TNMG(SZ:000630) Qian Zhan Wang·2026-01-20 01:11Core Viewpoint - The report highlights the growth and operational strategies of Tongling Nonferrous Metals Group Co., Ltd. in the copper smelting industry, emphasizing its revenue achievements and production capabilities. Group 1: Revenue and Profitability - In 2024, the company achieved a revenue of 145.53 billion yuan, representing a year-on-year growth of 5.88%, with a net profit of 2.81 billion yuan, up by 4.05% [1] - For the first half of 2025, the company reported revenues and net profits of 76.08 billion yuan and 1.44 billion yuan, respectively [1] Group 2: Business Layout and Operations - Tongling Nonferrous integrates mining, selection, smelting, and processing in its copper industry, with a complete system and a strong development in modern service industries [2] - The company employs two main operational models: self-mining and external procurement for smelting, producing cathode copper for sale [2] Group 3: Sales Distribution - The sales of refined copper primarily target regions such as Jiangsu, Zhejiang, Anhui, Shanghai, Hubei, Shandong, and Henan, with some exports [6][8] - In the first half of 2025, the company generated 56.73 billion yuan in revenue from the East China region, accounting for 74.56% of total revenue [8] Group 4: Production Trends - From 2018 to 2023, the production and sales of cathode copper showed an upward trend, with a production of 1.7563 million tons in 2023, a 7.83% increase from 2022 [10] - The production is expected to reach 1.7681 million tons in 2024, while sales are projected to slightly decline to 1.7576 million tons [10] Group 5: Future Development Plans - The company aims to enhance operational efficiency and cost control while focusing on both traditional and emerging industries [11] - Strategies include improving production processes, managing risks related to sulfuric acid prices, and advancing automation and smart factory initiatives [11]