ZHIHUI MINING (02546) has released its annual results for the period ended December 31, 2025. Revenue reached RMB 616 million, an increase of 104.4% compared to the previous year. Net profit amounted to RMB 150 million, representing a significant rise of 168.6%. Basic earnings per share were RMB 0.41, and the company proposed a final dividend of RMB 0.102 per share.

The increase in revenue during the period was primarily due to the following reasons: (i) The Group resumed its normal operating schedule and did not suspend its production lines as it did in 2024. The longer production period led to an increase in metal concentrate output, which in turn resulted in higher sales revenue compared to 2024. (ii) The grade of ore feed (lead + zinc = 6.73%) delivered to the mineral processing plant for metal concentrate production this year was significantly higher than the grade of ore feed delivered in 2024 (lead + zinc = 5.85%). A higher grade means more metal concentrate is produced from each ton of ore feed in the processing line, thereby increasing the total concentrate output. (iii) The substantially increased output was partially offset by a decline in zinc sales prices. After accounting for changes in treatment charges (i.e., smelting and concentration fees), zinc sales prices decreased by approximately 19.1%. However, (iv) compared to 2024 prices, the sales price of silver-bearing lead increased by about 32.5%, the sales price of silver-bearing copper increased by approximately 35.5%, and the copper price also rose by about 10.8%.