China Daye Non-Ferrous Metals Mining (661) H2 2025 earnings summary

Executive summary

• Revenue rose 14.17% year-over-year to RMB66.05 billion, driven by higher prices for copper, gold, silver, and sulfuric acid.

• Gross profit fell 20.92% to RMB1.28 billion due to sharply lower smelting processing charges and higher raw material costs.

• Net profit dropped 44.04% to RMB5.37 million, reflecting margin compression and industry headwinds.

• Production of mined copper, copper cathode, and chemical products increased, while precious metals and molybdenum concentrate output declined.

• Strategic focus included cost control, technological innovation, digital transformation, and reserve expansion.

Financial highlights

• Revenue: RMB66.05 billion (up 14.17% YoY); Gross profit: RMB1.28 billion (down 20.92% YoY).

• Net profit: RMB5.37 million (down 44.04% YoY); Basic EPS: RMB0.30 fen (up from RMB0.22 fen).

• Cost of sales increased 15.18% to RMB64.77 billion, outpacing revenue growth.

• Other gains and losses swung to a net gain of RMB43.97 million from a net loss of RMB98.59 million, mainly due to exchange gains.

• Current ratio improved to 1.36 (from 1.25); gearing ratio stable at 463.53%.

Outlook and guidance

• 2026 targets: 19,000 tonnes mined copper, 713,000 tonnes copper cathode, 7.3 tonnes gold, 617.7 tonnes silver, 2.07 million tonnes sulfuric acid.

• Strategic priorities: stabilize operations, reduce costs, control risks, and achieve profitability.

• Planned fixed asset investment for 2026: RMB328.05 million, focusing on mine development, intelligent mining, rare metals, and equipment renewal.