Zheng Quan Shi Bao·2025-08-15 09:24Core Viewpoint - The recent mid-year performance reports from several Hong Kong-listed non-ferrous metal companies show significant profit increases, driven by rising prices and production of metals like copper and gold [1][4]. Group 1: Company Performance - China Gold International reported a revenue of $580 million, a year-on-year increase of 178%, and a net profit of $202 million, marking a turnaround from losses [2]. - The company achieved a record high quarterly revenue of $307 million in Q2, with a net profit of $116 million, also reflecting a significant year-on-year improvement [2]. - Minmetals Resources announced a net profit of $566 million for the first half of 2025, a more than 600% increase compared to $79.5 million in the same period of 2024 [3]. - Zijin Mining is expected to report a net profit of approximately $32 billion for the first half of 2025, an increase of about 54% from $15.1 billion in the same period last year [3]. Group 2: Metal Prices and Market Trends - The performance growth of companies like Zijin Mining, Minmetals Resources, and China Gold International is primarily attributed to the rising prices of copper, gold, and silver [4]. - In the first half of the year, LME copper prices increased by 12.66%, while COMEX gold and silver prices rose by over 25% [4]. - The demand for copper is expected to surge due to its applications in electric vehicles and data centers, with projections indicating that demand could rise from approximately 500,000 tons annually to nearly 3 million tons by 2050 [4]. Group 3: Supply and Demand Dynamics - There is a projected global copper supply gap of 10 million tons over the next decade, indicating a tightening supply situation [5]. - The transition in the Federal Reserve's monetary policy is anticipated to lower the dollar index and U.S. Treasury yields, which may support copper's financial attributes [5]. - The demand for gold is bolstered by geopolitical tensions and increasing central bank reserves, with expectations of continued upward pressure on gold prices due to anticipated interest rate cuts [6].