Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 81.29% in the first half of 2025. The revenue for the same period reached 6.316 billion yuan, representing a 47.82% increase [4] - The resource segment has shown strong performance, with copper metal production increasing by 198.52% year-on-year, reaching 39,400 tons in the first half of 2025. The gross profit margin for this segment improved to 47.68%, up by 4.91 percentage points [5] - The mining service business is expected to grow, with new contracts signed amounting to approximately 7.1 billion yuan in the first half of 2025. The company is expanding its operations in Africa, and the Kamoa copper mine is gradually resuming production [6] Financial Summary - The company achieved a revenue of 7.399 billion yuan in 2023, projected to grow to 12.275 billion yuan in 2025, reflecting a year-on-year growth of 23.5% [7] - The net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2023 to 2.358 billion yuan in 2025, with a year-on-year growth of 48.9% [7] - The earnings per share (EPS) is projected to rise from 1.65 yuan in 2023 to 3.78 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 36.2 to 15.8 [7] Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 2.358 billion yuan, 2.641 billion yuan, and 3.381 billion yuan respectively, indicating a positive growth trajectory [4] - The anticipated copper metal production from future projects is expected to reach 150,000 tons, suggesting strong long-term growth potential [5]