BofA Securities emphasized in its research report that CMOC's management anticipates Q2 2025 production costs will remain stable quarter-on-quarter while decreasing year-on-year. Copper production expenses at the TFM mine are projected between $5,500-$6,000 per tonne, whereas KFM operations are expected to maintain costs at $3,000-$3,500 per tonne. The firm reiterated its "Buy" recommendation on CMOC, setting an H-share price target of HK$8.5.

CMOC's profit alert indicates H1 net profit will reach 8.2-9.1 billion yuan, reflecting robust 51%-68% year-on-year growth. This performance aligns with BofA's projections and surpasses market expectations, achieving 58% of consensus full-year forecasts. The bank estimates Q2 net profit between 4.25-5.15 billion yuan—representing 27%-54% annual expansion and 8%-31% sequential improvement.

Profit growth stems primarily from dual catalysts: copper and cobalt price movements coupled with production escalations. Q2 copper averaged $9,538/tonne, dipping 2% year-on-year but edging up 2% quarterly. Cobalt hydroxide prices surged 61% quarter-on-quarter to 188,000 yuan/tonne. Simultaneously, H1 copper output climbed 13% to 354,000 tonnes while cobalt production matched this growth rate at 61,000 tonnes.

Q2 copper production hit 183,000 tonnes—a 10% annual and 7% quarterly increase—exceeding annualized guidance of 700,000 tonnes against full-year projections of 600,000-660,000 tonnes. This outperformance stems from continuous technical upgrades boosting capacity. Cobalt output reached 30,600 tonnes despite export restrictions in the DRC, rising 6% year-on-year and 1% quarter-on-quarter as operational resilience prevailed.