The market expects Ero Copper Corp. (ERO) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be re ...

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Group 1 - Yunnan Copper's revenue exceeded 170 billion yuan, with projected revenue of 178 billion yuan in 2024, a year-on-year increase of 21.11%, while net profit is expected to decline by 19.90% to 12.65 billion yuan [1] - The company operates three major copper smelting plants: Southwest Copper with a capacity of 550,000 tons, Chifeng Yuncopper with 400,000 tons, and Southeast Copper with 450,000 tons, totaling 1.4 million tons of smelting capacity [2] - The three smelting bases form a stable industrial structure, leveraging regional resource advantages: Southwest Copper as the main base in Southwest China, Chifeng Yuncopper in Northern China, and Southeast Copper in Eastern China [5] Group 2 - Chifeng Yuncopper's refined copper output is stable, projected at 450,900 tons in 2024, while Southwest Copper's output is expected to decline significantly to 285,000 tons, and Southeast Copper's output is anticipated to increase to 470,100 tons [7] - Yunnan Copper's upstream layout focuses on backward integration, with copper concentrate production from various mines, including 30,600 tons from Diqing Yousheng in 2024 [9] - The overall development strategy of Yunnan Copper emphasizes resource acquisition, cost reduction, and a focus on overseas markets, aiming to become a world-class copper company through innovation and risk management [12]

Summary of Jiangxi Copper Conference Call Company Overview - **Company Name**: Jiangxi Copper (0358.HK/600362.SS) - **Industry**: Copper production, including mining, smelting, refining, and processing of copper products such as copper cathode, wire, and rod, along with by-products like gold, silver, and sulfuric acid [28][32] Key Points and Arguments Target Price and Valuation - **Revised Target Prices**: - H-share target price raised to HK$54.1 from HK$39.8 - A-share target price raised to Rmb64.8 from Rmb47.9 [1][4] - **Valuation Metrics**: - Current stock prices imply 2026E P/Es of 10.0x for H-shares and 14.0x for A-shares, compared to historical averages of 13.7x and 23.5x respectively [5] - **DCF and P/B Valuation**: - DCF valuation yields an NPV-per-share of HK$53.2 for H-shares and Rmb47.9 for A-shares [4][30] Earnings Forecasts - **Earnings Revisions**: - 2025E net profit forecast increased by 2% to Rmb8.4 billion - 2026E net profit forecast increased by 19% to Rmb14.0 billion - 2027E net profit forecast increased by 14% to Rmb13.2 billion [3][9] - **Comparison to Consensus**: - 2025/26/27E earnings forecasts are 2%/30%/19% higher than Bloomberg consensus [3] Sensitivity Analysis - **Metal and Sulfuric Acid Price Sensitivity**: - A 10% increase in copper price (US$13,000/t) would increase 2026E net profit by 8% - A 10% increase in gold price (US$4,600/oz) would increase 2026E net profit by 3% - A 10% increase in sulfuric acid price (Rmb900/t) would increase 2026E net profit by 3% [2][10] Risks - **Downside Risks**: - Slower grid investment in China or a significant drop in property demand could weaken copper prices - Lower than expected sulfuric acid prices - Rising mining or smelting costs [31][36] Investment Strategy - **Rating**: - Jiangxi Copper H-shares and A-shares rated as Buy - Long-term bullish view on copper prices remains intact, with expectations of benefiting from increasing copper prices [29][33] Additional Important Information - **Market Context**: - The copper smelting business is expected to remain profitable despite lower TC/RC prices due to rising sulfuric acid prices [1] - **Acquisition Potential**: - Ongoing acquisition of Solgold could contribute to long-term profit growth from 2028E [1] This summary encapsulates the key insights from the conference call regarding Jiangxi Copper, focusing on its financial outlook, valuation, and market dynamics.

Core Viewpoint - The copper market is experiencing slight upward movement, but overall momentum is weak due to increasing global inventories and seasonal demand slowdown in China [1] Group 1: Market Performance - Shanghai copper prices rose by 0.39% amid a narrow trading range [1] - The market sentiment is generally positive, influenced by stronger surrounding metals [1] Group 2: Economic Indicators - U.S. non-farm payrolls exceeded market expectations, and the unemployment rate continues to decline, reducing the urgency for the Federal Reserve to cut interest rates [1] - The U.S. dollar index has stabilized as a result of these employment data [1] Group 3: Inventory Trends - Global visible copper inventories are on the rise, with LME copper stocks increasing to over 190,000 tons, the highest level in nearly nine months [1] - Domestic copper inventories are also accumulating, particularly as the market enters a traditional demand lull with downstream sectors starting to take holidays [1] Group 4: Supply and Demand Dynamics - Codelco's Teniente mine is expected to maintain low production levels due to a collapse incident, contributing to a slower growth rate in global refined copper supply [1] - Despite the seasonal accumulation of domestic inventories slowing down, the overall supply-demand balance suggests that copper prices will likely remain in a high-level consolidation phase [1]

As filed with the U.S. Securities and Exchange Commission on February 10, 2026. Registration No. 333-292950 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ Amendment No. 2 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ XINXU COPPER INDUSTRY TECHNOLOGY LIMITED (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) ____________________ Cayman Islands 3351 Not Ap ...

