全力夯实基本盘，加快打造增长极——中国铜业2025年上半年交出亮眼“期中答卷”

Core Viewpoint - In the first half of 2025, China Copper achieved significant operational success, exceeding multiple performance targets set by the Aluminum Corporation of China (Chinalco), demonstrating resilience against challenges such as raw material supply constraints and declining treatment charges (TC) [1][2]. Financial Performance - China Copper's total profit reached 136.85% of the target set by Chinalco, while operating cash flow achieved 110.75% of the rolling target. The contribution to Chinalco's equity surpassed the target by 203.81% [2]. Industry Layout - The company is actively advancing its extension, strengthening, and supplementation strategies in its industrial layout, expanding its resource reserves in copper and lead-zinc mines. Key projects such as the Tangshan mixed ore base and the relocation of Yunnan Copper are progressing as planned, laying the groundwork for future capacity release [3]. Innovation Drive - China Copper is enhancing its development through innovation, increasing R&D investments, and achieving breakthroughs in key technology areas such as deep and high-altitude mineral development. The launch of the "Zhong Copper Data Analysis Platform 1.0" marks a significant step in data-driven decision-making across various operations [4]. Reform and Vitality - The company has made substantial progress in its reform initiatives, achieving a 96% completion rate in its overall reform actions by the end of June. The "Green Star Chain" platform was launched ahead of schedule, generating over 40 million yuan in effectiveness. The company is also advancing its restructuring efforts and has successfully issued a five-year, 500 million yuan technology innovation bond [5].