CMOC: Prices of copper and cobalt, its main products, rose YoY. Net profit for H1 is expected to increase by 51.37% to 67.98% YoY.

CMOC's share price rose on July 16. As of 14:10 on the 16th, CMOC's shares were up 0.25%, trading at 8.12 yuan per share.

CMOC recently released a pre-announcement of its semi-annual performance, indicating that it expects to achieve a net profit attributable to shareholders of publicly listed firms of 8.2 billion to 9.1 billion yuan in H1 2025, an increase of 2.783 billion to 3.683 billion yuan compared to the same period last year, representing a YoY increase of 51.37% to 67.98%. 2. It is expected to achieve a net profit attributable to shareholders of publicly listed firms, excluding non-recurring gains and losses, of 8.3 billion to 9.2 billion yuan in H1 2025, an increase of 2.675 billion to 3.575 billion yuan compared to the same period last year, representing a YoY increase of 47.55% to 63.55%.

Regarding the main reasons for the pre-announced increase in H1 performance, CMOC stated that the YoY increase in its H1 2025 performance was due to the YoY increase in the prices of its main products, copper and cobalt, coupled with the YoY growth in the production and sales volume of copper products, which led to improved performance.

According to CMOC's announcement on the implementation of its 2024 dividend distribution, on June 27, the company distributed a cash dividend of 0.255 yuan (tax included) per share based on 21.394 billion shares, totaling 5.456 billion yuan (tax included), a record high.

According to CMOC's official account, on June 26, CMOC announced the completion of its acquisition of publicly listed firm Lumina Gold, thereby acquiring 100% equity in the Cangrejos Project in Ecuador, adding gold resources to its resource portfolio. The transaction was officially completed on June 24, 2025. According to preliminary planning, the project is expected to commence production in 2028, with an annual output of approximately 11.5 mt of gold.

CMOC's 2024 annual report, previously released, showed that in 2024, the company's operating revenue exceeded the 200 billion yuan mark for the first time, reaching 213.029 billion yuan, up 14.37% YoY; its net profit attributable to shareholders exceeded 10 billion yuan for the first time, reaching 13.532 billion yuan, up 64.03% YoY; its net profit attributable to shareholders, excluding non-recurring gains and losses, was 13.119 billion yuan, up 110.48% YoY; and its earnings per share were 0.63 yuan, up 65.79% YoY. In 2024, the company's production of main products such as copper, cobalt, niobium, and phosphate fertiliser reached record highs. Among them, annual copper production was 650,200 mt, up 55% YoY, ranking among the top ten copper producers globally for the first time. According to institutional estimates, CMOC's newly added mine copper production in 2024 accounted for nearly 60% of the global increase. In terms of other mineral products, in 2024, CMOC produced 114,200 mt of cobalt, 10,024 mt of niobium, 1.18 million mt of phosphate fertiliser, 8,288 mt of tungsten, and 15,396 mt of molybdenum, continuing to rank among the industry leaders.