2023 Profit from Xiamen Tungsten’s Energy and New Materials Business Fell More Than 54% in The First Three Quarters of The Year

In the first three quarters of 2023, Xiamen Tungsten’s energy and new materials business realized operating revenue of RMB 13.122 billion, down 41.58% year-on-year; total profit of RMB 448 million, down 54.87% year-on-year. Lithium cobaltate product sales of 24,728 tons, down 3% year-on-year, but the company actively stabilized and improved market share, lithium cobaltate sales quarter-on-quarter gradually improved; ternary material products by the downstream demand slowdown, the first three quarters of sales of 23,386 tons, down 37% year-on-year, and at the same time by the impact of the sharp decline in raw material prices, product prices fell, profitability appeared to a certain degree of reduction, but with the third quarter However, with the rebound of shipments in the third quarter, the decline in sales gradually narrowed.

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