香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） ** 本報告以中，英文編製。倘中英文版本有任何歧義，概以中文版本為準。 1 重要內容提示 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律 責任。 公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）保證季度報 告中財務報表資訊的真實、準確、完整。 第一季度財務報告未經審計。 一. 主要財務資料 （一）主要會計數據和財務指標 二零二五年第一季度報告 洛陽欒川鉬業集團股份有限公司（「本公司」、「公司」或「洛陽鉬業」）董事會（「董 事會」）欣然呈遞本公司及其附屬公司（統稱「本集團」）截至二零二五年三月三十一 日止第一季度財務報告參照《中國企業會計準則》編製的未經審計業績。本公告乃 根據香港聯合交易 ...

CMOC Group Limited 股份代號 : 603993.SH 03993.HK 洛陽欒川鉬業集團股份有限公司 善待自然資源 負責任礦業讓世界更美好 僅供識別 年度報告 目錄 | 公司簡介 | 2 | | --- | --- | | 報告摘要 | 3 | | 財務摘要 | 9 | | 董事會信函 | 17 | | 市場回顧及展望 | 19 | | 業務回顧及展望 | 28 | | 管理層討論與分析 | 32 | | 資源及儲量 | 42 | | 重大事項 | 46 | | 重大事項 | 46 | | 國內外行業政策 | 46 | | 風險提示 | 47 | | 企業管治報告 | 49 | | 董事會報告 | 65 | | 監事會報告 | 94 | | 董事、監事及高級管理人員簡歷 | 97 | | 審計報告 | 100 | | 公司資料 | 274 | | 常用詞語釋義 | 276 | 2 洛陽欒川鉬業集團股份有限公司 公司簡介 洛陽欒川鉬業集團股份有限公司（以下簡稱「洛陽鉬業」、「本公司」或「公司」連同其附屬公司，統稱「本集團」）是於 二零零六年八月二十五日在中華人民共和國（「中國」）成立的股份有限 ...

Financial Performance - In 2024, the company achieved a revenue of RMB 213.03 billion, representing a year-on-year growth of 14.37%[6] - The net profit attributable to shareholders reached RMB 13.53 billion, a significant increase of 64.03% year-on-year[6] - Operating cash flow increased by 108.38% year-on-year, totaling RMB 32.39 billion[6] - The company's operating revenue for 2024 reached ¥213.03 billion, a 14.37% increase from ¥186.27 billion in 2023[19] - Net profit attributable to shareholders was ¥13.53 billion, reflecting a significant growth of 64.03% compared to ¥8.25 billion in the previous year[19] - Basic earnings per share increased by 65.79% to ¥0.63, compared to ¥0.38 in 2023[19] - Operating profit surged by 90.14% to ¥25.27 billion, compared to ¥13.29 billion in 2023[29] - Total comprehensive income for 2024 was ¥16.82 billion, a 68.54% increase from ¥9.98 billion in 2023[31] - The company reported a significant increase in net profit attributable to minority shareholders, which rose by 586.13% to ¥1.93 billion in 2024 from ¥280.91 million in 2023[31] - The company's net profit increased from RMB 8,531 million in 2023 to RMB 15,459 million in 2024, representing a growth of RMB 6,928 million or 81.22%[92] Production and Operations - Copper production reached 650,200 tons, a year-on-year increase of 55%, placing the company among the top ten copper producers globally[6] - Cobalt production surged by 106% year-on-year to 114,200 tons, while niobium production exceeded 10,000 tons for the first time, reaching 10,024 tons, a 5% increase[6] - The TFM mixed ore project successfully achieved production targets with an annual copper capacity of 450,000 tons, contributing to a total of over 600,000 tons of annual copper capacity in the Democratic Republic of Congo[7] - The company’s main business revenue from copper and cobalt-related products surged to RMB 50.60 billion in 2024, compared to RMB 28.00 billion in 2023, marking an increase of approximately 80.9%[75] - Copper sales generated RMB 41,857 million in revenue, with a gross margin of 50.26%, reflecting an increase of 4.96 percentage points compared to the previous year[96] - Cobalt revenue was RMB 8,743 million, with a gross margin of 34.31%, showing a decrease of 2.70 percentage points year-on-year[96] Financial Position - The company’s debt-to-asset ratio decreased to 49.52%, down by 8.88 percentage points year-on-year[6] - The company's total assets decreased by 1.58% to ¥170.24 billion from ¥172.97 billion in 2023[19] - Total liabilities decreased by 16.55% to ¥84.29 billion, down from ¥101.01 billion in 2023[24] - Shareholders' equity increased by 19.43% to ¥85.94 billion, compared to ¥71.96 billion in the previous year[26] - Current assets decreased by 5.35% to ¥79.17 billion from ¥83.65 billion year-over-year[23] Market and Economic Outlook - The company is preparing for new significant opportunities as the market cycle changes, indicating a mature and confident acquisition strategy[15] - In 2025, copper supply and demand are expected to be tight, with strong demand driven by traditional sectors and significant growth in energy transition industries, particularly from power grid and infrastructure[193] - Global cobalt demand is projected to continue growing in 2025, primarily driven by the battery industry, with notable increases in new energy vehicles and energy storage sectors[194] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[99] Risk Management and Compliance - The company has established effective risk control mechanisms for mining rights, ensuring no expired or unrenewed mining certificates[150] - The company monitors legal and regulatory changes affecting operations and has a comprehensive compliance plan in place[142] - The company has implemented risk management procedures to minimize counterparty risks in its diversified commodity trading operations[140] Future Plans and Strategies - The company plans to implement a new round of capacity expansion and transformation projects following successful exploration results[7] - The management emphasizes the need for organizational transformation to support future global mining competition and enhance operational efficiency[10] - The company aims to stabilize its cost structure as production capacity gradually releases, achieving full production by mid-2024[115]

Investment Rating - The investment rating for the company is "Buy" (maintained) for both TFM and KFM with target prices of HKD 6.60 and RMB 8.70 respectively [1][4]. Core Insights - The company achieved a net profit attributable to shareholders of RMB 5.42 billion in H1 2024, representing a year-over-year increase of 670.4%. Revenue for the same period was RMB 102.82 billion, up 18.6% year-over-year [1]. - The copper production reached 310,000 tons and cobalt production was 54,000 tons in H1 2024, fulfilling 58% and 83% of the annual targets respectively. The company aims to achieve copper production of 800,000 to 1,000,000 tons by 2026-2028 [2]. - The copper and cobalt segment contributed significantly to profitability, with a gross margin of 52% in H1 2024, up from 42% in the previous year, driven by a 4% increase in copper prices year-over-year and a 16% increase quarter-over-quarter in Q2 2024 [3]. Financial Performance - For H1 2024, the company reported revenue of RMB 102.82 billion and a net profit of RMB 5.42 billion, with Q2 revenue at RMB 56.70 billion, showing a year-over-year increase of 33.6% and a quarter-over-quarter increase of 22.9% [1][2]. - The projected net profits for 2024, 2025, and 2026 are RMB 10.93 billion, RMB 12.76 billion, and RMB 17.63 billion respectively, indicating a strong growth trajectory [5]. - The company’s PE ratio for 2024 is estimated at 17.1X, compared to the average PE of comparable companies at 13.2X [1][6]. Production Capacity and Expansion - TFM's mixed ore project has successfully reached production capacity, with five production lines established, yielding an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, making it the fifth largest copper mine and second largest cobalt mine globally [2]. - KFM has established an annual production capacity of 150,000 tons of copper and 50,000 tons of cobalt, maintaining its position as the world's largest cobalt mine [2]. - The company is actively pursuing expansion projects, including the Nzilo II hydropower station cooperation agreement and ongoing exploration work for KFM Phase II [2].

