中国有色矿业（1258.HK）2024 年年报&2025 年一季报点评 历史最佳年度归母净利，期待自产铜持续增长 2025 年 04 月 26 日 [Table_Author] 分析师：邱祖学 分析师：张弋清 执业证号：S0100521120001 执业证号：S0100523100001 邮箱：qiuzuxue@mszq.com 邮箱：zhangyiqing@mszq.com ➢ 事件：2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 38.17 亿美元，同比增长 5.8%，实现归母净利润 3.99 亿美元， 同比增长 43.6%。单季度看，2024Q4 公司实现归母净利润 0.85 亿美元，同比 增长 273.9%，环比减少 11.1%；2025Q1 公司实现归母净利润 1.23 亿美元，同 比增长 46%，环比增长 46%。25Q1 业绩超市场预期。 ➢ 2024 年归母净利润创历史最佳，主要得益于铜价上涨。 ➢ 2025 年一季度公司归母净利润同环比均大幅提升，主要得益于铜价上涨以 及铜产量恢复正常。 ① 产量： 2025Q1 公 司 粗 铜 及 ...

中国有色矿业（1258.HK）2024 年年报&2025 年一季报点评 历史最佳年度归母净利，期待自产铜持续增长 2025 年 04 月 26 日 [Table_Author] 分析师：邱祖学 分析师：张弋清 执业证号：S0100521120001 执业证号：S0100523100001 邮箱：qiuzuxue@mszq.com 邮箱：zhangyiqing@mszq.com ➢ 事件：2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 38.17 亿美元，同比增长 5.8%，实现归母净利润 3.99 亿美元， 同比增长 43.6%。单季度看，2024Q4 公司实现归母净利润 0.85 亿美元，同比 增长 273.9%，环比减少 11.1%；2025Q1 公司实现归母净利润 1.23 亿美元，同 比增长 46%，环比增长 46%。25Q1 业绩超市场预期。 ➢ 2024 年归母净利润创历史最佳，主要得益于铜价上涨。 ➢ 2025 年一季度公司归母净利润同环比均大幅提升，主要得益于铜价上涨以 及铜产量恢复正常。 ① 产量： 2025Q1 公 司 粗 铜 及 ...

Financial Performance - In 2024, the company achieved a total revenue of $3.8165 billion, an increase of 5.8% compared to 2023[17]. - The net profit attributable to shareholders rose to $399 million, reflecting a significant growth of 43.6% year-on-year[13]. - The company's total revenue for 2024 was $3,816.5 million, a 5.8% increase from $3,606.4 million in 2023[23]. - Revenue from copper and anode copper increased by 10.4% to $2,452.1 million in 2024, driven by higher sales volume and international copper price increases[23]. - The gross profit for 2024 was $1,049.1 million, up 19.6% from $877.5 million in 2023, with a gross margin increase from 24.3% to 27.5%[28]. - The company’s net profit attributable to owners increased by 43.6% to $398.5 million in 2024, with a net profit margin rising from 7.7% to 10.4%[36]. - The sales cost for 2024 was $2,767.3 million, a 1.4% increase from $2,729.0 million in 2023, mainly due to increased sales volume of copper and rising international copper prices[27]. - The gross margin for cathode copper improved from 41.0% in 2023 to 46.5% in 2024, influenced by higher unit selling prices[29]. - The company reported a net profit margin of 12% for the last quarter, an increase from 10% in the previous year, indicating improved operational efficiency[1]. Production and Operations - The total copper production reached 524,000 tons, with a notable 10% increase in cathode copper production exceeding design capacity[13]. - The company produced 1,056,035 tons of sulfuric acid, marking a 10.5% increase year-on-year[18]. - The cobalt hydroxide production decreased by 33.6% to 1,010 tons, while the company processed 111,901 tons of copper products, a 24.6% increase[18]. - The company produced 285,930 tons of copper and anode copper in 2024, a slight increase of 0.1% year-on-year, while sulfuric acid production rose by 10.5% to 1,056,035 tons[64]. - The company reported a decrease in cathode copper production by 11.4% to 126,141 tons and a significant decline in cobalt hydroxide production by 33.6% to 1,010 tons[64]. - Total production of copper anodes by China Nonferrous Africa Mining in 2024 reached 68,191 tons, a year-on-year decrease of 10.9% due to reduced output from both cross-year returns and self-produced copper concentrates[95]. - The total production of copper and anode copper at the Kambishi smelting facility was 263,001 tons in 2024, reflecting a year-on-year growth of 21.5%[97]. - The Kambishi hydrometallurgical facility produced 5,754 tons of cathode copper in 2024, a decrease of 15.2%, attributed to lower oxide rates in self-produced ores and declining grades in purchased oxide ores[98]. - The production of cathode copper at China Nonferrous Huaxin Maben in 2024 was 23,017 tons, down 37.5% due to local power supply shortages[99]. - The company plans to double its copper production from its own mines over the next five years, driven by new resource projects and efficiency reforms[15]. Financial Management and Investments - The company has reduced interest-bearing debt, optimizing its capital structure and saving over $20 million in financial costs[13]. - The company raised nearly HKD 1 billion in the Hong Kong market to support expansion projects and acquisitions[14]. - The company plans to invest $279 million in the Samba copper mine project, which includes a mining capacity of 1.5 million tons of ore per year[112]. - The Mwambashi-B copper mine phase two open-pit mining project is estimated to require an investment of $36.62 million, with plans to start construction in 2025[113]. - The