Western Mining Co Ltd (601168) Fair Value & Analysis
Basic Materials · CN · Market cap 103B CNY (≈ $15.3B) · ISIN CNE100000619
What is Western Mining Co Ltd really worth?
A solid business, but trading 49% above our fair value of ¥25.99.
Strengths
Risks
For context
Fair value as of: Aug 23, 2026
From 26 valuation models · updated 13 days ago
Share price −5.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (¥32.48). The favourable scenario is already priced in.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range ¥8.18 – ¥43.07 · fair‑value band ¥19.49 – ¥32.48 · the ¥38.79 price screens above the ¥25.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 23, 2026.
Analysis
Western Mining Co Ltd (601168) currently trades at ¥38.79, while our model-based Fair Value estimate is ¥25.99, implying the stock looks roughly 49.3% overvalued today. The Quality Score stands at 70/100 (solid quality), in the Basic Materials sector. Bull case: the DCF Models group reads highest at a median of ¥48.63 per share, and 12 of the 26 models we run sit above the ¥38.79 price. Bear case: the Asset-Based group reads lowest at ¥5.19, and 14 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Western Mining Co Ltd generated revenue of 63.9B CNY at a net margin of 6.9%. Revenue grew 13.2% year over year. It earns a return on equity of 27.5%. Net debt stands at 17.3B CNY. Fundamentals as of Aug 23, 2026
Our scenario range runs from ¥19.49 (bear case) to ¥32.48 (bull case); at ¥38.79, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 156% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −42% fair-value upside, at −33%, 601168 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥1.19 per share, which is 4.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (¥48.63) versus Asset-Based (¥5.19). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Western Mining Co.,Ltd., together with its subsidiaries, engages in the mining, beneficiation, smelting, and trading of metals in Mainland China and internationally. It operates through Nonferrous Metal Mining, Beneficiation and Smelting; Metal Trading; and Financial Service segments.
Full company description
Western Mining Co.,Ltd., together with its subsidiaries, engages in the mining, beneficiation, smelting, and trading of metals in Mainland China and internationally. It operates through Nonferrous Metal Mining, Beneficiation and Smelting; Metal Trading; and Financial Service segments. The company offers basic non-ferrous metals and ferrous metals, such as copper, lead, zinc, iron, nickel, vanadium, and molybdenum; rare and precious metals consisting of gold, silver, and sulfur concentrates; cathode copper; lead and zinc concentrates, copper concentrate, iron ore concentrate and pellets; and zinc ingots and powder, tailings and sulfur slag treatments, electrolytic lead and copper, and ammonium metavanadate. It also engages in trading and futures hedging of non-ferrous metals, including copper, lead, zinc, aluminum, and nickel. In addition, the company provides fund management; mining project investment; finance; and chemical production services. Western Mining Co.,Ltd. was founded in 2000 and is headquartered in Xining, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Western Mining Co Ltd reported revenue of 61.5B CNY in FY2025 versus 38.5B CNY in FY2021, a compound +12.4%/yr. Reported net income was 3.6B CNY in FY2025, compounding +5.6%/yr from FY2021.
of which total revenue +7.8 % · buybacks/dilution +1.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
601168 screens 49% overvalued. Compare with BHP Group →
Peer Group
Other Industrial Metals & Mining · 469 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Other Industrial Metals & Mining median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| BHP Group BHP | A$66.84 | A$42.16 | −37% |
| Vale S.A VALE | $15.31 | $8.95 | −42% |
| Saudi Arabian Mining Company 1211 | 65.50 SAR | 33.87 SAR | −48% |
| CMOC Group 603993 | ¥18.42 | ¥16.15 | −12% |
| Teck Resources Limited TECK | $69.34 | $32.02 | −54% |
| Hindustan Zinc Limited HINDZINC | ₹573.00 | ₹508.34 | −11% |
| China Tungsten And Hightech Materials Co 000657 | ¥66.76 | ¥9.55 | −86% |
| China Northern Rare Earth (Group) High-Tech Co 600111 | ¥41.02 | ¥10.59 | −74% |
| Boliden AB BOL | kr 527.80 | kr 461.48 | −13% |
| Korea Zinc Company 010130 | 1,145,000 KRW | 646,063 KRW | −44% |
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