Financial Performance - Revenue reached a record high of RMB 102.818 billion, a year-on-year increase of 18.56%[10] - Net profit attributable to shareholders reached a record high of RMB 5.417 billion, a year-on-year increase of 670.43%[10] - Operating cash flow was RMB 10.779 billion, a year-on-year increase of 23.02%[10] - Total assets grew to RMB 185.880 billion, an increase of 7.46% compared to the end of 2023[10] - Revenue for the reporting period (1-6 months) reached RMB 102.82 billion, an increase of 18.56% year-on-year[31] - Net profit attributable to shareholders of the listed company surged to RMB 5.42 billion, a 670.43% increase compared to the same period last year[31] - Basic earnings per share (EPS) rose to RMB 0.25, a 733.33% increase year-on-year[32] - Weighted average return on equity (ROE) increased by 7.50 percentage points to 8.82%[32] - Revenue reached RMB 102.8 billion, a year-on-year increase of 19%, with net profit attributable to shareholders of RMB 5.4 billion, a year-on-year increase of 670%[42] - IXM achieved a net profit attributable to shareholders of RMB 664 million[42] - Revenue for the reporting period was RMB 102.82 billion, an increase of 18.56% year-over-year[64] - Operating costs increased by 1.11% to RMB 83.92 billion[64] - R&D expenses increased by 27.41% to RMB 137.21 million[64] - Investment income rose by 54.21% to RMB 340.84 million[64] - Net cash flow from operating activities increased by 23.02% to RMB 10.78 billion[64] - Total revenue for the first half of 2024 reached RMB 102.82 billion, a 18.5% increase compared to RMB 86.73 billion in the same period of 2023[194] - Net profit for the first half of 2024 was RMB 11.15 billion, a significant increase from RMB 1.63 billion in the first half of 2023[194] - Research and development expenses for the first half of 2024 were RMB 137.21 million, a 27.4% increase compared to RMB 107.69 million in the same period of 2023[194] - Net profit for the first half of 2024 reached 6,330,391,543.37 RMB, a significant increase from 615,196,557.78 RMB in the same period of 2023[195] - Net profit attributable to the parent company's shareholders in the first half of 2024 was 5,417,259,340.41 RMB, compared to 703,144,213.69 RMB in the first half of 2023[195] - Basic and diluted earnings per share for the first half of 2024 were both 0.25 RMB, up from 0.03 RMB in the same period of 2023[195] - Operating income for the first half of 2024 was 3,192,959,014.08 RMB, a decrease from 3,957,485,958.31 RMB in the first half of 2023[196] - Operating costs for the first half of 2024 were 1,645,500,096.88 RMB, down from 1,957,997,509.46 RMB in the same period of 2023[196] - R&D expenses for the first half of 2024 increased to 115,106,483.64 RMB from 93,339,296.93 RMB in the first half of 2023[196] - Investment income for the first half of 2024 was 151,535,218.88 RMB, a significant improvement from a loss of 52,060,586.51 RMB in the same period of 2023[196] - Total comprehensive income for the first half of 2024 was 6,665,599,216.85 RMB, more than double the 3,063,546,280.19 RMB reported in the first half of 2023[195] - Foreign currency translation differences contributed 334,723,216.58 RMB to other comprehensive income in the first half of 2024, compared to 1,864,371,809.05 RMB in the same period of 2023[195] - Net profit from continuing operations in the first half of 2024 was 6,330,391,543.37 RMB, up from 517,309,623.75 RMB in the first half of 2023[195] - Operating cash flow increased to RMB 10.78 billion in H1 2024, up from RMB 8.76 billion in H1 2023, reflecting improved cash generation from core operations[197] - Sales revenue from goods and services reached RMB 96.15 billion in H1 2024, a 11.1% increase compared to RMB 86.52 billion in H1 2023[197] - Investment cash outflow decreased to RMB 13.48 billion in H1 2024 from RMB 15.45 billion in H1 2023, indicating reduced capital expenditure[197] - Net cash from financing activities rose to RMB 982.56 million in H1 2024, a significant increase from RMB 211.13 million in H1 2023[198] - Cash and cash equivalents at the end of H1 2024 stood at RMB 30.92 billion, up from RMB 26.12 billion at the beginning of the period[198] - Parent company's operating cash flow decreased to RMB 1.36 billion in H1 2024 from RMB 2.70 billion in H1 2023, showing a decline in cash generation at the parent level[199] - Parent company's investment cash inflow surged to RMB 10.20 billion in H1 2024, a 173.6% increase from RMB 3.73 billion in H1 2023[199] - Parent company's investment cash outflow increased significantly to RMB 12.72 billion in H1 2024 from RMB 3.64 billion in H1 2023, reflecting higher investment activity[199] - Cash inflows from financing activities decreased to 18.34 billion in H1 2024 from 20.72 billion in H1 2023[200] - Cash outflows from financing activities decreased to 17.90 billion in H1 2024 from 18.30 billion in H1 2023[200] - Net cash flow from financing activities dropped significantly to 441.30 million in H1 2024 from 2.41 billion in H1 2023[200] - Cash and cash equivalents decreased by 726.25 million in H1 2024 compared to an increase of 5.20 billion in H1 2023[200] - Ending cash and cash equivalents balance stood at 8.70 billion in H1 2024, down from 14.10 billion in H1 2023[200] Production and Operations - The Congo (DRC) segment achieved revenue of RMB 24.368 billion, a year-on-year increase of 444.78%, with a gross profit of RMB 12.316 billion[15] - TFM mine has an annual copper production capacity of 450,000 tons and a cobalt production capacity of 37,000 tons[15] - KFM mine has an annual copper production capacity of 150,000 tons and a cobalt production capacity of over 50,000 tons[15] - TFM and KFM achieved significant cost reduction and efficiency improvement, with copper and cobalt recovery rates significantly increased[16] - TFM became the first Chinese-operated mine in Africa to receive the Copper Mark certification[16] - In China, the company achieved revenue of RMB 3.881 billion and gross profit of RMB 1.553 billion in the first half of 2024[17] - The recovery rate of tungsten from difficult-to-process ore at Sandaozhuang and molybdenum at Shangfangou achieved breakthroughs[18] - In Brazil, CMOC Brasil achieved a record high niobium production, with revenue of RMB 3.112 billion, a year-on-year increase of 5.14%, and gross profit of RMB 826 million[19] - IXM's physical trade volume of copper increased by 29% year-on-year to 1.628 million tons