China Tungsten and Hightech Materials (000657)

Equity Research Report　|　Industry: Non-ferrous Metals—Minor Metals—Tungsten　|　Report Date: September 13, 2026　|　Closing Price on Friday, September 11, 2026

This report was automatically compiled by AI based on publicly available information. It is for reference only and does not constitute investment advice.

1. Executive Summary

China Tungsten and Hightech Materials is the tungsten-industry operating and management platform under China Minmetals. It has established an industrial-chain footprint covering “tungsten concentrate—APT—tungsten powder—cemented carbide—high-end cutting tools.” In 1H 2026, the company’s net profit attributable to shareholders was RMB 2.076 billion, up 280.53% year on year; product-based gross margin rose to 30.38% over the same period, mainly driven by higher tungsten concentrate prices, the consolidation of resource assets, and growth in PCB micro-drill and high-end cutting-tool orders. However, the 1H 2026 operating revenue of RMB 16.385 billion currently comes primarily from a single source and still needs to be verified against the original interim report.

The company’s growth logic is shifting from expansion of midstream processing scale toward “higher resource-side profitability, stable manufacturing scale, and product-mix enhancement through downstream high-end products.” Shizhuyuan was consolidated in 2024, while the delivery and consolidation of the 99.9733% stake in Yuanjing Tungsten were completed in December 2025. The company also has approximately 14,000 tonnes of cemented-carbide capacity, globally leading production scale, and a foundation for expanding Jinzhou’s PCB micro-drill business. In August 2026, the company announced three PCB micro-drill projects with combined investment of approximately RMB 526 million. Once completed, the projects are expected to further increase micro-drill capacity.

Earnings quality still needs to be assessed together with cash flow and asset quality. In 2025, net profit attributable to shareholders was RMB 1.281 billion, up 29.20% year on year, but operating cash flow declined significantly and inventories increased by more than RMB 3 billion. Cash flow was negative in 1H 2026, while asset impairment provisions of approximately RMB 721 million were recognized. Current high earnings growth is closely associated with rising tungsten prices and mine consolidation, and 1H 2026 performance should not simply be viewed as a stable operating state.

As of September 11, 2026, the company’s share price closed at RMB 58.52, down approximately 19.6% from the August 10 high of RMB 72.80. The price was below the MA5, MA10 and average chip-cost price, indicating weak short-term technical momentum. However, the low-level KDJ golden cross and relatively low indicator readings suggest signs of a weak rebound. Reliable original values for MA20, MA60 and the Bollinger Bands are currently unavailable, while different data sources disagree on the direction of major-player fund flows. Technical and flow-based conclusions should therefore remain cautious.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• Cutting tools and tooling: solid tools, CNC tools, cutting inserts (CNC inserts and conventional inserts), PCB tools
• Other cemented carbide: rods, mining alloys, rolls (including top hammers), special-shaped products, precision parts, conventional alloys, drilling tools and finished tools
• Refractory metals: tungsten and molybdenum products, tantalum and niobium products, hardfacing materials (cast tungsten carbide and thermal-spray materials), tungsten wire
• Concentrate and powder products: tungsten concentrate, fluorite concentrate, molybdenum concentrate, bismuth concentrate, tungsten carbide powder, blue tungsten, yellow tungsten, ammonium paratungstate (APT), mixed materials and cobalt powder
• Trading and equipment businesses

2.3 Position in the Upstream and Downstream Chain and Cost-Profit Structure

China Tungsten and Hightech Materials is the tungsten-industry operating and management platform under China Minmetals. Its operations cover the complete process chain of “tungsten concentrate → APT → tungsten oxide → tungsten powder → tungsten carbide powder → cemented carbide → high-end cutting tools.” In 1H 2025, total revenue was RMB 7.849 billion. By product, concentrate and powder products generated RMB 2.727 billion (34.74%, gross margin 25.11%); other cemented-carbide products generated RMB 1.816 billion (23.13%, gross margin 13.58%); cutting tools and tooling generated RMB 1.701 billion (21.68%, gross margin 32.65%); refractory metals generated RMB 1.274 billion (16.23%, gross margin 8.74%); and trading and equipment generated RMB 331 million (4.22%, gross margin 19.47%) (Eastmoney F10, consistent with the interim report). For full-year 2025, the company disclosed only aggregate “cemented carbide and tungsten products” revenue of RMB 17.64 billion (100%), with a gross margin of 23.67%. By geography, domestic revenue was RMB 14.89 billion (84.40%, gross margin 23.31%) and export revenue was RMB 2.752 billion (15.60%, gross margin 25.61%). In 1H 2026, total revenue was RMB 16.385 billion (+108.51% year on year), net profit attributable to shareholders was RMB 2.076 billion (+280.53%), and product-based gross margin was 30.38%. Domestic revenue was RMB 13.32 billion (81.31%, gross margin 32.87%), while overseas revenue was RMB 3.063 billion (18.69%, gross margin 19.56%) (Eastmoney F10 and CLS). Note that 1H 2026 revenue was already close to the 2025 full-year level, driven by a substantial increase in tungsten prices and mine consolidation. This was a highly volatile year and should not be treated as a steady-state structure.

