Shares of CMOC (03993) rose nearly 2%. As of the time of writing, the stock was up 1.76% to HKD 21.94, with a turnover of HKD 871 million. Recently, CMOC issued a positive profit alert, forecasting a net profit of RMB 20 billion to RMB 20.8 billion for 2025, representing a year-on-year increase of 48% to 54%. Morgan Stanley noted that the company's result met market expectations of RMB 20.2 billion, with a standalone fourth-quarter 2025 net profit estimated between RMB 5.7 billion and RMB 6.5 billion, indicating a sequential increase of 2% to 16%. Management attributed the strong performance primarily to simultaneous increases in both production volume and prices, coupled with effective cost control. The company plans for its copper production in 2026 to be between 760,000 and 820,000 tonnes, which, based on the median, implies a 7% year-on-year increase. It also targets an annual gold production of 6 to 8 tonnes from the newly acquired Brazilian gold mine, aiming to complete the acquisition in the first quarter of this year. UOB Kay Hian stated that CMOC's preliminary 2025 results were in line with expectations, mainly driven by copper output exceeding guidance, with management further guiding for a 2.6% to 10.7% year-on-year increase in copper production for 2026. The brokerage added that cobalt export quotas from the Congo reflect a structural tightening in global supply, which has already prompted a significant price response, benefiting major producers like CMOC. Furthermore, the company has enhanced its funding flexibility by issuing USD 1.2 billion in zero-coupon convertible bonds, with limited dilution risk.