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.
CMOC also announced its 2025 operating plan in its 2024 interim report. According to CMOC's guidance on the production volume of main products and physical trade volume in its mining and trading business segments for 2025, the company plans to produce 600,000 to 660,000 mt of refined cobalt, 100,000 to 120,000 mt of refined cobalt, and 12,000 to 15,000 mt of molybdenum metal in 2025.
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Reviewing the copper price trend in H1, it can be seen that: driven by multiple factors such as the decline in global copper mine output growth, tightening copper concentrate supply, rising expectations for production cuts among smelters, coupled with sustained growth in copper demand from sectors like NEVs and power grid investments, highlighting the resilience of the demand side, as well as market concerns triggered by the US's proposed tariff hike on imported copper, leading to stockpiling, and the intensification of geopolitical conflicts in the DRC, copper prices ultimately closed the first half of the year with gains—LME copper rose by 12.66% on a half-yearly basis, SHFE copper increased by 8.22%, and SMM #1 copper cathode recorded a cumulative gain of 8.4% in H1. Comparing the daily average price trend of SMM #1 copper cathode in H1, the daily average price of SMM #1 copper cathode in H1 this year was 77,657.65 yuan/mt, up 3,104.79 yuan/mt from the daily average price of 74,552.86 yuan/mt in H1 2024, representing a 4% increase. The rise in copper prices is beneficial for boosting the profits of copper enterprises.
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Taking the H1 trend of SMM refined cobalt as an example, the average price of refined cobalt on June 30 this year was 249,250 yuan/mt, up a staggering 46.19% from the average price of 170,500 yuan/mt on December 31, 2024!
According to SMM's latest quotes, on July 16, the average price of refined cobalt continued to drop slightly. Currently, on the supply side, refined cobalt smelters maintain long-term contract supplies, with fewer spot order quotations, and ex-factory prices remaining unchanged due to production costs. Domestic futures prices have fallen, with traders' quotations and transaction prices following suit. On the demand side, due to the still high social inventory of refined cobalt and weakened downstream demand amid high temperatures, most downstream producers still maintain a just-in-time procurement rhythm, with actual transactions remaining sluggish. It is expected that refined cobalt prices will maintain a fluctuating trend in the short term, with subsequent price trends needing to focus on cost increases and the digestion of social inventory.
