2024 Financial Performance Overview
On April 23, 2025, Jinshi Resources Group Co., Ltd. (Jinshi Resources) released its 2024 annual report, revealing mixed financial results.
The company’s 2024 revenue reached CNY 2.752 billion, up 45.17% year-on-year, while net profit attributable to shareholders fell to CNY 257 million, a 26.33% decline compared to 2023.
Jinshi Resources attributed the decline in profit despite revenue growth to several major factors:
- Significant losses from its lithium materials subsidiary, Jiangxi Jinling Lithium Industry Co., Ltd., amid a down cycle in the lithium industry.
- Increased costs from stricter environmental and safety regulations affecting its mining operations.
- Lower gross margins for self-produced fluorspar concentrate and an unfavorable shift in the anhydrous hydrogen fluoride (AHF) market.
Key Operational Highlights
- Fluorspar concentrate:
2024 self-produced volume was 399,600 tonnes, down 41,700 tonnes year-on-year, primarily due to stricter safety inspections and environmental shutdowns.
Manufacturing costs rose to CNY 1,800/tonne. - Anhydrous hydrogen fluoride (AHF):
Sales volume grew, but gross margin sharply decreased, leading to negative profitability.
Revenue from AHF rose 300.43% year-on-year to CNY 1.036 billion, but gross margin slipped to -0.55%, down 5.75 percentage points. - Fluorspar concentrate sales:
Revenue from fluorspar products dropped 3.02% year-on-year to CNY 1.121 billion; gross margin fell to 41.47%, down 5.83 percentage points. - New lithium hexafluorophosphate (LiPF6) production:
Production volumes remained low and costs high, limiting contribution to overall profitability.
Environmental and Regulatory Pressures
In 2024, Jinshi Resources’ mines were subjected to continuous, stringent environmental inspections and on-site audits.
Some mines experienced production stoppages due to safety concerns, causing further volume declines and heightened compliance costs.
Export Perspectives
Jinshi Resources remains a key player in the Chinese fluorspar export market, though 2024 volumes were affected by lower mine output.
Top export destinations for Chinese fluorspar remain India, Japan, South Korea, and Europe.
Price pressure from new entrants and stricter European environmental regulations are expected to reshape export strategies moving forward.
Competitor Analysis
Jinshi Resources’ major competitors in the Chinese fluorspar sector include Do-Fluoride Chemicals Co., Ltd. and Sinochem Holdings.
Unlike Jinshi, competitors with diversified chemical portfolios were better able to offset 2024 margin declines through higher value-added fluorochemical exports.