in the first half of 2024[24] - IXM's physical trade volume of nickel surged by 163% year-on-year to 279,000 tons in the first half of 2024[24] - The company's Brazilian operations saw a significant decline in costs and improved operating cash flow compared to the same period last year[20] - The company's Chinese operations overcame challenges of declining ore grades and falling molybdenum prices to exceed budget targets[17] - The company's Brazilian operations were ranked as the 8th largest mining company in Brazil by the "Financial 1000" magazine[19] - The company's TFM copper-cobalt mine in the Democratic Republic of Congo became the first mine in Africa to receive the Copper Mark certification[35] - The company's KFM mine is the world's largest cobalt mine, and its Brazilian niobium mine is the world's second-largest niobium mine[37] - Copper production reached 313,788 tons, a year-on-year increase of 101%, and cobalt production reached 54,024 tons, a year-on-year increase of 178%[43] - TFM project achieved full production capacity of 450,000 tons of copper and 37,000 tons of cobalt annually, making it the world's fifth-largest copper mine and second-largest cobalt mine[44] - Niobium production exceeded 5,000 tons, a year-on-year increase of 8%, and phosphate production reached 583,300 tons, a year-on-year increase of 6%[43] - Molybdenum production was 7,349 tons, and tungsten production was 4,020 tons[43] - The company's ESG performance maintained an AA rating from MSCI, ranking in the top 19% of the global non-ferrous metals industry[47] - The company's cash and cash equivalents stood at RMB 30.9 billion, with operating cash flow of RMB 10.8 billion[42] - The company's indirect holdings in TF Holdings Limited and KFM Holding Limited, both involved in copper and cobalt mining, are 80.00% and 71.25% respectively, with revenues of 14,450,266 thousand CNY and 9,281,300 thousand CNY[91][92] - IXM, the company's trading business, reported revenues of 93,852,346 thousand CNY, with total assets of 39,470,868 thousand CNY and net assets of 8,363,279 thousand CNY[92] - The company's total number of employees in the first half of 2024 was 12,038, including 7,392 production personnel, 1,856 sales and support staff, 1,071 technical personnel, 351 financial personnel, and 1,368 administrative personnel[136] - The company's social insurance contributions in China include 16% for pension insurance, 7.5-10% for medical insurance, 0.5-0.7% for unemployment insurance, 0.16-1.43% for work injury insurance, and 12% of the monthly basic salary for housing provident fund[137] - In the Democratic Republic of Congo, the company pays 13% of social insurance for employees, covering full medical expenses for employees and their families, and offers a loyalty bonus after 5 years of service[137] - In Brazil, the company pays 37% of social insurance and seniority guarantee funds, providing double salary during annual leave, medical and dental insurance for employees and their families, and a loyalty bonus[137] - The company has implemented the L.D.P. "Backbone" and "Peak" leadership development programs to enhance the leadership capabilities of middle and senior managers, fostering strategic consensus and collaboration[138] - Training programs focus on improving employee safety awareness and operational skills, including specialized safety training for specific job roles[138] - The company has established a talent pool and introduced mentor allowances to promote efficient and structured talent development[138] - Training initiatives also cover ESG and HSE aspects, supporting the company's sustainable development goals[138] - The company has committed to a cash dividend payout ratio exceeding 40% of net profit attributable to the parent company for three consecutive years from 2024 to 2026[140] - Shareholders, including Hongshang Group and Yu Yong, have made long-term commitments to avoid同业竞争 and关联交易, ensuring business independence[139][140] - Ningde Times and its subsidiary Sichuan Times have pledged not to seek controlling rights or further increase their shareholding in the company within the next 36 months[140] - The company was ordered to pay CNY 2 million in damages to Chengling Molybdenum for various losses, as per the final judgment by the Henan High Court in 2020[141] - Chengling Molybdenum's application for retrial was rejected by the Supreme People's Court in 2021[141] - The Henan Provincial People's Procuratorate decided not to support Chengling Molybdenum's supervision application in 2024[141] - The company's total guarantee amount for non-subsidiary entities is CNY 2,379,074.08[144] - The company's total guarantee balance at the end of the reporting period is CNY 2,040,116.51[144] - The company's total guarantee amount for subsidiaries is CNY 9,790,830.60[144] - The company's total guarantee amount, including subsidiaries, is CNY 28,324,590.43, accounting for 45.69% of the company's net assets[144] - The company's entrusted wealth management amount is CNY 1,126,704.17, with no fixed maturity date[146] - The company's total number of ordinary shareholders at the end of the reporting period was 199,699[149] - The top shareholder, Hongshang Industrial Holding Group Co., Ltd., holds 533,322,000 shares, accounting for 24.69% of the total shares[150] - The second-largest shareholder, Luoyang Mining Group Co., Ltd., holds 532,978,040 shares, representing 24.68% of the total shares[150] - HKSCC NOMINEES LIMITED holds 359,904,770 shares, making up 16.66% of the total shares[150] - The company's repurchase account held 204,930,407 shares at the end of the reporting period[151] - The total amount of entrusted wealth management and structured deposits as of the reporting date was 4,716,704.17 thousand RMB[148] - The company's structured deposits with Guangfa Bank amounted to 1,000,000.00 RMB with floating returns of 1.6% or 2.53%[147] - The company's structured deposits with SPD Bank amounted to 750,000.00 RMB with floating returns of 1.2%, 2.5%, or 2.7%[147] - The company's structured deposits with an unnamed bank amounted to 600,000.00 RMB with floating returns of 1.8% or 2.2%[147] - The company's total entrusted wealth management and structured deposits principal and returns have been recovered as of the reporting date[147] - Luoyang Mining Group holds 5,329,780,425 A shares, representing 30.17% of the total A shares[154] - Sichuan Times New Energy Technology holds 5,329,780,425 A