Xin Lang Cai Jing·2025-09-03 02:30Group 1 - The company's net profit attributable to shareholders for H1 2025 increased by 15.4% year-on-year, reaching 4.17 billion yuan, despite a 5.9% decline in operating revenue to 257 billion yuan due to a proactive reduction in trading business [1] - The increase in profit is primarily attributed to rising copper prices, as well as higher prices for precious metals (gold and silver) and by-product sulfuric acid [1] - The company successfully launched the Bakuta tungsten mine in Kazakhstan, which is the largest open-pit tungsten mine globally, with a resource of 233,000 tons of tungsten trioxide and a reserve of 145,000 tons [1] Group 2 - The company is the largest shareholder of First Quantum, a copper-focused mining company with proven and controlled copper resources of 35.5 million tons and six operating copper mines globally [2] - The Panama copper mine, which is expected to resume production in the second half of 2026, had an annual production capacity of 500,000 tons before its suspension, with significant profitability in previous years [2] - Starting in 2024, the company will convert its investment in First Quantum from a financial instrument to a long-term equity investment, which could significantly enhance its profits if the Panama copper mine resumes production [2] Group 3 - The company is expected to achieve operating revenues of 326.9 billion yuan, 331.5 billion yuan, and 331.5 billion yuan from 2025 to 2027, with net profits attributable to shareholders of 8.11 billion yuan, 8.94 billion yuan, and 9.62 billion yuan respectively [4] - The company has a low-cost domestic large open-pit copper mine, stable profitability, and is set to benefit from the production ramp-up of the world's largest open-pit tungsten mine and the recovery of First Quantum [4] - The reasonable valuation range for the company is estimated to be between 35.1 and 37.4 yuan, indicating a potential upside of 26% to 34% relative to the current stock price [4]