Investment Rating - The report maintains a "Buy" investment rating for the company [11] Core Views - The company's performance has significantly improved due to the strong output from its main mine, Las Bambas, which has led to substantial financial gains [4][8] - The overall revenue of the company has benefited from both increased copper production and rising prices, resulting in a robust cash flow that has optimized the balance sheet [8][9] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of $2.817 billion, a year-on-year increase of 47% - EBITDA reached $1.540 billion, up 98% year-on-year - EBIT was $1.059 billion, reflecting a 240% increase year-on-year - Net profit attributable to shareholders was $340 million, a staggering increase of 1511% year-on-year [3][8] Production Highlights - Las Bambas mine generated $2.007 billion in revenue in H1 2025, a 60% increase year-on-year, with copper production rising by 67% to 210,600 tons - Kinsevere mine's revenue was $235 million, a 25% increase year-on-year, with production up 19% to 25,400 tons - Khoemacau mine reported revenue of $200 million, a 122% increase year-on-year, with production rising by 121% to 22,000 tons [4][6][7] Production Guidance - For 2025, Las Bambas is expected to produce between 360,000 to 400,000 tons of copper, with C1 cost guidance adjusted to $1.40 to $1.60 per pound - Kinsevere's production guidance remains at 63,000 to 69,000 tons, while Khoemacau's guidance is set at 43,000 to 53,000 tons [5][6][7] Cash Flow and Balance Sheet - Operating cash flow for H1 2025 was $1.185 billion, a 130% increase year-on-year - Total liabilities decreased by 3.24% compared to the end of 2024, with total equity increasing by 12.46% [9][8] Future Outlook - The company forecasts revenues of $5.838 billion, $6.088 billion, and $6.088 billion for 2025, 2026, and 2027 respectively, with net profits projected at $685 million, $745 million, and $768 million for the same years [11][12]

【财华社讯】五矿资源(01208.HK)今日高开高走，盘中一度涨逾13%，截至发稿，涨9.48%，报4.62港 元。消息面上，该公司公布2025年中期业绩，集团收入28.17亿美元，同比增加47%；公司权益持有人 应占溢利3.4亿美元，同比增长1511%；每股基本盈利2.8美仙。不派中期息。 本文源自：财华网 此外，MMG上半年的EBITDA及EBIT均创下历史新高，其中EBITDA达约15.4亿美元，同比增长98%； EBIT约10.59亿美元，同比增长240%。 除税后净利润达5.66亿美元，包括公司权益持有人应占利润3.4亿美元，与2024年上半年的除税后净利润 7950万美元(包括权益持有人应占利润2110万美元)相比，实现超过600%增长。主要得益于三座铜矿的铜 产量均有所增长，铜、金、银及锌的市场价格上涨，以及Las Bambas因铜产量提升而实现单位成本下 降。 ...

丘钛科技(01478)涨超8%，上半年纯利同比增长1.67倍，获多家机构调升目标价。 德琪医药-B(06996)涨超15%，Claudin 18.2 ADC拟纳入突破性疗法。 腾讯系业绩普遍超预期，腾讯音乐-SW(01698)涨15%；阅文集团(00772)涨超15%；微盟集团（02013） 涨超7%。 重庆机电(02722)再涨8.9%，预计中期纯利同比增长约50%，AIDC柴发需求快速增长。 中烟香港(06055)涨超7%，境内卷烟出口免税业务经营地位不变，公司下周五将发业绩。 智通财经APP获悉，港股恒生指数涨1.88%，涨470点，报25439点；恒生科技指数涨2.35%。港股早盘成 交1438亿港元。 恒生生物科技指数大涨3.77%，药品股集体上扬，"医保双目录"申报药品首次亮相，推动"多层次+创新 支持"战略转型。中慧生物-B（02627）再涨24%；九源基因(02566)涨8.99%；开拓药业(09939)涨5.7%； 信达生物(01801)涨7.27%。 和誉-B(02256)涨7.38%再创新高，匹米替尼行权费提振业绩，公司上半年纯利同比增长59%。 鸿腾精密(06088)绩后涨超9%，月内 ...

