Western Mining ( 601168) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 16.54 billion, up 50.74% year-over-year, with net profit attributable to shareholders at RMB 808 million, up 9.61%.

• Significant increases in production: mined copper up 14.35%, zinc up 18.17%, lead up 38.38% year-over-year.

• Operating cash flow surged 423.69% year-over-year to RMB 2.62 billion.

Financial highlights

• Operating income: RMB 16.54 billion, up 50.74% year-over-year.

• Net profit attributable to shareholders: RMB 807.8 million, up 9.61% year-over-year.

• Basic EPS: RMB 0.34, up from RMB 0.31 year-over-year.

• Total assets at quarter-end: RMB 57.38 billion, up 4.44% from year-end 2024.

• Net cash from operating activities: RMB 2.62 billion, up 423.69% year-over-year.

Segment performance

• Smelting copper, lead, and gold ingot sales volumes increased significantly year-over-year.

• Mined copper: 44,085 tons (+14.35% YoY, +5.81% QoQ); mined zinc: 29,955 tons (+18.17% YoY, +6.95% QoQ); mined lead: 16,671 tons (+38.38% YoY, +32.76% QoQ).

• Smelted copper: 90,074 tons (+54.83% YoY, +11.64% QoQ); smelted lead: 43,714 tons (+1,752.3% YoY, +30.60% QoQ).