BHP(US:BHP) 智通财经网·2026-02-17 00:18Core Viewpoint - BHP reported strong financial growth for the first half of FY2026, driven by soaring copper prices and record production from core mining areas, with a significant shift in business structure as copper has overtaken iron ore as the main profit driver [1][2] Financial Performance - The company achieved a base profit of $6.2 billion, a 22% year-on-year increase, surpassing market expectations of $6.03 billion [1] - Revenue grew by 11% to $27.9 billion, while net profit attributable to shareholders rose by 28% to $5.64 billion [1] - A mid-term dividend of $0.73 per share was announced, nearly a 50% increase from $0.50 in the same period last year, maintaining a high payout ratio of 60% [1] Business Structure and Strategy - Copper business, including by-products, generated operating profit of $7.95 billion, accounting for 51% of total group profit, with an average copper sales price increase of 32% year-on-year [1][2] - The iron ore business achieved a record half-year production of 146.6 million tons but contributed $7.5 billion in profit, marking a strategic milestone in BHP's transition towards future-facing commodities [2] Capital Management and Future Outlook - BHP announced a significant capital operation, agreeing to sell its silver production rights at the Antamina mine in Peru for $4.3 billion, unlocking over $6 billion in cash through asset monetization [2] - The company expressed cautious optimism regarding the global macro environment, particularly in China, which is expected to support commodity demand [2] - Despite ongoing inflationary pressures and supply chain challenges, BHP anticipates maintaining its competitive advantage due to its low-cost, high-quality asset portfolio [3]