These pencils have been designed to handle parts that are too small to be picked-up with a tweezers. The tip is made of wax so it is slightly tacky (self-adhesive), not too sticky to make it hard to release the part when you need to, just enough to pick-up small parts without leaving any residue. When it loses tackiness or becomes blunt, just sharpen it.
For the best results, use a desktop sharpener or a scalpel. When sharpening the tip with a scalpel you can shape it as you need, for example as a point, a chisel or a flat area. Avoid blunt sharpeners as they will break the tip.