Ximei Resources (09936) reported sharp top-line and bottom-line growth for the six months ended 30 June 2026.

• Revenue climbed 52.2% year on year to RMB1.45 billion, driven by stronger volumes and higher prices across tantalum and niobium product lines. • Gross profit rose 63.1% to RMB369.11 million; gross margin widened to 25.4% from 23.7%, helped by a higher share of tantalum products. • Profit attributable to shareholders doubled to RMB184.56 million, while total net profit reached RMB213.78 million, up 98.9%. • Basic earnings per share increased 84.6% to RMB0.48.

Product mix – Tantalum and niobium hydrometallurgical compounds: RMB432.49 million (+85.0%). – Tantalum and niobium metal and products: RMB638.71 million (+26.6%). – Trading goods, processing services and others: RMB381.56 million (+76.8%).

Cost & expenses Cost of sales grew 48.9% to RMB1.08 billion. Selling expenses fell 10.2% to RMB8.74 million, while administrative expenses rose 41.6% to RMB104.65 million, reflecting higher R&D spend (RMB41.67 million) and depreciation on new facilities. Finance costs increased to RMB18.75 million, mainly on higher lease and discounting charges.

Balance sheet and liquidity • Cash and cash equivalents more than doubled to RMB844.26 million. • Current ratio improved to 2.42 (31 Dec 2025: 1.97); quick ratio to 1.39 (1.04). • Net cash position resulted in a negative gearing ratio versus 24.4% at year-end 2025. • Total equity expanded to RMB2.17 billion from RMB1.54 billion. • Capital expenditure reached RMB99.07 million, allocated to hydrometallurgical and pyrometallurgical capacity builds.

Cash return The board reiterated that no interim dividend will be paid; a final dividend of HK6.58 cents per share for FY 2025 (RMB22.58 million) was declared earlier in the year.

Events during the period – Two equity financings raised gross proceeds of HK$649 million, reinforcing cash reserves for capacity expansion, upstream investment and working capital. – Production bases in Yingde, Leizhou, Leiyang and Xingyi continued phased ramp-ups, keeping the Group’s total planned annual capacity trajectory on track.

Tax Income tax expense rose to RMB35.30 million, translating to an effective rate of 14.2%, below the 17.6% recorded a year earlier, aided by high-tech enterprise incentives.

Outlook statement Management highlighted robust demand from aerospace, semiconductor, energy, medical and optical-communication sectors, and confirmed ongoing focus on production optimisation, R&D and disciplined capacity expansion in the second half of 2026.