TNMG(SZ:000630) Mei Ri Jing Ji Xin Wen·2025-08-17 11:05Core Viewpoint - Tongling Nonferrous Metals Group reported a revenue of approximately 76.08 billion yuan for the first half of 2025, marking a year-on-year increase of 6.39%, but the net profit attributable to shareholders decreased by 33.94% to about 1.44 billion yuan, primarily due to increased tax expenses from adjustments in overseas subsidiary dividend arrangements [1][2]. Financial Performance - For Q2 2025, the company achieved a revenue of 40.86 billion yuan, reflecting a year-on-year growth of 5.33%, while the net profit attributable to shareholders plummeted by 71.23% year-on-year to 312 million yuan, indicating a significant "increased revenue without increased profit" situation [2]. - The net profit decline in Q2 2025 was the largest since Q4 2023 on a year-on-year basis and the largest since Q4 2024 on a quarter-on-quarter basis [2]. - The income tax expense for the first half of 2025 was approximately 2.495 billion yuan, representing a substantial year-on-year increase of 147.74% [2]. Dividend and Profit Distribution - The company stated that the adjustment in the dividend arrangement for its overseas subsidiary Ecuacorriente S.A. (ECSA) was due to better-than-expected cash flow and uncertainties in the overseas political and economic environment [3]. - In June 2025, ECSA distributed a cash dividend of 2.042 billion yuan to its parent company, after covering previous years' losses and setting aside statutory reserves [3]. Shareholder Activity - In Q2 2025, among the top ten shareholders, the stock held by the Shanghai-Hong Kong Stock Connect decreased by approximately 45.13 million shares, a reduction of 0.35% [4]. - Four institutional shareholders increased their holdings, with a total increase of approximately 42.56 million shares [4]. Market Performance - The copper industry, including Tongling Nonferrous Metals, has seen a notable increase in stock prices, with Tongling Nonferrous's stock rising by 24.14% in August 2025 [5].