Credit Brief — Xiamen Tungsten Co.,Ltd. (厦门钨业)
600549.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 黄长庚
- Registered address: 厦门市海沧区柯井社
- Office address: 厦门市思明区展鸿路 81 号翔业国际大厦 21-22 层
- Controlling shareholder: 福建省稀有稀土（集团）有限公司
- Actual controller: 福建省国资委
- Employees: 19,486
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 2,171.8 | 2,851.1 | 6,974.0 | 3,971.3 | 5,792.3 |
| Trading financial assets | 450.2 | 504.2 | 502.8 | 1,879.0 | 1,532.5 |
| Accounts receivable | 7,455.1 | 6,200.6 | 5,178.2 | 7,566.1 | 10,386.9 |
| Other receivables | 1,098.2 | 186.2 | 181.6 | 116.9 | 118.0 |
| Inventories | 8,707.2 | 7,418.9 | 8,383.5 | 14,602.2 | 23,223.4 |
| Long-term equity investments | 2,831.5 | 3,300.2 | 3,279.5 | 3,421.9 | 3,721.4 |
| Fixed assets | 9,978.0 | 10,138.2 | 11,669.2 | 14,516.1 | 14,853.8 |
| Construction in progress | 1,280.8 | 2,664.8 | 2,850.8 | 1,677.4 | 1,655.5 |
| Intangible assets | 1,571.5 | 1,655.8 | 1,792.0 | 1,998.6 | 2,452.2 |
| Total assets | 39,810.8 | 39,272.5 | 45,463.8 | 56,067.3 | 71,217.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 4,224.2 | 2,165.6 | 2,581.3 | 4,412.2 | 12,440.1 |
| Notes payable | 3,492.1 | 1,892.0 | 3,035.0 | 7,440.6 | 10,358.5 |
| Accounts payable | 3,448.7 | 3,674.3 | 3,658.8 | 7,396.3 | 10,173.0 |
| Contract liabilities | 546.4 | 696.8 | 445.4 | 571.9 | 823.1 |
| Other payables | 1,146.8 | 757.9 | 839.0 | 778.2 | 1,052.2 |
| Current portion of non-current liabilities | 1,259.5 | 1,173.1 | 3,323.9 | 4,071.9 | 890.8 |
| Long-term borrowings | 5,326.9 | 7,026.6 | 5,902.3 | 2,865.8 | 4,043.5 |
| Bonds payable | 2,244.1 | 1,638.6 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 23,750.7 | 20,201.3 | 21,112.7 | 29,384.1 | 42,140.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,418.5 | 1,418.3 | 1,587.7 | 1,587.6 | 1,587.6 |
| Capital reserve | 3,277.4 | 3,312.9 | 6,644.2 | 6,651.0 | 6,635.9 |
| Retained earnings | 4,690.1 | 5,755.5 | 6,828.1 | 7,987.3 | 9,513.1 |
| Equity attributable to owners of the parent | 9,990.5 | 11,211.8 | 15,828.8 | 17,201.8 | — |
| Minority interests | 6,069.5 | 7,859.4 | 8,944.9 | 9,481.4 | 10,384.5 |
| Total equity | — | 11,211.8 | 15,902.8 | — | 29,076.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 48,222.8 | 39,397.9 | 35,196.5 | 46,264.6 | 35,014.5 |
| Cost of sales | 41,658.8 | 32,888.1 | 28,850.5 | 37,984.4 | 27,371.5 |
| Selling expenses | 339.4 | 369.3 | 439.8 | 477.4 | 225.1 |
| Administrative expenses | 889.8 | 968.1 | 1,069.6 | 1,166.8 | 599.1 |
| Finance costs | 463.3 | 509.3 | 303.7 | 291.5 | 264.0 |
| Investment income | 571.1 | 94.8 | 258.4 | 36.4 | 39.1 |
| Operating profit | 2,588.6 | 2,935.1 | 3,271.6 | 4,101.8 | 3,978.4 |
| Profit before tax | 2,571.6 | 2,917.1 | 3,244.1 | 4,061.4 | 3,971.0 |
| Net profit | 2,182.7 | 2,517.4 | 2,705.6 | 3,350.8 | 3,175.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.45x | 1.84x | 1.68x | 1.28x | 1.24x |
| Quick ratio | 0.89x | 1.16x | 1.10x | 0.71x | 0.62x |
| Debt-to-asset ratio | 59.7% | 51.4% | 46.4% | 52.4% | 59.2% |
| Total debt / EBITDA | 3.40x | 2.81x | 2.62x | 2.06x | 3.21x |
| EBITDA interest coverage | 8.28x | 8.38x | 14.82x | 18.89x | 20.49x |
| Gross margin | 13.6% | 16.5% | 18.0% | 17.9% | 21.8% |
| Net margin | 4.5% | 6.4% | 7.7% | 7.2% | 9.1% |
| Return on equity (ROE) | — | 22.5% | 17.0% | — | 10.9% |
| Revenue growth | — | -18.3% | -10.7% | 31.4% | -24.3% |
| Net profit growth | — | 15.3% | 7.5% | 23.8% | -5.2% |
| Receivable days | 56 | 57 | 54 | 60 | 108 |
| Cash received / revenue | 70.5% | 86.9% | 85.5% | 85.8% | 89.1% |
| Operating CF / net profit | -0.17x | 1.70x | 1.15x | 0.89x | -0.20x |
| Free cash flow | -2,993.4 | 4,726.1 | 2,113.1 | 3,890.5 | 1,251.7 |
Mechanical risk flags
- ⚠ Current ratio: 1.28 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.71 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.52 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 14 flags (high×4, mid×10); first 3 shown:
- 2023 · Same item across different source documents: 94.8 vs 757.2 CNY mn (deviation 87.48%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 662.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 181.6 vs 103.7 CNY mn (deviation 42.88%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 77.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 3,279.5 vs 3,656.8 CNY mn (deviation 10.32%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 377.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 94.8 vs 757.2 CNY mn (deviation 87.48%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 680.5 vs 679.3 CNY mn (deviation 0.18%, severity low)
Sources: 2023年年度报告.pdf p.165 「五、现金及现金等价物净增加」 vs 2023年年度报告.pdf p.156 「货币资金」. CF-statement figure above the balance-sheet movement by 1.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 2,422.1 vs 4,122.9 CNY mn (deviation 41.25%, severity mid)
Sources: 2024年年度报告.pdf p.186 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.177 「货币资金」. CF-statement figure below the balance-sheet movement by 1,700.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -1,364.8 vs -3,002.8 CNY mn (deviation 54.55%, severity mid)
Sources: 2025年年度报告.pdf p.172 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.163 「货币资金」. CF-statement figure above the balance-sheet movement by 1,638.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 1,764.3 vs 1,821.0 CNY mn (deviation 3.12%, severity mid)
Sources: 2026年半年度报告.pdf p.110 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.101 「货币资金」. CF-statement figure below the balance-sheet movement by 56.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 3,971.3 | 2025年年度报告.pdf | 163 | 货币资金 | 3971256727.46 (元) |
| Total assets | 2025 | 56,067.3 | 2025年年度报告.pdf | 164 | 资产总计 | 56067292855.84 (元) |
| Accounts receivable | 2025 | 7,566.1 | 2025年年度报告.pdf | 163 | 应收账款 | 7566117556.02 (元) |
| Fixed assets | 2025 | 14,516.1 | 2025年年度报告.pdf | 163 | 固定资产 | 14516113285.25 (元) |
| Short-term borrowings | 2025 | 4,412.2 | 2025年年度报告.pdf | 164 | 短期借款 | 4412186411.96 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.