Profit from Xiamen Tungsten’s Rare Earth Business Falls More Than 50% in The First Three Quarters of 2023

In the first three quarters of 2023, Xiamen Tungsten’s rare earth business realized operating income of 3.918 billion yuan, down 12.56% year-on-year; total profit of 111 million yuan, down 53.77% year-on-year. Rare earth oxides and rare earth metal products decreased year-on-year due to the downward trend of raw material prices and reduced volume and price, and earnings decreased year-on-year; magnetic materials achieved sales growth in automobiles, air conditioners and industrial motors, with sales volume of 5,488 tons, an increase of 30% year-on-year, but due to the intensification of market competition, product prices decreased, and earnings decreased year-on-year; and the luminescent material products saw a decrease in market demand, and sales volume and earnings decreased year-on-year.

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