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诺里尔斯克镍业2025Q2镍产量环比增长9%至4.52 万吨，铜产量环比减少 5%至 10.38 万吨
HUAXI Securities·2025-07-22 08:14

Investment Rating - The report provides a recommendation for the industry [8]. Core Insights - In Q2 2025, the total nickel production reached 45,233 tons, a 9% increase quarter-on-quarter but a 6% decrease year-on-year. The increase was attributed to optimized supply processes and equipment maintenance [1][10]. - Copper production in Q2 2025 was 103,834 tons, reflecting a 5% decrease both year-on-year and quarter-on-quarter. The decline was due to the reallocation of commercial product output based on export supply demands [2][10]. - Palladium production in Q2 2025 was 1,155 thousand ounces, down 11% quarter-on-quarter and 10% year-on-year, while platinum production was 155 thousand ounces, down 14% quarter-on-quarter and 13% year-on-year [3][10]. - For H1 2025, nickel production totaled 86,850 tons, a 4% decrease year-on-year, while copper production was 213,189 tons, a 2% decrease year-on-year [4][5][6]. - The production guidance for 2025 indicates nickel production between 196,000 and 204,000 tons and copper production between 343,000 and 355,000 tons, excluding the Trans-Baikal division [9][11]. Summary by Sections Nickel Production - Q2 2025 nickel production was 45,233 tons, a 9% increase from Q1 2025 but a 6% decrease from Q2 2024. The production was primarily from the company's own raw materials [1][4][10]. Copper Production - Q2 2025 copper production was 103,834 tons, down 5% from both the previous quarter and the same quarter last year. The decrease was linked to adjustments in product output based on market demand [2][5][10]. Platinum Group Metals (PGM) - Q2 2025 palladium production was 1,155 thousand ounces, a decrease of 11% from Q1 2025 and 10% from Q2 2024. Platinum production was 155 thousand ounces, down 14% quarter-on-quarter and 13% year-on-year [3][6][10]. Production Guidance - The company forecasts nickel production for 2025 to be between 196,000 and 204,000 tons and copper production between 343,000 and 355,000 tons, excluding Trans-Baikal operations [9][11].