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603993.SH, 3993.HK · A-shares · Hong Kong

603993.SH / 3993.HK CMOC: H1 profit surge + Cu–Au dual-pole

CMOC H1'26 rev ¥135.320B (+42.78%), NI ¥16.152B (+86.27%); Cu–Au dual-pole + Brazil gold. A-share ~¥18.00 / mkt ~¥385.1B.

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Market snapshot

A-share (~8/19)
CNY 18
Market cap (approx)
CNY 385.1B
2025 parent NI
CNY 20.3B
H1'26 parent NI
CNY 16.2B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

CMOC (603993.SH / 3993.HK) is a global Cu/Co/Mo/W/Nb/Au miner. 2025 revenue ¥206.684B (−2.98%), parent NI ¥20.339B (+50.30%); H1'26 revenue ¥135.320B (+42.78%), parent NI ¥16.152B (+86.27%), adj. NI ¥15.606B (+78.89%) — already ~80% of 2025 full-year NI. Q2 revenue ¥68.92B (+41.3% YoY), parent NI ¥8.392B (+77.6% YoY, ~+8% QoQ). As of 2026-08-19 A-share ~¥18.00 / mkt ~¥385.1B.

Volume + prices + Cu–Au dual-pole drive the profit surge; Brazil gold adds a second growth leg. Sector: nonferrous metals deep-dive.

Business

Model: Global Cu/Co/Mo/W/Nb/Au mining and trading — earnings ≈ mine volumes × metal prices, plus IXM trading.

Flagships: (1) Copper (Africa TFM/KFM; H1 output 388kt, +9.73%, top-10 global Cu producer); (2) Cobalt (major global supplier); (3) Gold (100% of four producing Brazil mines closed 2026-01-23; ~156t resources; 2026 guide 6–8t, path to >20t/yr); (4) Mo/W (China mines; recoveries at historic highs).

Competitiveness: DRC Cu/Co cost-curve position; Cu–Au dual-pole diversifies commodity/region risk; mine + IXM trading (record trading print).

Strategy (12–24m): deliver Cu/Au guides; KFM phase 2 planned 2027 (~+100kt Cu/yr processing); $1.2B zero-coupon CB for overseas expansion.

Strategy pillars

Strategy pillars
PillarDetail
主业定位「铜金双极」：铜钴为主，黄金第二极，钼钨对冲
产量指引H1 铜 38.80 万 t（+9.73%）；金 2026 指引 6–8t，中长期 >20t/年
非洲铜钴TFM/KFM 稳态；KFM 二期拟 2027（约 +10 万 t Cu/年处理能力）
巴西金矿2026-01-23 完成四座在产金矿 100% 收购；约 156t 资源
融资配套发行 $1.2B 零息可转债支持海外扩张；中期分红约 20.32 亿
As of 2026-09-25

Entity boundary: 603993.SH / 3993.HK multi-metal miner. Material near-term corp actions in Corporate events (Brazil gold close, CB, interim dividend).

Value chain

Position: primarily upstream mining; trading secondary.

Side Counterparties Dependence
Upstream Licenses, power, logistics, contractors Host country / infrastructure (DRC / Brazil)
Downstream Smelters, battery materials, industrials Cu/Co/Au demand and traders

Customer structure

Customer structure
ItemValueNote
客户类型冶炼厂、电池材料与工业用户、贸易商铜钴下游
客户集中度N/A（未具名 Top 占比）年报未披露则明示
地域 / 结算全球化销售；行业惯例账期—
As of 2026-09-25

Customer concentration: Top customers not named when undisclosed; downstream smelters, battery materials, industrials.

Supply-chain risks: (1) DRC geopolitics/export/community; (2) power and logistics bottlenecks; (3) Brazil gold integration / ramp — echoed in Risks.

