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    600549   CNE000001D15

XIAMEN TUNGSTEN CO., LTD.

(600549)
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Xiamen Tungsten : China Minmetals - Guo Wenqing and His Delegation Make an On-the-spot Investigation in Xiamen Tungsten Co. Ltd

01/08/2021 | 10:02am EDT

On December 30, Guo Wenqing, China Minmetals' President and Deputy Party Group Secretary and MCC Chairman, visited the workplace of Xiamen Tungsten Co., Ltd. (hereinafter referred to as XTC) with his delegation, and had a meeting with Huang Changgeng, Chairman of XTC.

Both sides fully exchanged ideas on further deepening their cooperation.

Guo Wenqing made an on-the-spot investigation to the production workshop of XTC and learned more details about the manufacturing process, procurement of raw materials and application fields of products.

At the subsequent symposium, Guo Wenqing pointed out that in recent years, China Minmetals had always been sticking to the strategic goal of 'quadrupling in three steps', and had endeavored for over four years to advance into a new stage of high-quality development. He stressed that China Minmetals had been working on the business system featured by 'four beams and eight columns' by focusing on metal ore, metallurgical engineering, trade and logistics, as well as finance and the real estate. As a result, the assets under management of China Minmetals had reached RMB 2.16 trillion, and China Minmetals had ranked the 92nd among the Fortune Global 500 with its business revenue exceeding RMB 600 billion in 2019, he said. Guided by the important instruction made by General Secretary Xi Jinping for developing a new development landscape dominated by domestic major circulation and supported by both international circulation and domestic circulation, we concentrate on our business scope to actively advance the exchange and cooperation with leading enterprises in the field.

Guo Wenqing stressed that there was a high level of consistency between China Minmetals and XTC in the development and utilization of tungsten resources, rare earth industry, and sustainable development of new energy and other areas. He wished both sides to focus on the new development pattern and keep up with overall national strategies on regional and industrial development, further explore a regular and close cooperation mechanism, give full play to the advantages of China Minmetals in resources and those of XTC in industrial development and technological innovation, and boost all-round strategic cooperation mainly within tungsten-molybdenum, rare earth, new energy and other business sections, hence to promote China from a country with rare earth abundancy to a powerhouse of rare earth resources, contribute to the security of national industrial chain and supply chain, and fulfill enterprises' missions.

As indicated by Huang Changgeng, XTC is one enterprise out of the national key high-tech enterprises, tungsten material industrial bases of National Torch Program, first batches of national model enterprises in developing circular economy. Huang Changgeng said that XTC led the industry of tungsten materials in terms of main products and production capacity. Huang Changgeng also pointed out that with a complete industrial chain, XTC had relatively prominent competitive advantages in tungsten smelting, tungsten materials as well as further processing of tungsten powder and cemented carbide. In the field of rare earth industry, XTC has formed a relatively complete industrial system ranging from rare earth mining, separation of smelting and refinement, rare earth functional materials to scientific research and application. In the field of battery materials, XTC has become China's top manufacturer and seller of lithium cathode materials, making it one of the most competitive domestic industry base of new energy materials. XTC established a strategy orientating for the next five years in the three core businesses - tungsten-molybdenum, new energy materials and rare earth. Huang Changgeng hoped that both sides would take an overall perspective of national and industrial development, and further expand and deepen cooperation, thus to achieve win-win outcomes.

The above-mentioned events were attended by Mr. Liu Caiming, China Minmetals' Vice President, Chief Financial Officer and Party Group Member, Jiao Jian and Wang Shilei, Both as Vice President and Party Group Member of China Minmetals, and relevant XTC leaders including Wu Gaochao, Yang Jinhong, Guo Tianhuang, Zhong Kexiang, Zhong Bingxian and Zeng Xinping. Participants also included leaders of China Minmetals' head offices and directly-managed enterprises: Wang Jionghui, Xue Fei, Zhu Guangxia, Zhu Haitao, Li Zhongze, Xu Jiqing, Zhang Shouxun, Gao Wujiu, Wang Jicheng and Xu Bing.

Contact:

Tel: 86-10-60169000

Fax: 86-10-60167666

(C) 2021 Electronic News Publishing, source ENP Newswire

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Sales 2021 23 216 M 3 588 M 3 588 M
Net income 2021 904 M 140 M 140 M
Net Debt 2021 - - -
P/E ratio 2021 45,0x
Yield 2021 0,73%
Capitalization 40 866 M 6 296 M 6 316 M
Capi. / Sales 2021 1,76x
Capi. / Sales 2022 1,61x
Nbr of Employees 13 819
Free-Float 50,2%
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Chang Geng Huang Chairman
Ji Song Xu Chairman-Supervisory Board
Mao Chun Hong Independent Director
Xiao Jie Ye Independent Director
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