股票代码：600549 股票简称：厦门钨业 公告编号：临-2026-005 厦门钨业股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体准确的财务数据以公 司正式披露的2025年度报告为准，敬请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 ■ 注: 1. 追溯调整或重述的说明：截至本报告期末，公司已完成对厦钨电机工业有限公司非同比例增资的 交易，增资后公司持有厦钨电机股权从40%增加至51%，将其纳入合并财务报表范围，该交易构成同一 控制下企业合并，因此对相关财务数据进行追溯调整。 2.以上财务数据及指标以公司合并报表数据填列,未经审计,最终结果以公司2025年度报告为准。数据如 有尾差，为四舍五入所致。 （一）公司不存在影响本次业绩快报内容准确性的重大不确定因素。 （二）本公告所载2025年度主要财务数据仅为初步核算数据，未经会计师事务所审计，具体准确的财务 数据以公司正式披露的2025年度 ...

智通财经APP讯，厦门钨业(600549.SH)发布2025年度业绩快报，报告期内，公司围绕制造业主业稳健 经营，不断夯实内部管理，优化经营策略举措，推动产品盈利能力提升，钨钼、稀土、能源新材料三大 核心业务收入、利润均实现不同幅度的增长。公司全年实现营业收入464.69亿元，同比增长31.37%;实 现利润总额40.81亿元，同比增长28.45%;实现归属于上市公司股东的净利润23.11亿元，同比增长 35.08%;实现归属于上市公司股东的扣除非经常性损益的净利润21.62亿元，同比增长42.36%。 ...

人民财讯1月27日电，厦门钨业（600549）1月27日发布2025年度业绩快报，2025年营业收入为464.69亿 元，同比增长31.37%；归属于上市公司股东的净利润23.11亿元，同比增长35.08%；基本每股收益 1.4556元。报告期内，公司主营业务钨钼、稀土、电池材料受钨、钴、氧化镨钕等主要原材料价格上涨 影响，主要产品价格相应增长，加上大部分主要产品销量同比增长，公司营业收入、利润相应增长。 ...

格隆汇1月27日丨厦门钨业(600549.SH)公布2025年度业绩快报，报告期内，公司围绕制造业主业稳健经 营，不断夯实内部管理，优化经营策略举措，推动产品盈利能力提升，钨钼、稀土、能源新材料三大核 心业务收入、利润均实现不同幅度的增长。公司全年实现营业收入 464.69 亿元，同比增长 31.37%；实 现利润总额40.81亿元，同比增长 28.45%；实现归属于上市公司股东的净利润 23.11 亿元，同比增长 35.08%；实现归属于上市公司股东的扣除非经常性损益的净利润 21.62 亿元，同比增长42.36%。 报告期，公司主营业务钨钼、稀土、电池材料受钨、钴、氧化镨钕等主要原材料价格上涨影响，主要产 品价格相应增长，加上大部分主要产品销量同比增长，公司营业收入、利润相应增长。 ...

报告期，公司主营业务钨钼、稀土、电池材料受钨、钴、氧化镨钕等主要原材料价格上涨影响，主要产 品价格相应增长，加上大部分主要产品销量同比增长，公司营业收入、利润相应增长。 格隆汇1月27日丨厦门钨业(600549.SH)公布2025年度业绩快报，报告期内，公司围绕制造业主业稳健经 营，不断夯实内部管理，优化经营策略举措，推动产品盈利能力提升，钨钼、稀土、能源新材料三大核 心业务收入、利润均实现不同幅度的增长。公司全年实现营业收入 464.69 亿元，同比增长 31.37%；实 现利润总额40.81亿元，同比增长 28.45%；实现归属于上市公司股东的净利润 23.11 亿元，同比增长 35.08%；实现归属于上市公司股东的扣除非经常性损益的净利润 21.62 亿元，同比增长42.36%。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月27日，厦门钨业(600549.SH)公告称，2025年实现营业收入464.69亿元，同比增长 31.37%；实现利润总额40.81亿元，同比增长28.45%；实现归属于上市公司股东的净利润23.11亿元，同 比增长35.08%。报告期，公司主营业务钨钼、稀土、电池材料受钨、钴、氧化镨钕等主要原材料价格 上涨影响，主要产品价格相应增长，加上大部分主要产品销量同比增长，公司营业收入、利润相应增 长。 ...