Corporate events

Material 24–36m actions for valuation:

Corporate events

Corporate events
DatePhaseEventMeaning
2026-01-23外延完成巴西四座在产金矿 100% 收购约 156t 金资源；「铜金双极」落地
2026融资发行 12 亿美元零息可转债海外扩张备资；关注稀释
2026-08-19业绩发布 2026H1：营收 1353.20 亿、归母 161.52 亿利润高增兑现；接近 2025 全年八成
2026-08-19分红首次中期分红：每 10 股派 0.95 元（含税）约 20.32 亿元；现金流信心信号
2027（规划）产能KFM 二期拟投产约 +10 万 t Cu/年处理能力
As of 2026-09-25

Price & valuation

Around 2026-08-19 A-share ~¥18.00 / mkt ~¥385B. Static PE (mkt / 2025 NI) ~19x; TTM / H1-annualized earnings imply a lower multiple — market prices Cu–Au volume vs DRC/Brazil ops risk. Interim dividend RMB 0.95 / 10 shares (tax-incl.), ~¥2.032B.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
P/E（静态约）约 19x市值约 3851 亿 / 2025 归母 203.39 亿；H1 年化更低
P/B约 4.3x归母净资产 899.63 亿（H1 末）
盈利收益率约 5.3%1/静态 PE；若用 TTM/年化更高
现价读法A 股约 18.00 元（2026-08-19）定价铜金放量 vs 刚果/巴西运营风险
As of 2026-09-25

~3y valuation / return series (illustrative public-market; div yield and trailing ann. return approximate):

Valuation & returns · ~3y

Interactive chart available in the reader.

Illustrative public-market quarter-ends; div yield and trailing ann. return approximate — terminals prevail · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24 months)

H1'26 revenue and NI at period highs. Quarterly series with YoY/QoQ below. Net margin lifted from ~9.8% FY2025 to ~11.9% H1 (Q1 ~11.7%, Q2 ~12.2%).

Revenue · last 8 quarters

Interactive chart available in the reader.

From annual/interim filings (Q1/Q2'26 official; earlier quarters illustrative; disclosures prevail) · As of 2026-09-25

Net margin · last 8 quarters

Interactive chart available in the reader.

Parent NI / revenue approx; Q1'26~11.7%, Q2'26~12.2%, H1~11.9%; earlier quarters illustrative · As of 2026-09-25

Financial health (§A.7)

Healthy / expansionary — H1 OCF ¥16.334B (+36.02%), tracking NI; gearing 52.16%; parent equity ¥89.963B. Watch overseas CapEx, CB dilution, and WC.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评健康偏扩张H1 利润与 OCF 双高增；关注海外 CapEx 与可转债
经营现金流（H1'26）163.34 亿元（+36.02%）与归母 161.52 亿基本匹配
资产负债率52.16%总资产 2277.36 亿；归母净资产 899.63 亿（+9.13%）
流动性 / 股东回报中期分红约 20.32 亿每 10 股派 0.95 元（含税）；另有 $1.2B 零息可转债
审计意见无保留（常规预期）以最新年报核数师报告为准；半年报未经审计
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Operations

H1 Cu output 388kt (+9.73%); Africa TFM/KFM steady; China Mo/W recoveries at highs; IXM trading at a record. Cu + Au mining revenue ~72% of mine-side (Cu ~¥32.5B, Au ~¥3.0B).

Key financials / volumes

Key financials / volumes
ItemValueYoYNote
H1'26 revenue¥135.320B+42.78%Period high
H1'26 parent NI¥16.152B+86.27%~80% of FY2025 NI
Q2'26 revenue¥68.92B+41.3%~+3.8% QoQ
Q2'26 parent NI¥8.392B+77.6%~+8% QoQ vs Q1 ¥7.760B
H1 Cu output388kt+9.73%Top-10 global Cu
Core metalsCu / Au / Co / Mo—Cu–Au dual-pole
As of 2026-09-25

Competition

Peers: Zijin, Huayou, JXCC.

Strengths: Cu/Co volume torque and costs; Brazil gold enables Cu–Au dual-pole; Mo/W hedge.
Weaknesses: DRC still concentrated; gold integration/ramp execution; market applies a geopolitical discount.

