Western Mining ( 601168) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 20.94% YoY to RMB 20.35bn; attributable net income increased 143.48% to RMB 2.62bn, driven by higher prices for copper, zinc, gold- and silver-bearing products.

• 9M revenue grew 23.42% to RMB 59.79bn; attributable net income rose 130.50% to RMB 6.79bn.

Financial highlights

• Q3 total profit was RMB 4.03bn, up 93.24% YoY; adjusted attributable net income was RMB 2.61bn, up 144.51%.

• 9M total profit reached RMB 11.13bn, up 86.68%; adjusted attributable net income was RMB 6.82bn, up 135.11%.

• 9M operating cash flow increased 43.62% YoY to RMB 12.65bn.

Outlook and guidance

• 9M output reached 74.97% of the annual plan for mined copper, 70.90% for mined zinc, 67.04% for mined lead and 79.59% for mined molybdenum.

• Annual plan completion was 57.99% for iron concentrate, 62.80% for gold-bearing concentrate, 76.70% for silver-bearing concentrate, 76.61% for smelted copper, 69.50% for smelted zinc and 77.92% for smelted lead.