shares, representing 30.17% of the total A shares[154] - Hongshang Industrial Holdings Group holds 5,030,220,000 A shares, representing 28.47% of the total A shares[154] - BlackRock, Inc. holds 271,782,169 H shares in long positions, representing 6.91% of the total H shares[154] - The company holds 204,930,407 A shares in its repurchase account, intended for employee stock ownership or equity incentive plans[161] - The company issued a corporate bond "22 Luoshe Y1" with a total amount of 1,000,000,000 yuan, maturing on December 16, 2025, with an annual interest rate of 5.62%[162] - The company issued a green medium-term note (MTN001) with a balance of 1.5 billion yuan, used for energy-saving projects such as motor and air compressor upgrades, and the purchase of associated ore[171] - The green projects funded by the issuance achieved energy savings of 4.8098 million kWh, reduced 1,450.15 tons of standard coal, and cut CO2 emissions by 3,063.34 tons in the first half of 2024[173] - The company utilized 230.03 million tons of associated ore in the first half of 2024, reducing mineral resource waste by 50,100 tons compared to the minimum requirement set by the Henan Provincial Department of Natural Resources[173] - The company's 2021 green medium-term note (G-1) was maintained at G-1 level by China Chengxin Green Finance Technology, confirming compliance with national green industry guidelines[174] - The company's bond (22 Luoyi Y1) has a balance of 10 billion yuan and is classified as equity under accounting standards[174] - The company achieved a sustainable development performance target for the Sandaozhuang mining area in 2023, with a unit energy consumption of 0.19 kgce/t, significantly lower than the target of 0.23 kgce/t[176] - In 2023, the Sandaozhuang mining area processed 19.9042 million tons of ore, consumed 13.5852 million kWh of electricity, 1,484.30 tons of diesel, and 10.94 tons of gasoline[176] - The company saved 1,280.28 tons of standard coal and reduced CO2 emissions by 1,756.86 tons in 2023 compared to the 2020 baseline[176] - The company's non-operating receivables and fund borrowings decreased from RMB 2.763 billion at the beginning of the reporting period to RMB 2.223 billion at the end of the reporting period[178] - The company's interest-bearing debt decreased by 10.34% from RMB 11.716 billion at the beginning of the reporting period to RMB 10.505 billion at the end of the reporting period[180] - The company's consolidated interest-bearing debt increased by 7.68% from RMB 48.394 billion at the beginning of the reporting period to RMB 52.111 billion at the end of the reporting period

Financial Performance - The company's operating revenue reached a historical high of RMB 102.818 billion, representing a year-on-year increase of 18.56%[10]. - The net profit attributable to shareholders also hit a record high of RMB 5.417 billion, with a significant year-on-year growth of 670.43%[10]. - Operating cash flow remained robust at RMB 10.779 billion, reflecting a year-on-year increase of 23.02%[10]. - The company's operating revenue for the first half of the year reached ¥102.82 billion, an increase of 18.56% compared to ¥86.73 billion in the same period last year[31]. - Net profit attributable to shareholders was ¥5.42 billion, a significant increase of 670.43% from ¥703.14 million in the previous year[31]. - The net cash flow from operating activities was ¥10.78 billion, reflecting a growth of 23.02% compared to ¥8.76 billion in the same period last year[31]. - Basic earnings per share rose to ¥0.25, up 733.33% from ¥0.03 in the previous year[32]. - The company reported a significant increase in tax expenses, which rose by 376.74% to CNY 4.82 billion from CNY 1.01 billion year-on-year[64]. - The company reported a net profit for the first half of 2024 of ¥6.33 billion, compared to ¥615 million in the first half of 2023, indicating a significant improvement[194]. Production and Operations - All major products, including copper, cobalt, and tantalum, achieved production completion rates above the annual production guidance median[13]. - In the Democratic Republic of Congo, the company operates two world-class mines, TFM and KFM, with TFM having an annual copper production capacity of 450,000 tons and cobalt production capacity of 37,000 tons, while KFM has a capacity of 150,000 tons of copper and over 50,000 tons of cobalt[15]. - Copper production reached 313,788 tons, a year-on-year increase of approximately 101%, while cobalt production surged to 54,024 tons, up about 178%[43]. - The TFM project achieved an annual production capacity of 450,000 tons of copper and 37,000 tons of cobalt, making it the fifth largest copper mine and the second largest cobalt mine globally[44]. - The company completed mining activities with a total of 951.3 thousand tons from the San Dao Zhuang molybdenum-tungsten mine and 251.8 thousand tons from the Shang Fang Gou molybdenum mine, while the TFM copper-cobalt mine produced 1,024.0 thousand tons[109]. Market Position and Strategy - The company ranks 145th in the 2024 Fortune China 500 and 621st in the 2024 Forbes Global 2000 list[6]. - The company operates a dual-driven business model of "mining + trading," enhancing strategic synergy between its mining and trading operations[8]. - The company has established a partnership with the Copper Mark to promote responsible production practices across its global operations[9]. - The company has a diverse product portfolio, including critical metals for energy transition, which strengthens its market position[37]. - The company is focused on expanding its operational capacity and improving management efficiency in its Chinese mines, with a new mining area of 3,000 square meters added at the Shangfanggou molybdenum mine[18]. Trading and Revenue Streams - IXM, the trading arm, reported a significant increase in copper trading volume, with 162.8 thousand tons in the first half of 2024, up 29% from 126.2 thousand tons in the same period of 2023[24]. - The company’s nickel trading volume surged by 163%, reaching 27.9 thousand tons in the first half of 2024 compared to 10.6 thousand tons in the previous year[24]. - The company reported a revenue of RMB 3.881 billion in China for the first half of 2024, with a gross profit of RMB 1.553 billion, despite a decline in molybdenum prices[17]. - In Brazil, the company’s subsidiary achieved a revenue of RMB 3.112 billion, a year-on-year increase of 5.14%, with