China's June Official Manufacturing PMI Contradicts Caixin PMI

Xinya Cable (001382) disclosed its annual report on April 20. In 2025, the company achieved operating revenue of 2.947 billion yuan, up 4.00% YoY; net profit attributable to the parent company was 100 million yuan, down 25.57% YoY; basic earnings per share were 0.26 yuan. The company proposed a cash dividend of 0.75 yuan per 10 shares (tax inclusive). The decline in net profit attributable to the parent company was mainly due to the following reasons: first, intensified competition in the wire and cable market and the sustained rise in raw material prices of copper and aluminum put the company's comprehensive gross margin under pressure; second, the expansion of the company's accounts receivable led to an increase in credit impairment loss provisions.

Hengtong Co., Ltd. (600226) disclosed its annual report on April 20. In 2025, the company achieved revenue of 1.85 billion yuan, up 38.6% YoY; net profit attributable to the parent company was 201 million yuan, up 6.05% YoY; basic earnings per share were 0.07 yuan. During the reporting period, copper foil product sales grew significantly, and the gross margin of copper foil products increased. The company's copper foil business maintained steady growth, achieving sales of 15,883 mt, up 76.34% YoY. As of the end of the reporting period, the company's copper cathode foil annual capacity reached 25,000 mt.

Chengtun Mining (600711) disclosed its Q1 report on April 20. The company achieved revenue of 9.354 billion yuan in Q1 2026, up 65.08% YoY, and net profit of 1.02 billion yuan, up 250.40% YoY. This was mainly attributable to the YoY increase in production and sales of the company's primary metal copper products during the reporting period, the YoY rise in copper prices, and improved profitability. The company enhanced quality and efficiency in production and operations, with controllable costs declining YoY, driving earnings growth in the current period.