On August 20, three listed non-ferrous metal companies — Xiamen Tungsten (600549.SH), Jinduicheng Molybdenum (601958.SH), and Tengyuan Cobalt (301219.SZ) — simultaneously released their 2026 semi-annual reports. All three achieved double-digit growth in both revenue and profit, driven by rising product prices and capacity expansion, yet their operating cash flows painted strikingly different pictures.
Xiamen Tungsten posted first-half revenue of RMB 35.014 billion, up 81.70% year-on-year; net profit attributable to shareholders reached RMB 2.201 billion, surging 127.04%; and non-GAAP net profit stood at RMB 2.055 billion, up 122.81%. The sharp earnings increase was largely attributed to rising prices of key raw materials such as tungsten, cobalt, lithium carbonate, and praseodymium neodymium oxide, which drove corresponding price hikes in finished products. Meanwhile, sales volumes of major products like alloy rods, cutting tools, power battery cathode materials, and magnetic materials grew steadily. However, despite the doubling in profit, the company's net cash flow from operating activities fell to a negative RMB 2.463 billion, down 398.95% year-on-year, compared with a positive RMB 824 million in the same period last year. The significant cash flow reversal was mainly due to increased working capital tied up in inventories and receivables, a consequence of sharply higher raw material prices. The company proposed a cash dividend of RMB 4.2 per 10 shares (tax inclusive), totaling RMB 667 million, representing 30.30% of its interim net profit attributable to shareholders.
Jinduicheng Molybdenum recorded first-half revenue of RMB 7.918 billion, up 13.79% year-on-year; net profit attributable to shareholders rose 25.95% to RMB 1.741 billion; and non-GAAP net profit climbed 29.07% to RMB 1.768 billion. The growth was primarily fueled by the sustained upward trend in molybdenum product prices, with the average price of molybdenum concentrate reaching RMB 4,560 per tonne unit during the period, up 28% year-on-year. The company carried out planned maintenance shutdowns in the second quarter, which led to a decline in molybdenum output and somewhat tempered the profit growth rate. In stark contrast to Xiamen Tungsten, Jinduicheng Molybdenum saw its operating cash flow turn positive, posting RMB 949 million versus a negative RMB 709 million in the year-ago period, supported by higher sales volumes and increased prices.
Tengyuan Cobalt reported first-half revenue of RMB 6.089 billion, up 72.36% year-on-year; net profit attributable to shareholders increased 87.82% to RMB 881 million; and non-GAAP net profit grew 87.04% to RMB 850 million. The robust performance was driven by capacity release in copper products, higher production and sales volumes, and rising selling prices. However, net cash flow from operating activities was negative RMB 205 million, down 149.62% year-on-year, versus a positive RMB 412 million in the prior-year period. The decline was attributed to increased spending on copper raw material purchases due to expanded copper capacity, as well as higher payments for secondary resource raw materials. Financial expenses jumped 412.14% year-on-year, impacted by exchange rate fluctuations between the US dollar and the Chinese yuan, leading to increased exchange losses and reduced interest income. The company proposed a cash dividend of RMB 3 per 10 shares (tax inclusive) to all shareholders.
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