TF Securities(SH:601162) Xin Lang Cai Jing·2025-09-09 12:08Group 1 - The company achieved a revenue of 167.71 billion yuan in H1 2025, representing a year-on-year increase of 11.50%, with a total profit of 34.50 billion yuan, up 59.80%, and a net profit attributable to shareholders of 23.29 billion yuan, up 54.41% [1] - Main product output showed steady growth, with copper production at 570,000 tons (up 9% YoY), gold at 41 tons (up 16% YoY), silver at 224 tons (up 6% YoY), zinc (lead) at 200,000 tons (up 13% YoY), and lithium carbonate equivalent at 7,315 tons (up 2961%) [1][2] - The company expanded its resource portfolio by acquiring world-class operating gold mines overseas, completing the acquisition of the Akim gold mine in Ghana and signing an agreement for the Raygorodok gold mine in Kazakhstan [2] Group 2 - Operating costs for H1 2025 were 127.88 billion yuan, an increase of 5.16% YoY, attributed to declining ore grades, increased transportation distances, and higher stripping ratios in some open-pit mines, along with transitional costs from newly acquired companies [2] - Financial expenses decreased by 13.46% YoY due to lower financing costs, while management expenses increased by 24.25% YoY, driven by rising labor costs and workforce expansion [2] - The company remains optimistic about the long-term growth of copper and gold, with resource reserves providing expansion opportunities, as both metals are expected to continue rising in price due to global economic development and a favorable interest rate environment [2]