Xin Lang Cai Jing·2025-09-18 00:30Core Viewpoint - The company reported significant growth in net profit for the first half of 2025, despite a decline in revenue, driven by strategic adjustments in its trading segment [1] Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while operating costs were 74.727 billion yuan, down 10.96% [1] - The net profit attributable to shareholders reached approximately 8.671 billion yuan, an increase of 3.3 billion yuan, representing a growth of 60.07% [1] - In Q2 2025, the company reported operating revenue of 48.767 billion yuan, a year-on-year decline of 13.99%, but net profit increased by 41.24% to 4.725 billion yuan, with a quarter-on-quarter growth of 19.75% [1] Group 2: Copper and Cobalt Business - The copper segment generated operating revenue of 25.7 billion yuan in H1 2025, a year-on-year increase of 28%, with a gross profit of 13.8 billion yuan, up 33% [2] - Copper production reached 350,000 tons, a 13% increase year-on-year, while sales rose by 3% to 320,000 tons [2] - The cobalt segment saw operating revenue of 5.7 billion yuan, a 62% increase year-on-year, with a gross profit of 3.5 billion yuan, up 93% [3] Group 3: Future Prospects - The company aims to achieve an annual copper production capacity of 800,000 to 1 million tons and cobalt production of 90,000 to 100,000 tons [4] - The company has six production lines with over 650,000 tons of annual copper capacity, and ongoing projects are expected to enhance production efficiency and quality [4] - The Heshima hydropower station and new energy projects in the Democratic Republic of Congo are progressing, providing long-term energy stability for production [4] Group 4: Acquisition and Resource Expansion - The company completed the acquisition of LuminaGold for 581 million Canadian dollars (approximately 3 billion yuan), gaining 100% ownership of the Cangrejos Project in Ecuador [5] - The Cangrejos Project has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [5] - The project is expected to commence production in 2028, with an annual output of approximately 11.5 tons of gold [5] Group 5: Other Business Segments - The molybdenum segment's gross profit increased by 100 million yuan, a growth of 11%, while the tungsten segment's gross profit rose by 200 million yuan, a growth of 33% [6] - The niobium segment's gross profit increased by 300 million yuan, a growth of 54%, and the phosphorus segment's gross profit rose by 400 million yuan, a growth of 123% [7] - The company achieved a sales volume of 50,000 tons for niobium, a 5% increase year-on-year, and 590,000 tons for phosphorus fertilizer, a 9% increase year-on-year [7] Group 6: Profit Forecast and Valuation - The company forecasts operating revenues of 216.6 billion yuan, 223.1 billion yuan, and 231.7 billion yuan for 2025 to 2027, with year-on-year growth rates of 1.66%, 3.00%, and 3.88% respectively [8] - The net profit attributable to shareholders is projected to be 17.4 billion yuan, 19.4 billion yuan, and 21.8 billion yuan for the same period, with growth rates of 28.42%, 11.53%, and 12.25% respectively [8]