company has completed an investment of $5.21 million in the recovery project of the West Mine, with production expected to commence in 2028[114]. - The MSESA mine recovery project has completed an investment of $4.72 million, with resource estimation and feasibility studies ongoing[115]. - The company reported a 24.6% increase in copper product processing services, reaching 111,901 tons in 2024[104]. - The total exploration and development expenses for the year ending December 31, 2024, were detailed, indicating ongoing investment in mining activities[108]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to ESG initiatives, achieving a reduction of 119 tons of CO2 emissions through its green energy projects[14]. - The management team emphasized a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[1]. - The company has established various financial policies to enhance internal controls and protect investor interests, including budget management and cash management systems[55]. Corporate Governance - The company has maintained compliance with corporate governance codes as of December 31, 2024, ensuring high standards of integrity and investor trust[151]. - The board of directors consists of one executive director and three independent non-executive directors, meeting the regulatory requirements for independence and governance[154]. - The company has adopted a board diversity policy since August 30, 2013, to enhance the board's composition and expertise[179]. - The company appointed its first female director, Ms. Gong Yani, on December 27, 2023, achieving its gender diversity target ahead of the 2024 deadline[189]. - The company aims to increase the proportion of female employees in senior management roles to enhance future gender diversity on the board[189]. - The company has set measurable diversity targets, considering factors such as gender, age, and professional experience in candidate selection[188]. Future Outlook - The company anticipates facing a more challenging external environment in 2025, with geopolitical tensions and economic uncertainties impacting operations[120]. - Supply disruptions in the copper mining sector are expected to continue, while demand in sectors like power grids and home appliances remains stable, potentially keeping international copper prices high[121]. - The company plans to implement various reform measures and leverage technology to enhance industrial upgrades and ensure stable electricity supply[121]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[1].

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][21] Core Views - The company achieved significant growth in 2024, with revenue of approximately $3.816 billion, a year-on-year increase of 5.55%, and a net profit attributable to shareholders of about $399 million, up 43.55% year-on-year [1][9] - The company is focused on increasing copper production from its own mines, with a total copper output of approximately 159,200 tons in 2024, a decrease of 6.02% year-on-year, primarily due to operational disruptions [1][18] - The company has made substantial progress in resource expansion, with new copper resources of nearly 120,000 tons from the new Luanshya project and approximately 60,000 tons from other projects [18][19] Financial Performance - The company plans to distribute a dividend of $0.042893 per share, totaling approximately $167 million, which represents 42% of its net profit for 2024 [2][17] - The company’s revenue projections for 2025-2027 are $4.227 billion, $4.271 billion, and $4.315 billion, with expected year-on-year growth rates of 10.8%, 1.0%, and 1.0% respectively [4][21] - The net profit forecasts for the same period are $414 million, $422 million, and $540 million, with growth rates of 3.9%, 1.8%, and 28.1% respectively [4][21] Production and Capacity Expansion - The company aims to gradually increase its annual copper production to approximately 300,000 tons by 2030, with several projects currently under construction or in planning stages [3][19] - The company has five ongoing and planned mining projects that are expected to add an annual copper production capacity of 150,000 tons once fully operational [19][21]

