Revenue Exceeds 20 Billion for the First Time, Net Profit Hits Record High CMOC: A New Major Opportunity Window Is Emerging | Financial Report Analysis

Thanks to the overall increase in both volume and price of its main non-ferrous mineral products, CMOC (603993.SH) reported a net profit growth of over 60% reaching 13.532 billion yuan in 2024, with revenue surpassing 200 billion yuan for the first time, marking the best annual performance since its listing. Tonight, CMOC released its 2024 annual report, which showed that during the reporting period, revenue was 213.029 billion yuan, up 14.37% YoY; net profit attributable to shareholders was 13.532 billion yuan, up 64.03% YoY; and non-GAAP net profit was 13.119 billion yuan, up 110.48% YoY. Notably, in 2024, CMOC's operating cash flow increased by 108.38% YoY, reaching 32.387 billion yuan. In this year's board letter, the company stated, "As a new cycle begins, significant new opportunities are emerging, and we must be prepared." A company representative noted that this also leaves room for imagination regarding future "new world-class projects." Regarding the reasons for the 2024 performance changes, the company explained that it was due to a substantial increase in the production and sales of its main products, copper and cobalt, coupled with a rise in copper prices and effective cost reduction measures, leading to a YoY increase in profits. In terms of production, the company's 2024 output of key minerals, including copper, refined cobalt, tungsten, molybdenum, and niobium, were 650,200 mt, 114,200 mt, 8,300 mt, 15,400 mt, and 10,000 mt, respectively, with YoY changes of 55%, 106%, 4%, -2%, and 5%. It is worth noting that, according to 2024 public data, CMOC, with an annual copper production of about 650,000 mt, entered the top ten globally for the first time. In terms of incremental production, CMOC produced an additional 230,600 mt of copper in 2024 compared to 2023. According to the company, institutional forecasts predict a global increase in mined copper of around 400,000 mt from 2023 to 2024. Based on these figures, CMOC's 2024 incremental copper production accounted for nearly 60% of the global increase. For future plans, CMOC has set a development goal of achieving 800,000 to 1 million mt of copper capacity by 2028. The 2024 annual report shows that all work is proceeding as planned. TFM and KFM deep exploration efforts have achieved phased results, and preparations for a new round of expansion and renovation projects are actively underway. Additionally, power infrastructure construction has made breakthroughs, with the signing and smooth implementation of the 200 MW Heshima hydropower station project in the DRC. To learn more about the latest developments in the copper industry chain, you are welcome to attend the CCI 2025SMM (20th) Copper Industry Conference and Copper Industry Expo, hosted by SMM, to be held grandly in Nanchang, Jiangxi, from April 22-25, 2025. Over 3,000 industry elites, representatives from upstream and downstream companies in the copper industry chain, government officials, industry associations, third-party equipment, logistics, warehousing, and university research experts will gather together. The conference will cover the entire copper industry chain, including mining, smelting, copper processing, trade, recycling, and end-use applications. At the conference, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new copper-based materials, highlighting the innovation and vitality of the copper industry. The event will feature a variety of activities: the main forum will focus on global copper market trends, raw material supply, policy impact analysis, and market direction interpretation. Sub-forums will delve into specific areas such as electrical transmission and distribution, recycled copper, copper-based new materials, hardware and plumbing, and ESS, discussing industry hot topics. During the conference, there will also be a two-day field trip to 12 representative copper industry enterprises with a total capacity of 1 million mt. Sharing cutting-edge technologies and valuable experiences, the event aims to promote the upgrade of the copper industry chain and drive high-quality industry development. CCI 2025SMM (20th) Copper Industry Conference and Copper Industry Expo will help you grasp industry trends, expand your network, and discover business opportunities! SMM sincerely invites you to gather in Nanchang, Jiangxi, from April 22-25, to usher in a new era of copper and plan for new development!