Breaking Down Chongyi Zhangyuan Tungsten Co., Ltd. Financial Health: Key Insights for Investors

Rooted in Ganzhou since its founding in 1990, Chongyi Zhangyuan Tungsten Co., Ltd. runs an integrated tungsten value chain from exploration and mining through smelting, milling, deep processing and trade-producing ammonium paratungstate, tungsten oxide, tungsten and tungsten carbide powders, plus cemented carbide components used across electronics, aerospace and manufacturing-and today employs 3,849 people (a 5.11% year‑on‑year rise) while reporting 2024 revenue of 3.67 billion yuan (up 8.02%) and net income of 172.03 million yuan (up 19.50%), with a market capitalization near 15.98 billion yuan and a strategic commitment to quality, sustainability (including integrated recycling), and innovation-investing about 5% of revenue in R&D-to realize a vision of global supplier leadership and operational excellence that anchors its mission, vision and core values of integrity, collaboration and customer‑centric quality.

Chongyi Zhangyuan Tungsten Co., Ltd. (002378.SZ) - Intro

• Main products: ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, and cemented carbide finished parts (ball teeth, blades, cold molds, drill bits, thermal spray powders).
• Operations span the full tungsten value chain: ore extraction → concentrate → APT/oxides → powders → carbide and finished components.
• Headcount as of 2024-12-31: 3,849 employees (up 5.11% year-over-year).

• Integrity: transparent governance and compliance across mining and processing.
• Quality Excellence: stringent controls from ore to finished carbide to meet performance-critical applications.
• Innovation: continuous R&D in refining, powder metallurgy, and product engineering.
• Safety & Environmental Responsibility: commitment to safe mining practices and pollution control.
• Customer Focus: long-term partnerships with industrial OEMs and trading partners.

• Vertical integration: secure ore reserves and expand beneficiation to stabilize input cost and product quality.
• Product mix optimization: grow higher-margin downstream carbide and precision components to improve profitability (evidenced by 19.5% net income growth in 2024).
• Operational efficiency: scale production and process improvements to support revenue growth (8.02% in 2024) while controlling costs.
• Market positioning: leverage domestic leadership and export channels to justify investor confidence reflected in a market cap ≈15.98 billion CNY and P/E 74.27.

• Raw & intermediate materials: APT, tungsten oxides and powders - feedstock for chemical, lighting, and alloy applications.
• Powder metallurgy & carbide products: tungsten carbide powder and cemented carbide components used in mining, drilling, machining, molds and wear parts.
• Trade & supply: domestic and international trading of concentrates and refined products, balancing market cycles and inventory.

Chongyi Zhangyuan Tungsten Co., Ltd. (002378.SZ) - Overview

Chongyi Zhangyuan Tungsten Co., Ltd. (002378.SZ) centers its corporate purpose on delivering high-quality tungsten products while advancing innovation, sustainability, and customer satisfaction across domestic and international markets.

Mission Statement

• Deliver superior tungsten materials and engineered solutions that meet stringent international quality standards.
• Invest in continuous innovation to improve product performance, broaden applications, and increase value for customers.
• Operate with environmental responsibility by integrating recycling and waste-reduction practices throughout the production chain.
• Expand and strengthen market position locally and globally while maintaining customer-centric service and reliability.

Quality and Certifications

Quality control underpins the company's competitiveness in global markets. The company holds multiple international and industry certifications across its product lines and manufacturing processes, enabling supply to precision industries such as aerospace, energy, electronics, and tooling.

• Number of international/industry certifications: 8-12 (ISO and industry-specific certificates across sites)
• Export footprint: sales to more than 50 countries and regions

Innovation and R&D

Chongyi Zhangyuan Tungsten systematically allocates resources to research and development to drive product differentiation and process efficiency.

Sustainability and Recycling

The company integrates recycling processes into tungsten production to reduce raw material waste and lower environmental impact.

• Internal recycling and recovery rate (typical plant-level metric): 25-40%
• Emissions and waste-control investments: ongoing capital and operational programs to meet evolving regulatory standards
• Alignment with global eco-friendly trends through circular-material practices and energy-efficiency upgrades

Market Position & Growth Focus

Chongyi Zhangyuan Tungsten continues to pursue growth in both domestic industrial supply chains and export markets, leveraging quality credentials, R&D, and sustainability initiatives to capture higher-value segments.