Financial Performance - The company achieved a revenue of $3,816.5 million for the year ending December 31, 2024, representing a growth of 5.8% compared to $3,606.4 million in 2023[2]. - Net profit for 2024 was $557.5 million, an increase of 46.2% from $381.4 million in 2023[2]. - Profit attributable to owners of the company was $398.5 million, up 43.6% from $277.6 million in 2023[2]. - Basic earnings per share for 2024 were approximately 10.34 cents, an increase of about 2.91 cents from 7.43 cents in 2023[2]. - Operating profit for 2024 was $786.8 million, compared to $591.4 million in 2023[5]. - The total profit for the year was $557,476 thousand, after accounting for unallocated income of $12,210 thousand and unallocated expenses of $(17,812) thousand[20]. - The gross profit for 2024 was $1,049.1 million, a 19.6% increase from $877.5 million in 2023, with a gross margin rising from 24.3% to 27.5%[103]. - The company reported a net profit attributable to owners of $398.5 million for 2024, a 43.6% increase from $277.6 million in 2023, with a profit margin of 10.4%[109]. Dividends and Shareholder Returns - The board proposed a final dividend of 4.2893 cents per share for 2024[3]. - The total dividend proposed for the year ending December 31, 2024, is $167,370,000, an increase from $115,898,000 in 2023[37]. - The proposed final dividend for the year ending December 31, 2024, is HKD 4.2893 per share, an increase from HKD 2.9702 per share for the previous year[130]. - The company will hold its annual general meeting on June 26, 2025, where the proposed final dividend will be subject to shareholder approval[131]. Cash Flow and Liquidity - Cash and cash equivalents at the end of 2024 increased to $1,018.7 million from $492.4 million at the end of 2023[9]. - The company reported a net cash inflow from operating activities of $775.2 million for 2024, compared to $589.3 million in 2023[9]. - Operating cash flow for 2024 was a net inflow of $775.2 million, up 31.5% from $589.3 million in 2023, mainly due to a decrease in accounts receivable[110]. - As of December 31, 2024, the group had cash, bank balances, and time deposits totaling $1,022.8 million, an increase of $420.4 million from $602.4 million on December 31, 2023[113]. - The group recorded a net cash position of approximately $997.0 million, compared to a net cash position of approximately $427.9 million in 2023, indicating no net debt[125]. Assets and Liabilities - Total assets as of December 31, 2024, were $4,154.4 million, up from $3,819.5 million in 2023[6]. - The company's equity attributable to owners increased to $2,249.1 million from $1,842.4 million in 2023[7]. - The total trade receivables amounted to $256.6 million as of December 31, 2024, a decrease of $161.0 million from $417.6 million in 2023, mainly due to a decline in receivables corresponding to copper product sales[114]. - The total inventory held by the group was $848.2 million as of December 31, 2024, a slight decrease of $13.1 million from $861.3 million in 2023, remaining relatively stable year-on-year[115]. - The total trade payables amounted to $440.5 million as of December 31, 2024, a decrease of $91.4 million from $531.9 million in 2023, primarily due to a decline in payables for auxiliary materials and raw material procurement[116]. Production and Operational Highlights - The total production of copper and anode copper was 285,930 tons, a slight increase of 0.1% year-on-year[48]. - Sulfuric acid production increased by 10.5% year-on-year to 1,056,035 tons[48]. - The company processed 111,901 tons of copper products, marking a 24.6% increase compared to the previous year[48]. - The total production of copper and anode copper at the Kambishi smelting facility reached 263,001 tons in 2024, reflecting a year-on-year increase of 21.5%[77]. - The total production of crude copper at Luanshya Copper Smelting was 131,252 tons in 2024, a decrease of 16.4%, primarily due to insufficient raw material supply and power shortages[81]. Investments and Future Projects - The company plans to invest $27.9 million in the Samba copper mine project, with a projected completion date for investment decision in 2025[89]. - The Mwambashi-B copper mine phase two open-pit mining project has an estimated total investment of $36.62 million, with plans to complete investment decisions in 2025[90]. - The company has invested $5.21 million in the recovery project of the West Mine as of December 31, 2024, with production expected in 2028[91]. - The MSESA mine recovery project has completed resource estimation in 2024, with a total investment of $4.72 million as of December 31, 2024[92]. Compliance and Governance - The company’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, with the functional currency being USD[12]. - The company’s auditor issued an unqualified opinion on the financial statements for the years ending December 31, 2023, and December 31, 2024[11]. - The audit committee has reviewed the financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and