Yunnan Jinxun Resources (3636) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 28.3% YoY to RMB2,271.1m; net profit increased 62.4% to RMB328.8m, both record highs.

• Cathode copper output reached 28,223.9 tons, up from 20,934.8 tons in 2024; improved production scale and efficiency supported stronger results.

• Growth was led by overseas copper operations and a shift toward higher-margin production and processing; Anhui cobalt materials operations began trial production in October 2025.

Financial highlights

• Revenue RMB2,271.1m, up 28.3% YoY; gross profit RMB518.9m, up 41.1%; profit from operations RMB412.9m, versus RMB269.6m.

• Profit before tax increased to RMB397.5m from RMB242.8m; net profit rose to RMB328.8m from RMB202.4m.

• Basic and diluted EPS was RMB2.98, versus RMB1.84 in 2024.

• Cost of sales rose to RMB1,752.2m from RMB1,402.2m, while gross margin increased to 22.8% from 20.8%.

• Operating cash flow was RMB297.1m versus RMB292.6m; cash and cash equivalents ended the year at RMB295.2m, up from RMB123.9m.

Outlook and guidance

• 2026 priorities include completing the Zambia technical retrofit, DRC Phase I upgrade and DRC Phase II hydrometallurgical plant, then bringing added cathode capacity into efficient operation.

• DRC Phase II is planned for 30,000 tons of annual cathode copper capacity; construction and investment had commenced by 31 December 2025.

• Resource plans include acquiring, leasing or contracting mines, securing mining rights and pursuing high-quality tailings resources to improve raw-material security.

• Process R&D priorities include oxygen-pressure leaching, bio-metallurgy, sulfide-ore beneficiation and cobalt electrowinning, targeting higher recovery and lower energy and operating costs.