a gross profit of RMB 826 million[19]. - The total revenue from refined metal trading was approximately $70.11 billion, with a year-on-year increase of 24.35%[67]. Cost Management and Efficiency - The company has implemented cost reduction and efficiency improvement measures, resulting in significant increases in copper and cobalt recovery rates[16]. - The company is focused on enhancing operational efficiency through a "Lean Year" initiative aimed at improving quality, reducing costs, and increasing efficiency[103]. - The copper-cobalt segment is optimizing processes and improving technical indicators to reduce costs and enhance efficiency[104]. - The company has successfully implemented energy-saving measures that align with the guidelines set by the China Banking and Insurance Regulatory Commission[173]. Risk Management - The company is actively managing risks associated with trading, including price fluctuations and liquidity, to ensure stable and sustainable profitability[23]. - The company faces market risk due to fluctuations in domestic and international economic policies, exchange rates, and commodity prices, which can affect capital safety and hedging effectiveness[87]. - The company has implemented a comprehensive risk management framework to address price fluctuations, foreign exchange, counterparty credit, and liquidity risks in its trading operations[98]. - The company is exposed to price volatility risks in its main products, including copper, cobalt, and molybdenum, which are critical for profitability[93]. Environmental, Social, and Governance (ESG) - The company has established a global ESG management framework, achieving an AA rating in MSCI ESG performance, ranking in the top 19% of the global non-ferrous metals industry[47]. - The company is committed to maintaining its world-class ESG mining company status and has introduced a new management system to enhance its ESG evaluation standards[105]. - The company has completed ecological restoration work covering 30,700 square meters at the San Dao Zhuang mine, in line with national green mining construction requirements[108]. - The company has engaged Zhong Chengxin Green Finance Technology (Beijing) Co., Ltd. for evaluation and certification of the use of raised funds and the progress of green projects[174]. Employee and Governance - The company has a total workforce of 12,038 employees, including 7,392 production personnel, 1,856 sales and support staff, and 1,071 technical staff[136]. - The employee stock ownership plan (ESOP) is designed to enhance the alignment of interests between employees and shareholders, supporting the company's long-term strategic goals[116]. - The company has established a clear framework for the distribution of shares based on performance metrics, enhancing employee motivation and retention[124]. - The company has implemented a leadership development program targeting middle and senior management to enhance strategic consensus and collaboration[138]. Legal and Compliance - The company faced a lawsuit from Chengling Molybdenum Co., claiming economic losses of RMB 135.17 million due to construction activities, but the court ruled in favor of the company, ordering only RMB 2 million in compensation[141]. - The company has been actively managing its legal risks and has complied with court rulings regarding past disputes[141]. - The company has ongoing commitments to avoid competition with its controlling shareholders, including Hongshang Group and Luokang Group, as per disclosures made in 2011[140].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 46,121,379,515.86, representing a year-on-year increase of 4.15%[3] - Net profit attributable to shareholders for the same period was CNY 2,071,690,611.96, showing a significant increase of 553.28% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached CNY 2,091,340,863.16, with a remarkable increase of 3,082.87% year-on-year[3] - Basic and diluted earnings per share were both CNY 0.100, marking an increase of 566.67% year-on-year[3] - The company reported a net profit of CNY 3.53 billion for Q1 2024, significantly up from CNY 436.47 million in Q1 2023[16] - Net profit for Q1 2024 was approximately CNY 2.33 billion, compared to a net profit of CNY 273 million in Q1 2023, indicating a year-over-year increase of over 754%[17] - The company reported a total comprehensive income of approximately CNY 2.67 billion for Q1 2024, a significant recovery from a loss of CNY 1.14 billion in Q1 2023[17] - The company achieved a substantial increase in other comprehensive income, with a net amount of approximately CNY 340 million in Q1 2024, compared to a loss of CNY 1.41 billion in Q1 2023[17] Cash Flow and Assets - The net cash flow from operating activities was CNY 5,477,822,704.96, reflecting a growth of 17.98% compared to the same period last year[3] - Cash flow from operating activities for Q1 2024 was approximately CNY 5.48 billion, an increase from CNY 4.64 billion in Q1 2023, showing a growth of about 18%[18] - Cash inflow from investment activities in Q1 2024 totaled approximately CNY 2.33 billion, compared to CNY 896 million in Q1 2023, marking a significant increase[19] - Net cash outflow from investment activities for Q1 2024 was approximately CNY 2.95 billion, an improvement from a net outflow of CNY 5.17 billion in Q1 2023[19] - Cash flow from financing activities in Q1 2024 was approximately CNY 30.17 billion, down from CNY 32.56 billion in Q1 2023, indicating a decrease of about 7.35%[19] - The ending cash and cash equivalents balance for Q1 2024 was approximately CNY 26.52 billion, slightly down from CNY 26.65 billion in Q1 2023[19] - The company's total current assets increased to 87,970,212,943.47 RMB as of March 31, 2024, up from 83,647,583,348.66 RMB at the end of 2023[13] - Total monetary assets increased to 31,142,073,302.06 RMB, compared to 30,716,077,208.96 RMB at the end of the previous year[13] Production and Sales - Copper production reached 147,494 tons, with a year-on-year increase of 122.86%, while sales increased by 4,361.34% to 125,546 tons[9] - Cobalt production was 25,202 tons, showing a significant year-on-year increase of 392.23%, with sales rising by 2,386.88% to 24,277 tons[9] - The sales volume of refined metal products was 649,105 tons, with a year-on-year decrease of 18.69%[11] - The company reported a decrease in the sales volume of phosphate fertilizer by 18.05% to 229,109 tons[9] Shareholder Information - Total assets attributable to shareholders at the end of the reporting period were CNY 177,594,836,148.41, up 2.67% from the end of the previous year[3] - Shareholders' equity attributable to shareholders was CNY 61,976,352,450.81, representing a 4.09% increase from the previous year[3] - The total number of ordinary shareholders at the end of the reporting period was 209,582[6] - The top ten shareholders held a combined total of 1,153,000,000 shares, accounting for approximately 53.19% of the total shares[7] - The top ten unrestricted shareholders hold a total of 5,333,220,000 shares, representing 24.69% of the company's total shares[8] Operational Efficiency - The weighted average return on net assets increased by 2.84 percentage points to 3.46%[3] - The gross profit margin for copper mining and processing was 48.07%, while cobalt's gross profit margin was 36.61%[11] - Operating expenses decreased to CNY 42.70 billion in Q1 2024 from CNY 43.92 billion in Q1 2023, a reduction of 2.8%[16] - The company has implemented lean management practices, resulting in a decrease in overall costs compared to the previous year[12] Long-term Assets and Liabilities - Total assets increased to CNY 177.59 billion as of March 31, 2024, up from CNY 172.97 billion as of December 31, 2023, representing a growth of 2.9%[15] - Non-current assets totaled CNY 89.62 billion, slightly up from CNY 89.33 billion, indicating a 0.3% increase[15] - Current liabilities rose to CNY 53.56 billion, compared to CNY 48.98 billion, reflecting an increase of 9.5%[15] - Long-term borrowings decreased to CNY 18.02 billion from CNY 18.77 billion, a decline of 4.0%[15] - The retained earnings rose to CNY 26.05 billion, up from CNY 23.98 billion, indicating an increase of 8.7%[15] - Deferred tax assets increased to CNY 2.06 billion, up from CNY 1.67 billion, marking a growth of 23.6%[15] - The company’s goodwill increased slightly to CNY 430.89 million from CNY 430.14 million, a growth of 0.2%[15]

Financial Performance - The company's operating revenue reached a historical high of RMB 186.3 billion, representing an 8% year-on-year increase[11]. - Net profit attributable to shareholders hit a record high of RMB 8.25 billion, up 36% year-on-year[11]. - The company achieved a significant revenue increase of 187.24% in the Democratic Republic of Congo, totaling RMB 28 billion, with a gross profit of RMB 12.402 billion[19]. - The Chinese segment reported an operating revenue of RMB 8.611 billion, a 23.63% increase year-on-year, achieving the best historical performance[17]. - The company's operating revenue for 2023 reached RMB 186.27 billion, an increase of 7.68% compared to RMB 172.99 billion in 2022[28]. - Net profit attributable to shareholders was RMB 8.25 billion, representing a significant growth of 35.98% from RMB 6.07 billion in the previous year[28]. - The basic earnings per share increased to RMB 0.38, up 35.71% from RMB 0.28 in 2022[29]. - The company achieved a cash flow from operating activities of RMB 15.54 billion, a slight increase of 0.57% compared to RMB 15.45 billion in 2022[28]. - Total assets as of December 31, 2023, amounted to RMB 172.97 billion, reflecting a growth of 4.82% from RMB 165.02 billion in 2022[31]. - The company's total direct economic contribution for 2023 was approximately RMB 182.9 billion[27]. Production and Operations - The company maintained leading global resource volumes for copper (3,463.82 thousand tons), cobalt (524.64 thousand tons), molybdenum (136.25 thousand tons), tungsten (10.97 thousand tons), niobium (203.6 thousand tons), and phosphorus (8,222.63 thousand tons) as of 2023[9]. - In 2023, the company achieved copper production of over 520,000 tons and cobalt production of over 60,000 tons, positioning itself among the top ten copper producers globally and maintaining its status as the largest cobalt producer[39]. - The company aims to produce 800,000 to 1,000,000 tons of copper, 90,000 to 100,000 tons of cobalt, 25,000 to 30,000 tons of molybdenum, and over 10,000 tons of niobium annually by 2024[38]. - The company reported a total operating income of CNY 168.08 billion for mineral trading, with a year-on-year increase of 5.67%[82]. - The mining and processing segment generated an operating income of CNY 44.52 billion, reflecting a significant year-on-year increase of 75.44%[82]. - The company produced 419,537 tons of copper, a 51% increase from 276,992 tons in 2022[66]. - Cobalt production reached 55,526 tons, marking a significant 174% increase from 20,286 tons in the previous year[66]. - Molybdenum output was 15,635 tons, a slight increase of 3% compared to 15,114 tons in 2022[66]. - The KFM project produced 113,700 tons of copper and 33,900 tons of cobalt in 2023, while the TFM project achieved an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt across five production lines[69]. Strategic Initiatives - The company is positioned as the world's largest cobalt producer and aims to enter the top ten copper producers globally by 2024[13][19]. - The company plans to leverage its Brazilian operations in niobium and phosphorus to support strategic metal development in 2024[21]. - In January 2024, the company signed an agreement to establish a pilot plant for lithium extraction in Bolivia, marking a strategic move into lithium production[10]. - The company plans to deepen cooperation with CATL to accelerate projects in the African battery value chain and the lithium lake industry chain in Bolivia[79]. - The company is focusing on resource acquisition in response to market fluctuations, particularly in new energy metals like nickel, lithium, and cobalt[43]. - The company aims to enhance global governance capabilities and improve operational efficiency through a refined international operational system and digitalization efforts[76]. Environmental, Social, and Governance (ESG) - The company's carbon intensity is 95% lower than the industry average, with renewable energy accounting for 41% of total energy consumption[27]. - The company invested RMB 296 million in global community projects, focusing on education, healthcare, and infrastructure development[27]. - The company’s EcoVadis rating improved to gold level, placing it among the top 3 global metal and mineral traders[26]. - The company released its first TCFD report in 2023, enhancing its ESG management system to solidify its leading position in ESG practices domestically and globally[44]. - The company aims