洛阳钼业 - 2025 年三季度业绩超预期；税率显著降低

October 24, 2025 03:32 PM GMT CMOC Group Ltd | Asia Pacific 3Q25 Results Beat; Much lower tax rate Reaction to earnings Strengthens our thesis Meaningful upside Meaningful revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS 3Q25 Beat: CMOC reported 9M25 net profit of Rmb14.3bn, up 70% YoY. 3Q25 net profit was Rmb5.8bn, up 99% YoY and 19% QoQ, which is above market expectation. We attribute the good result to: KFM phase 2 construction plan was anno ...