In H1 2025, Zhangyuan Tungsten Industry achieved revenue of 2.406 billion yuan, increased by 32.65% year-on-year; net profit attributable to shareholders of the parent company was 115 million yuan, increased by 2.54% year-on-year; non-deducted net profit was 107 million yuan, decreased by 4.36% year-on-year; basic earnings per share was 0.10 yuan, increased by 11.11% year-on-year; as of the end of the reporting period, the company’s total assets were 5.261 billion yuan, increased by 5.77% year-on-year; and the owners’ equity attributable to shareholders of the listed company was 2.163 billion yuan, increased by 1.53% year-on-year.
In the first half of 2025, influenced by a tight supply of tungsten raw materials, tungsten raw material prices continued to rise. Zhangyuan Tungsten Industry focused on its core business, actively expanded its market, and leveraged its stable product quality and rapid delivery capabilities to achieve sales volume growth, maintaining a steady development trend. During the reporting period, the company’s total operating revenue increased by 32.65% year-on-year, driven by rising tungsten product market prices and increased product sales.
According to the CTIA GROUP LTD Online website, in the first half of 2025, the Chinese tungsten market exhibited a compound operational pattern of “volatile upward movement, repeated record highs, phased corrections, and high-level fluctuations” under the influence of structural supply tightening, rigid downstream demand support, and intertwined international geopolitical risks. From January to June 2025, the average price of 65% black tungsten concentrate was 151,800 yuan per ton, increased by 12.78% year-on-year, with a 20.28% rise from the beginning to the end of June. The average price of ammonium paratungstate (APT) was 223,200 yuan per ton, increased by 12.16% year-on-year, with an 18.96% rise from the beginning to the end of June. The average price of tungsten powder was 332.99 yuan per kilogram, increased by 11.72% year-on-year, with a 19.30% rise from the beginning to the end of June. The average price of tungsten carbide powder was 327.84 yuan per kilogram, increased by 11.72% year-on-year, with an 18.97% rise from the beginning to the end of June. The average price of 70 ferrotungsten was 228,600 yuan per ton, increased by 16.45% year-on-year, with a 20.00% rise from the beginning to the end of June. The average price of tungsten bars was 386.43 yuan per kilogram, increased by 8.95% year-on-year, with a 14.86% rise from the beginning to the end of June.
According to the CTIA GROUP LTD Online WeChat account, the tungsten market has recently continued its upward trend, with tungsten concentrate and major tungsten product prices reaching new highs! As of the time of publication, the price of 65% black tungsten concentrate was reported at 199,000 yuan per standard ton, increased by 39.2% since the beginning of the year. The price of ammonium paratungstate (APT) was reported at 291,000 yuan per ton, increased by 37.9% since the beginning of the year. The price of tungsten powder was reported at 438 yuan per kilogram, increased by 38.6% since the beginning of the year. The price of tungsten carbide powder was reported at 428 yuan per kilogram, increased by 37.6% since the beginning of the year. The price of 70 ferrotungsten was reported at 300,000 yuan per ton, increased by 39.5% since the beginning of the year.
