UOB Kay Hian released a research report stating that CMOC's (03993) preliminary 2025 results met expectations, primarily driven by copper output exceeding guidance, with management further projecting a 2.6% year-on-year increase in copper production to 10.7% for 2026. The report indicated that cobalt export quotas from the Congo reflect a structural tightening of global supply, which has already prompted a significant price reaction, benefiting major producers like CMOC. Furthermore, the company enhanced its financial flexibility by issuing $1.2 billion in zero-coupon convertible bonds, with limited dilution risk; the "Buy" rating was maintained, and the target price was raised to HK$24 (from HK$20.3).