Western Mining
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Western Mining ( 601168) investor relations material

Western Mining Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary29 Jul, 2026

Executive summary

  • Revenue for H1 2026 reached RMB 39.44 billion, up 25% year-over-year, with net profit attributable to shareholders at RMB 4.17 billion, up 123% year-over-year.

  • Operating cash flow increased 67% year-over-year to RMB 8.35 billion, reflecting strong profitability and cash generation.

  • Major product prices (copper, lead, zinc, molybdenum, precious metals) rose significantly, boosting profitability.

  • Key mining and smelting projects advanced, with capacity expansions and resource acquisitions supporting future growth.

Financial highlights

  • Operating income: RMB 39.44 billion (+25% YoY); total profit: RMB 7.11 billion (+83% YoY).

  • Net profit attributable to shareholders: RMB 4.17 billion (+123% YoY); basic EPS: RMB 1.75 (+124% YoY).

  • Net assets attributable to shareholders: RMB 22.42 billion (+22% from year-end 2025).

  • Operating cash flow: RMB 8.35 billion (+67% YoY).

  • Gross margin improved due to higher metal prices and increased recovery rates.

Outlook and guidance

  • Continued focus on capacity expansion, resource acquisition, and technological upgrades.

  • Major projects (e.g., Yulong Copper Mine Phase III, Chating polymetallic mine) progressing on schedule.

  • ESG initiatives and green mining practices to remain a strategic priority.

Yulong Copper Mine Phase III capacity expansion
Smelting segment profit improvement drivers
Shareholder return action plan execution details
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