sufficient disclosures[141]. - KPMG has verified the figures in the preliminary announcement against the audited consolidated financial statements for the year ending December 31, 2024, but did not issue any assurance opinion[142]. - The company has maintained compliance with all corporate governance codes as per the Listing Rules throughout the fiscal year ending December 31, 2024[140]. Market Outlook and Challenges - The company anticipates facing a more challenging external environment in 2025, with increased geopolitical tensions and commodity price volatility[129]. - Copper supply is expected to remain tight due to ongoing geopolitical, community, climate, and geological disruptions, while demand in sectors like power grids and home appliances is steadily increasing[129].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2] Core Views - The company has shown strong medium to long-term growth potential, with a projected increase in copper production capacity to approximately 300,000 tons by 2030, achieving an average annual compound growth rate of about 8% [2][10] - The company is expected to benefit from rising copper prices, which will enhance profit margins due to stable production costs from its own mines [2][10] Financial Performance and Forecast - For the first three quarters of 2024, the company is estimated to achieve a net profit attributable to shareholders of approximately $314 million, representing a year-on-year increase of about 23% [2][6] - Revenue forecasts for 2024, 2025, and 2026 are $4.177 billion, $4.394 billion, and $4.614 billion respectively, with year-on-year growth rates of 15.8%, 5.2%, and 5.0% [2][10] - The net profit attributable to shareholders for the same years is projected to be $421 million, $487 million, and $529 million, with growth rates of 51.5%, 15.9%, and 8.5% respectively [2][10] - The diluted earnings per share (EPS) are expected to be $0.11, $0.12, and $0.14 for 2024, 2025, and 2026 [2][10] Production and Operational Insights - The company produced approximately 95,900 tons of cathode copper in the first three quarters of 2024, a year-on-year decrease of about 13%, while its own mines produced about 64,000 tons, an increase of about 3% [2][6] - The total production of sulfuric acid reached approximately 776,300 tons, reflecting a year-on-year increase of about 10% [2][6] - The company has four ongoing and planned mining projects that are expected to add an annual production capacity of 130,000 tons of copper once fully operational [2][10]

Investment Rating - The report maintains a "Buy" rating for China Nonferrous Mining (1258.HK) [1][3]. Core Views - The company achieved a net profit attributable to shareholders of USD 314 million in the first three quarters of 2024, representing a year-on-year increase of approximately 23%. In Q3 alone, the net profit was USD 95 million, up 38% year-on-year but down 30% quarter-on-quarter [1]. - The increase in profit is primarily attributed to the year-on-year rise in copper prices, which reached CNY 75,200 per ton in Q3 2024, a 9.5% increase year-on-year and a 6.1% increase quarter-on-quarter. However, production was affected by power shortages, leading to a shortfall in meeting annual production guidance [1]. - The company produced 95,900 tons of cathode copper in the first three quarters, a decrease of about 13% year-on-year, achieving approximately 69% of its annual target. The production of crude copper and anode copper was about 287,000 tons, a year-on-year increase of 3%, achieving around 70% of the annual target [1]. - The report highlights both organic growth and external acquisitions as key growth drivers. The company is advancing projects in Africa and has potential acquisitions in the pipeline [1]. Financial Forecasts - The company is expected to achieve net profits of USD 395 million, USD 436 million, and USD 513 million for the years 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be USD 0.10, USD 0.11, and USD 0.13 [2][4]. - The P/E ratios based on the closing price on October 22, 2024, are projected to be 7x for 2024, 7x for 2025, and 6x for 2026 [2][4]. Financial Metrics - The total revenue for 2023 is forecasted at USD 3.606 billion, with expected growth rates of -11.9% for 2023, 12.4% for 2024, 15.9% for 2025, and 5.5% for 2026 [2][6]. - The net profit margin is projected to improve from 7.7% in 2023 to 10.37% in 2026, indicating a positive trend in profitability [6]. - The company's total assets are expected to grow from USD 3.820 billion in 2023 to USD 6.239 billion by 2026, reflecting strong growth in asset base [4][6].