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer comparison

Peer comparison
CompanyPosition / shareGM / marginStrengthWeakness
洛阳钼业 603993 (self)铜金钴钼钨全球化净利率 H1~12%刚果铜钴成本 + 巴西金矿第二极地缘集中；金矿爬坡执行风险
紫金矿业 601899铜金锂全球化矿端高品种与区域更分散；金矿成熟钴暴露弱于钼业
华友钴业 603799钴材料深加工材料偏低正极客户与一体化矿端自给弱于钼业
江西铜业 600362铜冶炼龙头冶炼偏低国内冶炼规模矿端弹性不足
As of 2026-09-25

Management

Key management (24m)

Key management (24m)
RoleNameSince24m change
董事长 / Chair孙瑞永公开披露任职期间无重大披露变动（以最新年报为准）
CEO / 总裁李朝春公开披露任职期间无重大披露变动
CFO / 财务负责人邹俊公开披露任职期间无重大披露变动（以最新年报为准）
As of 2026-09-25

24m changes: No material disclosed core-officer turnover (per latest interim/annual).

Stability: Ops bench stable; DRC ops, Brazil gold integration, and metal prices dominate risk — not HQ succession.

Outlook

As-of note: figures per H1'26 disclosures around 2026-08-19/20; package structure/wiki-links rechecked 2026-08-25 without changing core H1 numbers.

Commodity demand: Copper supported by grid/new energy; cobalt tied to NCM/alloys; gold adds monetary/hedge elasticity.

H2'26 watch: Cu/Au volumes vs guide (Au 6–8t), KFM phase-2 progress, metal prices, Brazil ramp. Interim dividend signals cash-flow confidence; CB funds overseas expansion.

Scenarios

Scenario Conditions Implication
Bull Firm Cu; gold on guide; DRC steady Further NI upgrades / re-rating
Base Metals range-bound; guides met Cyclical hold
Bear Metal crash, geopolitics, or gold miss NI cut + de-rating

Risks

Risks (with severity)

Risks (with severity)
RiskLevelNote
刚果（金）地缘 / 出口政策高资产集中；社区与物流扰动
铜钴价格回落高利润弹性主要来自量价
巴西金矿整合 / 产量爬坡中高2026 指引 6–8t；中长期 >20t 路径未兑现
电力与物流瓶颈中高供应链回扣
可转债稀释 / 海外 CapEx中$1.2B 零息可转债；扩张期资本开支
汇率与税费中海外利润折算
ESG / 供应链审查中电池材料客户合规要求
As of 2026-09-25

Tracking

Next 3Q / annual check:

  1. Cu / Au quarterly volumes vs guides (Au 2026: 6–8t)
  2. DRC TFM/KFM ops / export / power-logistics notices
  3. Brazil gold ramp and unit costs
  4. KFM phase-2 progress (planned 2027) vs Cu price / unit costs
  5. OCF vs CapEx, CB dilution, interim dividend settlement

Confirm: volumes on guide, mines steady, OCF matches NI, gold contribution visible.
Falsify: DRC shock, deep Cu/Co selloff, gold miss, leverage blow-out.

References

  1. HKEX: CMOC 2026 interim report-related filing (2026-08-19) — https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0819/2026081901695_c.pdf
  2. NBD: ~¥380B miner H1 NI +80%+, interim dividend >¥2B (2026-08-20) — https://www.nbd.com.cn/articles/2026-08-20/4547220.html
  3. Sina Finance: CMOC H1 NI ¥16.152B, +86.27% (2026-08-19) — https://finance.sina.com.cn/jjxw/2026-08-19/doc-ininwiee8262830.shtml
  4. CMOC A-share disclosures — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=603993&orgId=gssh0603993
  5. cninfo — https://www.cninfo.com.cn/
  6. HKEX (3993.HK) — https://www.hkexnews.hk/
  7. Nonferrous deep-dive · Zijin

Not investment advice. Valuation series are illustrative public-market estimates.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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