CMOC Group (3993) Q4 2025 earnings summary

Executive summary

• Achieved record net profit attributable to shareholders of RMB13.53 billion, up 50.3% year-over-year, with robust performance across all core product segments and successful expansion into the gold sector through major acquisitions in Ecuador and Brazil.

• Operating revenue reached RMB213.03 billion, a 2.98% decrease year-over-year, while return on equity rose to 26.61%, up 5.65 percentage points.

• Maintained a strong financial structure with a gearing ratio of 50.34% and continued to optimize capital allocation through the issuance of USD1.2 billion convertible bonds and active share repurchases.

• Continued focus on ESG, receiving the highest Wind ESG AAA rating and maintaining industry leadership in sustainable development.

Financial highlights

• Net profit attributable to shareholders: RMB13.53 billion, up 50.3% year-over-year.

• Operating revenue: RMB213.03 billion, down 2.98% year-over-year.

• Net cash flow from operating activities: RMB20.84 billion, down 35.64% year-over-year.

• Basic and diluted EPS: RMB0.63, up 50.79% year-over-year.

• Weighted average return on net assets: 26.61%, up 5.65 percentage points.

• Total assets: RMB170.24 billion, up 16.07% from prior year.

Outlook and guidance

• 2026 production guidance: copper 760-820kt, cobalt 100-120kt, gold 6-8t, molybdenum 11.5-14.5kt, tungsten 6.5-7.5kt, niobium 10-11kt, phosphate fertilizer 1.05-1.25Mt.

• Copper and gold markets expected to remain strong, with supply constraints and robust demand from energy transition sectors.

• Continued focus on platform-based operations, digitalization, and ESG integration to drive long-term growth.