YTL(SZ:000960) Chang Jiang Shang Bao·2025-10-28 00:02Core Viewpoint - The performance of Xiyeshare Co., Ltd. has shown steady growth due to rising tin prices and effective management strategies, with significant increases in both revenue and net profit for the first three quarters of 2025 [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 34.417 billion yuan, a year-on-year increase of 17.81%, and a net profit of 1.745 billion yuan, up 35.99% year-on-year [1][2]. - The company has maintained profitability since 2017, with a peak revenue of 53.84 billion yuan and a net profit of 2.817 billion yuan in 2021 [2]. - Despite a decline in revenue from 2022 to 2024, the company reported a revenue of 41.97 billion yuan in 2024, with a reduced decline of 0.9% and a net profit increase of 2.5% [2]. Market Position - Xiyeshare Co., Ltd. has been the global leader in tin production and sales since 2005, holding the largest market share in the global tin market [1][5]. - The company's domestic market share is projected to be 47.98% in 2024, an increase of 0.06 percentage points from 2023, while its global market share is expected to reach 25.03%, up 2.11 percentage points from 2023 [1][6]. - The company ranks first among the top ten refined tin producers according to the International Tin Association [6]. Production Capacity - The company has a tin smelting capacity of 80,000 tons per year, along with capacities for copper, zinc, and indium production [6]. - In the first three quarters of 2025, the total production of non-ferrous metals reached 271,000 tons, including 67,700 tons of tin, 96,800 tons of copper, and 105,300 tons of zinc [6]. Resource Expansion Strategy - The company emphasizes resource expansion as a long-term development strategy, focusing on various metal mineral resources, particularly tin [6]. - Future efforts will include enhancing resource exploration in the Kafang mining area and improving the utilization of tailings resources to strengthen resource security and sustainability [6].