• Key inputs: tungsten concentrate, APT and tungsten carbide powder, which dominate costs and are partly self-supplied by the company; cobalt powder, used as the binder phase in cemented carbide; associated fluorite, molybdenum and bismuth concentrates; and electricity and other energy inputs. The basis is that the principal-business breakdown lists “concentrate and powder products” as a core business category, while the 2025 annual-report summary describes the process chain of “tungsten concentrate → APT → tungsten oxide → tungsten powder → tungsten carbide powder → cemented carbide.”
• Self-sufficiency: A broker estimates that the current on-balance-sheet self-supply ratio is approximately 21%, rising to about 70% after all entrusted mines are injected (Gelonghui research-report reprint, around August 2026). This is based on a single source and is not a company-disclosed figure; the annual report should prevail.
• Pricing power: The midstream smelting, powder and general-alloy segments are “price takers” with respect to raw-material prices. Evidence includes the company’s statement that in 2023, “weak demand plus rising upstream raw-material prices put pressure on profitability from both ends.” In 1Q 2024, consolidated gross margin fell 3.1 percentage points year on year to approximately 14.2%, with Huatai/CICC-related commentary explicitly attributing the decline to higher prices for APT, tungsten carbide and other raw materials (multiple April 2024 annual-report reviews).
• However, resource injections are changing this characteristic. Following the injection of Shizhuyuan in 2024 and Yuanjing Tungsten in 2025–2026, the company’s most important input, tungsten concentrate, has shifted toward “internal supply assurance plus participation in the benefits of higher concentrate prices.” Gross margin rose from approximately 21% in 1H 2025, on the non-ferrous mining and processing basis, to approximately 30% in 1H 2026. The annual-report explanation was that the average price of tungsten concentrate increased year on year.
• End markets: automobile manufacturing, rail transit, shipbuilding, marine engineering, mining, machining, steel and metallurgy, as well as aerospace, defense, new energy (photovoltaic tungsten wire), artificial intelligence (PCB micro-drills and ultra-thin inserts), semiconductors and electronic information (Securities Star reprint of the 2026 interim-report management discussion, 2026-08-24).
• Export mix: Full-year 2025 exports were RMB 2.752 billion, or 15.60% of revenue. Brokers stated that export gross margin was higher than domestic gross margin; export gross margin increased 3.1 percentage points year on year in 2023.
• Bargaining dynamics: The company operates as a “midstream manufacturing component/tool supplier.” Downstream customers are in machine tools, automobiles, mining, PCB and other manufacturing industries. The industry generally exhibits delayed pass-through of raw-material inflation to downstream customers and pricing pressure when competition intensifies. The company itself acknowledged in 2023 that “competition intensified and the continued increase in raw and auxiliary material prices narrowed the profit margin.” This resembles the “annual price reduction” logic in auto components but has a different source; no public disclosure of annual price-reduction clauses was identified.
• Internal related-party transactions/internal supply: Most rod material for high-end PCB micro-drills is supplied by the company’s subsidiary Zhuzhou Cemented Carbide (company response on the Shenzhen Stock Exchange investor-interaction platform on 2026-09-11, reprinted by Securities Star), demonstrating integrated internal support.
• Comparable data unavailable in this review: receivables turnover days, receivables/net-profit ratio, and the structure of prepayments and accounts payable could not be sourced reliably. Under the methodology, these are central pieces of evidence for assessing bargaining power and should be supplemented. The only indirect evidence available is that 1Q 2024 gross margin fell sharply while net margin declined less, although asset-disposal gains were a distortion, suggesting that profits are more elastic to downstream pricing than to upstream cost changes.
• The review did not obtain cross-verified data for the combined share of the top five customers or the top five suppliers. This is a clear data gap. The figures should be added directly from the “Major Customers/Major Suppliers” sections of the latest annual report, and unverified figures should not be included.

China Tungsten and Hightech is moving from an integrated manufacturer characterized by “midstream processing and pressure at both ends” toward a resource-oriented leader combining “upstream resources, midstream scale and downstream high-end branded cutting tools.” Over the past two decades, gross margin remained largely within the 17%–20% range, clearly below that of pure resource companies, indicating that profits primarily came from midstream scaled manufacturing. Following the consolidation of Shizhuyuan in 2024 and Yuanjing Tungsten in 2026, gross margin rose from 22% to 24% and then to 30%, with the earnings driver effectively shifting to higher tungsten-concentrate prices on the resource side. Accordingly, the first driver of any further gross-margin expansion is resource self-sufficiency, particularly the injection progress of the three entrusted mines, together with tungsten prices. The second driver is the upgrading of downstream product mix in CNC inserts and PCB micro-drills. If tungsten prices decline, the low-margin nature of the midstream processing segment will become visible again.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Net profit in 2024 was RMB 939 million, up 17.47% year on year. Net profit in 2025 was RMB 1.281 billion, up 29.20%, while non-recurring-adjusted net profit increased 585.39%. Revenue increased by nearly 20%, but operating cash flow fell 60%, inventories surged by more than RMB 3 billion, and the company proposed a cash dividend of RMB 2.3 per 10 shares. In 1Q 2026, net profit attributable to shareholders increased 264.44% year on year. In 1H 2026, net profit was RMB 2.076 billion, up 280.53%, cash flow was negative RMB 1.255 billion, and impairment provisions of RMB 700 million were recognized. The research memorandum did not provide exact operating-revenue amounts or certain year-on-year growth rates for each period.

The company’s net profit continued to grow rapidly from 2024 through 1H 2026, with 1H 2026 growth reaching 280.53%, mainly benefiting from resource- and materials-side drivers and PCB micro-drill expansion amid the AI upcycle. However, operating cash flow fell sharply in 2025, inventories surged, and cash flow was negative with impairment provisions recorded in 1H 2026. The matching of earnings quality and cash flow requires close monitoring.

3.2 Earnings Forecasts

The research memorandum did not provide specific earnings forecasts, such as future revenue, net profit or EPS. It only mentioned relevant views in the titles of institutional commentary reports, with no usable forecast figures.

3.3 Valuation and Institutional Ratings

The research memorandum did not provide specific valuation metrics such as PE, PB or target price, so valuation analysis cannot be performed. Guosheng Securities and Soochow Securities both assigned a “Buy” rating, but neither provided a target price.

4. Recent News and Announcements

4.1 1H 2026 Earnings Forecast: Attributable Net Profit Expected at RMB 1.97–2.17 Billion, Up Sharply Year on Year

On the evening of 2026-07-13, the company disclosed its 1H 2026 earnings forecast (Announcement No. 2026-51, published on 2026-07-14). Net profit attributable to shareholders was expected at RMB 1.97–2.17 billion, representing year-on-year growth of +286% to +325% under the disclosed basis and +261% to +298% after restatement. Non-recurring-adjusted attributable net profit was expected at RMB 1.955–2.155 billion, up +304% to +345%. Basic EPS was expected at RMB 0.86–0.95 per share. The forecast was unaudited.

The retrospective adjustment reflected the cash acquisition in December 2025 of 99.9733% of Hengyang Yuanjing Tungsten and its consolidation into the financial statements. Under the accounting treatment for a business combination under common control, the prior-year comparable period was restated; restated attributable net profit for the prior-year period was RMB 545.61 million. Reasons for growth included higher average tungsten-concentrate prices, which increased profitability in concentrate and powder products; full-chain cost advantages; significant growth in PCB micro-drill and high-end cutting-tool orders; and lean management. Reports from National Business Daily, Soochow Securities and Huaxin Securities all cited the same range, and the figures were consistent.

4.2 1H 2026 Report and Asset-Impairment Provision Announcement (Some Data Pending Verification)

The company’s board reviewed the 1H 2026 report on 2026-08-20 (Announcement No. 2026-60; interim reports 2026-64/65). Media reports quoting the board’s disclosure stated that 1H 2026 operating revenue was RMB 16.385 billion, up 108.51% year on year, and attributable net profit was RMB 2.076 billion, up 280.53%.

Limitation: The revenue and net-profit figures came from a single source, the CLS individual-stock page, and the original interim report could not be obtained for cross-checking in this review. Attributable net profit of RMB 2.076 billion falls within the forecast range and is internally consistent, but revenue of RMB 16.385 billion and the substantial year-on-year doubling appear unusual compared with 2025 full-year revenue of RMB 17.64 billion. The original interim report on the CNINFO website should be treated as authoritative and the figure should not be accepted without verification.

On the same day, the board approved the proposal on recognizing asset-impairment provisions for 1H 2026, approving provisions of RMB 721.2395 million, or approximately RMB 721 million. The amount is significant and its impact on the composition of interim-report profit requires attention (Announcement No. 2026-63). Media summaries did not disclose the composition or accounting items of the impairment; the original announcement should be reviewed.

