MMG (01208) fell more than 6% after the release of its annual results. As of the time of writing, the stock was down 5.7%, trading at HK$9.43, with a turnover of HK$317 million.

The company reported annual revenue of $6.218 billion, a 39% year-on-year increase, and a net profit of $509 million, surging 214.64% compared to the previous year.

Citigroup noted that MMG's second-half 2025 profit was $169 million, up 20% year-on-year but down 50% from the first half, primarily due to an impairment loss recorded during the period.

It was reported that in the second half of 2025, MMG recognized a $290 million impairment loss for its Kinsevere operation, attributed to unstable power supply, a suspension of cobalt production, and fiscal uncertainties.