Jing Ji Guan Cha Wang·2026-02-12 06:33Core Viewpoint - China Metallurgical Group Corporation (China MCC) has recently completed a large-scale asset disposal plan and initiated a share buyback, while the 2025 performance forecast indicates a significant decline in net profit [1][4]. Stock Performance - To stabilize market sentiment, the company announced on December 17, 2025, a plan to repurchase A-shares (amounting to 1 billion to 2 billion yuan) and H-shares (not exceeding 500 million yuan), with the repurchased shares to be canceled to reduce registered capital [2]. - On January 23, 2026, the company clarified that the upper limit for the A-share repurchase price would be 4.9 yuan per share, which is viewed by the market as a support measure for the stock price [2]. Recent Events - On December 8, 2025, China MCC announced plans to sell multiple assets to its controlling shareholder, China Minmetals, and related parties for 606.76 billion yuan, including 100% equity of MCC Real Estate and stakes in various subsidiaries, aiming to focus on core businesses in metallurgical engineering [3]. - The proposal was approved at a temporary shareholders' meeting on December 29, 2025, but faced opposition, with approximately 23.38% of A-share votes and 53.86% of H-share votes against it, indicating some investors' concerns regarding transaction pricing and business adjustments [3]. Performance and Operations - The earnings forecast released on January 23, 2026, indicates that the net profit attributable to shareholders for 2025 is expected to be between 1.3 billion and 1.6 billion yuan, representing a year-on-year decline of 76.28% to 80.73%, primarily due to losses in the real estate sector, over 26 billion yuan in asset impairments, and a downturn in the construction industry [4]. - In 2025, the total new contract value was 1,113.6 billion yuan, a year-on-year decrease of 10.8%, with overseas contracts amounting to 94.88 billion yuan (a year-on-year increase of 1.9%) [5]. - The company is accelerating its focus on core areas such as metallurgical construction and industrial manufacturing, with a 28.4% year-on-year decline in housing construction contract value, while industrial manufacturing and metallurgical engineering achieved positive growth [5]. Future Development - The company emphasizes that by 2026, it will largely complete the disposal of its real estate business, gradually alleviating the pressure of losses, and aims to enhance long-term competitiveness through technological innovation and business integration [6]. - As of September 30, 2025, the asset-liability ratio was 78.7%, and funds from the asset sale are expected to be used to reduce financial leverage [6].