4.3 Delivery and Consolidation Completed for the Acquisition of 99.9733% of Hengyang Yuanjing Tungsten

The equity transfer agreement was signed on 2025-10-24, with cash consideration of approximately RMB 821.49 million, funded entirely with internal resources. The transaction was approved at the seventh extraordinary shareholders’ meeting of 2025 on 2025-11-14. It was a related-party transaction, and related shareholders China Minmetals Corporation, holding 697,212,812 shares, and Minmetals Tungsten, holding 673,005,553 shares, abstained from voting. Delivery and consolidation were completed on 2025-12-11. As of 2025-05-31, the target had total assets of RMB 409.25 million and common shareholders’ equity of RMB 304.03 million. Sources were an overseas S&P Capital IQ report dated 2025-12-11 and Zhongcai.com.

4.4 Historical Consolidation and Expectations for Entrusted-Mine Injection (Broker Expectations, Not Announcements)

The consolidation of 100% of Shizhuyuan Non-ferrous Metals was completed in December 2024. Brokers expect the subsequent injection of the three entrusted mines—Xintianling, Yaogangxian and Xianglushan—but this remains an expectation rather than an announced transaction. Sources: Xiangcai Securities, 2025-01-04; Soochow Securities, 2026-07-14 research report.

4.5 Three Jinzhou PCB Micro-Drill Expansion Projects Approved, with Combined Investment of Approximately RMB 526 Million

On 2026-08-23, the company announced three simultaneous Jinzhou PCB micro-drill projects, each with a one-year construction period and expected to reach designed capacity in the second year:

1. An expansion and technical-upgrade project for high-precision micro-tools for AI high-speed, high-frequency PCBs: capacity of 140 million pieces per year and total investment of RMB 190 million, including RMB 178.5 million from internal funds and RMB 11.5 million in bank loans. The project will lease factory space in the eastern zone of the Shenzhen base and has an after-tax IRR of 14.55% (Announcement 2026-66).

2. A project for 155 million precision micro-tools per year for multilayer boards: total investment of RMB 189 million, including RMB 174 million from internal funds and RMB 15 million in loans; after-tax IRR of 12.78% (Announcement 2026-67).

3. Phase II of the precision micro-tool manufacturing base of the Nanchang branch: annual capacity of 18 million 131 products, 28 million medium-sized drill bits and 430 million semi-finished products from the preceding process; total investment of RMB 147 million (Announcement 2026-68).

4.6 Sintering Company’s Intelligent Medium- and Coarse-Grained Tungsten Carbide Powder Production-Line Upgrade Approved

On 2026-05-15, the technical-upgrade project for an intelligent medium- and coarse-grained tungsten carbide powder production line of the controlled subsidiary Sintering Company was approved. Total investment is RMB 179 million, the construction period is 18 months, and designed output after completion is 3,000 tonnes of tungsten carbide powder and 1,000 tonnes of tungsten powder per year.

4.7 Jinzhou Precision Micro-Drill Expansion Reaches Designed Capacity and Capacity Outlook

At the May 2026 earnings briefing, the company disclosed that Jinzhou Precision’s 140 million-piece-per-year micro-drill expansion project reached designed capacity in March 2026, increasing annual micro-drill capacity from 810 million pieces to 950 million pieces. After the two new projects reach full capacity, total capacity is expected to rise to approximately 1.14 billion pieces (Huaxin Securities research report, 2026-07-18).

4.8 Cancellation of Repurchased Restricted Shares Completed (Incentive Cancellation; Very Small Scale)

At the 13th meeting of the 11th Board of Directors, held on 2026-07-22, the company approved the repurchase and cancellation of 19,620 granted but unlocked restricted shares held by three incentive recipients who had resigned or failed to meet individual performance requirements. The repurchase price was adjusted from RMB 6.87 per share to RMB 4.545 per share, with total consideration of RMB 89,172.90 funded with internal resources (Announcements 2026-52/53/54). Cancellation was completed on 2026-09-10, and completion announcements were disclosed on 2026-09-11/12 (Announcement 2026-70). Total shares declined from 2,278,604,400 to 2,278,584,780, a reduction of 19,620 shares, or 0.0009% of pre-repurchase total shares. Comment: The scale is extremely small—RMB 89,000 and 0.0009%—and has no material impact on the share price or financials. It should not be misinterpreted as a large-scale share repurchase.

4.9 Dividend Payments

For 2024: RMB 1.60 per 10 shares, including tax; ex-dividend and payment date was 2025-06-19.

For 2025: RMB 2.30 per 10 shares, including tax, based on 2,278,604,400 shares; the dividend was paid on 2026-07-06, as confirmed in the announcement adjusting the restricted-share repurchase price.

4.10 Abnormal Trading Volatility and Other Historical Announcements (2025 Archive)

The company issued an abnormal stock-trading volatility announcement on 2025-07-25. On 2025-07-24 and 2025-07-30, the stock appeared in publicly disclosed trading information because its deviation from the reference price reached 7% and cumulative deviation over three consecutive trading days reached 20% (Shenzhen Stock Exchange). The 2025 interim report was disclosed on 2025-08-27 and the 2025 third-quarter report on 2025-10-27.

4.11 Industry and Policy Background

China has included tungsten on its “critical minerals list” and explicitly restricted tungsten-concentrate mining and tungsten-raw-material exports through export controls. Total supply controls are tightening. In 2025, global tungsten-mine supply was 85,000 tonnes of contained metal, of which China accounted for 67,000 tonnes, or 79%. China’s tungsten-industry revenue was RMB 1.9 trillion in 2025, up 41%, and total profit was RMB 20 billion, up 49%. Source: summary of China Tungsten and Hightech Materials’ 2025 annual report.

4.12 Key Uncertainties and Risk Disclosures

1. Uncertainty over whether the chairman has changed: The 2025 annual report, dated 2026-04-27, still listed Li Zhongze as the legal representative. However, the resolution of the 15th meeting of the 11th Board of Directors disclosed on 2026-08-23/24 stated that the meeting was chaired by Shen Huiming. The inconsistency suggests that a chairman change may have occurred during 2026, but the original change announcement was not obtained in this review. It should not be stated as fact without verification; subsequent announcements should be checked.

2. 1H 2026 revenue of RMB 16.385 billion and attributable net profit of RMB 2.076 billion came from a single source, the CLS individual-stock page, and were not cross-checked against the original interim report. Net profit is consistent with the forecast, while the large revenue increase requires verification.

3. Asset-impairment provisions of RMB 721.2395 million, or approximately RMB 721 million, are significant. Media summaries did not disclose the composition or accounting items; the original Announcement 2026-63 should be reviewed.

4. Financial-reporting definitions: Because Yuanjing Tungsten was a business combination under common control, two sets of year-on-year figures exist for 1H 2026—one under the disclosed basis and one after restatement, such as +286% to +325% versus +261% to +298% for attributable net profit. The basis must be specified when cited.

