Yunnan Copper's net profit in 2024 decreased by 19.9% YoY, and it raised the production of its main products for 2025.

Yunnan Copper's full-year 2024 revenue increased but profits did not, dragged down by losses in Q4. As the relocation and upgrade project of its subsidiary Southwest Copper approaches completion, the company has raised its 2025 production target for main products.

On the evening of the 25th, Yunnan Copper released its 2024 annual report, showing revenue of 1.78012 trillion yuan, up 21.11% YoY, net profit attributable to shareholders of 1.265 billion yuan, down 19.90% YoY, and non-GAAP net profit of 1.191 billion yuan, down 22.55% YoY.

Based on the performance of the first three quarters, Yunnan Copper incurred a loss of -258 million yuan in Q4 2024, leading to the situation of increased revenue but not profits for the year.

Notably, Yunnan Copper's net operating cash flow in 2024 was approximately 145 million yuan, down 97.76% YoY, which the company attributed mainly to increased operating occupancy compared to the same period.

In terms of production, the company produced 1.206 million mt of copper cathode, 12.71 mt of gold, 348.99 mt of silver, and 4.8286 million mt of sulphuric acid in 2024, with YoY changes of -12.62%, -21.54%, -52.68%, and -6.5%, respectively.

Meanwhile, the company's copper content in concentrates production in 2024 was 54,800 mt on a consolidated basis, down 13.97% YoY, and 57,800 mt on an equity basis, down 11.16% YoY.

In terms of smelting, the company's three major smelters produced 770,000 mt of copper cathode on an equity basis in 2024, down about 20.57% from 969,400 mt in the previous year.

Among them, the relocation and upgrade of Southwest Copper was the main factor leading to the decline in smelting copper cathode production in 2024, with Southwest Copper's production that year at 285,000 mt, down about 45.2% YoY.

Currently, the relocation and upgrade project of Southwest Copper is in its final stages, with the financial report showing that as of the end of 2024, the project progress was 99.42%.

In terms of resource reserves, as of the end of 2024, the company held 964 million mt of copper ore resources, 3.6509 million mt of copper metal content, and an average copper grade of 0.38%.

On the same day, the company also announced its budget plan for the new year, with the main budget indicators for 2025 including self-produced copper concentrates with a copper content of 54,600 mt, 1.52 million mt of copper cathode, 16 mt of gold, 680 mt of silver, and 5.364 million mt of sulphuric acid, with YoY changes of -0.4%, 26.04%, 25.89%, 94.84%, and 11.09%, respectively.

The company's 2025 investment plan is 1.617 billion yuan, including fixed asset investments, digital projects, and geological exploration projects.

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