Tongling Nonferrous Metals Group (000630) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥71.51 billion, up 3.94% year-over-year; net profit attributable to shareholders was ¥2.18 billion, up 6.24% year-over-year.

• Cash flow from operating activities increased 77.34% year-over-year to ¥2.28 billion.

• The company completed a major asset acquisition and convertible bond issuance, expanding its resource base and capital structure.

• No interim dividend, bonus shares, or capital reserve to share capital conversion planned for the half year.

Financial highlights

• Operating income: ¥71.51 billion, up 3.94% year-over-year.

• Net profit attributable to shareholders: ¥2.18 billion, up 6.24% year-over-year.

• Net profit after non-recurring items: ¥2.21 billion, up 54.99% year-over-year.

• Basic EPS: ¥0.17, up 6.25% year-over-year.

• Total assets: ¥85.41 billion, up 9.16% from year-end 2023.

• Net assets attributable to shareholders: ¥33.04 billion, up 3.84% from year-end 2023.

Outlook and guidance

• The company expects the Mirador copper mine Phase II to be operational by June 2025, adding 250,000 tons of copper annually and improving raw material self-sufficiency.

• New copper foil projects in Chizhou and Tongling are set for trial production, targeting 80,000 tons of high-precision electronic copper foil annual capacity.