厦门钨业发布业绩快报，2025年度公司实现营业总收入464.69亿元，同比增长31.37%；净利润为23.11 亿元，同比增长35.08%。报告期内，公司主营业务钨钼、稀土、电池材料受钨、钴、氧化镨钕等主要 原材料价格上涨影响，主要产品价格相应增长，加上大部分主要产品销量同比增长，公司营业收入、利 润相应增长。 ...

Investment Themes - Recommended stocks include Huaxin Cement, China State Construction, and Ningde Times in the cyclical sector[2] - In the consumer sector, recommended stocks include Hengrui Medicine and Shanxi Fenjiu[2] - In the power equipment and new energy vehicle sector, recommended stocks include Ningde Times and Goldwind Technology[2] - In the TMT sector, recommended stocks include Longi Green Energy and Luxshare Precision[2] Market Performance - As of September 30, 2025, the Shanghai Composite Index rose by 12.73%, the Shenzhen Component Index by 29.25%, and the ChiNext Index by 50.40%[4] - The average gain of the recommended stock portfolio was 33.11%, significantly outperforming the CSI 300 Index's gain of 17.90%[4] - Key outperformers included Huaxin Cement and Ningde Times, with quarterly gains exceeding 50%[4] Economic Outlook - The macroeconomic environment remains stable, with a focus on "appropriate easing" in monetary policy to support growth[4] - The manufacturing PMI showed signs of recovery but remained in contraction territory as of September[4] - The report anticipates continued inflow of foreign capital due to the Federal Reserve's interest rate cuts, enhancing the attractiveness of equity assets[4] Company Highlights - Huaxin Cement's projected EPS for 2025 is 1.30, with a PE ratio of 14.27[6] - China State Construction's projected EPS for 2025 is 1.16, with a PE ratio of 4.68[12] - China Rare Earth's projected EPS for 2025 is 0.34, with a PE ratio of 150.92[25] - Hengrui Medicine's projected EPS for 2025 is 1.26, with a PE ratio of 56.90[33]

Core Viewpoint - The company reported a mixed performance for 1H25, with a decline in revenue but a significant increase in net profit, driven by rising production and prices of key mineral products [1] Group 1: Financial Performance - In 1H25, the company achieved revenue of 94.8 billion yuan, a year-on-year decrease of 7.8%, while net profit attributable to shareholders was 8.67 billion yuan, a year-on-year increase of 60% [1] - For 2Q25, revenue was 48.8 billion yuan, down 14% year-on-year but up 6% quarter-on-quarter; net profit was 4.73 billion yuan, up 41% year-on-year and 20% quarter-on-quarter [1] - The record high profit in 1H25 was mainly due to the increase in both volume and price of the company's main mineral products [1] Group 2: Production and Sales - In 1H25, the company produced 354,000 tons of copper and 61,000 tons of cobalt, both up 13% year-on-year, achieving 56% of the 2025 guidance midpoint for both metals [1] - Cobalt sales were impacted by an export ban from the Democratic Republic of Congo, resulting in a sales volume of 46,000 tons, down 9% year-on-year, with a production-to-sales ratio of only 76% [1] - Sales volumes for molybdenum, tungsten, niobium, and phosphate fertilizer increased by 1%, 7%, 5%, and 9% year-on-year, respectively [1] Group 3: Price Trends - Average market prices for copper, cobalt, molybdenum, APT, niobium, and monoammonium phosphate increased by 4%, 8%, 1%, 12%, -0.2%, and 19% year-on-year, respectively [1] - The discount coefficient for cobalt hydroxide increased by 13 percentage points year-on-year [1] Group 4: Future Development Trends - The copper and cobalt, gold, and tungsten-molybdenum businesses are expected to experience upward momentum [2] - The company plans to achieve an annual copper production capacity of 800,000 to 1 million tons by 2028, representing a 23% to 54% increase from 2024 production levels [2] - The company has appointed new executives to enhance its management capabilities and aims to become a world-class mining enterprise [2] Group 5: Profit Forecast and Valuation - Due to rising prices of key mineral products, the company's net profit forecasts for 2025 and 2026 have been raised by 7% and 21% to 16.3 billion yuan and 20.6 billion yuan, respectively [3] - The current A-share price corresponds to a price-to-earnings ratio of 14.6 and 11.5 for 2025 and 2026, while the H-share price corresponds to 13.1 and 10.2 [3] - The target price for A-shares has been increased by 31% to 14.5 yuan, indicating a potential upside of 30.5% from the current price [3]

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]