China Nonferrous Mining Corporation (1258) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was US$3,420.1 million, down 10.4% year-over-year, mainly due to lower sales volume of self-produced copper products and increased processing for external enterprises.

• Net profit attributable to owners rose 1.5% to US$404.3 million, driven by higher global copper prices and improved gross margins.

• Gross profit margin increased to 31.1% from 27.5% in 2024, reflecting a shift toward higher-margin processing services.

• Cash and cash equivalents rose to US$1,476.2 million, with net cash from operating activities at US$938.7 million.

• Final dividend proposed at US¢4.1446 per share, totaling approximately US$162 million, maintaining a high payout ratio.

Financial highlights

• Revenue: US$3,420.1 million (down 10.4% year-over-year).

• Net profit attributable to owners: US$404.3 million (up 1.5% year-over-year).

• Gross profit: US$1,062.5 million (up 1.3% year-over-year).

• Gross profit margin: 31.1% (2024: 27.5%).

• Earnings per share: US¢10.36 (2024: US¢10.34).

• Net cash from operating activities: US$938.7 million (2024: US$775.2 million).

• Capital expenditure: US$314.9 million (up from US$168.8 million in 2024).

Outlook and guidance

• 2026 expected to be a pivotal year with focus on stable production, cost reduction, efficiency enhancement, and technological innovation.

• Copper prices anticipated to remain high due to tight global supply and strong demand from new energy and infrastructure sectors.

• Company to accelerate production capacity expansion, pursue high-quality resource acquisitions, and maintain high dividend policy.