Western Mining ( 601168) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 39.44 billion, up 25% year-over-year, with net profit attributable to shareholders at RMB 4.17 billion, up 123% year-over-year.

• Operating cash flow increased 67% year-over-year to RMB 8.35 billion, reflecting strong profitability and cash generation.

• Major product prices (copper, lead, zinc, molybdenum, precious metals) rose significantly, boosting profitability.

• Key mining and smelting projects advanced, with capacity expansions and resource acquisitions supporting future growth.

Financial highlights

• Operating income: RMB 39.44 billion (+25% YoY); total profit: RMB 7.11 billion (+83% YoY).

• Net profit attributable to shareholders: RMB 4.17 billion (+123% YoY); basic EPS: RMB 1.75 (+124% YoY).

• Net assets attributable to shareholders: RMB 22.42 billion (+22% from year-end 2025).

• Operating cash flow: RMB 8.35 billion (+67% YoY).

• Gross margin improved due to higher metal prices and increased recovery rates.

Outlook and guidance

• Continued focus on capacity expansion, resource acquisition, and technological upgrades.

• Major projects (e.g., Yulong Copper Mine Phase III, Chating polymetallic mine) progressing on schedule.

• ESG initiatives and green mining practices to remain a strategic priority.