Xinyegang Co., Ltd.: Main product market prices rise, with profits expected to increase by over 30% year-on-year in 2025

Reprinted from: China Securities Journal · China Securities Network

China Securities Journal · China Securities Network News (Reporter Wu Ke) On the evening of March 29, Xiyes Co., Ltd. disclosed its 2025 annual report. In 2025, the company achieved operating revenue of 43.535 billion yuan, up 3.72%; net profit attributable to shareholders of listed companies was 1.966 billion yuan, up 36.14%; and basic earnings per share were 1.1561 yuan. The company plans to distribute a cash dividend of 2.5 yuan for every 10 shares to all shareholders (including tax).

Regarding the reasons for the changes in performance, Xiyes Co., Ltd. said the main factors were that the market prices of its major products increased year over year during the reporting period and that it focused on refined management, taking multiple measures to reduce costs and increase efficiency, resulting in higher profits.

Xiyes Co., Ltd.’s main business is the exploration, mining, beneficiation, and smelting of metal ore such as tin, zinc, copper, and indium. As a leading enterprise in the global tin and indium industry, the company has formed a vertically integrated industrial chain layout and has maintained a leading position in the global tin market for the long term. In 2025, the company produced a total of 3.560 million tonnes of non-ferrous metal.

The annual report shows that in 2025, under multiple pressures and challenges such as the continued decline in purchased raw material processing fees, wide-ranging fluctuations in non-ferrous metal prices, and extremely severe safety production conditions, Xiyes Co., Ltd. continued to strengthen its resource security capability, focused on the “increase reserves and increase production” goal, carried out resource exploration upgrades and resource base construction in a solid manner, and promoted the release of capacity from exploration-to-production transition; with “safe, stable, full, and optimal” as the operating guideline, it took multiple measures to overcome difficulties in raw material procurement, strengthened lean production management, improved the precision and efficiency of smelting production organization, and effectively offset the pressure caused by processing fee inversion; it also deeply advanced the coordinated operation of the “five linkages,” significantly improving the agility, accuracy, and resilience to risks in operational management, actively promoted a diversified raw material acquisition strategy, built a global raw material supply assurance system, ensured continuous raw material supply, and its operating performance achieved year-over-year growth.

As of December 31, 2025, Xiyes Co., Ltd.’s reserves of various metals are as follows: ore quantity of 256 million tonnes, tin metal quantity of 613.8 thousand tonnes, copper metal quantity of 11.467 million tonnes, zinc metal quantity of 35.784 million tonnes, indium 4,701 tonnes, tungsten trioxide 769 thousand tonnes, lead metal quantity of 97.8 thousand tonnes, and silver 2,453 tonnes.

In 2025, the company’s subordinate mines invested 112 million yuan in exploration expenditures in total. During the full year, it added 56 thousand tonnes of non-ferrous metal resource quantity (confirmed after review by a third-party expert team), including 13.5 thousand tonnes of tin, 26.3 thousand tonnes of copper, 13.7 thousand tonnes of zinc, and 2,451 tonnes of lead.

During the reporting period, Xiyes Co., Ltd. vigorously carried out scientific and technological breakthroughs, organized and implemented multiple science and technology projects, and made breakthroughs in key technologies for mining, ore dressing, and smelting. The smart-digitization initiative improved quality and empowered development; it deeply advanced the integration of smart-digitization with business management and production operations. The company’s tin smelting and refining project was selected into the Ministry of Industry and Information Technology’s May 2025 5G factory directory, becoming a benchmark for intelligent 5G transformation in the non-ferrous metal smelting sector.

Looking ahead to 2026, Xiyes Co., Ltd. expects to complete operating revenue of 43.6 billion yuan in 2026. It plans to produce 90 thousand tonnes of tin products, 1.25 million tonnes of copper products, 1.35 million tonnes of zinc products, and 91.6 tonnes of indium ingots.

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