China Tungsten And Hightech Materials Co.,Ltd. (000657.SZ) reported its first-quarter 2026 results on April 26. The company achieved operating revenue of 7.007 billion yuan, a year-on-year increase of 106.47%. Net profit attributable to shareholders reached 921 million yuan, up 264.44% compared to the same period last year and rising 111% from the 435 million yuan recorded in the fourth quarter of 2025. The quarterly profit nearly matched the full-year 2024 level.

The company attributed the performance improvement to increased production volumes and higher selling prices. The tungsten industry chain, often referred to as the "teeth of industry," is currently experiencing a new super cycle.

Data from China Tungsten Online shows that as of April 24, the price of black tungsten concentrate (≥65%) reached 860,000 yuan per metric ton unit, up 87.0% since the beginning of the year. The price of ammonium paratungstate (APT) hit 1.34 million yuan per ton, a 100.00% increase year-to-date. Tungsten powder prices rose to 2,130 yuan per kilogram, marking a 97.2% increase since the start of the year. Compared to prices at the beginning of 2025, the gains are even more substantial, with black tungsten concentrate, APT, and tungsten powder surging 501.4%, 533.07%, and 574.05%, respectively.

As the dominant leader in the tungsten industry chain, China Tungsten And Hightech Materials is the primary beneficiary of this price surge. Its annual report for 2025 indicated a production output of 11,100 metric ton units of tungsten concentrate, accounting for 8.5% of the national total. The company produced 16,600 tons of APT, representing 12.2% of China's output, and 16,300 tons of cemented carbide, holding a 25.5% national market share, with production scale remaining stable.

More notably, according to its 2025 annual report, the company manages the world's largest tungsten resource reserves and annual smelting production capacity. Data from a China Galaxy Securities research report in late December 2025 further confirmed its leading position, stating that the managed tungsten resources under China Tungsten And Hightech Materials total 1.23 million tons, accounting for 11% of China's identified tungsten resources.

Bolstered by persistently strong tungsten prices, capital market recognition of the company has grown significantly. As of April 24, its stock price had surged 507.19% since the start of 2025, with a year-to-date increase of 99.13%, nearly doubling. A landmark event occurred on June 3, 2025, when China Minmetals Corporation announced via its official social media account that China Tungsten And Hightech Materials had been included in the Shenzhen Component Index constituent stocks for the first time since its listing in 1996.

However, amid the generally positive market sentiment, recent signs of a阶段性回调 have emerged in tungsten prices. According to the latest monitoring by Huayuan Securities, the price of black tungsten concentrate fell 7.56% over the past two weeks to 856,000 yuan per ton, while the APT price declined 6.99% to 1.33 million yuan per ton.

Huayuan Securities noted that from a supply and demand perspective, increased mine tender offerings in various regions, coupled with heightened cash-out needs from some traders, have gradually improved tungsten concentrate supply. On the demand side, downstream smelters face growing financial pressure, with insufficient new order follow-through and weak procurement, creating a short-term pattern of "increasing supply and decreasing demand."

Jianghai Securities analysis suggests the core reasons for this price decline include weak downstream demand, concentrated profit-taking by holders, and a significant downturn in the scrap tungsten market. However, the institution also pointed out that the decline in tungsten powder prices is a short-term phenomenon and does not alter the long-term bullish trend.

In fact, Huayuan Securities also believes that with the gradual implementation of the first batch of tungsten mining quotas in April, mine operational enthusiasm has increased. Nevertheless, driven by factors such as tightening supply, limited import growth, and support from high overseas prices, the overall market is expected to maintain a tight balance.