I. Executive Summary
Between 2023 and 2025, China’s cemented carbide industry demonstrated steady growth in output, accelerated revenue expansion, and a remarkable profit recovery in 2025 despite significant upstream tungsten price volatility. Through structural adjustments and cost controls, downstream enterprises successfully reversed margin pressures.
II. Key Performance Indicators (2023–2025)
| Indicator | 2023 | 2024 | 2025 | Change (2025 vs. 2024) |
|---|---|---|---|---|
| Number of reporting enterprises | 59 | 57 | 57 | — |
| Reported cemented carbide output (tons) | 47,399.6 | 50,211.59 | 55,085.8 | +10.28% |
| Estimated national output (tons) | ~53,000 | ~58,000 | ~63,000 | — |
| Total operating revenue (billion RMB) | 39.01 | 40.06 | 51.12 | +27.0% |
| Main business revenue (billion RMB) | 38.09 | 39.07 | 49.85 | +26.33% |
| Total pre-tax profit (billion RMB) | 3.92 | 3.14 | 4.61 | +47.28% |
| Total net profit (billion RMB) | 3.17 | 2.23 | 3.57 | +60.23% |
| Industry net profit margin | 7.64% | 5.57% | 6.99% | +1.42 ppts |
| Export value (USD 100 million) | 6.04 | 7.01 | 7.01 | +7.44% |
III. Production by Major Product Categories (2024 vs. 2025)
| Product Category | 2024 (tons) | 2025 (tons) | Year-on-Year Change |
|---|---|---|---|
| Cutting tools (total) | 26,903.79 | 30,099.03 | +12.54% |
| — CNC inserts (million pcs) | 60,760.47 | 70,286.79 | +18.04% |
| — Rods / bars | 18,512.23 | 21,075.05 | +13.33% |
| Rock drilling & engineering alloys | 9,898.91 | 12,280.54 | +16.35% |
| Wear-resistant parts | 11,985.54 | 11,985.39 | -0.39% |
| Other cemented carbides | 1,423.34 | 730.01 | -48.7% |
| Hardfacing materials | 3,657.16 | 3,714.01 | -9.42% |
IV. Profitability Trends (2023–2025)
Operating revenue grew from 39.0 billion RMB (2023) to 51.1 billion RMB (2025), with a sharp acceleration in 2025 (+27%).
Net profit fell sharply in 2024 (-23.58%) but rebounded strongly in 2025 (+60.23%), surpassing the 2023 level.
Net profit margin recovered from a low of 5.57% in 2024 to 6.99% in 2025, indicating improved earnings quality.
Pre-tax profit increased 47.28% year-on-year in 2025, returning to pre-2024 levels.
V. Industry Characteristics & Observations (2025)
High tungsten price volatility – Upstream mines and powder producers benefited, while downstream alloy makers faced major cost pressure.
Downstream resilience – Alloy manufacturers adopted prepayment mechanisms, optimized product mix, and accelerated high-end product development, reversing profit declines.
Exports stable – Export value remained steady at ~700 million USD, with a shift toward higher-value products.
High-end products driving growth – CNC inserts and carbide rods posted double-digit growth for three consecutive years.