Group 1 - Kangji Medical (09997) resumed trading with a nearly 1% increase, announcing a privatization agreement with Knight Bidco Limited, which will make Kangji a wholly-owned subsidiary and delist from the Hong Kong Stock Exchange after completion [1] - Tencent Music (01698) opened high with over a 15% increase, reporting a 30% year-on-year increase in adjusted net profit for Q2 ending June 30, 2025, driven by high-quality growth in its online music business [1] - Mingyuan Cloud (00909) opened over 2% higher, announcing a cash acquisition of 100% equity in ASIOT Co., Ltd. for 700 million yen by its subsidiary MytePro Japan [1] Group 2 - Yuedu Group (00772) surged over 15%, reporting a 68.5% year-on-year increase in net profit for the first half of the year, with strong performance in IP for premium films and animations, and significant growth in the emerging short drama sector [2] - Minmetals Resources (01208) rose over 9%, with net profit increasing 15 times year-on-year, attributed to higher copper production and rising prices of copper, gold, silver, and zinc [2] - Beihai Kangcheng-B (01228) increased over 31%, announcing a strategic cooperation agreement with Baiyang Pharmaceutical for exclusive commercial services in promoting several products in mainland China, Hong Kong, and Macau [2] Group 3 - Zhonghui Biotech-B (02627) surged over 25%, as its vaccine product was included in the preliminary review list of the national commercial health insurance innovative drug catalog [2] - Gilead Sciences-B (01672) rose over 5%, announcing promising efficacy results for its candidate drug ASC47 in combination with teriparatide for obesity treatment in diet-induced obesity mouse studies [3] - Dongying Travel (06882) fell over 9%, issuing a profit warning with expected net profit of approximately 6 million HKD for the first half of 2025, down about 82% from 34 million HKD in the same period last year [3] Group 4 - Kodak (KODK.US) dropped 19.91% after reporting a shift from profit to loss in Q2, raising concerns about its ability to execute critical financing measures [4] - Niu Technologies (NIU.US) rose 11.69%, reporting a turnaround to profitability in Q2 and projecting Q3 revenue between 1.433 billion to 1.638 billion CNY, a year-on-year increase of 40% to 60% [4] - Huya (HUYA.US) increased by 4.53%, preparing to release its financial report, with a strong growth trajectory in gaming-related services [4] Group 5 - ON Running (ONON.US) rose 8.95%, reporting a 32% year-on-year increase in Q2 sales and projecting annual net sales of at least 2.91 billion Swiss francs, exceeding previous expectations [6] - Micron Technology (MU.US) increased by 3.26%, significantly raising its Q4 fiscal year 2025 revenue guidance to between 11.1 billion to 11.3 billion USD, with gross margin guidance improved to 44% to 45% [6]

五矿资源2024年财务表现持续改善，总营业额达44.79亿美元，同比增长3.04%。公司股东应占溢利大幅 增长至1.62亿美元，相比2023年的900万美元实现了显著提升。资产负债率从2023年的63.77%降至 58.10%，显示出公司债务结构的持续优化。 核心矿山产能爬坡进展不一 财务指标显示结构性改善 公司财务指标呈现积极变化趋势。毛利率从2023年的21.63%大幅提升至2024年的34.13%，净资产收益 率从0.42%跃升至5.84%。流动比率从0.63改善至0.76，但仍低于1，显示短期偿债能力有待进一步提 升。 现金及现金等价物从2023年的4.47亿美元降至1.93亿美元，主要反映了公司在扩建项目上的资本投入。 每股投资现金流为-0.24美元，表明公司正处于投资扩张期。总资产从2023年的119.01亿美元增至149.86 亿美元，增幅达25.9%。 截至2025年6月30日止六个月，公司通过市场互动和合约内部重新谈判共达成了479份合约，相关年度运 营或资本价值合计为607.8百万美元。这些合约涵盖采矿服务、设备维护、物料供应等多个领域，为矿 山运营的连续性提供了保障。 扩建项目推进时间表 ...

港股铜业股走强，其中，五矿资源绩后大涨超9%刷新阶段新高，江西铜业股份涨近6%，中国有色矿业 涨超3%，兴业合金涨近2%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01208 | 五矿资源 | 4.610 | 9.24% | | 00358 | 江西铜业股份 | 18.490 | 5.84% | | 01258 | 中国有色矿业 | 7.980 | 3.23% | | 00505 | 兴业导等 | 1.030 | 1.98% | | 01636 | 中国金属利用 | 1.550 | 0.65% | | 02099 | 中国黄金国际 | 74.450 | 0.34% | 消息上，五矿资源公布中期业绩，上半年收入为28.17亿美元，同比增长47%；公司权益持有人应占溢 利3.4亿美元，同比增长1511%。收入增长主要由于销量增加及商品价格上涨。利润增长主要得益于旗 下三座铜矿的铜产量全面提升、铜、金、银、锌市场价格上扬，以及LasBambas单位成本下降。 有分析指，全球铜矿产量增长有限，尽管智利6月铜矿产量同比增长17%，但Escondida（ ...

