Investment Rating - Industry rating: Recommended [8] Core Insights - In Q1 2025, the copper concentrate production of KGHM decreased by 5.6% year-on-year to 169,200 tons, with KGHM Polska Miedź S.A. producing 134,000 tons (down 8.3%), KGHM INTERNATIONAL LTD. producing 14,400 tons (down 10.0%), and Sierra Gorda S.C.M. producing 20,800 tons (up 22.4%) [2] - The silver production in Q1 2025 was 320.7 tons, an increase of 1.5% year-on-year [3] - KGHM Polska Miedź S.A.'s C1 cash cost for copper was $3.15 per pound, up 4.7% year-on-year, primarily due to increased mining taxes and reduced self-produced copper concentrate output [3] - KGHM INTERNATIONAL LTD. reported a C1 cash cost of $1.03 per pound, down 52.5% year-on-year, while Sierra Gorda S.C.M. reported $1.18 per pound, down 37.9% year-on-year [3] Financial Performance - In Q1 2025, the revenue was 89.42 billion zloty, a year-on-year increase of 7.5% [4] - The cost of sales was 73.34 billion zloty, a year-on-year increase of 0.4% [5] - The pre-tax profit was 7.34 billion zloty, a year-on-year increase of 4.4% [6] - The net profit was 3.30 billion zloty, a year-on-year decrease of 22.2% [7]
有色金属海外季报：KGHM2025Q1精矿含铜产量同比减少5.6%至16.92万吨，净利润同比减少22.2%至3.30亿兹罗提
HUAXI Securities·2025-06-09 13:24