CMOC Group (3993) Q2 2026 earnings summary

Executive summary

• Net profit attributable to shareholders surged 86.27% year-over-year to RMB16.15 billion for H1 2026, with operating revenue up 42.78% to RMB135.32 billion, driven by strong commodity prices, expanded production, and global segment growth.

• Completed acquisition of four Brazilian gold mines, adding 156 tonnes of gold resources, boosting gold segment revenue and production, and consolidating into financials from January 2026.

• Issued US$1.2 billion zero-coupon convertible bonds to fund overseas expansion and optimize capital structure.

• Maintained robust financial structure, with asset-liability ratio at 52.16% and return on net assets at 18.29%, up 6.59 percentage points year-over-year.

• Continued global expansion and platform-based operations, with significant progress in copper, cobalt, gold, molybdenum, tungsten, niobium, and phosphate segments.

Financial highlights

• Operating revenue: RMB135.32 billion, up 42.78% year-over-year.

• Net profit attributable to shareholders: RMB16.15 billion, up 86.27% year-over-year.

• Operating cash flow: RMB16.33 billion, up 36.02% year-over-year.

• Basic and diluted EPS: RMB0.76 and RMB0.75, respectively.

• Gross profit margin for mining and processing: 59.64%; for mineral trading: 2.49%.

• Interim cash dividend proposed: RMB0.95 per 10 shares, totaling RMB2.03 billion.

Outlook and guidance

• Copper, cobalt, and gold markets expected to remain tight in H2 2026, with supply constraints and resilient demand supporting prices.

• Molybdenum and tungsten prices anticipated to stay elevated due to supply-demand balance and robust downstream demand.

• Continued focus on capacity expansion, asset optimization, global M&A, and integration of new gold assets, especially in Africa and South America.

• Ongoing integration of gold business and enhancement of ESG management system.