Ge Long Hui·2025-09-25 19:31Core Viewpoints - In the first half of 2025, the company achieved operating revenue of 94.773 billion yuan and a net profit attributable to shareholders of 8.671 billion yuan, representing a year-on-year increase of 60.07%, marking the highest profit level for the same period in history [1] - The company met all production targets for its products in the first half of 2025, with copper production increasing by 12.68% year-on-year, reaching a historical high for the same period [1] - The company completed the acquisition of Ecuador's Odin Mining (Kagelhaus Gold Mine) and is rapidly advancing development work, enhancing its global layout of diversified products, with the project expected to commence production before 2029 [1] Production and Pricing - The company produced 353,600 tons of copper in the first half of 2025, a year-on-year increase of 12.68%, achieving approximately 56.1% of the production guidance midpoint [2] - The average LME copper price in the first half of 2025 increased by 3.75% year-on-year to 9,431 USD/ton, with cobalt and other mineral prices also showing significant increases [2] Cost Management and Resource Layout - The company has made significant progress in cost reduction and efficiency improvement through refined management and technological innovation, with copper production costs around 33,700 yuan per ton in the first half of 2025 [2] - The acquisition of the Kagelhaus Gold Mine represents a breakthrough in the company's layout of gold resources, further diversifying its product matrix [2] Market Dynamics - The cobalt price has risen from a low of 160,000 yuan/ton to 275,000 yuan/ton due to the ongoing cobalt export ban from the Democratic Republic of Congo, which has been in effect for seven months [2] - The domestic supply of cobalt is tightening, with a significant decrease in imports, which may further support cobalt prices in the upcoming consumption peak season [2]