throughout 2024, Laibin Jinshi reported zero revenue and a net loss of 3.98 million yuan. In the first 11 months of 2025, the company's losses expanded to 4.89 million yuan.
(Mentioned stocks are for analysis purposes only and do not constitute investment advice.)
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