Shang Hai Zheng Quan Bao·2025-08-22 21:10Core Viewpoint - Luoyang Molybdenum's strong performance in the first half of 2025 is attributed to significant growth in its mining segment, achieving record revenue and profit levels [1][2]. Financial Performance - The company reported a revenue of 94.773 billion yuan and a net profit of 8.671 billion yuan, marking a year-on-year increase of 60.07% [1][2]. - The mining segment's revenue reached a historical high of 39.402 billion yuan, accounting for approximately 42% of total revenue, an increase of 11 and 28 percentage points compared to the same periods in 2024 and 2023, respectively [2]. - Operating costs decreased by 10.96% year-on-year, contributing to improved profitability [3]. - Operating cash flow was 12.009 billion yuan, up 11.40% year-on-year, with a debt-to-asset ratio of 50.15%, down 9.01 percentage points [3]. Product Performance - Copper production reached 353,600 tons, a year-on-year increase of 12.68%, with copper revenue at 25.718 billion yuan, making up about 65% of mining revenue [2]. - Cobalt production was 61,100 tons, with cobalt revenue increasing by 31.94% to 5.728 billion yuan [2]. - Tungsten and molybdenum production also showed positive trends, with tungsten revenue growing by 26.19% to 1.109 billion yuan [2]. Strategic Initiatives - The company is actively expanding its portfolio in renewable energy metals, with significant investments in copper and cobalt [4]. - A recent acquisition of Lumina Gold for 581 million Canadian dollars (approximately 307.6 million yuan) adds a significant gold resource in Ecuador, with a total resource of 1.376 billion tons [4]. - Ongoing projects in the Democratic Republic of Congo aim to increase copper production to 800,000 to 1 million tons [5]. Market Outlook - The company maintains an optimistic outlook for copper prices, citing limited new production capacity and resilient demand from the energy sector [6]. - Cobalt prices are expected to remain high due to export bans and declining market inventories, with sustained demand anticipated [6]. - Tungsten and molybdenum prices are projected to remain stable and resilient, continuing to stay at historically high levels [6].