Core Viewpoint - Jiangxi Copper's stock surged over 8% following the announcement of its mid-year results for 2025, indicating positive market sentiment despite a decline in revenue [1] Financial Performance - Jiangxi Copper reported a revenue of approximately 256.03 billion yuan, a year-on-year decrease of 4.97% [1] - The net profit attributable to shareholders was about 4.451 billion yuan, reflecting a year-on-year increase of 19.78% [1] - Basic earnings per share were 1.29 yuan, with an interim dividend of 0.4 yuan per share [1] Market Analysis - Citigroup raised its target price for Jiangxi Copper's H-shares from 19.1 HKD to 27.9 HKD and for A-shares from 25 HKD to 33.8 HKD, maintaining a "Buy" rating [1] - The bank initiated a 90-day positive catalyst observation for Jiangxi Copper, citing a reduction in China's copper cathode production and expectations of interest rate cuts in the U.S. as potential short-term support for copper-related stocks [1] Industry Context - On August 28, Jiaxin International Resources was officially listed, with its Bakuta tungsten mine being the fourth largest WO mineral resource globally, possessing the largest designed tungsten production capacity in a single mine [1] - Jiangxi Copper holds a 31.24% stake in Jiaxin International Resources, which has begun to release production from the Bakuta tungsten mine [1]

Group 1 - Jiangxi Copper Company (00358) saw its stock price rise by 8.14% to HKD 25.24, with a trading volume of HKD 315 million [1] - For the first half of 2025, Jiangxi Copper reported revenue of approximately CNY 256.03 billion, a year-on-year decrease of 4.97%, while net profit attributable to shareholders was about CNY 4.451 billion, an increase of 19.78% [1] - Citigroup raised its target price for Jiangxi Copper's H-shares from HKD 19.1 to HKD 27.9 and for A-shares from CNY 25 to CNY 33.8, maintaining a "Buy" rating [1] Group 2 - Jaxin International Resources officially listed on August 28, and its Bakuta tungsten mine is the fourth largest WO₃ mineral resource globally, with the largest designed tungsten production capacity in a single mine [2] - The company holds a 31.24% stake in Jaxin International Resources, which has begun to release production from the Bakuta tungsten mine [2]

Group 1 - Copper prices reached a two-month high, supported by a weaker dollar, positive economic data from China, and optimistic expectations for a U.S. interest rate cut [1][2] - The London Metal Exchange (LME) benchmark copper rose by 0.9% to $9,971 per ton, with an earlier peak of $9,984.50 per ton [2] - Chinese refined copper apparent consumption is expected to grow by approximately 10% year-on-year in the first half of 2025, according to Zijin Mining Group [2] Group 2 - Goldman Sachs analysts warned that while expectations for U.S. interest rate cuts provide support, a loose physical market and ongoing weak economic data may pressure the industry [2] - CITIC Securities reported that the domestic copper mining sector's price-to-earnings (PE) ratio has been running between 10-15x over the past three years, with continuous valuation increases this year due to declining supply growth and strong domestic demand [2] - The domestic copper mining sector is expected to see improvements in both profitability and valuation, with copper prices potentially reaching $10,500 per ton in Q3-Q4 2025 [2] Group 3 - Related companies in the copper mining sector include Luoyang Molybdenum (603993)(03993), Zijin Mining (02899), China Nonferrous Mining (01258), Minmetals Resources (01208), Jiangxi Copper (600362)(00358), and China Railway (601390)(00390) [3]

