Xiamen Tungsten Industry Co., Ltd. released its semi-annual report for 2023, with the company achieving a total operating revenue of 18.73 billion yuan, a year-on-year decrease of 22.47%; net profit attributable to shareholders of listed companies was 791 million yuan, a year-on-year decrease of 12.88%; and basic earnings per share was 0.5608 yuan.

In terms of rare earths, in the first half of 2023, the company's rare earth business achieved a total operating income of 2.616 billion yuan, a year-on-year decrease of 11.36%; and achieved a total profit of 153 million yuan, a year-on-year decrease of 16.88%. Rare earth oxides and rare earth metals products were affected by the continuous decline in raw material prices, resulting in a year-on-year decrease in sales and profits; magnetic materials sales increased in the fields of automobiles, air conditioners, industrial motors, etc., but due to intensified market competition, product prices decreased and profits remained basically flat year-on-year; and luminescent material products market demand decreased, resulting in a year-on-year decrease in sales and profits.