As of August 31, 2025, industrial metals listed companies have completed their semi-annual financial report disclosures for 2025. We selected 23 representative listed companies for inventory status analysis.

Among the selected industrial metals companies, in the first half of 2025, from the perspective of inventory scale and the proportion of inventory to total assets, Sino-Platinum Metals Co.,Ltd. had a relatively high inventory-to-total-assets ratio of approximately 37.34%. Jintian Titanium Industry showed the lowest inventory turnover efficiency, with inventory turnover days reaching 330 days according to Wind data.

First, from an inventory scale perspective, most industrial metals companies experienced inventory growth in the first half of 2025, with Huaxi Nonferrous showing the largest year-over-year increase in inventory scale. During the reporting period, Huaxi Nonferrous had an inventory scale of 795 million yuan, representing a 51% year-over-year increase.

From the perspective of inventory as a proportion of total assets, in 2024, most listed companies saw an increase in the proportion of inventory to total assets. Sino-Platinum Metals Co.,Ltd., Guangdong Xianglu Tungsten Co.,Ltd., China Rare Earth Resources And Technology Co.,Ltd., China Northern Rare Earth(Group)High-Tech Co.,Ltd., and Rising Nonferrous Metals Share Co.,Ltd. had relatively high inventory-to-total-assets ratios, exceeding 30%. Specifically, Sino-Platinum Metals Co.,Ltd. had an inventory scale of 7.391 billion yuan, up 44.24% year-over-year, with inventory accounting for 37.34% of total assets; Guangdong Xianglu Tungsten Co.,Ltd. had an inventory scale of 781 million yuan, up 10.97% year-over-year, with inventory accounting for 36.36% of total assets; China Rare Earth Resources And Technology Co.,Ltd. had an inventory scale of 2.025 billion yuan, up 28.61% year-over-year, with inventory accounting for 36.14% of total assets; China Northern Rare Earth(Group)High-Tech Co.,Ltd. had an inventory scale of 15.958 billion yuan, up 16.74% year-over-year, with inventory accounting for 33.73% of total assets; Rising Nonferrous Metals Share Co.,Ltd. had an inventory scale of 2.406 billion yuan, up 7.01% year-over-year, with inventory accounting for 30.76% of total assets.

Beyond inventory scale and inventory ratios, how did the 23 companies perform in terms of inventory turnover efficiency? During the reporting period, most listed companies had inventory turnover days below 180 days. Three listed companies with relatively low inventory turnover efficiency and inventory turnover days exceeding 300 days were Baoji Titanium Industry, Yunnan Germanium, and Jintian Titanium Industry, with inventory turnover days of 312.34 days, 327.51 days, and 330.15 days, respectively.