Tongling Nonferrous Metals Group (000630) Q3 2026 earnings summary

Executive summary

• YTD revenue rose 51.33% YoY to ¥184.46bn; attributable net income increased 184.75% to ¥5.05bn on the adjusted comparison basis.

• Higher product sales volumes and prices supported growth, while operating cash flow turned negative as inventory increased.

Financial highlights

• Q3 revenue was ¥62.75bn, up 36.96% YoY; attributable net income was ¥2.05bn versus adjusted ¥333.02m a year earlier, up 516.76%.

• YTD adjusted net income was ¥5.13bn, up 201.22% YoY; attributable net income was ¥5.05bn, up 184.75% on the adjusted comparison basis.

• YTD operating revenue increased 51.33% and operating costs rose 48.58%, attributed to higher sales volume and prices, alongside higher product costs.

• YTD operating cash flow was negative ¥4.14bn versus positive ¥278.89m on the adjusted prior-year basis; inventory rose to ¥48.40bn from ¥30.78bn at year-end.

Outlook and guidance

• Mirador copper mine Phase II production timing remains undetermined pending execution of its mining contract; discussions and approval coordination continued through the reporting period.

• A proposed H-share issuance and Hong Kong listing remains under consideration; terms are unsettled and implementation depends on board/shareholder review and regulatory approvals.