Tongling Nonferrous Metals Group (000630) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥172.73 billion in 2025, up 18.69% year-over-year; net profit attributable to shareholders was ¥2.42 billion, down 14.02% due to increased tax from overseas subsidiary dividend adjustments.

• Copper cathode output reached 1.95 million tons, copper processing materials 400,700 tons, and gold 20.51 tons, meeting annual production targets.

• Major projects advanced, including Mirador Copper Mine Phase II and green copper-based materials park, enhancing capacity and resource security.

• R&D investment rose 3.25% to ¥4.83 billion, with 289 invention patents authorized and high-end copper foil exports achieved.

Financial highlights

• Revenue: ¥172.73 billion (+18.69% YoY); net profit: ¥2.42 billion (-14.02% YoY); EPS: ¥0.19.

• Gross margin for copper products: 3.69%; for gold and by-products: 22.47%; for chemicals and others: 58.78%.

• Operating cash flow: -¥226.94 million (down 116.35% YoY) due to higher inventory.

• Total assets: ¥100.21 billion (+23.95% YoY); net assets attributable to shareholders: ¥36.98 billion (+7.74% YoY).

• Dividend: ¥0.50 per 10 shares, total cash dividend ¥1.34 billion, payout ratio 55.53%.

Outlook and guidance

• 2026 targets: copper cathode 2.108 million tons, copper processing 455,000 tons, gold 22 tons, silver 650 tons, sulfuric acid 7.07 million tons.

• Focus on safety, compliance, cost control, innovation, and high-end product development.

• Industry trends: global copper supply tightness, low processing fees, demand growth in new energy and digital sectors.