Financial Performance - In the first half of 2024, the company achieved revenue of $2.0098 billion, a year-on-year increase of 9.0%[17] - The net profit attributable to the company's shareholders for the first half of 2024 was $219.1 million, representing an 18.0% increase compared to the previous year[17] - The sales revenue for copper and anode copper in the first half of 2024 reached $1,361.5 million, a 22.5% increase compared to $1,111.6 million in the same period of 2023[48] - The gross profit for the first half of 2024 was $512.0 million, a decrease of 1.8% from $521.4 million in the same period of 2023, with a gross margin of 25.5% down from 28.3%[52] - The net cash inflow from operating activities for the first half of 2024 was $413.1 million, a decrease of $50.8 million from $463.9 million in the same period of 2023[57] - The group reported a profit attributable to owners of the company of $219.1 million for the first half of 2024, an increase of 18.0% from $185.7 million in the same period of 2023[56] - Basic and diluted earnings per share for the first half of 2024 were $5.75, compared to $4.97 for the same period in 2023, representing an increase of approximately 15.7%[107] Production and Operations - The production of crude copper and anode copper reached 159,971 tons, an increase of 10.5% year-on-year[18] - The production of cathode copper decreased by 12.8% to 62,450 tons in the first half of 2024[18] - The company produced 548,699 tons of sulfuric acid, which is a 12.5% increase year-on-year[18] - The company’s copper smelting operations produced 133,943 tons of copper (including 36,507 tons from processing external copper products), a year-on-year increase of 25.7%[26] - The production of cathode copper at the company’s wet smelting operations decreased by 24.0% to 2,826 tons, attributed to lower ore grades and reduced external copper concentrate purchases[27] - The company faced challenges such as power shortages and reduced ore grades impacting production across various operations[28] Financial Position and Investments - The company raised approximately HKD 1 billion through a placement in the Hong Kong market, strengthening its financial foundation for future projects[13] - The total assets as of June 30, 2024, amounted to $4,186,333 thousand, an increase from $3,819,513 thousand as of December 31, 2023, reflecting a growth of about 9.6%[111] - The total liabilities rose to $1,395,820 thousand from $1,332,910 thousand, indicating an increase of about 4.7%[111] - The total investment for the new Luansha mine project is estimated at $513.0 million, with a production scale of 2.2 million tons per year and copper concentrate output of 43,500 tons per year[37] - The company plans to use the net proceeds from a recent share placement for project construction to increase copper concentrate production capacity and for general working capital[73] Market and Economic Conditions - The company anticipates that international copper prices may remain high due to limited supply growth and gradual destocking[15] - International copper prices have decreased by nearly 20% from the peak in the second quarter, posing risks to the company's operations in the second half of the year[90] - Demand from new energy, new economy, and emerging markets is expected to support copper prices in a high volatility range[90] Community and Environmental Engagement - The company is committed to environmental protection, actively engaging in energy conservation and pollution monitoring to ensure clean production[88] - The company has actively participated in local community development, contributing to municipal construction and vocational education, receiving high praise from local governments and residents[89] Employee and Management Information - The total employee cost for the six months ending June 30, 2024, was approximately $52.3 million, a decrease from $58.6 million for the same period in 2023[83] - The company employs a total of 8,477 employees, with 882 being Chinese nationals and 7,595 being local employees from Zambia and the Democratic Republic of the Congo[83] - The company emphasizes a "safety first" approach, maintaining stable safety production conditions throughout the first half of 2024[86] Future Plans and Strategies - The company plans to accelerate the construction of expansion projects and aims for breakthroughs in external mergers and acquisitions in the second half of 2024[15] - The company plans to complete the geological survey for the Southeast ore body by October 2024, with equipment procurement expected by March 2025[40] - The company plans to sign contracts exceeding $30.0 million in the second half of 2024 for the Luansha project[37] Risks and Challenges - The company faces market risks primarily from commodity price fluctuations, particularly in copper, and has implemented hedging strategies through futures contracts[65] - The company has implemented foreign exchange hedging activities to mitigate risks associated with operations in Zambia and the Democratic Republic of Congo[66]