Group 1 - Copper prices reached a two-month high, supported by a weaker dollar, positive economic data from China, and optimistic expectations for a U.S. interest rate cut [1][2] - The London Metal Exchange (LME) benchmark copper rose by 0.9% to $9,971 per ton, with an earlier peak of $9,984.50 per ton [2] - Chinese refined copper apparent consumption is expected to grow by approximately 10% year-on-year in the first half of 2025, according to Zijin Mining Group [2] Group 2 - Goldman Sachs analysts warned that while expectations for U.S. interest rate cuts provide support, a loose physical market and ongoing weak economic data may pressure the industry [2] - CITIC Securities reported that the domestic copper mining sector's PE ratio has been running between 10-15x over the past three years, with continuous valuation increases this year due to declining supply growth and strong domestic demand [2] - The domestic copper mining sector is expected to see improvements in both profitability and valuation, with copper prices potentially reaching $10,500 per ton in Q3-Q4 2025 [2] Group 3 - Related companies in the copper mining sector listed in Hong Kong include Luoyang Molybdenum (03993), Zijin Mining (02899), China Nonferrous Mining (01258), Minmetals Resources (01208), Jiangxi Copper (00358), and China Railway (00390) [3]

Core Viewpoint - The company reported its 2025 H1 financial results, showing a decline in revenue but an increase in net profit, indicating resilience in its operations despite market challenges [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 256.96 billion yuan, a year-on-year decrease of 4.9% [1]. - The net profit attributable to shareholders was 4.175 billion yuan, reflecting a year-on-year increase of 15.4% [1]. - In Q2 2025, the net profit attributable to shareholders reached 2.222 billion yuan, up 16.84% year-on-year and 13.81% quarter-on-quarter [1]. Production and Pricing - Copper prices showed a stable increase, with the average price in H1 2025 at 77,800 yuan per ton, a 4.2% increase year-on-year [1]. - The company's self-produced copper concentrate output was 99,300 tons, a slight decrease of 1.68% year-on-year, while refined copper production increased by 2% to 1.1954 million tons [1]. - The company also reported production of 50 tons of gold (down 31% year-on-year), 704 tons of silver (up 11% year-on-year), and 346 million tons of sulfuric acid (up 8% year-on-year) [1]. Smelting Segment Performance - The smelting segment demonstrated strong resilience despite a significant decline in copper mine TC/RC rates, with a notable performance from the company's 40% stake in Zhejiang Hedong, which reported a net profit of 224 million yuan in H1 2025, approximately 42.5% of its 2024 annual profit [1]. - The profitability in the smelting segment was supported by scale, technology, and cost advantages, along with rising prices of by-products, such as sulfuric acid, which saw a year-on-year price increase of 127% in H1 2025 [1]. Asset Impairment Impact - The company faced significant asset impairment losses in Q2, amounting to 954 million yuan and credit impairment losses of 156 million yuan, which were larger than in previous years [1]. Future Growth Projects - The company has several long-term growth projects that may not yet be fully priced in, including: - 18.5% stake in First Quantum, with a suspended copper mine in Panama with a capacity of approximately 400,000 tons [2]. - 31.24% stake in Jiexin International Resources, which owns the world's largest open-pit tungsten mine, Bakuta [2]. - Various projects in Mexico, Afghanistan, Peru, and Ecuador, including significant copper and gold resources [2]. Profit Forecast and Investment Recommendation - The company's net profit forecasts for 2025-2027 have been adjusted to 8.244 billion, 8.594 billion, and 9.574 billion yuan, corresponding to PE ratios of 12, 11, and 10 times, respectively, maintaining a "buy" rating [2].

Group 1 - Jiangxi Copper's stock price increased by 0.14% to 29.00 CNY per share, with a trading volume of 2.583 billion CNY and a turnover rate of 4.27%, resulting in a total market capitalization of 100.419 billion CNY [1] - The stock has experienced a continuous rise for three days, accumulating a total increase of 11.2% during this period [1] - Jiangxi Copper's main business includes copper and gold mining, smelting, and processing, with revenue composition as follows: cathode copper 51.55%, copper rod and wire 22.79%, gold 12.65%, copper concentrate and other non-ferrous metals 5.12%, silver 3.25%, copper processing products 1.95%, chemical products (sulfuric acid and sulfur concentrate) 0.54%, and others 0.45% [1] Group 2 - Penghua Fund holds Jiangxi Copper as one of its top ten heavy positions, with a reduction of 19,100 shares in the second quarter, now holding 121,500 shares, which accounts for 2.13% of the fund's net value [2] - The fund has generated a floating profit of approximately 48,616 CNY today, with a total floating profit of 354,900 CNY during the three-day rise [2] - The Penghua CSI A-Share Resource Industry Index Fund (LOF) A has a year-to-date return of 27.4% and a one-year return of 38.16%, ranking 1632 out of 4222 and 2396 out of 3781 in its category, respectively [2]