Summary of Key Points from the Conference Call Industry Overview - **Commodity Price Surge**: Commodity prices have increased significantly and are stabilizing at higher levels, impacting various sectors in China positively and negatively [1][11]. Positive Impacts - **Basic Materials Sector**: Beneficiaries include aluminum, copper, and lithium suppliers, with companies like Chalco, Hongqiao, and Zijin Mining receiving Buy ratings [2][1]. - **Gold Jewelry Sector**: Gold jewelers are expected to benefit from rising gold prices, with brands in the high-end segment likely to gain market share [72][73]. - **CCL Players**: Companies in the copper-clad laminate (CCL) sector may see gross margin expansion due to rising copper prices [1][6]. Negative Impacts - **Automakers**: Mass-market battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) are projected to face cost increases of Rmb6,565 and Rmb4,310 per vehicle, respectively, due to raw material price hikes [3][23]. - **Battery Industry**: Tier-2 battery makers are under pressure from rising raw material costs, while CATL is better positioned due to its bargaining power [4][27]. - **Energy Storage Systems (ESS) and Solar Equipment**: Companies like Sungrow and Trina Solar are vulnerable to margin cuts due to increased costs of silver and copper [5][45]. - **Industrial & Robotics Firms**: Companies such as Johnson Electric and Hongfa Technology may experience earnings pressure from rising copper and silver costs [6][51]. - **Home Appliances**: Producers like Gree and Midea are facing margin reductions due to increased copper costs in air conditioning units [66][67]. - **Technology Sector**: Xiaomi is expected to see pressure on smartphone margins due to high memory costs, which account for 10-20% of the bill of materials [7][81]. Sector-Specific Insights - **Basic Materials**: The demand for aluminum and copper is driven by infrastructure development and the growth of AI, data centers, and electric vehicles [2]. - **Automotive Sector**: BYD and Geely are better positioned to absorb cost increases compared to smaller players like Xpeng and GAC [3][24]. - **Battery Makers**: Rising lithium prices have increased LFP battery cell costs by Rmb80/kWh, with significant pressure on margins expected [27][29]. - **ESS and Grid Equipment**: Pinggao is identified as the most vulnerable to commodity price increases, with a significant portion of its profits derived from gas-insulated switchgears [41][42]. - **Industrial Sector**: KBL is expected to benefit from the copper upcycle, with projected earnings growth significantly outpacing competitors [55][56]. Additional Considerations - **Market Outlook**: The overall outlook for the PRC stock market in 2026 is optimistic, particularly for sectors like technology, healthcare, and basic materials [13]. - **Insurance Sector**: Gold price increases could benefit insurers participating in gold investment pilots, although current investments remain cautious [101]. Conclusion The report highlights the mixed impact of rising commodity prices across various sectors in China, with certain companies positioned to benefit while others face significant challenges. The insights provided can guide investment decisions in the context of the evolving market landscape.

