Jiangxi Copper Corporation's net profit hit a record high last year, and the trend of industry consolidation may intensify.

Jiangxi Copper Corporation (600362.SH) achieved its best annual performance since its listing with a net profit of nearly 7 billion yuan. The company stated that the trend of domestic industry consolidation may intensify in 2025.

This evening, Jiangxi Copper Corporation released its 2024 annual report. During the reporting period, revenue was 520.928 billion yuan, down 0.18% YoY; net profit attributable to the parent company was 6.962 billion yuan, up 7.03% YoY; and non-GAAP net profit was 8.287 billion yuan, up 54.22% YoY.

Notably, Jiangxi Copper Corporation's net operating cash flow last year was approximately 2.508 billion yuan, down 77.06% YoY, which the company attributed mainly to the increase in inventory and operating receivables during the period.

In terms of production, the company produced 2.2919 million mt of copper cathode, 118.26 mt of gold, 1,214.18 mt of silver, 6.0412 million mt of sulphuric acid, and 1.8928 million mt of copper processed products in 2024, with YoY changes of 9.28%, 4.99%, -10.16%, 1.4%, and 4.12%, respectively.

In terms of resource reserves, as of the end of 2024, the company's 100% owned resource reserves were approximately 8.8991 million mt of copper metal, 239.08 mt of gold, 8,252.6 mt of silver, and 166,200 mt of molybdenum. The metal resource reserves controlled by the company in joint ventures, calculated based on the company's equity, were approximately 13.12 million mt of copper and 97.26 mt of gold. The gold resource reserves (metal content) completed and filed by the company's subsidiary Shandong Humon Smelting and its subsidiaries were 82.19 mt.

Regarding industry development trends, the company made the following outlook: Overall, global copper concentrate supply growth will be limited in 2025, and a tight supply situation will dominate the medium-term trend of copper prices.

At the same time, due to the continuous growth of domestic copper smelting capacity, the supply-demand gap will further widen. The decline in TC/RC for copper smelting has put smelters under cost pressure in raw material procurement, compressing profit margins. In 2025, some smelters may adjust production plans to cope with cost pressure, and in extreme cases, some small smelters may face production difficulties, potentially intensifying the trend of industry consolidation.

In terms of demand patterns, in 2025, demand in emerging fields will still be concentrated in ESS, new energy, PV, etc., but the growth rate of new energy and PV may marginally slow down. Demand in traditional fields will continue to diverge. In 2025, power investment and home appliance subsidies are expected to support demand resilience, while the real estate market is unlikely to drive a significant rebound in copper consumption demand in the short term.

Jiangxi Copper Corporation also announced its 2025 production and operation plan: to produce 200,000 mt of copper in copper concentrates, 2.37 million mt of copper cathode, 139 mt of gold, 1,243 mt of silver, 6.53 million mt of sulphuric acid, and 2.01 million mt of copper processed materials. The annual investment plan (including fixed asset investment and equity investment) is 12.814 billion yuan.

To learn more about the dynamics of the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo, hosted by SMM, which will be held grandly in Nanchang, Jiangxi from April 22-25, 2025. CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo ~

Over 3,000 industry elites, representatives of upstream and downstream enterprises in the copper industry chain, government department leaders, industry associations, third-party equipment, logistics and warehousing, and university research experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain.

At the conference, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, demonstrating the innovation and vitality of the copper industry.

The conference activities are rich and varied: the main forum focuses on global copper market trends, raw material supply, policy impact analysis, and market trend interpretation. Sub-forums delve into industry hot topics in areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, there will also be a two-day field trip to 12 representative enterprises in the copper industry with a cumulative capacity of 1 million mt. Sharing cutting-edge technologies and valuable experiences will help upgrade the copper industry chain and promote high-quality industry development.

CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo will help you grasp the industry pulse, expand your network, and seek business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi from April 22-25, to unite in the new era and jointly plan new developments!