Western Mining ( 601168) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached RMB 24.98 billion, up 10% year-over-year, with net profit attributable to shareholders at RMB 1.62 billion, up 8%.

• Operating cash flow surged 104% year-over-year to RMB 5.04 billion, driven by higher copper output and prices.

• Major product output exceeded plans, with copper concentrate up 42% and electrolytic copper up 44% year-over-year.

• The company maintained strong ESG performance, with improved ratings and continued focus on green, safe, and compliant operations.

Financial highlights

• H1 2024 revenue: RMB 24.98 billion (+10% year-over-year); net profit attributable to shareholders: RMB 1.62 billion (+8%).

• Operating cash flow: RMB 5.04 billion (+104% year-over-year); basic EPS: RMB 0.68 (+8%).

• Gross margin improved, with gross profit up 13% year-over-year.

• Net assets attributable to shareholders at period-end: RMB 15.75 billion (+3% from year-end 2023).

• Non-recurring items reduced net profit by RMB 55.06 million.

Outlook and guidance

• Full-year 2024 revenue target: RMB 39 billion; profit target: RMB 3.9 billion.

• H1 results met or exceeded mid-year budget; key expansion and upgrade projects are on track for trial production in H2.

• The company will continue to focus on quality improvement, efficiency, and technological innovation.