CMOC Group (3993) Q4 2025 earnings summary

Executive summary

• Achieved record net profit attributable to shareholders of RMB 20.3 billion, up 50.3% year-over-year, with return on equity at 26.61%, up 5.65 percentage points.

• Operating revenue was RMB 213.0 billion, down 2.98% year-over-year, while operating costs decreased by 11.56%.

• Expanded into the gold sector with acquisitions in Ecuador and Brazil, diversifying the mineral portfolio.

• Maintained robust financial structure with a gearing ratio of 50.34% and strong global presence across Asia, Africa, South America, and Europe.

Financial highlights

• Net profit attributable to shareholders: RMB 20.3 billion, up 50.3% year-over-year.

• Operating revenue: RMB 213.0 billion, down 2.98% year-over-year.

• Net cash flow from operating activities: RMB 20.8 billion, down 35.64% year-over-year.

• Basic EPS: RMB 0.63, up 50.79% year-over-year.

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

• Total assets: RMB 170.2 billion, up 16.07% from previous year.

Outlook and guidance

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

• Copper market expected to remain tight with high prices; gold prices to stay elevated amid geopolitical uncertainty.

• Focus on platform-based operations, capacity expansion in Africa, and refined management in China.

• Continued emphasis on ESG, aiming for AAA Wind ESG rating and further Copper Mark certifications.