On March 2, China Tungsten and High-Tech Materials Co., Ltd. issued an announcement regarding abnormal stock trading fluctuations. The company stated that as of February 27, 2026, its stock price had increased by 138.98% since the beginning of the year, with a rolling price-to-earnings ratio of 95.55. This valuation level is notably high compared to industry peers. The recent rapid rise in the company's share price has significantly deviated from the broader market indices and industry valuation benchmarks, indicating a potential correction risk. Investors are advised to be cautious about secondary market trading risks.
When asked about the correlation between the market value increase and the company's full-year 2025 performance, a representative from China Tungsten's securities department noted that the company has not yet publicly disclosed its 2025 annual results. The company operates across the entire industry chain, and the process from mining to deep-processed products involves a certain cycle. Specific performance details should be awaited in official announcements.
In addition to China Tungsten's risk warning, Chongyi Zhangyuan Tungsten Co., Ltd. also released an announcement on abnormal stock trading fluctuations on March 2. Public information indicates that Zhangyuan Tungsten expects to achieve a net profit between 260 million yuan and 320 million yuan in 2025, representing a year-on-year increase of 51% to 86%.
A representative from Zhangyuan Tungsten's board secretary office stated that the company's stock price has surged by 186.32% since January 1, 2026, marking a substantial short-term increase. This significant rise carries a risk of short-term decline. Furthermore, stock prices are influenced by multiple factors, with performance being just one of them.
According to statistics from the big data platform of Xiamen China Tungsten Online Technology Co., Ltd., as of February 28, the price of tungsten concentrate exceeded 800,000 yuan per metric ton, ammonium paratungstate rose to 1.2 million yuan per metric ton, tungsten powder reached 2 million yuan per metric ton, and scrap tungsten bar prices stood at 1.1 million yuan per metric ton. Compared to the same period last year, mainstream tungsten product prices have increased by four to five times.
China Tungsten Online attributed the sustained and rising tungsten prices primarily to supply constraints and sentiment-driven factors. Firstly, domestic controls on total tungsten mining output, coupled with stricter regulations on compliant mining and trade, have laid the foundation for supply tightness. Additionally, the decline in ore grades at existing mines and limited short-term capacity from new mines have exacerbated the situation. Secondly, post-Lunar New Year, the resumption of operations at mining enterprises has been slower compared to downstream sectors. Historically, production peaks are expected after March, further intensifying short-term supply shortages.
The non-ferrous metals industry currently shows a clear divergence between upstream and downstream segments. Upstream listed companies are benefiting from rising commodity prices and have gradually returned to profitability. In contrast, midstream and downstream players face compressed profits due to increased costs. If these costs cannot be effectively passed on in the short term, some second- and third-tier downstream enterprises may exit the market.
Regarding coping strategies for companies in different segments, it was suggested that upstream enterprises should increase mine acquisitions and mining efforts while reducing operational costs. Midstream and downstream companies need to focus on developing high-end tungsten products, enhancing technological content, added value, and technical barriers to translate these efforts into profits. They should also secure long-term agreements and stabilize relationships with upstream suppliers to ensure price stability within the supply chain.