Chang Jiang Shang Bao·2025-11-24 00:40Core Viewpoint - Jiangxi Copper is set to distribute a mid-term dividend of 826 million yuan, marking its first mid-term dividend payout since 2012 [2][3][7]. Financial Performance - Jiangxi Copper has cumulatively distributed cash dividends of 23.564 billion yuan since its listing, which is more than double its total equity financing amount [4][9]. - The company reported a net profit attributable to shareholders of over 6 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of over 20% [12]. - The net profit attributable to shareholders has been consistently increasing since 2021, with cumulative net profit since listing amounting to approximately 81.653 billion yuan [5][11]. Dividend Distribution - The upcoming dividend will be distributed only to A-share shareholders, with a cash dividend of 0.40 yuan per share based on a total of 2.065 billion shares [8][10]. - This mid-term dividend is the second in the company's history since its A-share listing, with the last one occurring in 2011 [8][11]. Operational Strengths - Jiangxi Copper is the largest copper production base in China, processing over 2 million tons of copper products annually and also being a major producer of by-product gold and silver [4][14]. - The company has a complete integrated industrial chain and significant technological advantages, contributing to its cost advantages [14][16]. - The company has maintained a strong financial operation with robust debt repayment capabilities [6]. Resource and Production Capacity - As of the end of 2024, Jiangxi Copper's owned resources include approximately 8.899 million tons of copper and 239.08 tons of gold [14]. - The company has a production capacity of 98.33 tons of gold and 1,000 tons of silver annually, along with 250,000 tons of electrolytic copper and 1.3 million tons of sulfuric acid [14][15]. Research and Development - Jiangxi Copper has consistently increased its R&D investment, with expenditures rising from 4.793 billion yuan in 2021 to 6.012 billion yuan in 2024 [16].