5. The injection of the three entrusted mines—Xintianling, Yaogangxian and Xianglushan—is only a broker expectation and is not a company-announced transaction.

6. Timestamp: Price and financial statements in this memorandum are based on announcement dates. The latest share price and capital-flow data are not included in this item, as they belong to technical analysis and are outside the scope of the relevant task.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

China Tungsten and Hightech has continued to retreat from the August 10, 2026 high of RMB 72.80, closing at RMB 58.52 on September 11 for a cumulative decline of approximately 19.6%. The current price is below MA5 of approximately RMB 59.66, MA10 of approximately RMB 60.39, the 20-day major-player cost of RMB 64.94 and the average chip-cost price of RMB 65.53. Trapped positions are relatively concentrated overhead and a large proportion of holders are at unrealized losses. Technically, MACD formed a death cross below the zero axis on September 1, while RSI formed a death cross and fell below 50 on August 31. Trend signals are weak, consistent with Jiufang’s daily bearish point on September 2. KDJ formed a low-level golden cross on September 8, and the D value had fallen to 18.84, indicating oversold conditions and possible weak-rebound momentum; however, the rebound is constrained by moving averages. Reliable values for the upper and lower Bollinger Bands and original MA20/MA60 values were unavailable, leaving gaps in the analysis.

Regarding capital flows, Securities Star reports cumulative net outflows of approximately RMB 403 million from major players over the latest five trading days, with a single-day net outflow of RMB 410 million on September 11, the largest over that period. Jiufang reports cumulative major-player outflows of RMB 2.215 billion over the latest 10 trading days. Margin financing was RMB 2.974 billion, with net repayments on most of the latest 10 trading days, while northbound funds recently reduced their holdings. However, Sina Finance showed a net inflow of RMB 70.0851 million from major players on September 11, opposite to Securities Star. Single-day major-player flows therefore conflict across sources and should not be accepted from a single source. Trading turnover was 3.36% on September 11, with turnover of RMB 2.810 billion, substantially lower than the August 10 peak of RMB 11.028 billion and a turnover ratio of 10.97%, indicating declining volume during the fall or low-volume consolidation. Related tungsten stocks—Xianglu Tungsten, Jiangxi Zhangyuan Tungsten and Xiamen Tungsten—were also retreating from high levels with overall fund outflows, creating an external constraint on the stock.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on the September 11, 2026 closing data and publicly available technical indicators. The weights are subjective judgments based on experience, not statistical probabilities, and do not constitute investment advice or a basis for trading.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range consolidation (relatively high weight, approximately 50%; subjective judgment, not a statistical probability): The price fluctuates between RMB 56.3 and RMB 60.4. Trigger conditions include slower major-player outflows, with single-day net outflows narrowing to below RMB 100 million, and trading volume remaining at a low RMB 2–3 billion level. This scenario is most consistent with current technical conditions: the low-level KDJ golden cross on September 8 suggests oversold-rebound momentum, but the MACD death cross below the zero axis and the price below MA5/MA10 constrain the rebound. The pattern would be weak consolidation while waiting for volume.
• Weak downside move (medium weight, approximately 30%; subjective judgment, not a statistical probability): A decisive break below RMB 56.3 would lead to a test of RMB 53.5–55.0, with an extreme case near RMB 49.35, Jiufang’s bull-bear support. Trigger conditions include further expansion of single-day major-player outflows, such as another outflow above RMB 400 million comparable to September 11; simultaneous weakness in the tungsten sector, including Xianglu Tungsten, Xiamen Tungsten and Jiangxi Zhangyuan Tungsten; and continued net repayment by margin-financing investors. Margin balances have already declined consecutively, northbound funds have reduced holdings and institutional participation is only 30.42%, so this scenario requires attention.
• Stronger rebound (low weight, approximately 20%; subjective judgment, not a statistical probability): The stock recovers RMB 60.4, the MA10, on higher volume, then tests RMB 61.6 and potentially RMB 64.5–65.4. Trigger conditions include catalysts from tungsten prices or the minor-metals sector, such as higher long-term contract prices, AI-PCB micro-drill orders or resource-injection announcements, together with a significant increase in daily turnover.

③ Capital and Liquidity Background

Recent turnover ratios were approximately 3.3%–3.4%, with daily turnover of approximately RMB 2.7–3.0 billion (September 9: RMB 2.980 billion/3.38%; September 11: RMB 2.810 billion/3.36%), substantially below the August peak of RMB 11.028 billion and a 10.97% turnover ratio on August 10. This indicates a low-volume decline or consolidation: selling pressure has been released, but buying interest is also insufficient.

Margin financing was RMB 2.974 billion as of September 10, 2026, representing 3.44% of free-float market capitalization and below the market average of 4.37%. Net repayments dominated the latest 10 trading days, indicating caution among leveraged investors. Northbound funds recently reduced holdings by 947,600 shares and held 29.0444 million shares. Eastmoney Qian Gu Qian Ping showed institutional participation of 30.42%, indicating moderate control.

The current price of RMB 58.52 is below the average chip-cost price of RMB 65.53 and the 20-day major-player cost of RMB 64.94. Trapped positions are relatively concentrated overhead, meaning rebounds may face selling pressure and a large proportion of positions are at unrealized losses.

Regarding shareholder concentration, this review did not obtain cross-verified data on the latest top 10 tradable shareholders or shareholder count from the 2026 interim or third-quarter reports. It is therefore impossible to confirm whether public funds, social-security funds or QFII institutions are among the top 10 shareholders, or to distinguish controlling shareholders from industrial or private-equity shareholders. This data is unavailable and should not be inferred. The latest periodic report on CNINFO or the Shenzhen Stock Exchange should be consulted, while noting that the shareholder structure may have changed since the disclosure date.

Sina Finance’s capital-flow page showed a major-player net inflow of RMB 70.0851 million on September 11, opposite to Securities Star’s net outflow of RMB 410 million. The two sources use different classification methodologies and snapshot times, so the direction of major-player flows should not be determined from only one source. Securities Star provides daily details with internally consistent logic, while Jiufang’s description of continuing outflows points in the same direction.

If single-day turnover continues to expand above RMB 4 billion—clearly above the RMB 2.7–3.0 billion daily norm since September and moving toward the high-volume range in August—it could be viewed as a signal to monitor for capital participation. If turnover continues to contract below RMB 2.5 billion, low-volume consolidation is likely to continue.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Monitor whether the share price can hold above MA10, approximately RMB 60.4. A sustained move above it could be viewed as a reference signal that the short-term weak pattern is improving; continued trading below MA5/MA10 would indicate that weakness remains.
• Monitor the break or hold of the first support zone at RMB 56.3–57.6 and, if it breaks, the buying response in the RMB 53.5–55.0 area, including the RMB 55 round-number level and the RMB 53.48 limit-down reference.
• Track whether net major-player outflows narrow, whether margin-financing repayments slow and how northbound holdings change as indicators of marginal shifts in capital flows.
• Monitor movements in the tungsten sector, including Xianglu Tungsten, Xiamen Tungsten and Jiangxi Zhangyuan Tungsten, as well as catalysts involving tungsten prices and company announcements, and whether turnover can expand above RMB 4 billion. (All of the above are observation points, not trading instructions.)

