CMOC Group has released its 2025 annual report, revealing annual revenue of RMB 206.684 billion, a decrease of 2.98% year-on-year. Net profit attributable to shareholders reached RMB 20.339 billion, marking an increase of 50.30% compared to the previous year. Adjusted net profit after non-recurring items stood at RMB 20.407 billion, up 55.56% year-on-year, with basic earnings per share at RMB 0.95.
The company exceeded the median production guidance across all products, achieving record-high performance. Copper output reached 741,100 tons, a 13.99% increase year-on-year, achieving 118% of the target and positioning the company among the top ten global copper producers. All other products also surpassed their planned output levels: cobalt at 117,500 tons (107% of target), molybdenum at 13,900 tons (103%), tungsten at 7,114 tons (102%), niobium at 10,348 tons (103%), and phosphate fertilizers at 1.2135 million tons (106%).
Average prices for copper, cobalt, and ammonium paratungstate rose by 8.73%, 42.81%, and 57.41% year-on-year in 2025. Simultaneously, the company implemented cost-reduction and efficiency-improvement initiatives across operations, adopting advanced mining technologies and optimizing procurement and management processes. Operating costs decreased by 12% year-on-year. The combined effect of lower costs, higher output, and rising prices drove the 55.56% growth in adjusted net profit.
CMOC adhered to its copper-gold dual-core strategy, diversifying its mineral portfolio. In 2025, the company acquired five gold mines, entering the gold sector. In June, it completed the acquisition of 100% equity in Odin Mining in Ecuador for CAD 581 million. In December, it acquired 100% interests in four producing gold mines in Brazil—Aurizona, RDM, and the Bahia complex—for USD 1.015 billion, with the transaction finalized in January 2026. Annual gold production from the Brazilian mines is projected to reach 6–8 tons by 2026, with total gold capacity expected to hit 20 tons by 2029, forming a new growth driver.
The company is advancing expansion and efficiency efforts, with the KFM Phase II project progressing smoothly. The USD 1.084 billion project is scheduled for commissioning in 2027 and will add 7.26 million tons of annual ore processing capacity, yielding an additional 100,000 tons of copper metal per year at full production, further strengthening CMOC's copper capacity advantage. Collaboration with research institutions has improved recovery rates for niobium, phosphorus, molybdenum, and tungsten. The company is also enhancing comprehensive recycling, achieving industrial-scale sulfur recovery, initiating trial runs for rhenium recovery, and scaling tailings utilization to boost productivity.
Expense ratios remained well-controlled, with selling/management/financial/R&D expense ratios at 0.05%/1.57%/0.25%/0.21%, changing by +0.01/+0.40/-1.10/+0.04 percentage points year-on-year. The combined selling, management, and financial expense ratio was 1.87%, down 0.69 percentage points from the previous year. Lower financial expenses were mainly due to reduced interest payments and exchange losses. Supported by rebounding market prices for key products and sustained cost controls, profitability improved significantly. The comprehensive gross margin reached 23.93% in 2025, up 7.38 percentage points year-on-year.
CMOC remains committed to its copper-gold asset strategy, driven by organic development and strategic acquisitions, advancing toward global leadership in the mining industry. Given continued upward trends in copper, cobalt, tungsten, and gold prices, earnings forecasts have been raised, and an Overweight rating is maintained. Projected revenues for 2026–2028 are RMB 221.565 billion, RMB 253.913 billion, and RMB 262.419 billion, with net profits of RMB 30.276 billion, RMB 38.973 billion, and RMB 41.851 billion. Corresponding EPS are RMB 1.42, RMB 1.82, and RMB 1.96, with P/E ratios of 13.53x, 10.51x, and 9.78x.
Risks include potential declines in copper and cobalt prices, delays in project expansion, and changes in overseas policies.
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