Daiwa Capital Markets released a research report indicating that CMOC (03993) reported a first-quarter profit of 7.76 billion yuan, a 96.7% year-on-year increase, meeting expectations. This performance was primarily driven by higher realized selling prices, stronger copper sales volumes, and increased metal trading activity. The report noted that the company's production aligns with guidance, supported by stable operations in the Democratic Republic of Congo. However, short-term fluctuations in margins and sales timing may arise due to sulfur cost pressures and uncertainties in the DRC's cobalt export policies. The firm raised its profit forecasts for 2027 and 2028 by 9% and 8%, respectively, reflecting upward revisions in copper production and margin expectations. It maintained a "Buy" rating on the stock but lowered the target price from HK$28.6 to HK$26.9.