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, capital flows, broader market conditions and other factors. Technical indicators have inherent lags and limitations. This analysis does not guarantee future price performance and does not constitute a buy or sell recommendation. Investors should make independent judgments based on the latest market information and bear the investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Conditions

The resource side of the tungsten chain is highly concentrated. In 2025, global tungsten-mine reserves exceeded 4.7 million tonnes of contained metal, with China, Australia and Russia accounting for 53%, 12% and 9%, respectively. Global tungsten-mine supply was 85,000 tonnes of contained metal, of which China supplied 67,000 tonnes, or 79%. China’s tungsten-concentrate output was 130,600 standard tonnes (+0.1%), domestic APT output was 136,000 tonnes (+6.3%), and domestic cemented-carbide output was 64,000 tonnes (+6.7%) in 2025 (China Tungsten and Hightech Materials’ 2025 annual-report summary; data sources: USGS and the China Tungsten Industry Association). Cemented carbide accounted for approximately 65% of tungsten consumption (company annual report, citing the China Tungsten Industry Association). In 2025, China’s tungsten-industry revenue was RMB 1.9 trillion (+41%) and total profit was RMB 20 billion (+49%). Benefits were uneven across the chain: mines had the greatest profit elasticity because of total production controls and tight supply, while smelting and processing were relatively passive.

6.2 Competitive Landscape

• Resource distribution and supply concentration: In 2025, global tungsten-mine reserves exceeded 4.7 million tonnes of contained metal, with China, Australia and Russia accounting for 53%, 12% and 9%, respectively. Global tungsten-mine supply was 85,000 tonnes of contained metal, of which China supplied 67,000 tonnes, or 79% (company 2025 annual-report summary; data sources: USGS and the China Tungsten Industry Association).
• Output at each stage: In 2025, national tungsten-concentrate output was 130,600 standard tonnes (+0.1%), domestic APT output was 136,000 tonnes (+6.3%), and domestic cemented-carbide output was 64,000 tonnes (+6.7%) (company 2025 annual-report summary).
• Demand structure: Cemented carbide accounted for approximately 65% of tungsten consumption (company annual report, citing the China Tungsten Industry Association).
• Industry cycle and profit distribution: China’s tungsten-industry revenue was RMB 1.9 trillion (+41%) in 2025 and total profit was RMB 20 billion (+49%). Profitability was uneven: mines had the greatest elasticity because of production controls and tight supply, while smelting and processing were relatively passive.
• Policy/barriers: Tungsten has been included on the critical-minerals lists of major economies. China has imposed restrictions on tungsten-concentrate mining through total-production quotas and on exports of tungsten raw materials through export controls. Declining domestic ore grades, over-mining controls and rising costs point to long-term tightening of supply.
• Demand growth: High-end PCB/HDI for AI servers is driving micro-drill demand, photovoltaic tungsten-wire penetration is increasing, and traditional cemented-carbide demand from automobiles, machining and mining is undergoing a weak recovery. The industry is cyclical: cemented-carbide demand is highly correlated with manufacturing PMI. In 2024, China produced 690,000 metal-cutting machine tools, with a CNC penetration rate of 44%, leaving room relative to Japan at more than 80% and the United States and Germany at more than 70% (Guosheng Securities, 2026-08-19).
• Market position: The company’s cemented-carbide production scale is described as “No. 1 globally” (14,000 tonnes in 2023; more than 7,500 tonnes in 1H 2025, up more than 5%). Its Jinzhou subsidiary is the largest domestic supplier of precision PCB micro-drills, with approximately 21% global market share in 2021 (Minsheng Securities, 2022-06). Domestic CNC insert share varies materially by source—approximately 25% in 2021, 23% in 2022, 20% in 2023 and “approximately 10%” in 2024 as repeated by Guosheng Securities. The figure should be verified against annual-report disclosures before use.
• This review did not complete a systematic financial and positioning comparison of three to five competitors because the number of available search rounds was limited. Comparable companies identified include Xiamen Tungsten (600549), Jiangxi Zhangyuan Tungsten (002378) and Xianglu Tungsten (002842), all classified under Shenwan’s “Non-ferrous Metals—Minor Metals—Tungsten.” Specific financial comparison data are unavailable.

6.3 Major Competitors

China Tungsten and Hightech has several differentiated characteristics among directly comparable companies. First, its cemented-carbide production scale is described as “No. 1 globally” at 14,000 tonnes in 2023. Jinzhou is the largest domestic supplier of precision PCB micro-drills, with approximately 21% global market share in 2021 (Minsheng Securities, 2022-06). The company also owns the industry’s only National Key Laboratory for Cemented Carbide, although this has not been independently cross-verified. Second, the injection of Shizhuyuan in 2024 and Yuanjing Tungsten in 2025–2026 has shifted the company from “midstream processing” toward “upstream resources + midstream scale + downstream high-end products.” Gross margin rose to 30.38% in 1H 2026, with the annual report attributing the increase to higher average tungsten-concentrate prices. Third, as the tungsten-industry operating and management platform under China Minmetals, its actual controller is the State-owned Assets Supervision and Administration Commission of the State Council.

However, this review did not obtain systematic financial comparison data for the three direct peers—Xiamen Tungsten, Jiangxi Zhangyuan Tungsten and Xianglu Tungsten—including revenue scale, gross margin, net margin and valuation. A horizontal financial comparison table remains a clear data gap and should be supplemented from the latest annual reports and terminals such as Wind or Choice. In addition, the company’s domestic CNC insert market-share data itself differs across sources—approximately 25% in 2021, 23% in 2022, 20% in 2023 and “approximately 10%” in 2024 as repeated by Guosheng Securities. The definition should first be standardized and annual-report disclosures should prevail in peer comparisons.