Financial Performance - In the first half of 2024, the company achieved revenue of $2,009.8 million, an increase of 9.0% compared to $1,843.8 million in the same period of 2023[3] - The net profit for the first half of 2024 was $303.2 million, representing a 14.9% increase from $264.0 million in the first half of 2023[3] - Profit attributable to the owners of the company was $219.1 million, up 18.0% from $185.7 million in the same period last year[3] - Basic earnings per share for the first half of 2024 were approximately 5.75 cents, a 15.7% increase from 4.97 cents in the first half of 2023[3] - The company reported a gross profit of $511.96 million for the first half of 2024, slightly down from $521.38 million in the same period of 2023[6] - The gross profit for the first half of 2024 was $512.0 million, a decrease of 1.8% from $521.4 million in the first half of 2023[89] - The gross margin fell from 28.3% in the first half of 2023 to 25.5% in the first half of 2024[89] Dividends - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2024[4] - The company declared a final dividend of $0.029702 per share for the six months ended June 30, 2024, totaling $115.9 million, compared to $105.5 million for the same period last year[44] - The company did not recommend an interim dividend for the six months ended June 30, 2024, compared to no dividend in the same period of 2023[117] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $4,186.3 million, compared to $3,819.5 million as of December 31, 2023[8] - The total liabilities as of June 30, 2024, were $1,395,820 thousand, compared to $1,332,910 thousand at the end of 2023, indicating an increase of 4.7%[24] - The company's equity attributable to owners increased to $2,069.7 million from $1,842.4 million at the end of 2023[8] - Cash and cash equivalents increased significantly to $1,027.8 million from $492.4 million at the end of 2023[7] Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was $413,118 thousand, a decrease of 10.9% compared to $463,915 thousand in the same period of 2023[12] - The cash flow from investing activities showed a significant improvement, with a net cash inflow of $26,765 thousand compared to a net outflow of $172,808 thousand in the previous year[12] - The net cash inflow from operating activities was $413.1 million, down from $463.9 million in the first half of 2023[96] - In the first half of 2024, the group's financing activities generated a net cash inflow of $94.9 million, an increase of $215.3 million compared to a net cash outflow of $120.4 million in the same period of 2023[99] Production and Sales - The total production of copper and anode copper for the first half of 2024 was 159,971 tons, a 10.5% increase year-on-year[51] - The production of cathode copper decreased by 12.8% year-on-year to 62,450 tons during the same period[51] - Revenue from copper and anode copper sales reached $1,361.5 million, a growth of 22.5% from $1,111.6 million in the first half of 2023[82] - The sales revenue of cathode copper decreased by 9.3% to $517.2 million from $570.4 million in the previous year[82] Risks and Challenges - The company faces various risks in the second half of 2024, including a nearly 20% drop in international copper prices from the second quarter peak and ongoing geopolitical uncertainties[113] Investments and Projects - The new mining project has a total investment of approximately $513.0 million, with $100.0 million allocated for drainage and $413.0 million for construction recovery, aiming for an annual production scale of 2.2 million tons of copper concentrate[71] - The oxygen production system upgrade project aims to restore production levels to 4,000 standard cubic meters per hour and reduce energy consumption, with a total investment of $2.6 million[70] - The copper smelting project includes 14 sub-projects, with 9 already under construction and an overall investment completion ratio of 38.9%, totaling $19.3 million[74] Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal controls, ensuring compliance with applicable accounting standards and regulations[126] - The company has complied with the Corporate Governance Code as per the Listing Rules during the six months ending June 30, 2024[125] - All directors confirmed compliance with the standards of conduct regarding securities trading during the six months ending June 30, 2024[128]

证券研究报告 | 2024年06月12日 中国有色矿业（01258.HK） 优于大市 矿山年产铜接近 17 万吨，中长期成长性值得期待 核心观点 公司研究·海外公司深度报告 公司是全球领先的铜生产商：公司深耕赞比亚和刚果(金)多年，专注经营铜 有色金属·工业金属 开采、选矿、湿法冶炼、火法冶炼及销售的垂直综合业务。公司于2023年 证券分析师：刘孟峦 证券分析师：杨耀洪 生产粗铜及阳极铜28.57万吨，生产阴极铜14.24万吨；另外，公司致力于 010-88005312 021-60933161 liumengluan@guosen.com.cn yangyaohong@guosen.com.cn 矿山资源开发，自有矿山产铜作为公司最核心的业务，公司于2023年自有 S0980520040001 S0980520040005 矿山产铜合计约16.93万吨，同比增加12.01%，原料自给率39.55%。公司 证券分析师：焦方冉 重视投资者回报，2023年拟派发现金股利约1.11亿美元，分红率处同行业 021-60933177 jiaofangran@guosen.com.cn 领先水平，也是连续4年保持在40% ...