Financial Data and Key Metrics Changes - The company's net profit after tax reached USD 566 million, with USD 340 million attributable to equity shareholders, marking an increase of over 600% compared to the same period last year [6][7] - EBITDA reached USD 1.54 billion, up 98% year on year, while net operating cash flow increased to USD 1.185 billion, up 130% year on year [7][16] - The gearing ratio dropped from 41% at the end of the previous year to 33%, the lowest level since the acquisition of Las Bambas [7][22] Business Line Data and Key Metrics Changes - Total copper production in the first half of the year reached approximately 260,000 tons, a significant increase of 64% year on year [8] - Total zinc production reached about 110,000 tons, achieving stable operations [8] - Copper revenue accounted for 78% of total revenue, driven by increased production and higher prices [8] Market Data and Key Metrics Changes - The company benefited from rising prices of key metals such as copper, gold, silver, and zinc, which contributed to its strong performance [6][7] - The EBITDA margin increased to 55%, ranking among the top globally for similar companies [17] Company Strategy and Development Direction - The company focuses on copper and other base metals critical to a low carbon future, with expectations of strong demand for metals like copper, zinc, and nickel [26][28] - The company aims to enhance operational value and maximize asset growth potential while exploring diversification opportunities across different regions and commodity sectors [29] - Total copper production is projected to reach up to 520,000 tons this year, with Las Bambas expected to contribute 400,000 tons [29] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining a strong safety culture and proactive safety measures [4][5] - The company is aware of potential risks related to road blockades at the Las Bambas mine, especially with the upcoming presidential election in Peru [41][42] - Management expressed confidence in the company's ability to maintain stable production and operational stability despite external challenges [45][46] Other Important Information - The company plans to adjust its capital expenditure estimation for 2025 to USD 1.1 billion to USD 1.25 billion, covering maintenance, development projects, and capitalized mining expenditures [23][24] - The acquisition of the Nickel Brazil asset is progressing and expected to be completed by the end of the year with an initial consideration of USD 350 million [24] Q&A Session Summary Question: What are the reasons behind the cost increase for the Las Bambas mine in the second half of the year? - Management stated that the full year cost guidance remains unchanged to allow for risk control, and if production volumes remain high, cash costs will continue to be low [34] Question: Have all inventory issues been cleared due to road blockades at Las Bambas mine? - Management confirmed that road blockages occurred for 15 days, but the issues have been resolved, and efforts are being made to clear inventory [36] Question: What is the outlook for finance costs in the second half of the year? - The finance cost for the first half was USD 139 million, a decrease from the previous year, and management aims to lower the finance cost to USD 320 million for the whole year [39] Question: What measures are in place to guard against potential disruptions due to the upcoming presidential election in Peru? - Management highlighted the importance of community relationship rebuilding strategies to maintain stable production and operational stability [43][45] Question: What is the long-term guidance for the gearing ratio? - Management indicated that the gearing ratio has decreased significantly, and they will continue to focus on optimizing the balance sheet and managing debt levels [42][46]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Minmetals Resources, which rose by 10.43% to 4.66 HKD per share, with a trading volume of 137 million HKD [1] - Minmetals Resources Limited primarily engages in the development and operation of copper, zinc, and other base metal businesses in Australia, the Democratic Republic of the Congo, and Peru [1] - The company is headquartered in Melbourne, Australia, and is listed on the Hong Kong Stock Exchange, with the goal of becoming one of the world's leading mid-tier mining companies by 2020 [1] Group 2 - As of the mid-year report for 2025, Minmetals Resources reported total operating revenue of 20.166 billion CNY and a net profit of 2.434 billion CNY [1] - For the fiscal year 2025, the attributable profit to shareholders reached 340 million USD, marking a year-on-year increase of 1511.37%, with basic earnings per share of 0.028 USD [1]

