Key Takeaways:
CMOC H1 net profit jumped 86 percent to RMB 16.15 billion on record revenue, with interim dividend resumed after 14 years.
The company attributed the growth to higher production and sales volumes of major products, elevated prices, and improved operational efficiency through platform-based organizational restructuring, according to its unaudited interim results announcement.
Revenue reached RMB 135.32 billion, up 42.78 percent year-on-year, a record for the period. Net profit after deducting non-recurring gains and losses was RMB 15.606 billion, up 78.89 percent. Second-quarter profit hit RMB 8.39 billion, also a record quarterly high. Basic earnings per share were RMB 0.76, up 85.37 percent. Net operating cash flow rose 36.02 percent to RMB 16.33 billion, and weighted average return on equity was 18.29 percent, up 6.59 percentage points.
Hong Kong-listed shares gapped up nearly 5 percent at the open and last traded at HK$17.33, up 5.03 percent, with turnover of HK$152 million. The interim dividend of RMB 0.095 per share marks the first interim payout since 2012, reflecting management confidence in full-year cash flow.
Copper production reached 388,000 tonnes in the first half, up 9.73 percent year-on-year, maintaining CMOC's position among the world's top ten copper producers. Cobalt output was 65,300 tonnes, up 6.93 percent. Gold production totaled 100,400 ounces, while molybdenum reached 6,779 tonnes and tungsten 3,496 tonnes. Niobium output rose 2.29 percent to 5,351 tonnes.
The gold business has emerged as a new strategic pillar. Four gold mines in Brazil completed delivery in January, holding approximately 156 tonnes of gold resources, with full-year 2026 gold production estimated at 6 to 8 tonnes. Combined with the Odin Gold Mine in Ecuador acquired in 2025, CMOC is targeting annual gold production capacity exceeding 20 tonnes by 2029.
Copper and gold segments together contributed 72 percent of total mining revenue in the first half. Copper generated RMB 32.52 billion in revenue, while gold posted RMB 3.02 billion. Molybdenum revenue rose 33.11 percent to RMB 3.93 billion, and tungsten revenue jumped 187.97 percent to RMB 3.19 billion.
Total assets stood at RMB 227.74 billion, up 13.34 percent from end-2025, with a debt-to-asset ratio of 52.16 percent. The company is dual-listed on both A-shares and H-shares, with its A-share ticker 603993.SS.
The results come as gold prices have surged past $4,500, with peer Zijin Gold International also reporting a 179 percent interim profit jump and declaring its maiden interim dividend. CMOC's gold expansion positions it to capture further upside from elevated precious metals prices.
The dividend resumption and record earnings point to management's confidence in sustained cash generation. Investors will watch second-half copper prices and the ramp-up of Brazilian gold production as CMOC works toward its 20-tonne annual gold target by 2029.
This article is for informational purposes only and does not constitute investment advice.
