China Tungsten High-Tech H1 Revenue Up 108.51%, Net Profit Up 280.53%
China Tungsten High-Tech reported H1 2026 revenue of RMB 16.385 billion, up 108.51% year-on-year, and net profit attributable to shareholders of RMB 2.076 billion, up 280.53%. The company plans to invest RMB 189 million in a micro-drill project. Revenue growth was driven by higher tungsten product prices and strong demand from AI infrastructure and high-end manufacturing. Export revenue surged 134.2%, while domestic gross margin improved 9.47 percentage points to 32.87%.
China Tungsten High-Tech disclosed its interim results on the evening of August 23, reporting revenue of RMB 16.385 billion for the first half of 2026, up 108.51% year-on-year. Net profit attributable to shareholders reached RMB 2.076 billion, up 280.53%, while non-GAAP net profit was RMB 2.053 billion, up 324.17%. Basic earnings per share stood at RMB 0.9112. The company attributed the revenue growth mainly to higher tungsten-related product prices compared with the same period in 2025. Gross margin for its non-ferrous metal mining and processing business was 29.87%, up 7.71 percentage points from a year earlier. R&D spending rose 98.3% to RMB 666 million.
By product, revenue from other cemented carbide products surged 208.68% in the first half of 2026, lifting their share of total revenue from 23.11% to 34.21%, with gross margin up 15.48 percentage points to 30.75%. The company said the growth reflected effective price pass-through across its full industry chain, coupled with strong demand from AI computing infrastructure, general machinery, and aerospace, which drove both volume and price gains for downstream alloy products such as rods and drill teeth. Cutting tools and related products generated revenue of RMB 2.606 billion, an increase of RMB 905 million, with a gross margin of 39.62%. Concentrate and powder products contributed RMB 5.316 billion, up RMB 2.581 billion, with a gross margin of 29.92%, up 3.92 percentage points year-on-year. By region, export revenue grew 134.2% in the first half, with its share rising from 16.64% to 18.69%. Domestic gross margin improved 9.47 percentage points to 32.87%.
On the same day, the company announced that its controlling subsidiary, Shenzhen Jinzhou Precision Tool Corp. , will build a facility with annual capacity of 140 million high-precision micro-drills for AI high-speed high-frequency printed circuit boards.
In the secondary market, China Tungsten High-Tech's share price, which began rising from an April 2025 low, hit an all-time high of RMB 113.7 on June 23, 2026, gaining 12.5 times over 14 months. After a pullback in the past two months, the stock closed at RMB 68.14, down 40% from its peak, with a market capitalization of RMB 155.3 billion.