to integrate Chinese wisdom and technology with global resources to contribute to global energy transition efforts[44]. - The company is committed to improving its ESG governance model to maintain its leading position in the global industry[81]. - The company has set long-term goals for climate change and biodiversity, including a carbon neutrality roadmap to contribute to global sustainability efforts[196]. Risk Management - The company faces significant risks from price fluctuations of its main products, including copper, cobalt, molybdenum, tungsten, niobium, and phosphorus, which are critical to its profitability[120]. - The company operates in regions with varying political and economic conditions, including China, the Democratic Republic of Congo, and Brazil, which may impact operations due to geopolitical and policy risks[121]. - Interest rate risk arises from fluctuations in bank loan rates, with the company utilizing interest rate swap tools to mitigate risks associated with rising rates in the U.S.[122]. - The company is exposed to foreign exchange risks related to its non-local currency assets and liabilities, primarily involving USD, HKD, EUR, CAD, RMB, BRL, GBP, and CDF[123]. - IXM, the trading segment, employs a comprehensive risk management framework to address price volatility, foreign exchange, credit, and liquidity risks[125]. - Market risk is managed through diversification, position control, stress testing, and monitoring risk limits, with a Value at Risk (VaR) model set at a 95% confidence level[126]. Corporate Governance - The board held a total of ten meetings during the year ending December 31, 2023, to review and approve financial and operational matters[131]. - The company has adopted the principles and code provisions of the Corporate Governance Code as per the Hong Kong Listing Rules[130]. - The company has established various committees under the board to delegate responsibilities, including those related to corporate governance functions[132]. - The company has established a formal and transparent procedure for determining the remuneration policy for directors, supervisors, and senior management[146]. - The Audit and Risk Committee held seven meetings during the year, reviewing the financial performance for the fiscal year ending December 31, 2022, and the quarterly results for 2023[151]. - The company has established a risk management and internal control system, with the Audit and Risk Committee overseeing its effectiveness and reporting significant issues to the board[151]. Market Conditions - The international price of cobalt decreased by 50.12% to USD 15.11 per pound in 2023, down from USD 30.29 in 2022[46]. - The average LME copper spot price in 2023 was USD 8,483 per ton, a decrease of 4% compared to the previous year[49]. - The average price of ammonium phosphate fell by 38.77% to USD 556 per ton in 2023, down from USD 908 in 2022[46]. - The cobalt price decline was attributed to lower-than-expected performance in the new energy vehicle supply chain and increased cobalt supply from Congo and Indonesia[51]. - The molybdenum industry is expected to see stable and healthy development due to strong demand from the steel and military sectors[52]. Shareholder Returns - The company emphasizes a cash dividend policy that prioritizes reasonable returns to investors while ensuring sustainable development, with a minimum cash distribution of 30% of distributable profits each year[198]. - The company distributed a cash dividend of RMB 0.8508 per 10 shares, totaling RMB 1,820,227,909.77 during the reporting period[200].

Financial Performance - The company achieved a record annual revenue of RMB 186.3 billion, representing an 8% year-on-year growth, and a net profit attributable to shareholders of RMB 8.2 billion, up 36% year-on-year[2]. - The company's operating revenue for 2023 reached ¥186.27 billion, a 7.68% increase from ¥172.99 billion in 2022[12]. - Net profit attributable to shareholders was ¥8.25 billion, representing a 35.98% increase compared to ¥6.07 billion in the previous year[12]. - The company's total assets increased by 4.82% to ¥172.97 billion from ¥165.02 billion in 2022[12]. - The net assets attributable to shareholders rose by 15.17% to ¥59.54 billion, up from ¥51.70 billion in the previous year[12]. - Basic earnings per share increased by 35.71% to ¥0.38, compared to ¥0.28 in 2022[12]. - The company reported a significant recovery in fair value of financial assets, with a gain of ¥355,074,065.85 in 2023 compared to a loss of ¥1,684,640,006.66 in 2022[13]. - The total revenue for 2023 reached ¥186.27 billion, an increase of 7.68% compared to ¥172.99 billion in 2022[17]. - Operating profit for 2023 was ¥13.29 billion, up 34.37% from ¥9.89 billion in 2022[17]. - The company reported a total financial expense of RMB 3,003,843,245.97 for 2023, significantly higher than RMB 1,808,465,367.08 in 2022, reflecting an increase of about 66.1%[37]. Production and Operations - Copper production reached 419,500 tons, a 51% increase, while cobalt production surged 174% to 55,500 tons, solidifying the company's position as the world's largest cobalt producer[2]. - The TFM mixed ore project commenced production in October 2023, with an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt[2]. - TFM and KFM projects are expected to achieve full production in 2024, with targets of over 520,000 tons of copper and 60,000 tons of cobalt[6]. - The KFM project produced 113,700 tons of copper and 33,900 tons of cobalt in 2023, while the TFM project has a production capacity of 450,000 tons of copper and 37,000 tons of cobalt annually[106]. - The total mining volume for the TFM copper-cobalt mine reached 1,803,000 tons, while KFM copper-cobalt mine produced 437,160 tons during the reporting period[84]. Strategic Initiatives - The company sold 80% of its stake in the NPM copper mine, generating substantial returns, and secured lithium salt lake mining rights in Bolivia, completing its layout in new energy metals[2]. - The company aims to produce 800,000 to 1,000,000 tons of copper and 90,000 to 100,000 tons of cobalt annually by 2028, as part of its five-year development plan[5]. - The company is focused on digital transformation and international governance to strengthen its competitive edge in the global market[3]. - The company plans to enhance operational quality and maintain high safety standards while achieving high ESG performance[6]. - The company