Western Mining ( 601168) Q4 2024 earnings summary

Executive summary

• Achieved record operating results in 2024, with revenue of RMB 50.03 billion, up 17% year-over-year, and net profit attributable to shareholders of RMB 2.93 billion, up 5% year-over-year.

• Total net profit reached RMB 5.29 billion, up 25% year-over-year, and operating cash flow was RMB 8.25 billion, up 32% year-over-year.

• Major production increases in copper, molybdenum, and iron concentrate; significant breakthroughs in digital transformation, green development, and risk management.

Financial highlights

• Revenue: RMB 50.03 billion, up 17% year-over-year; net profit attributable to shareholders: RMB 2.93 billion, up 5%.

• Total net profit: RMB 5.29 billion, up 25%; operating cash flow: RMB 8.25 billion, up 32%.

• Basic EPS: RMB 1.23; weighted average ROE: 18.23%.

• Gross margin improved to 19.77%, up 1.78 percentage points year-over-year.

• Proposed cash dividend of RMB 10 per 10 shares, totaling RMB 2.383 billion, representing 81% of attributable net profit.

Outlook and guidance

• 2025 targets: revenue of RMB 55 billion, total profit of RMB 5 billion.

• Production plans: copper 168,208 tons, zinc 124,581 tons, lead 65,672 tons, molybdenum 4,005 tons, iron concentrate 1.46 million tons, refined copper 354,003 tons.

• Focus on capacity expansion, digital transformation, green energy, and risk management.