Yunnan Jinxun Resources (3636) H1 2026 earnings summary

Executive summary

• H1 revenue rose 49.94% YoY to RMB1,445.33m and net profit rose 70.55% to RMB230.20m, driven by higher copper prices and copper cathode sales volume.

• Gross margin expanded 6.79 percentage points to 33.55%; basic EPS was RMB1.54 versus RMB1.22 in H1 2025.

Financial highlights

• Operating revenue was RMB1,445.33m versus RMB963.92m; gross profit increased 87.98% to RMB484.94m.

• Operating profit was RMB318.50m versus RMB161.30m; profit before tax was RMB318.01m versus RMB161.20m.

• Net profit and profit attributable to shareholders were RMB230.20m versus RMB134.98m; income tax expense rose to RMB87.81m from RMB26.22m.

• Total comprehensive income was RMB204.17m, including a RMB26.03m foreign-currency translation loss, versus RMB133.43m in H1 2025.

Outlook and guidance

• Complete Zambia's technical transformation project in August 2026; DR Congo Phase I is targeted for completion and commissioning in Q3, and Phase II commissioning before year-end.

• Ramp new capacity in H2, improve copper recovery, and reduce acid, power and reagent costs.

• DR Congo sulfuric acid plant, with planned annual capacity of ~150,000 tons, is targeted to commence commissioning in Q2 2027 and support acid self-sufficiency.

• Pursue African tailings and small- to medium-sized copper mine rights and long-term ore supply agreements to increase raw-material self-sufficiency and stabilize supply.