Metallurgical Corporation of China (1618) H1 2026 earnings summary

Executive summary

• Operating revenue for H1 2026 was RMB175.91 billion, down 25.94% year-over-year, with net profit attributable to shareholders at RMB2.33 billion, a 24.95% decrease from H1 2025.

• The company advanced its "Five-Five Strategy," increasing the share of core and featured businesses in revenue mix, and achieved notable progress in digital and intelligent applications.

• Cash-to-revenue ratio improved to 105.32%, up 18.89 percentage points year-over-year, and interest-bearing debt was reduced by 37.9% year-over-year.

• Major scientific and technological breakthroughs were achieved, including the commissioning of hydrogen-based shaft furnace technology and 1,381 new invention patents granted.

• The company proactively adjusted its business mix, focusing on core and high-value segments to strengthen risk resilience and competitiveness.

Financial highlights

• Operating revenue: RMB175.91 billion, down 25.94% year-over-year.

• Net profit attributable to shareholders: RMB2.33 billion, down 24.95% year-over-year.

• Basic EPS: RMB0.05, down from RMB0.09 in H1 2025.

• Total assets: RMB806.79 billion, down 3.89% from end-2025.

• Shareholders’ equity: RMB184.87 billion, up 0.72% from end-2025.

• Value of newly signed contracts: RMB413.64 billion, down 24.55% year-over-year.

Outlook and guidance

• The company will continue to focus on transformation and upgrading, aiming to systematically reshape its development model and profit structure.

• Emphasis on green, intelligent, and high-end development in core and featured businesses.

• Plans to further industrialize major scientific and technological achievements and foster new growth engines in digital, green, and high-end manufacturing sectors.

• Interim dividend plan for 2026 will be implemented if conditions are met, not exceeding RMB2.33 billion.

• Plans to further optimize business structure and enhance overseas market presence.