Chang Jiang Shang Bao·2026-03-29 23:47Core Viewpoint - Luoyang Molybdenum's operating performance continues to reach new highs, with projected revenue exceeding 200 billion yuan and net profit surpassing 20 billion yuan for the first time in 2025 [2][4]. Financial Performance - In 2025, Luoyang Molybdenum achieved operating revenue of 206.68 billion yuan, a slight decrease of 2.98% year-on-year, but still above 200 billion yuan for the second consecutive year [3]. - The company's net profit attributable to shareholders reached 20.34 billion yuan, a year-on-year increase of 50.30%, marking the first time it exceeded 20 billion yuan [4]. - The return on equity (ROE) for 2025 was 26.61%, up 5.65 percentage points year-on-year [5]. Historical Performance - Luoyang Molybdenum has recorded five consecutive years of profit growth, with net profits from 2021 to 2025 being 5.11 billion yuan, 6.07 billion yuan, 8.25 billion yuan, 13.53 billion yuan, and 20.34 billion yuan respectively, reflecting significant year-on-year growth rates [6]. - The ROE has also increased consistently over the same period, from 12.93% in 2021 to 26.61% in 2025 [6]. Operational Efficiency - The increase in profitability is attributed to the effective collaboration between the mining and trading segments, with significant increases in the physical trade volumes of copper, cobalt, and niobium in 2025 [7]. - The average prices for key products also rose, with copper averaging $9,944.94 per ton (up 8.73%), cobalt at $16.08 per pound (up 42.81%), and niobium at $48.68 per kilogram (up 4.78%) [7]. Shareholder Returns - Luoyang Molybdenum has increased its shareholder returns, distributing cash dividends of 6.12 billion yuan in 2025, a record high [9][12]. - The company has maintained a strong financial position, with a significant reduction in financial expenses, which fell by 82.19% year-on-year to 513 million yuan [9]. Strategic Acquisitions - In 2025, Luoyang Molybdenum made substantial investments in gold resources, acquiring 100% of Ecuador's Odin Mining for 581 million Canadian dollars and four gold mines in Brazil for $1.015 billion [9][10]. - These acquisitions are expected to enhance the company's product diversification and contribute to future revenue growth, with anticipated annual gold production of 6-8 tons from the Brazilian mines starting in 2026 [10]. Market Performance - Luoyang Molybdenum's market capitalization reached 376.1 billion yuan, reflecting a 128% increase in stock price over the past year [12].