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Xiamen Tungsten (SSE: 600549), founded in 1958 and headquartered in Xiamen, Fujian, is one of China's largest integrated tungsten producers and a major rare-earth and battery-materials manufacturer.
GLEIF has an LEI on file for 厦门钨业股份有限公司 (LEI 300300SEC2FOC4PL5N49, status LAPSED) but reports no parent/ownership relationship data filed (wake-verify, 2026-08-26). Both major shareholders above are themselves state-owned legal persons per the FY2025 top-10-shareholder table; no single shareholder holds a majority. Neither has a dossier in this corpus, so no parent_slug is set.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 12 suppliers, 9 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
The largest named related-party customer in the corpus for this company — CNY 332,313,455.62 of tungsten and molybdenum products, up 24.3 percent on FY2023 — then NIL in FY2025 while remaining on the related-party register. The cause is unverified: do not assert export controls. Its identity and the basis of its related-party status are also unverified.
Tungsten and molybdenum products out (CNY 395,639.32), molybdenum products and parts in (CNY 22,791.36) — both NIL in FY2025. Same going-to-zero pattern as TMA.
Tungsten oxide. CNY 6,336,079.65 to 371,841,740.35 — a ~59x increase in one year, from one of the world's largest tungsten deposits. A Minmetals-group mine.
China Minmetals' listed tungsten arm — related because Minmetals Nonferrous is Xiamen Tungsten's second-largest shareholder at 7.68 percent. Buys: tungsten and molybdenum concentrate CNY 3,306,113.00 to 164,188,572.61 (~50x). Sells: APT and molybdenum trioxide CNY 250,900,634.40 to 481,708,406.40. Two-way trade between China's two largest tungsten groups, deepening sharply.
Tungsten oxide, CNY 43,144,790.00 — new in FY2025 with no prior-year figure.
Cobalt products and tolling, CNY 309,927,644.87 to 1,037,723,620.63. With affiliate 赣州腾驰 (CNY 243,421,041.60 to 956,354,685.79) the cobalt-side ramp is plus 260 percent.
Rare-earth oxides, chlorides and tolling, CNY 399,839,021.20 to 585,967,555.81.
Carbide rod and PCB tooling, CNY 699,079.52 to 37,248,761.00 — a ~53x increase. Related via a board interlock disclosed in the filing.
Molybdenum trioxide, wire and billet, CNY 20,219,933.19 to 126,283,963.91.
H1-2026 semi-annual report (filed 2026-08-21): cobalt materials, nickel sulphate and tolling CNY 1,803,353,554.03, vs. CNY 355,656,021.27 in the H1-2025 comparative column — H1-2026 ALONE already exceeds the entire FY2025 annual figure (1,037,723,620.63) by ~74 percent. Same interim-vs-interim basis, not interim-vs-annual.
H1-2026 semi-annual report: tricobalt tetroxide, ternary material and tolling CNY 327,959,518.55, vs. CNY 365,401,762.35 in H1-2025 — a slight interim-on-interim decline, notable because FY2025 annual (956,354,685.79) had been +260 percent on FY2024. Not previously carried as its own row (was mentioned only inside the Tengyuan note); split out here now that it has its own comparable interim figures.
H1-2026 semi-annual report: buys (molybdenum/tungsten concentrate) CNY 71,857,607.79 vs. CNY 40,933,507.03 in H1-2025 — continued ramp. Sells (APT/molybdenum trioxide) CNY 5,498,000.00 vs. CNY 251,163,987.20 in H1-2025 — a ~98 percent interim-on-interim COLLAPSE, the sharpest reversal in this dossier's counterparty layer. H1-2025's 251.16m was itself already more than half of the full FY2025 sales total (481,708,406.40), so this is not a low base effect. Cause unverified — do not infer a mechanism.
H1-2026 semi-annual report: purchases (rare-earth oxides/chlorides/tolling) CNY 578,621,511.48 vs. CNY 238,882,507.14 in H1-2025 — H1-2026 alone is already ~99 percent of the entire FY2025 annual purchase total (585,967,555.81). Sales the other direction (rent and rare-earth products, Xiamen Tungsten as seller) CNY 17,876,762.05 vs. CNY 60,502,890.53 in H1-2025 — declining. `role: supplier` in the FY2025 row above covered only the purchase side; this row adds the sales side, hence `both`.
H1-2026 semi-annual report: tungsten oxide CNY 38,810,340.00; no H1-2025 comparative shown in the table (consistent with the FY2025 row's 'new in FY2025, no prior-year figure'). H1-2026 alone is already ~90 percent of the full FY2025 annual figure (43,144,790.00).
H1-2026 semi-annual report: sells (molybdenum trioxide/wire) CNY 216,828,757.73 vs. CNY 41,901,056.99 in H1-2025 — H1-2026 alone is already ~72 percent ABOVE the entire FY2025 annual sales total (126,283,963.91), the largest single interim-on-interim jump in this dossier. Minor purchase side also appears for the first time: tungsten products/processing fees CNY 5,202,732.05 vs. CNY 1,230,142.56 in H1-2025 — hence `both`, upgraded from the FY2025 row's `customer`-only.
H1-2026 semi-annual report: carbide rod/PCB tooling CNY 83,568,821.20 vs. CNY 3,336,529.00 in H1-2025 — H1-2026 alone already more than double the entire FY2025 annual figure (37,248,761.00). Continues the ~53x FY2024-to-FY2025 ramp already on record.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
This company sits on the supply side for 7 of its 7 materials — a restriction on those is a tailwind, not a headwind.
Dossier discloses a neodymium exposure with no Dy/Tb/Sm tag and a sector where doping is not the rule — whether this company's magnets are Dy/Tb-doped is not on record. Resolved by a disclosed magnet grade, or a named magnet supplier in named_counterparties.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a producer, policy pressure across its produced materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.