603993.SH, 3993.HK · A-shares · Hong Kong
603993.SH / 3993.HK CMOC: Cu-Co volume lifts profits
CMOC 2025 revenue ¥206.684B (−2.98%), parent NI ¥20.339B (+50.30%); Q1'26 revenue ¥66.403B (+44.34%), parent NI ~¥7.760B (+96.65%). A-share ~¥19.5 / mkt ~¥417.6B. Soft revenue vs rising NI reflects Cu/Co mix and cost edge. Sector: nonferrous metals deep-dive.
Cite a section with a deep link, e.g. /en/r/cmoc-603993-research#thesis
Market snapshot
- A-share (~7/31)
- CNY 19.5
- Market cap (approx)
- CNY 417.6B
- 2025 parent NI
- CNY 20.3B
- Q1'26 parent NI
- CNY 7.8B
Thesis
CMOC (603993.SH / 3993.HK) is a global Cu/Co/Mo/W miner. 2025 revenue ¥206.684B (−2.98%), parent NI ¥20.339B (+50.30%); Q1'26 revenue ¥66.403B (+44.34%), parent NI ~¥7.760B (+96.65%). A-share ~¥19.5 / mkt ~¥417.6B.
Soft revenue vs rising NI reflects Cu/Co volume and cost edge. Sector: nonferrous metals deep-dive.
Business
Model: Global Cu/Co/Mo/W mining and trading — earnings ≈ mine volumes × metal prices, plus trading.
Flagships: copper (DRC-scale), cobalt (major global supplier), Mo/W (domestic diversification).
Competitiveness: DRC Cu/Co cost-curve position; multi-metal mix dampens single-commodity shocks.
Strategy (12–24m): deliver Cu/Co guides and run-rate; near-term already shows soft revenue vs rising NI.
Value chain
Position: primarily upstream mining.
| Side | Counterparties | Dependence |
|---|---|---|
| Upstream | Licenses, power, logistics, contractors | Host country and infrastructure |
| Downstream | Smelters, battery materials, industrials | Cu/Co demand and traders |
Supply-chain risks: (1) DRC geopolitics/export/community; (2) power and logistics bottlenecks — echoed in Risks.
Price & valuation
~7/31 A-share ~¥19.5, mkt ~¥417.6B. Market applies a cyclical/geopolitical discount to DRC operations.
Financial trend (~24 months)
2025 full-year revenue soft while NI surged — mix/cost edge. Quarterly series with YoY/QoQ below.
Revenue · last 8 quarters
Interactive chart available in the reader.
Gross margin · last 8 quarters
Interactive chart available in the reader.
Operations
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue 2025 | ¥206.684B | −2.98% | Soft rev, strong NI |
| Parent NI 2025 | ¥20.339B | +50.30% | Cu/Co driven |
| Q1'26 revenue | ¥66.403B | +44.34% | Volume/price rebound |
| Q1'26 parent NI | ~¥7.760B | +96.65% | Growth continues |
| Core metals | Cu / Co / Mo | — | Global mine base |
Competition
Strengths: Cu/Co volume torque and costs; Mo/W hedge. Weaknesses: DRC concentration; market applies a geopolitical discount.
Peer comparison
| Company | Position / share | GM / margin | Strength | Weakness |
|---|---|---|---|---|
| 洛阳钼业 603993 (self) | 铜钴钼钨全球化 | ~25–27% | 刚果铜钴成本与产量弹性 | 地缘集中；营收可与利润背离 |
| 紫金矿业 601899 | 铜金锂全球化 | 矿端高 | 品种与区域更分散 | 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 |
Management
Key management (24m)
| Role | Name | Since | 24m 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） |
24m changes: No material disclosed core-officer turnover (per latest annual/notices).
Stability: Ops bench stable; DRC operations/geopolitics dominate risk, not HQ succession.
Outlook
Cu/Co production guides and mine ops are the volume story; Mo/W add diversification. 2026 hinges on metal prices and geopolitics.
Scenarios
| Scenario | Conditions | Implication |
|---|---|---|
| Bull | Firm Cu; Co improves; mines at capacity | Further NI upgrades |
| Base | Metals range-bound; guides met | Cyclical hold |
| Bear | Metal crash or geopolitics | NI cut + de-rating |