Financial Data and Key Metrics Changes - The company's net profit after tax reached USD 566 million, with USD 340 million attributable to equity shareholders, marking an increase of over 600% compared to the same period last year [7][8] - EBITDA reached USD 1.54 billion, up 98% year on year, while net operating cash flow increased to USD 1.185 billion, up 130% year on year [8][17] - The gearing ratio dropped from 41% at the end of the previous year to 33%, the lowest level since the acquisition of Las Bambas [8][24] Business Line Data and Key Metrics Changes - Total copper production in the first half of the year reached approximately 260,000 tons, a significant increase of 64% year on year, with copper revenue accounting for 78% of total revenue [9][18] - Las Bambas mine produced over 210,000 tons of copper, with cash costs reduced to nearly USD 1 per pound, positioning it near the top of the global copper cost curve [19] - Khoemakau mine achieved an EBITDA of USD 90 million, a year-on-year growth of 167%, while Kinsevere's EBITDA decreased by 27% to USD 30 million due to power supply instability [20][21] Market Data and Key Metrics Changes - The company benefited from rising prices of key metals such as copper, gold, silver, and zinc, which drove performance [7] - The demand for metals like copper, zinc, and nickel is expected to remain strong due to the global energy transition and urbanization trends [28][29] Company Strategy and Development Direction - The company focuses on enhancing operational value and maximizing asset growth potential while exploring diversification opportunities across different regions and commodity sectors [30] - Total copper production is projected to reach up to 520,000 tons this year, with Las Bambas expected to contribute 400,000 tons [30][31] - The company is committed to sustainable development, as demonstrated by community initiatives linked to the Las Bambas project [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the potential risks of road blockades at Las Bambas due to political instability in Peru, especially with upcoming presidential elections [39][44] - The company aims to maintain operational stability and has implemented measures to strengthen community relationships to mitigate risks [45][47] - The financial management strategy includes optimizing the balance sheet and enhancing shareholder returns, with a focus on maintaining a manageable debt level [50][66] Other Important Information - The company plans to adjust its capital expenditure estimation for 2025 to USD 1.1 billion to USD 1.25 billion, covering various investments [25][26] - The acquisition of the Nickel Brazil asset is progressing and is expected to be completed by the end of the year [26] Q&A Session Summary Question: Cost of Las Bambas mine - The C1 cost was USD 1.06 in the first half, with full-year guidance unchanged to allow for risk control [34][35] Question: Road blockade at Las Bambas mine - There were 15 days of road blockage, but the situation has improved, and inventory clearance is ongoing [36][39] Question: Finance cost outlook - The finance cost decreased to USD 139 million, with expectations to lower it to USD 320 million for the year [41] Question: Impact of upcoming presidential election on Las Bambas - Previous elections caused disruptions, but measures have been taken to maintain stable operations [44][46] Question: Long-term guidance of gearing ratio - The company aims to continue reducing the gearing ratio, focusing on debt repayment and shareholder returns [44][50] Question: Profit sharing mechanism - The mining industry is required to share 8% of profits, which is included in the C1 cost [52][53] Question: Kinsevere mine power supply - A new 12-megawatt diesel generator is being procured to stabilize power supply, expected to cover 40% to 45% of capacity during disruptions [56][57] Question: CapEx increase - CapEx for the second half is expected to catch up due to previous delays, with a focus on supporting development [62][63]

消息面上，五矿资源公布中期业绩，上半年收入为28.17亿美元，同比增长47%；公司权益持有人应占 溢利3.4亿美元，同比增长1511%。收入增长主要由于销量增加及商品价格上涨。利润增长主要得益于 旗下三座铜矿的铜产量全面提升、铜、金、银、锌市场价格上扬，以及LasBambas单位成本下降。 公司维持2025年的总产量指引，铜产量预计介于466,000吨至522,000吨之间，锌产量介于215,000吨至 240,000吨之间。LasBambas的C1成本指导从1.50美元/磅至1.70美元/磅下调至1.40美元/磅至1.60美元/ 磅，主要由于金、银及钼的价格利好，叠加加工费下降。Rosebery的C1成本指导亦获修订，从之前预计 的0.25美元/磅至0.40美元/磅下调至负0.10美元/磅至正0.15美元/磅，主要得益于贵金属价格上涨。 智通财经APP获悉，五矿资源(01208)绩后涨超11%，截至发稿，涨11.14%，报4.69港元，成交额1.48亿 港元。 ...