Core Viewpoint - Luoyang Molybdenum Co., Ltd. is expected to achieve a net profit attributable to shareholders of 8.67 billion yuan in the first half of 2025, representing a 60% increase, driven by rising copper and cobalt prices along with increased production [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is projected to be 4.73 billion yuan, showing a year-on-year increase of 41.2% and a quarter-on-quarter increase of 19.7% [1] - The operating cash flow is expected to reach 12.01 billion yuan [1] Production Outlook - The company is entering a production release year starting in 2023, positioning itself as one of the few large copper mining companies to maintain high growth in copper production [1] - With the commissioning of the KFM Phase II and TFM Phase III projects after 2027, the company's copper production is anticipated to reach 800,000 to 1,000,000 tons by 2028 [1] Market Conditions - Assuming the copper spot settlement price remains at 78,500 yuan per ton (up from 78,000 yuan per ton) and cobalt prices stabilize at 240,000 yuan per ton (up from 210,000 yuan per ton), the company is well-positioned for high earnings elasticity in response to copper and cobalt price fluctuations [1] - The cobalt hydroxide discount factor is set at 70%, with a 70% export quota from the Democratic Republic of the Congo [1] Strategic Positioning - The company possesses world-class copper and cobalt mines, and the expansion of its two major projects is expected to significantly enhance its copper production capacity [1] - The company maintains an "outperform the market" rating due to its strong production growth potential and favorable market conditions [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is expected to achieve a net profit attributable to shareholders of 8.67 billion yuan in the first half of 2025, representing a 60% increase, driven by rising copper and cobalt prices along with increased production [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders reached 4.73 billion yuan, showing a year-on-year increase of 41.2% and a quarter-on-quarter increase of 19.7% [1] - The operating cash flow for the first half of 2025 was reported at 12.01 billion yuan [1] Production Outlook - The company is entering a production release year starting in 2023, positioning itself as one of the few large copper mining companies to maintain high growth in copper production [1] - With the commissioning of the KFM Phase II and TFM Phase III projects after 2027, the company's copper production is expected to reach 800,000 to 1 million tons by 2028 [1] Market Conditions - Assuming the copper spot settlement price remains at 78,500 yuan per ton (up from 78,000 yuan per ton) and cobalt prices stabilize at 240,000 yuan per ton (up from 210,000 yuan per ton), the company is well-positioned for high earnings elasticity in response to copper and cobalt price fluctuations [1] - The cobalt hydroxide discount factor is set at 70%, with a Congo export quota of 70% [1] Strategic Position - The company possesses top-tier global copper and cobalt mines, and the expansion of its two world-class projects is expected to significantly enhance its copper production capacity [1] - The company maintains an "outperform the market" rating due to its strong production growth and favorable market conditions [1]