China Nonferrous Mining Corporation (1258) H1 2026 earnings summary

Executive summary

• Operating revenue for H1 2026 reached US$2,261.1 million, up 29.1% year-over-year, driven by high copper and sulphuric acid prices.

• Net profit attributable to owners rose 64.7% to US$433.6 million, with total net profit up 67.7% to US$622.8 million.

• Gross profit margin improved to 42.4% from 32.6% last year.

• Interim dividend of US¢1.1113 per share declared for the first time, reflecting robust cash flow and commitment to shareholder returns.

• Major projects advanced, including mine expansions, acquisition of SM Minerals in Kazakhstan, and resumption of operations at key sites.

Financial highlights

• Revenue increased 29.1% to US$2,261.1 million compared to H1 2025.

• Net profit attributable to owners rose 64.7% to US$433.6 million year-over-year.

• Gross profit surged 68.1% to US$958.7 million; gross margin improved to 42.4% from 32.6%.

• Net cash from operating activities nearly doubled to US$1,042.8 million.

• Capital expenditure for H1 2026 totaled US$122.8 million, up from US$108.4 million in H1 2025.

Outlook and guidance

• Copper prices expected to remain high but volatile due to supply constraints, geopolitical risks, and resilient demand from new energy sectors.

• Focus remains on stabilizing production, advancing key projects, cost control, and pursuing overseas acquisitions.

• Emphasis on technological innovation and compliance to mitigate operational and financial risks.