7. Risk Factors

• Risk of lower tungsten prices: The significant increase in gross margin and profit in 1H 2026 was driven partly by higher average tungsten-concentrate prices and the release of resource-side profits. If tungsten prices decline, profit elasticity in the resource business may weaken, while raw-material cost pressure in midstream processing may increase again.
• Earnings-quality and cash-flow risk: Operating cash flow declined approximately 60% year on year in 2025, inventories increased by more than RMB 3 billion and cash flow was negative RMB 1.255 billion in 1H 2026. Rapid earnings growth has not yet fully converted into operating cash flow. Inventory digestion, receivables and working-capital changes require monitoring.
• Asset-impairment risk: The company recognized approximately RMB 721 million of asset-impairment provisions in 1H 2026. The amount is significant, but existing materials do not disclose the specific composition or accounting items. If operating performance of the relevant assets remains below expectations, further profit impact is possible.
• Risk that expansion projects fail to deliver: In 2026, Jinzhou announced three PCB micro-drill projects with combined investment of approximately RMB 526 million. Whether the projects are built on schedule, reach designed capacity and achieve the announced returns will depend on demand for AI high-speed, high-frequency PCBs and multilayer boards, customer certification, yield and capacity utilization.
• Resource-injection and technical-upgrade risk: The potential future injection of Xintianling, Yaogangxian and Xianglushan is currently a broker expectation rather than a confirmed company-announced transaction. Different sources also give different commissioning years for Shizhuyuan’s 10,000-tonne-level mining and processing upgrade. Resource growth and improvement in self-sufficiency therefore remain uncertain.
• Financial-definition risk: Yuanjing Tungsten was a business combination under common control, so 1H 2026 earnings growth is presented under both a disclosed basis and a restated basis. In addition, 1H 2026 operating revenue of RMB 16.385 billion has not yet been cross-verified against the original interim report. Care should be taken when comparing it directly with other periods.
• Downstream-demand and bargaining-power risk: The company’s CNC inserts and PCB micro-drills serve manufacturing customers in automobiles, machining, electronic information and PCB industries. If manufacturing demand weakens or competition intensifies, orders, product prices and capacity utilization may come under pressure. Rising raw-material costs may also be passed through to downstream customers with a delay.
• Technical and capital-flow volatility risk: As of September 11, 2026, the share price was below MA5, MA10 and the average chip-cost price, and had declined approximately 19.6% from the August high. Margin balances have recently been dominated by net repayments, northbound funds have reduced holdings, and different data sources reach opposing conclusions regarding single-day major-player flows. The share price may continue to be affected by capital flows and sector movements.

8. Conclusion and Outlook

Over the medium to long term, the key changes at China Tungsten and Hightech are stronger resource security and deeper industrial-chain integration. Following the consolidation of Shizhuyuan and Yuanjing Tungsten, the company can capture more resource-side profits during periods of rising tungsten prices while using its cemented-carbide, CNC-tool and PCB micro-drill businesses to serve downstream demand. Whether the entrusted mines are subsequently injected, the progress of Shizhuyuan’s technical upgrade and whether resource self-sufficiency can continue to improve will determine the extent to which the company’s transformation from a midstream processor into an integrated resource-and-manufacturing platform is realized.

Growth will mainly depend on two themes: first, tungsten-concentrate prices and mine-capacity release; second, orders and capacity ramp-up for AI-related PCB micro-drills, high-end cutting tools and other value-added products. Jinzhou’s micro-drill expansion projects and Sintering Company’s tungsten-carbide powder technical-upgrade project provide a capacity base for volume growth, but project construction, customer demand, product yield and profitability still need to be verified through subsequent operating data.

The company’s future performance may continue to benefit from resource consolidation and product-mix improvement, but earnings volatility may also increase materially. If tungsten prices decline, or if midstream raw-material costs rise while downstream price pass-through is delayed, the low-margin characteristics of the company’s historical midstream processing business may re-emerge. Operating cash flow, inventories, impairment provisions and returns on project investment will also be important indicators for assessing the quality of growth. At present, complete forward earnings forecasts, valuation comparisons and comparable-company financial data are unavailable. Related judgments should therefore be based on subsequent company announcements and periodic reports.