花旗发表报告指，江西铜业股份昨日举行电话会议后，将其H股目标价由19.1港元上调至27.9港元，A股 目标价由25元上调至33.8元，均维持"买入"评级。该行亦对江铜开启为期90天的正面催化剂观察，认为 9至10月中国铜阴极产量减少以及美国降息预期可能在短期内支撑铜相关股份的市场情绪。 ...

证券研究报告 | 2025年09月01日 江西铜业（600362.SH） 优于大市 国内铜矿盈利稳健，国外资源多点开花 2025H1 归母净利润同比增长 15%。2025H1 公司营业收入 2570 亿元，同比下 降 5.9%，公司主动压降贸易业务所致；2025H1 归母净利润 41.7 亿元，同比 增长 15.4%；2025Q2 归母净利润 22.2 亿元（同比+16.8%，环比+13.8%）； 2025H1 经营性净现金流 44.2 亿元，同比增长 9.8%。2025H1 盈利增长，除了 铜价上涨原因外，主要受益于贵金属金银价格上涨，以及冶炼副产品硫酸价 格上涨。2025H1 金银业务毛利同比增加 8 亿元，硫酸业务毛利同比增加 9 亿 元。 公司主导的哈萨克斯坦巴库塔钨矿顺利投产。巴库塔钨矿是全球资源量最大 的露天钨矿，三氧化钨资源量 23.3 万吨，储量 14.5 万吨。于 2024 年 11 月 投产并于 2025 年二季度实现商业化运营。2025 年采选量预计 330 万吨，生 产含三氧化钨 65%的精矿 9313 吨；2027 年之后采选量将达到 495 万吨，年 生产精矿达到 14171 吨。 ...

公司名稱: 江西銅業股份有限公司 呈交日期: 2025年9月1日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： RMB 3,462,729,405 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600362 | 說明 | | 於上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,075,247,405 | RMB | | 1 | RMB | | 2,075,247,405 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,075,247, ...

Investment Rating - The report maintains a "Buy" rating for Jiangxi Copper [5] Core Views - Jiangxi Copper's performance in the first half of 2025 shows stable copper production and impressive profit growth, with a net profit of 4.175 billion yuan, up 15.4% year-on-year [1][2] - The company has several long-term growth projects that may not be fully priced in, including stakes in various mining projects across different countries [3] Financial Performance - In H1 2025, Jiangxi Copper achieved operating revenue of 256.96 billion yuan, a decrease of 4.9% year-on-year, while net profit attributable to shareholders was 4.175 billion yuan, an increase of 15.4% [1] - The average copper price in H1 2025 was 77,800 yuan per ton, up 4.2% year-on-year [2] - The company's self-produced copper concentrate output was 99,300 tons, a slight decrease of 1.68% year-on-year, while refined copper production increased by 2% to 1.1954 million tons [2] Profitability and Future Projections - The report projects net profits for Jiangxi Copper to be 8.244 billion yuan in 2025, 8.594 billion yuan in 2026, and 9.574 billion yuan in 2027, corresponding to P/E ratios of 12, 11, and 10 times respectively [3][4] - The company’s smelting segment has shown strong resilience despite a significant decline in copper TC/RC rates, benefiting from scale, technology, and cost advantages [2] Long-term Growth Projects - Jiangxi Copper holds an 18.5% stake in First Quantum, which includes a copper mine in Panama with a capacity of approximately 400,000 tons [3] - The company also has interests in various other projects, including a tungsten mine in Bakuta and a copper mine in Afghanistan, which are expected to contribute to future growth [3]