XWXN(SH:688778)2026-01-28 01:55Summary of Conference Call Notes Company Overview - The company discussed is Xiamen Tungsten Co., Ltd. (厦钨新能), focusing on its performance in the fourth quarter (Q4) and projections for the upcoming years. Key Financial Metrics - 2025 Revenue: 20.03 billion CNY, an increase of 48% year-on-year [1] - Net Profit: 750 million CNY, an increase of 42% year-on-year [1] - Net Profit Margin: 3.8%, a decrease of 0.2 percentage points year-on-year [1] - Q4 Revenue: 6.97 billion CNY, a quarter-on-quarter increase of 104% and a year-on-year increase of 26% [1] - Q4 Net Profit: 200 million CNY, a quarter-on-quarter decrease of 17% and a year-on-year increase of 60% [1] - Q4 Net Profit Margin: 2.9%, a decrease of 0.8 and 1.5 percentage points quarter-on-quarter [1] Product Performance - Lithium Cobalt Oxide Sales: 65,300 tons in 2025, a year-on-year increase of 41% [1] - Q4 Lithium Cobalt Oxide Sales: 18,000 tons, stable quarter-on-quarter [1] - Demand Outlook: Expected to remain stable in 2026 [1] Profitability Insights - Net Profit per Ton: Approximately 10,000 CNY/ton, with a slight quarter-on-quarter decrease due to increased expense ratios [2] - Sales Growth: - NCM (Nickel Cobalt Manganese): 77,000 tons in 2025, a year-on-year increase of 48% [2] - Q4 NCM Sales: 24,400 tons, stable quarter-on-quarter [2] - Iron Lithium Sales: 22,000 tons in 2025, with Q4 sales between 6,000-7,000 tons, stable quarter-on-quarter [2] - Profitability of Iron Lithium: Expected to turn profitable in 2026 [2] Solid-State Battery Development - Lithium Sulfide Progress: The company has made advancements in lithium sulfide from equipment development to production processes, with existing orders from Japanese and Korean clients as well as leading domestic battery companies [2] - Current Production Capacity: 10 tons, with plans for a 100-ton production line in 2026 [2] Profit Forecast - Net Profit Projections: - 2025: 750 million CNY - 2026: 1.05 billion CNY (up 53% year-on-year) - 2027: 1.27 billion CNY (up 40% year-on-year) [2] - Price-to-Earnings Ratios: 62x for 2025, 45x for 2026, and 37x for 2027 [2] - Investment Rating: Maintained as "Buy" [2]