Data Sources

• 000657 China Tungsten and Hightech Materials
• China Tungsten and Hightech Materials (000657) Company Profile—Market Center—Hexun
• China Tungsten and Hightech Materials: Summary of 2025 Annual Report—Jiufang
• China Tungsten and Hightech Materials (sz000657)
• China Tungsten and Hightech Materials (000657): Injection of High-Quality Tungsten-Mine Assets Strengthens Integrated Foundation; Strong Prospects in Emerging Demand Areas—Jiufang
• 000657 China Tungsten and Hightech Materials—Principal Business Scope
• China Tungsten and Hightech Materials (000657.SZ) Operating Analysis—PC_HSF10 Information—Principal Business Scope
• China Tungsten and Hightech Materials: Summary of 2025 Annual Report
• China Tungsten and Hightech Materials (000657) 1H 2026 Management Discussion and Analysis—Securities Star
• China Tungsten and Hightech Materials (000657)—Stock Overview, Price, Real-Time Quotes, Charts, News, Research and Financials—FinScope
• China Tungsten and Hightech Materials RMB 58.52 -0.90 (-1.51%)—Eastmoney
• China Tungsten and Hightech Materials (sz000657) Price Trend
• Securities Information—China Tungsten and Hightech Materials—Tonghuashun
• China Minmetals Corporation—Investor Relations
• Shenzhen Eligible Securities for Margin Collateral (20260909)—Shenzhen A
• China Tungsten and Hightech Materials (000657)—Latest Price, Quotes and Chart—Eastmoney
• China Tungsten and Hightech Materials (000657.SZ)
• China Tungsten and Hightech Materials: Most High-End PCB Micro-Drill Rod Material Supplied by Zhuzhou Cemented Carbide
• China Tungsten and Hightech Materials (000657)
• China Tungsten and Hightech Materials (000657): Initiation—Resources and Manufacturing Reinforce Each Other; Growth Logic Continues to Strengthen
• China Tungsten and Hightech Materials (000657): Backed by China Minmetals, a Globally Leading Integrated Tungsten Giant
• Research Report Indicator Update—Securities Star
• Institutional Initiation Coverage—Securities Star
• Deep-Dive Report: Integrated Tungsten Leader; Mine Injection Opens a New Chapter—Securities Star
• China Tungsten and Hightech Materials (000657): Deep-Dive Report—Integrated Tungsten Leader; Mine Injection Opens a New Chapter
• China Tungsten and Hightech Materials Targets the World’s First Tier
• China Tungsten and Hightech Materials (000657): 3Q Earnings Hit a New Period High; Tungsten-Mine Injection Continues
• 3Q Earnings Hit a New Period High; Tungsten-Mine Injection Continues
• Improving Tungsten-Industry Chain Layout; China Tungsten and Hightech Targets the World’s First Tier
• Changying Hardtech—China Tungsten and Hightech’s 2023 Cemented-Carbide Output Reached 14,000 Tonnes, Ranking No. 1 Globally, with Approximately 20% CNC Insert Share
• China Tungsten and Hightech’s 2023 Cemented-Carbide Output Reached 14,000 Tonnes, Ranking No. 1 Globally, with Approximately \(20\%\) CNC Insert Share
• China Tungsten and Hightech (000657): Cemented-Carbide Leader Sharpens Its Edge; Photovoltaic Tungsten Wire Creates New Growth
• China Tungsten and Hightech’s 1H Non-Recurring-Adjusted Net Profit Increased 311%; Major Asset Restructuring Completed Successfully—Shanghai Securities News China Securities Network
• China Tungsten and Hightech’s History: Shen Huiming Leads Two Decades of Deep Tungsten-Chain Development; Global Cemented-Carbide Share Leadership; AI PCB Tool Expansion Captures New Opportunities
• China Tungsten and Hightech: 1H Net Profit Increased 8.7%
• China Tungsten and Hightech—Significant Scale Advantages; Key Products Growing Rapidly
• China Tungsten and Hightech Cemented-Carbide Leader: 14,000-Tonne Global No. 1 Capacity; High-End CNC Inserts Break Through—Guosheng Securities
• Latest Weibo—Deep Analysis of China Tungsten and Hightech (000657)
• Deep-Dive Report: CNC Tool Leader; Management and Products as Dual Growth Drivers
• China Tungsten and Hightech Financial Summary
• - China Tungsten and Hightech (000657)—Financial Assessment
• China Tungsten and Hightech (000657.SZ)—Quick Quote
• Bank of China (Hong Kong) Limited
• China Tungsten and Hightech (000657) Financials—Financial Overview and Indicator Analysis—Investing.com
• China Tungsten and Hightech Gross Margin
• China Tungsten and Hightech—High-End Tools, Explosive Photovoltaic Tungsten-Wire Demand—220918
• Rainstock—China Tungsten and Hightech Financial Data
• - China Tungsten and Hightech (000657)—Profitability
• China Tungsten and Hightech: 2021 Net Profit RMB 528 Million, Up 138.60%
• China Tungsten and Hightech (000657.SZ): 2024 Annual-Report Net Profit RMB 939 Million, Up 17.47% Year on Year
• China Tungsten and Hightech Materials Co., Ltd. 2024 Annual Report
• China Tungsten and Hightech: 2024 Net Profit Increased 17.47%
• China Tungsten and Hightech Materials Co., Ltd. 2024 Annual-Report Summary
• China Tungsten and Hightech
• China Tungsten and Hightech (000657)—Company Announcements—2024 Annual-Report Summary
• China Tungsten and Hightech Materials Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2024
• 000657 Stock Financial Analysis—China Tungsten and Hightech Materials Co., Ltd. (SZSE)
• Shanghai-Shenzhen Company Announcement Titles—China Tungsten and Hightech: 2024 Annual Report—April 25, 2025
• China Tungsten and Hightech Materials Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2024
• China Tungsten and Hightech: 2025 Net Profit RMB 1.281 Billion, Up 29.2%; Proposed RMB 2.3 per 10 Shares
• China Tungsten and Hightech (000657) 2025 Annual Report and 1Q 2026 Review: Tungsten Self-Sufficiency Steadily Improving; PCB Micro-Drill Growth Prominent
• 2025 Annual Report and 1Q 2026 Review: Profit Growth Accelerates; Yuanjing Injection Further Upgrades Platform Capabilities—Securities Star
• China Tungsten and Hightech’s 2025 Attributable Net Profit Increased 29.20%; 1Q 2026 Attributable Net Profit Increased 264.44%
• China Tungsten and Hightech’s 2025 Attributable Net Profit Increased 29.20%; 1Q 2026 Attributable Net Profit Increased 264.44%
• China Securities Herald Digital Edition—China Tungsten and Hightech’s 2025 Non-Recurring-Adjusted Net Profit Increased Sharply
• China Tungsten and Hightech’s 2025 Non-Recurring-Adjusted Net Profit Nearly Sixfold; Proposed RMB 2.3 per 10 Shares
• Financial Report Express—China Tungsten and Hightech (000657) 2025 Revenue Increased Nearly 20%, but Operating Cash Flow Fell 60%; Inventories Surged by More Than RMB 3 Billion—Securities Star
• China Tungsten and Hightech (000657.SZ): 2025 Annual-Report Net Profit RMB 1.281 Billion, Up 29.20% Year on Year
• 2025 Annual Report and 1Q 2026 Review: Profits Grow Rapidly; Yuanjing Injection Further Strengthens Platform Capabilities
• China Tungsten and Hightech: 1H Net Profit Increased 280.53%—Shanghai Securities News China Securities Network
• China Tungsten and Hightech (000657.SZ) 1H Net Profit Increased 280.53% to RMB 2.076 Billion
• China Tungsten and Hightech: 1H 2026 Net Profit RMB 2.076 Billion, Up 280.53%
• Profit Up 280%, Social-Security Fund Adds Position; China Tungsten and Hightech Plans PCB Micro-Drill Investment
• Profit Up 280%, Social-Security Fund Adds Position; China Tungsten and Hightech Plans PCB Micro-Drill Investment
• Latest Announcement: China Tungsten and Hightech’s 1H 2026 Net Profit Increased 280.53%—Securities Star
• Financial Report Express—China Tungsten and Hightech’s 1H 2026 Net Profit Increased 2.8 Times; Cash Flow Negative RMB 1.255 Billion; RMB 700 Million Impairment
• China Tungsten and Hightech: 1H 2026 Net Profit RMB 2.076 Billion, Up 280.53%
• China Tungsten and Hightech (000657) 1H 2026 Review: Resources and Materials Drive Earnings; AI-Driven PCB Micro-Drill Expansion
• China Tungsten and Hightech (000657.SZ) Releases 1H Results: Attributable Net Profit RMB 2.076 Billion, Up 280.53%—Securities Star
• China Tungsten and Hightech (000657): Initiation—Resources and Manufacturing Reinforce Each Other; Growth Logic Continues to Strengthen
