China Nonferrous Mining Corporation Limited (CNMC) reported mixed FY2025 results. Revenue fell 10.4 % to US$3.42 billion as sales of self-produced copper products contracted, while net profit improved 4.6 % to US$583.21 million on firmer copper prices and a stronger processing mix.

Key financials • Gross profit: US$1.06 billion, up 1.3 %; gross margin expanded to 31.1 % (2024: 27.5 %). • Operating profit: US$818.0 million, up 4.0 %. • Profit attributable to owners: US$404.31 million, up 1.5 %. • Basic EPS: US¢10.36 (HK$0.81), broadly flat year-on-year. • Proposed final dividend: US¢4.1446 per share (total payout ~US$161.72 million), 3.4 % lower than last year’s US¢4.2893.

Segment performance (revenue / profit) • Smelting: US$2.21 billion / US$258.90 million – revenue down 18.7 % amid lower sales of self-produced blister copper and anodes; segment profit slid 20.4 %. • Leaching: US$1.21 billion / US$325.60 million – revenue rose 10.3 % on higher cathode sales and better copper prices; profit jumped 37.0 %. Smelting remained the larger contributor to sales (65 %), but Leaching overtook in profitability.

Cash flow & balance sheet • Operating cash inflow surged to US$938.66 million (+21.1 %), helped by lower inventories and higher payables. • Net cash used in investing reached US$274.95 million, reflecting heavier capex (US$314.93 million vs. US$168.79 million in 2024), mainly at Luanshya, Kambove Mining and NFCA. • Financing outflow widened to US$209.61 million after larger dividend payments and lower new borrowings. • Cash and equivalents closed at US$1.48 billion (2024: US$1.02 billion); bank and other borrowings fell to US$24.52 million, leaving CNMC with a net cash position of roughly US$1.45 billion. • Equity attributable to owners rose 10.6 % to US$2.49 billion; net gearing remained nil.

Production highlights • Blister copper & anodes: 192,266 t (-32.8 %). • Copper cathodes: 130,232 t (+3.2 %). • Sulphuric acid: 1.07 million t (+1.2 %). • Copper product processing for third parties doubled to 227,060 t, supporting revenue despite lower own-production volumes.

Cost dynamics • Unit cost of blister copper/anodes climbed 15.7 % to US$8,248/t, compressing segment margin to 12.2 %. • Copper cathode unit cost rose 6.9 % to US$4,711/t, but higher prices lifted margin to 47.8 %. • Sulphuric acid margins strengthened to 73.5 % on a 38 % price increase.

Capital projects & outlook Major spending focused on Luanshya’s Shaft 28 deep-part sulphide development, Kambove’s leach plant optimisation and NFCA’s Southeast Mine. Management flagged continued emphasis on production stability, cost control and expansion projects in 2026. Industry fundamentals—tight mine supply and robust demand from grid upgrades and new-energy sectors—are expected to support elevated copper prices, although geopolitical and power-supply risks remain.

Events after year-end • NFCA’s Southeast Ore Body resumed operations on 1 Jan 2026 after remedial works following a June 2025 shaft incident. • SML continues to address legal claims and remediation linked to a February 2025 tailings incident; liabilities remain contingent.

Dividend timetable Shareholders on record as of 3 July 2026 will receive the final dividend on 14 July 2026, subject to approval at the AGM scheduled for 25 June 2026.