Xin Lang Cai Jing·2025-10-22 00:25Core Viewpoint - The company reported its Q1-Q3 2025 financial results, showing significant growth in revenue and net profit, driven by increased production and prices of copper and gold, alongside stable costs in gold production [1][2][3] Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 254.2 billion yuan, a year-on-year increase of 10.33% - The net profit attributable to shareholders reached 37.864 billion yuan, up 55.45% year-on-year - In Q3 alone, revenue was 86.489 billion yuan, reflecting an 8.14% year-on-year growth but a 2.58% quarter-on-quarter decline - The net profit for Q3 was 14.572 billion yuan, marking a 57.14% year-on-year increase and an 11.02% quarter-on-quarter growth [1] Copper Segment - Production and sales of copper increased, with Q1-Q3 2025 copper production at 830,000 tons, a 5% year-on-year rise, and sales at 661,500 tons, up 7% - In Q3, copper production was 260,000 tons, down 6% quarter-on-quarter, while sales were 222,400 tons, up 1% quarter-on-quarter - The average price of copper for Q1-Q3 was 62,600 yuan/ton, a 7% increase year-on-year, with Q3 averaging 63,700 yuan/ton, a 3% quarter-on-quarter rise - The unit cost of copper for Q1-Q3 was 24,600 yuan/ton, a 9% increase year-on-year, with Q3 costs averaging 25,400 yuan/ton, a 4% quarter-on-quarter rise [1] Gold Segment - Gold production for Q1-Q3 2025 was 65 tons, a 20% year-on-year increase, with sales at 60.25 tons, up 18% - In Q3, gold production was 24 tons, down 7% quarter-on-quarter, while sales increased by 9% to 22 tons - The average price of gold for Q1-Q3 was 716 yuan/gram, a 43% year-on-year increase, with Q3 averaging 768 yuan/gram, a 4% quarter-on-quarter rise - The cost of gold production for Q1-Q3 was 267 yuan/gram, a 17% increase year-on-year, with Q3 costs at 279 yuan/gram, a 3% quarter-on-quarter rise [2] Lithium Segment - The company produced 11,000 tons of lithium carbonate in the first three quarters, including 3,700 tons from the Zangge Mining since May 2025 - The first phase of the lithium mine in Argentina, with an annual production capacity of 20,000 tons, commenced production by the end of Q3 - The lithium mine in Hunan Xiangyuan is set to begin trial production in Q4 with a capacity of 5 million tons per year [2] Profit Forecast and Rating - The company is expected to continue expanding its resource endowment through both organic growth and acquisitions, with copper and gold production likely to increase - The net profit forecasts for 2025-2027 are adjusted to 51.1 billion, 62.1 billion, and 72.9 billion yuan respectively, with corresponding EPS of 1.92, 2.34, and 2.74 yuan per share - The PE ratios are projected at 15.5, 12.7, and 10.9 times for the respective years, maintaining a "buy" rating [3]