Goldman Sachs published a research report stating that it has raised its recurring earnings forecasts for CMOC (03993) for 2025-27 by 5% to 9%. The H-share target price was increased from HK$9.5 to HK$10.8, while the A-share (603993.SH) target price was raised from RMB 11.5 to RMB 13. The firm expects rising copper and other rare metal prices to drive a 38% increase in full-year recurring profit this year, maintaining its "Buy" rating.

CMOC reported first-half net profit of RMB 8.67 billion, up 60% year-on-year. Excluding one-time items, recurring net profit reached RMB 8.62 billion, up 52% year-on-year, which exceeded market expectations but was 8% below the bank's forecast, mainly due to higher-than-expected sales costs from Democratic Republic of Congo operations.