Core Viewpoint - Short-term copper prices are fluctuating, but the outlook for copper prices is positive for 2026 due to ongoing supply-demand tightness [4]. Group 1: Market Overview - As of February 6, 2026, SHFE copper closed at 100,100 CNY/ton, down 3.45% from January 30, while LME copper closed at 13,060 USD/ton, down 0.08% [4]. - The market perceives a low probability of the Federal Reserve lowering interest rates in March 2026, which supports overall commodity sentiment [4]. Group 2: Inventory - Domestic copper social inventory increased by 4.0%, while LME copper inventory rose by 4.9% [5]. - As of February 6, 2026, domestic mainstream port copper concentrate inventory stood at 638,000 tons, down 5.2% from the previous week [5]. - Global electrolytic copper inventory totaled 1,021,000 tons, up 3.6% from January 30, with LME copper inventory at 183,000 tons, up 4.9% [5]. Group 3: Supply - The price difference between refined copper and scrap copper decreased by 504 CNY/ton this week [6]. - In October 2025, China's copper concentrate production was 137,000 tons, up 12.9% month-on-month but down 9.9% year-on-year [6]. - Global copper concentrate production in November was 1,923,000 tons, down 1.9% year-on-year and 0.6% month-on-month [6]. Group 4: Smelting - The TC spot price reached a new low this week, at -51.23 USD/ton, down 0.9 USD/ton from January 30 [7]. - In January 2026, China's electrolytic copper production was 1,179,300 tons, up 0.1% month-on-month and 16.3% year-on-year [7]. - In December 2025, electrolytic copper imports were 260,000 tons, down 4.0% month-on-month and 29.8% year-on-year [7]. Group 5: Demand - Cable manufacturing, which accounts for 31% of domestic copper demand, saw an increase in operating rate to 60.15%, up 0.69 percentage points from the previous week [8]. - Air conditioning production, which represents 13% of domestic copper demand, is projected to decline by 31.6% in February, 6.5% in March, and increase by 4.0% in April [8]. - Copper rod production, accounting for 4.2% of domestic copper demand, had a January operating rate of 50.86%, down 1.9 percentage points month-on-month but up 9.2 percentage points year-on-year [8]. Group 6: Futures - As of February 6, 2026, SHFE copper active contract positions decreased by 21.4% to 175,000 lots, placing the position at the 47th percentile since 1995 [9]. - COMEX non-commercial net long positions were 48,000 lots, down 1.2% from the previous week, at the 77th percentile since 1990 [9].

Core Insights - Ero Copper Corp. (ERO) achieved record copper production of 19,706 tons in Q4 2025, marking an 18.3% increase quarter-on-quarter and a 53% increase year-over-year, driven by improved operations at Tucumã and Caraíba [1][8] Production Performance - Tucumã experienced a 22% sequential increase in production due to improved plant throughput and stabilized recovery rates, indicating a shift to consistent commercial-scale performance [2] - Caraíba's production was enhanced by stronger mining rates and the completion of a mill debottlenecking initiative, resulting in a 15% increase in throughput [2] Peer Comparison - Lundin Mining Corporation (LUNMF) reported Q4 2025 copper production of 87,032 tons, a slight decrease from 87,353 tons in Q3 2025, with a total production of 331,232 tons for 2025, down from 369,067 tons in 2024 [3] - Southern Copper Corporation (SCCO) produced 242,172 tons in Q4 2025, showing a marginal year-over-year increase, with a total of 956,270 tons for 2025, about 1.8% lower than the previous year [4][5] Valuation and Growth Estimates - ERO is trading at a forward price-to-sales ratio of 3.06X, below the industry average of 5.13X, and holds a Value Score of B [9] - The Zacks Consensus Estimate indicates ERO's earnings growth of 155.13% for 2025 and 104.4% for 2026, with EPS estimates trending higher over the past 90 days [11][12]

Core Insights - Giant Mining Corp. has re-engaged Exploration Technologies Inc. to utilize AI-driven subsurface modeling for drill targeting at the Majuba Hill Copper-Silver-Gold Project in Nevada, enhancing exploration efficiency and mineralization targeting [1][4][8]. Geological Advancements - Recent fieldwork at Majuba Hill has identified eight to ten high-grade breccia pipes, significantly improving the geological understanding and potential tonnage of the project [2]. - The breccia pipes are linked to concealed intrusive bodies, which are crucial for mineralization, and accurate modeling of these intrusions is expected to enhance drill targeting [3]. Strategic Importance - The advancement of Majuba Hill aligns with the U.S. focus on securing domestic sources of critical minerals, with copper and silver being vital for electrification and infrastructure [4]. - Nevada is recognized as a mining-friendly jurisdiction, which supports the strategic importance of the Majuba Hill project [4][19]. AI-Driven Exploration - ExploreTech will deploy its Engine AI platform to model potential locations of buried intrusive sources, allowing for more informed drilling decisions [8][9]. - The AI approach combines surface geology with geophysical data to optimize targeting of concealed mineralization, generating thousands of potential subsurface models [11][12]. Upcoming Drilling Program - ExploreTech is expected to deliver drill targeting results by the end of March 2026, aiding in the planning and execution of the upcoming drilling program [9]. - The integration of AI-driven modeling with historical datasets is anticipated to unlock additional value at the Majuba Hill project [10]. Project Characteristics - Majuba Hill spans 9,684 acres and is located in a top-ranked mining jurisdiction, with existing infrastructure providing significant cost advantages [19][20]. - The project has a history of production and shows indications of a large mineralized body, with expansion potential in all directions [20][23].