China Tungsten And Hightech Materials (000657) Q4 2025 earnings summary

Executive summary

• Achieved revenue of ¥17.64 billion in 2025, up 19.34% year-over-year; net profit attributable to shareholders rose 29.20% to ¥1.28 billion.

• Gross profit increased 22.37% to ¥4.18 billion; basic EPS reached ¥0.58, up from ¥0.48 last year.

• Completed major asset restructuring, including the acquisition of 99.97% equity in Hengyang Yuanjing Tungsten, further strengthening resource security.

• Maintained industry leadership in tungsten and hard alloy production, with significant advances in R&D and digital transformation.

Financial highlights

• Revenue: ¥17.64 billion, up 19.34% year-over-year; net profit: ¥1.28 billion, up 29.20%.

• Gross margin: 23.69%; operating profit: ¥1.63 billion, up 31.23%.

• Cash flow from operations: ¥389 million, down 60.27% year-over-year due to higher raw material costs and tax payments.

• Total assets: ¥21.44 billion, up 21.12%; net assets attributable to shareholders: ¥9.72 billion, up 24.69%.

• R&D expenses: ¥765 million, up 8.29%; R&D intensity: 4.34%.

Outlook and guidance

• Focus on optimizing industrial layout, accelerating smart manufacturing, and strengthening global competitiveness.

• Plans to further increase high-end product share, enhance cost control, and expand domestic and international markets.

• Emphasis on technological innovation, digital transformation, and sustainable development.