For investor-focused context and stakeholder insight, see: Exploring Chongyi Zhangyuan Tungsten Co., Ltd. Investor Profile: Who's Buying and Why?

Chongyi Zhangyuan Tungsten Co., Ltd. (002378.SZ) - Mission Statement

• Deliver high-purity tungsten materials and engineered tungsten components for electronics, aerospace, automotive, and industrial applications.
• Expand domestic and international market presence through strategic partnerships, export growth, and targeted M&A.
• Continuously invest in R&D to commercialize advanced tungsten chemistries and high-value-added products.
• Integrate environmental stewardship across the value chain, reducing emissions, water use, and waste while improving recycling rates.
• Achieve operational excellence via automation, stringent quality control, and certified production systems.

• Target increased export ratio and international market penetration-aiming to grow overseas sales contribution by double digits annually.
• Advance product portfolio toward high-margin engineered tungsten (e.g., sputtering targets, precision parts) to elevate gross margin sustainably.
• Reduce lifecycle environmental footprint through process upgrades and circular-material initiatives.
• Foster long-term strategic alliances with key players in electronics, aerospace, and EV supply chains.

• Scale specialty product lines (sputtering targets, tungsten carbide precursors) to increase high-margin revenue share.
• Upgrade manufacturing with Industry 4.0 automation and advanced quality control to reduce defects and improve throughput.
• Strengthen supply-chain resilience for tungsten raw materials and diversify sourcing to mitigate geopolitical risk.
• Embed ESG KPIs into operational planning-energy, emissions, water, and waste recycling goals tied to management incentives.
• Pursue targeted international partnerships and certifications to accelerate entry into aerospace and advanced electronics supply chains.

• Revenue growth rate and mix shift toward specialty products (target: specialty >30% of revenue).
• Gross margin expansion through value-added products (target: incremental margin of 3-5 percentage points over 3 years).
• Export revenue CAGR and geographic diversification metrics.
• Energy intensity and CO2 per tonne of tungsten produced.
• R&D output: patents filed, new commercial SKUs, and percentage of sales from products <5 years old.

Chongyi Zhangyuan Tungsten Co., Ltd. (002378.SZ) - Vision Statement

• Integrity: conducting transparent, compliant operations across domestic and international supply chains to protect stakeholder trust and market credibility.
• Innovation: building competitive advantage by continuously investing in R&D for high-value tungsten powders, tungsten carbide products, and specialty compounds.
• Environmental responsibility: adopting resource-efficient processes, emissions control, and recycling initiatives to reduce lifecycle environmental impact.
• Quality: meeting and exceeding international standards (ISO/TS, ASTM-equivalent specifications) and customer-driven performance benchmarks.
• Customer satisfaction: customizing solutions for diverse industrial needs and shortening product development cycles through close customer collaboration.
• Collaboration: strengthening partnerships with upstream miners, downstream manufacturers, research institutes, and governmental bodies to secure stable supply and co-develop technologies.

• R&D intensity: targeted multi-year R&D spend to sustain new product pipelines and process improvements.
• Operational efficiency: continuous improvement programs to lower unit energy consumption and scrap rates.
• Sustainability KPIs: annual reductions in SOx/NOx emissions, water reuse ratios, and increases in material recycling rates.

• Ethics & compliance: internal controls, supplier audits, and full compliance with listed-company disclosure rules to uphold integrity.
• R&D centers & partnerships: dedicated labs and collaborations with universities and institutes to accelerate materials innovation and shorten time-to-market.
• Process modernization: investment in energy-efficient sintering furnaces, precision milling, and automated quality inspection to raise yield and lower defects.
• Sustainability programs: closed-loop water systems, tailings reprocessing pilots, and incremental fuel-switching to lower emissions and conserve resources.
• Customer-centric systems: technical service teams, co-development projects, and post-sale performance monitoring to ensure application fit and satisfaction.
• Stakeholder engagement: joint ventures, long-term offtake agreements, and participation in industry standard-setting to foster collaboration and supply security.