CMOC Group (3993) Q2 2025 earnings summary

Executive summary

• Achieved record net profit attributable to shareholders of RMB8.67 billion, up 60.07% year-over-year, and operating revenue of RMB94.77 billion, down 7.83% year-over-year.

• All major product outputs (copper, cobalt, molybdenum, tungsten, niobium, phosphate fertilizer) exceeded half-year targets.

• Completed acquisition of Cangrejos Gold Mine in Ecuador (Odin Mining/Lumina Gold), expanding into gold resources.

• Maintained AA MSCI ESG rating, ranking in the top 11% of the global non-ferrous metal industry for the third consecutive year.

• Organizational upgrades and efficiency improvements were implemented, with a focus on global governance and talent acquisition.

Financial highlights

• Net profit attributable to shareholders: RMB8.67 billion, up 60.07% year-over-year.

• Operating revenue: RMB94.77 billion, down 7.83% year-over-year.

• Net cash flow from operating activities: RMB12.01 billion, up 11.40% year-over-year.

• Basic and diluted EPS: RMB0.41, up 64% year-over-year.

• Weighted average ROE: 11.70%, up 2.88 percentage points year-over-year.

• EBITDA: RMB19.81 billion, up 23.93% year-over-year.

Outlook and guidance

• Copper, cobalt, molybdenum, tungsten, niobium, and phosphate production/markets expected to maintain strong performance in H2 2025, with supply constraints and resilient demand supporting prices.

• Continued focus on organizational upgrades, digital transformation, and ESG leadership.

• Ongoing development of KFM Phase II, Heshima hydropower, and digital production platforms.