aims to enhance its global competitiveness by focusing on cost reduction and efficiency improvements, with 30% to 40% of assessments dedicated to these goals[9]. ESG and Sustainability - The company improved its MSCI ESG rating to AA, ranking in the top 20 of the global non-ferrous metals industry[3]. - The company is committed to strengthening its ESG management system to maintain its leading position and ensure sustainable development[11]. - The company is committed to enhancing its ESG governance model to maintain its leading position in the industry[128]. Financial Position and Cash Flow - The net cash flow from operating activities was ¥15.54 billion, showing a slight increase of 0.57% from ¥15.45 billion in 2022[12]. - The company's cash and cash equivalents decreased by 5.92% to ¥30,716,077,208.96 in 2023 from ¥32,647,565,268.28 in 2022[14]. - The total current assets decreased by 2.37% to ¥83,647,583,348.66 as of December 31, 2023, compared to ¥85,681,792,329.61 in 2022[14]. - The company's long-term investments increased by 15.25% to ¥2,228,736,782.08 in 2023, compared to ¥1,933,910,294.77 in 2022[14]. - The total liabilities decreased by 1.91% to ¥101,012,356,495.30 in 2023 from ¥102,981,802,839.63 in 2022[15]. Market Trends and Risks - The company faces risks related to price fluctuations of key products, geopolitical and policy risks, interest rate risks, and foreign exchange risks, which could impact operational performance[60][61][62][63]. - The global copper market is expected to see increased demand driven by electric vehicles and renewable energy sectors, supporting copper prices[115]. - The cobalt market faces uncertainty in demand recovery, influenced by the performance of ternary batteries and 3C electronics[116]. - Molybdenum demand is projected to remain stable due to ongoing investments in wind energy and the upgrade of the steel industry[117]. Future Outlook - The company projects copper production for 2024 to be between 520,000 to 570,000 tons, cobalt production between 60,000 to 70,000 tons, and phosphate production between 1.05 million to 1.25 million tons[121]. - The company aims to achieve operational goals by focusing on full capacity utilization in Africa, cost reduction in Brazil, and the implementation of new strategic projects[122]. - The company plans to enhance global governance capabilities through a management model that integrates Chinese and foreign elements, supported by a digital governance tool[123].

Financial Performance - The company's operating revenue for Q3 2023 was RMB 44,955,987,324, representing a year-on-year increase of 10.45%[3] - Net profit attributable to shareholders for Q3 2023 was RMB 1,739,970,860, a significant increase of 50.26% compared to the same period last year[3] - Basic and diluted earnings per share for Q3 2023 were both RMB 0.081, reflecting a growth of 47.82% year-on-year[3] - Total revenue for the first three quarters of 2023 was approximately ¥131.68 billion, a slight decrease from ¥132.47 billion in the same period of 2022, representing a decline of about 0.6%[15] - Operating profit for the first three quarters of 2023 was approximately ¥5.10 billion, down from ¥9.46 billion in 2022, indicating a decrease of about 46.1%[15] - The company reported a net profit of approximately ¥2.27 billion for the first three quarters of 2023, compared to ¥6.23 billion in the same period of 2022, reflecting a decline of about 63.5%[15] - Total comprehensive income for the first three quarters of 2023 is approximately RMB 4.50 billion, down 69.7% from RMB 14.84 billion in the same period of 2022[16] Assets and Liabilities - Total assets as of the end of Q3 2023 reached RMB 184,682,980,181, marking an increase of 11.92% from the end of the previous year[3] - Non-current assets totaled approximately ¥92.63 billion as of September 30, 2023, up from ¥79.34 billion at the end of 2022, an increase of about 16.7%[14] - Current liabilities increased to approximately ¥59.15 billion as of September 30, 2023, compared to ¥50.06 billion at the end of 2022, representing an increase of about 18.5%[14] - Long-term borrowings rose to approximately ¥20.35 billion as of September 30, 2023, from ¥18.98 billion at the end of 2022, an increase of about 7.2%[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was RMB 10,099,780,928, showing a decrease of 6.53% year-on-year[3] - Operating cash flow for the first three quarters of 2023 is approximately RMB 10.10 billion, a slight decrease of 6.5% compared to RMB 10.81 billion in the same period of 2022[17] - Net cash flow from investing activities for the first three quarters of 2023 is approximately -RMB 10.69 billion, worsening from -RMB 8.02 billion in the same period of 2022[18] - Total cash inflow from financing activities for the first three quarters of 2023 is approximately RMB 73.47 billion, a decrease of 17.0% from RMB 88.49 billion in the same period of 2022[18] Production and Inventory - The production of copper (TFM and KFM) was 267,139 tons, with sales reaching 304,829 tons, representing a year-on-year increase of 42.56% in production and 133.74% in sales[10] - Cobalt production increased by 143.89% year-on-year, with 37,259 tons produced and 23,845 tons sold[10] - The company reported a total inventory of RMB 34,872,911,249.76 as of September 30, 2023, up from RMB 32,254,722,426.64 at the end of 2022[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 247,231[6] - The second largest shareholder, Luoyang Mining Group, has pledged 5,329,780,425 A-shares, accounting for 24.68% of the total share capital, which has now been fully released from pledge[9] ESG and Sustainability - The establishment of the ESG development department aims to promote sustainable development strategies, with a target of carbon peak by 2030 and carbon neutrality by 2050[11] - The company has set a goal to solidify its position as an ESG leader through its carbon neutrality roadmap[11] Other Financial Metrics - The weighted average return on equity for Q3 2023 was 3.26%, an increase of 1.04 percentage points compared to the previous quarter[3] - Research and development expenses for the first three quarters of 2023 were approximately ¥220.17 million, down from ¥316.79 million in 2022, a decrease of about 30.4%[15] - Cash and cash equivalents at the end of the first three quarters of 2023 amount to approximately RMB 31.12 billion, down from RMB 34.28 billion at the end of the same period in 2022[18]