Yunnan Tin Company (000960) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached ¥31.57 billion, up 49.68% year-over-year, with net profit attributable to shareholders at ¥1.50 billion, up 41.60%.

• Operating cash flow increased 53.04% to ¥2.18 billion, and total assets rose 5.34% to ¥42.39 billion as of June 30, 2026.

• The company maintained its leading global market share in tin, with domestic share at 53.35% and global at 27.16% in 2025.

• Major production volumes in H1 2026: tin 51,800 tons, copper 69,200 tons, zinc 72,300 tons, indium 63 tons.

Financial highlights

• Gross margin for main business was 11.18%, with copper and zinc products showing improved profitability.

• EBITDA to total debt ratio increased to 17.84%, and interest coverage improved to 14.39x.

• Basic and diluted EPS were ¥0.8991, up 43.63% year-over-year.

• Weighted average ROE rose to 7.32% from 5.37% a year earlier.

• Non-recurring losses included asset disposals and fair value changes, offset by government subsidies and tax rebates.

Outlook and guidance

• The company will focus on resource security, production efficiency, cost reduction, and technological innovation in H2 2026.

• Plans to strengthen supply chain resilience, enhance risk management, and continue ESG and digital transformation initiatives.

• No interim dividend, bonus shares, or capital increase from reserves planned for H1 2026.