SPM(SH:600459) Xin Lang Zheng Quan·2025-09-10 10:19Core Insights - The report analyzes the inventory status of 23 representative industrial metal companies based on their half-year financial disclosures for 2025, highlighting significant changes in inventory scale and turnover efficiency [1][2]. Inventory Scale Analysis - In the first half of 2025, most industrial metal companies experienced an increase in inventory scale, with Huaxi Nonferrous's inventory growing the most, reaching 795 million yuan, a year-on-year increase of 51% [1]. - In 2024, several companies had high inventory scales, with Guiyan Platinum's inventory at 7.391 billion yuan, up 44.24% year-on-year, and accounting for 37.34% of total assets [2][3]. - Other notable companies include: - Xianglu Tungsten's inventory at 781 million yuan, up 10.97%, with a 36.36% asset ratio [2][3]. - China Rare Earth's inventory at 2.025 billion yuan, up 28.61%, with a 36.14% asset ratio [2][3]. - Northern Rare Earth's inventory at 15.958 billion yuan, up 16.74%, with a 33.73% asset ratio [2][3]. - Guangsheng Nonferrous's inventory at 2.406 billion yuan, up 7.01%, with a 30.76% asset ratio [2][3]. Inventory Turnover Efficiency - Most companies reported inventory turnover days below 180 days, indicating efficient inventory management [3]. - However, three companies exhibited low turnover efficiency, with turnover days exceeding 300 days: - Baotai Co., with 312.34 days [3]. - Yunnan Geology, with 327.51 days [3]. - Jintian Titanium, with 330.15 days [3].