• Institutional Ratings—Stocks—Sina Finance
• Research Report Indicator Update—Securities Star
• Institutional Initiation Coverage—Securities Star
• China Tungsten and Hightech: Integrated Operations + AI Drive 281% Earnings Growth
• China Tungsten and Hightech: Integrated Operations + AI Drive 281% Earnings Growth
• Institutional Rating—Guosheng Securities Assigns “Buy” to China Tungsten and Hightech; No Target Price
• Popular Comments
• Institutional Rating—Soochow Securities Assigns “Buy” to China Tungsten and Hightech; No Target Price
• China Tungsten and Hightech (000657): 1H 2026 Earnings Increase Sharply; Integrated Competitiveness Expected to Remain Strong
• China Tungsten and Hightech (000657)—Material Events
• Stock Code: 000657
• Shenzhen Market Suspension Notices
• China Tungsten and Hightech
• China Tungsten and Hightech Materials Co., Ltd. Completed Acquisition of 99.97% of Hengyang Yuanjing Tungsten
• China Tungsten and Hightech Materials Finalized Acquisition of 99.97% of Hengyang Yuanjing Tungsten
• China Tungsten and Hightech (000657): Resolution of the Seventh Extraordinary Shareholders’ Meeting of 2025
• Shanghai-Shenzhen Company Announcement Titles—Notice of the Seventh Extraordinary Shareholders’ Meeting of 2025
• Shenzhen Main Board—Third-Quarter Reports—Periodic Financial Reports
• China Tungsten and Hightech Materials Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2025
• China Tungsten and Hightech: Summary of Completion of Partial Restricted-Share Repurchase and Cancellation
• China Tungsten and Hightech (000657): Completion of Partial Restricted-Share Repurchase and Cancellation
• China Securities Journal—China Tungsten and Hightech Materials Co., Ltd.: Announcement on Completion of Partial Restricted-Share Repurchase and Cancellation
• China Tungsten and Hightech: Announcement on Completion of Partial Restricted-Share Repurchase and Cancellation
• Quick View—Blue Whale Finance
• China Tungsten and Hightech: Resolution of the 15th Meeting of the 11th Board of Directors
• China Tungsten and Hightech: Subsidiary to Invest RMB 190 Million in AI High-Speed, High-Frequency PCB High-Precision Micro-Tool Expansion and Technical Upgrade
• China Tungsten and Hightech: Jinzhou to Implement 155 Million-Piece Annual Precision Micro-Tool Project for Multilayer Boards
• China Tungsten and Hightech: Resolution of the 15th Meeting of the 11th Board of Directors
• Global Tungsten Products Leader with RMB 150 Billion Market Cap Proposes AI PCB Micro-Tool Project—After-Market Announcement Summary
• China Tungsten and Hightech (000657): Strong 1H 2026 Growth; Higher Tungsten Prices Plus AI PCB Micro-Drill Expansion
• China Tungsten and Hightech: 1H 2026 Earnings Forecast
• China Tungsten and Hightech’s 1H Attributable Net Profit Expected to Exceed Full-Year 2025
• China Tungsten and Hightech: 1H 2026 Net Profit Expected at RMB 1.97–2.17 Billion, Up 261%–298%
• China Tungsten and Hightech (000657): Earnings Growing Steadily; PCB Drill-Bit Volume Expected
• China Tungsten and Hightech: Summary of 1H 2026 Earnings Forecast
• China Tungsten and Hightech: 1H 2026 Net Profit Expected at RMB 1.97–2.17 Billion, Up 261%–298%
• China Tungsten and Hightech’s 1H Attributable Net Profit Expected to Exceed Full-Year 2025
• China Tungsten and Hightech: 1H 2026 Earnings Forecast
• Review of 1H 2026 Earnings Forecast: Earnings Growing Steadily; PCB Drill-Bit Volume Expected
• China Tungsten and Hightech: Summary of Proposed Repurchase and Cancellation of Granted but Unlocked Restricted Shares
• China Tungsten and Hightech: Resolution of the 13th Meeting of the 11th Board of Directors
• China Securities Journal—China Tungsten and Hightech Materials Co., Ltd.: Announcement on Proposed Repurchase and Cancellation of Granted but Unlocked Restricted Shares and Reduction of Registered Capital
• China Tungsten and Hightech—Announcement on Proposed Repurchase and Cancellation of Granted but Unlocked Restricted Shares
• China Tungsten and Hightech: Announcement on Proposed Repurchase and Cancellation of Granted but Unlocked Restricted Shares; Reduction of Registered Capital and Notice to Creditors
• China Tungsten and Hightech: Resolution of the 13th Meeting of the 11th Board of Directors
• China Tungsten and Hightech (000657): Major-Player Net Selling of RMB 145 Million on September 10
• China Tungsten and Hightech: Summary of 2025 Annual Report—Securities Star
• China Tungsten and Hightech (000657.SZ)—Quick Quote
• China Tungsten and Hightech (000657.SZ)
• China Tungsten and Hightech (000657.SZ): Successfully Prepared Tungsten-Copper Composite Blocks for Nuclear-Fusion Divertors and Potassium-Tungsten Alloy Materials Resistant to High Thermal Loads
• China Tungsten and Hightech (000657.SZ): PCB Micro-Drill Rod Material Primarily Internally Supplied, Supplemented by External Purchases
• China Tungsten and Hightech (000657)—Company Profile
• China Tungsten and Hightech RMB 60.50 0.64 (1.07%)—Latest Price, Quotes and Chart—Eastmoney
• e Company—The First Platform for Listed-Company Information
• China Tungsten and Hightech (sz000657) Price Trend—September 9, 2026
• China Tungsten and Hightech (000657)—Stock Overview—FinScope
• China Tungsten and Hightech RMB 57.64 -2.38 (-3.97%)—Latest Price, Quotes and Chart—Eastmoney
• China Tungsten and Hightech (000657.SZ)—Quick Quote
• China Tungsten and Hightech RMB 58.52 -1.51%—Jiufang
• China Tungsten and Hightech (sz000657) Share Price and Real-Time Quotes—Sina Finance
• SZ.000657 China Tungsten and Hightech—Quote—A Shares—ET Net
• China Tungsten and Hightech (000657.SZ)
• SZ.000657 China Tungsten and Hightech—Quote—A Shares—ET Net
• China Tungsten and Hightech (SZ:000657)
• Download 000657 Data—China Tungsten and Hightech Price Data—MarketWatch
• China Tungsten and Hightech Materials Ltd (SZSE:000657)—Share Analysis—Simply Wall St
• From RMB 15.54 to RMB 72.80! China Tungsten and Hightech Surged 368% in One Year
• China Tungsten and Hightech (000657)—Share Price, Market Cap, Real-Time Quotes, Chart and Financials
• China Tungsten and Hightech (000657): Major-Player Net Selling of RMB 410 Million on September 11—Securities Star
• Peer Stocks (CSRC Industry: Non-Ferrous Metal Smelting and Rolling)
• Dragon-Tiger List—China Tungsten and Hightech Hits Limit-Up High; Three Institutions Buy Net RMB 129 Million
• China Tungsten and Hightech (000657) Capital Flows—Eastmoney Data Center
• China Tungsten and Hightech Up 2.62%, Turnover RMB 454 Million, Major-Player Net Inflow RMB 22.5903 Million
• China Tungsten and Hightech RMB 60.50 1.07%—Jiufang
• China Tungsten and Hightech Down 2.00%, Turnover RMB 534 Million, Major-Player Net Outflow RMB 42.0248 Million
• RMB 4.419 Billion Flows Out of Non-Ferrous Metal Stocks Today
• China Tungsten and Hightech Margin-Financing and Securities-Lending History (1 Day)
• China Tungsten and Hightech (000657) Qian Gu Qian Ping—Eastmoney Data Center
• China Tungsten and Hightech (000657)—Latest Price, Quotes and Chart—Eastmoney
• China Tungsten and Hightech (000657) Technical Analysis—Investing.com
• China Tungsten and Hightech (000657) Interactive Chart—Investing.com
• Technical Analysis 000657: Buy or Sell?—Investing.com
• China Tungsten and Hightech (000657.SZ)
• China Tungsten and Hightech (000657.SZ)—0.64
• China Tungsten and Hightech (000657)—Technical Analysis
• China Tungsten and Hightech—Aniu Investment

This report was automatically researched, compiled and generated by AI based on publicly available information. The information is current through the Friday, September 11, 2026 close and may contain timing differences. Specific data should be checked against the company’s official announcements and authoritative data terminals. This report is for information organization and research reference only, does not constitute investment advice, and investors should make independent judgments and bear the investment risks themselves.