600362.SH, 0358.HK · A-shares · Hong Kong
600362.SH / 0358.HK Jiangxi Copper: smelting giant, Cu beta
Jiangxi Copper 2025 revenue ¥544.623B (+5.42%), parent NI ¥7.130B (+2.41%), adj. NI ¥9.148B (+11.30%). A-share ~¥43.3 / mkt ~¥149.9B. Huge revenue base; profits sensitive to Cu and TC/RCs. Adj. NI > parent NI points to one-offs. Sector: nonferrous metals deep-dive.
Cite a section with a deep link, e.g. /en/r/jxcc-600362-research#thesis
Market snapshot
- A-share (~7/31)
- CNY 43.3
- Market cap (approx)
- CNY 149.9B
- 2025 parent NI
- CNY 7.1B
- 2025 adj. NI
- CNY 9.1B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Jiangxi Copper (600362.SH / 0358.HK) is a leading China copper smelter/processor. 2025 revenue ¥544.623B (+5.42%), parent NI ¥7.130B (+2.41%), adj. NI ¥9.148B (+11.30%). A-share ~¥43.3 / mkt ~¥149.9B.
Less torque than pure miners, but clear Cu and TC/RC beta. Sector: nonferrous metals deep-dive.
Business
Model: Integrated Cu mining–smelting–fabrication–trading. Huge revenue base; profits from TC/RCs, captive mines, and product spreads.
Flagships: cathode copper, fabricated copper, gold by-product; copper foil as growth.
Competitiveness: domestic smelting scale and trading network; mine+smelter hedge vs concentrate swings.
Strategy (12–24m): mine upgrades, cathode expansions, foil ramp; less torque than pure miners (e.g. Zijin) but clear Cu/TC-RC beta.
Strategy pillars
| Pillar | Detail |
|---|---|
| 主业定位 | 铜采选—冶炼—加工—贸易一体化 |
| 产能 | 矿山技改、阴极铜扩建 |
| 产品延伸 | 铜箔等电子材料放量 |
| 财务关注 | 扣非与 OCF，而非单一归母 |
Entity boundary: 600362.SH / 0358.HK copper smelting/processing major. No material liquidation/resumption-type events.
Value chain
Position: midstream smelting/fabrication with some upstream mines.
| Side | Counterparties | Dependence |
|---|---|---|
| Upstream | Concentrate suppliers, energy | TC/RCs and power |
| Downstream | Cable, appliances, new energy, traders | China manufacturing demand |
Customer structure
| Item | Value | Note |
|---|---|---|
| 客户类型 | 电缆、家电、新能源与贸易商 | 国内制造业需求 |
| 客户集中度 | N/A（未具名） | 贸易体量大，集中度通常低于单一矿山 |
| 上游依赖 | 铜精矿供应商 + 能源 | TC/RC 与电价 |
Customer concentration: not named; large trading book usually less concentrated than single-mine peers. Upstream concentrate and power are key dependencies.
Supply-chain risks: (1) concentrate supply and TC/RC cycle; (2) energy/ESG and working-capital intensity — echoed in Risks.
Price & valuation
Around 7/31 A-share ~¥43.3. Prefer adj. NI and copper scenarios; adj. PE mid-teens.
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| P/E（归母） | 约 21x | 市值约 1499 亿 / 归母 71.30 亿 |
| P/E（扣非） | 约 16x | 扣非 91.48 亿更贴近主业 |
| P/B | 约 1.2–1.5x | 冶炼贸易体量股典型 |
| 盈利收益率 | 约 4.5%–6% | 视归母/扣非口径 |
| 现价读法 | A 股约 43.3 元 | 宜用扣非与铜价情景 |
~3y valuation / return series (illustrative public-market; div yield and trailing ann. return approximate):
Valuation & returns · ~3y
Interactive chart available in the reader.
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Smelting GM is low in absolute terms; QoQ tracks TC/RCs and inventory. Mild revenue seasonality.
Revenue · last 8 quarters
Interactive chart available in the reader.
Gross margin · last 8 quarters
Interactive chart available in the reader.
Financial health (§A.7)
Sub-healthy (OCF volatility) — adj. NI improved but disclosed OCF ~¥−6.914B diverges from earnings.
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 亚健康（OCF 波动） | 扣非改善但经营现金流曾大幅为负 |
| 经营现金流 | −69.14 亿元（披露期） | 贸易/营运资金波动；与净利背离须解释 |
| 有息债 vs 现金 | 示意：营运资本占用高 | 冶炼贸易企业典型；以合并报表为准 |
| 流动性 | 示意：依赖存货与应收周转 | 跟踪库存与铜价回撤风险 |
| 审计意见 | 无保留（常规预期） | 以年报为准 |
Net income · last 8Q
Interactive chart available in the reader.
Operations
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue 2025 | ¥544.623B | +5.42% | Very large scale |
| Parent NI 2025 | ¥7.130B | +2.41% | One-offs included |
| Adj. NI 2025 | ¥9.148B | +11.30% | Better ops signal |
| Basic EPS | ¥2.07 | — | 2024: ¥2.01 |
| OCF 2025 | −¥6.914B | — | WC/trading swing |
Competition
Peers: Zijin, CMOC, Chalco (nonferrous smelting contrast).
Strengths: smelting/trading scale; domestic cathode supply position. Weaknesses: margins/ROE below mine majors; track adj. vs parent NI and OCF swings separately.
Peer comparison
| Company | Position / share | GM / margin | Strength | Weakness |
|---|---|---|---|---|
| 江西铜业 600362 (self) | 国内铜冶炼加工龙头 | ~3–4%（冶炼） | 冶炼规模、贸易与阴极铜 | 利润弹性弱于矿端；OCF 波动大 |
| 紫金矿业 601899 | 矿端铜金龙头 | 矿端显著更高 | 资源租金与全球化 | 非冶炼贸易专长 |
| 洛阳钼业 603993 | 铜钴矿端 | 矿端更高 | 成本曲线与钴暴露 | 国内冶炼网络弱于江铜 |
| 中国铝业 601600 | 有色冶炼对照（铝） | 电解铝周期 | 一体化铝产业链 | 非铜主业 |
Management
Key management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 / Chair | 郑高清 | 公开披露任职 | 期间无重大披露变动（以最新年报为准） |
| 总经理 / GM | 周少兵 | 公开披露任职 | 期间无重大披露变动 |
| 财务总监 / CFO | 甘成久 | 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).
Stability: SOE-controlled bench stable; watch TC/RCs and Cu, not succession.
Outlook
Commodity demand: China copper use supported by grid, EVs, appliances; TC/RC sets smelting margin thickness.
Mine upgrades, cathode expansions, and copper foil add growth; core still Cu + TC/RC.
Scenarios
| Scenario | Conditions | Implication |
|---|---|---|
| Bull | Firm Cu; TC/RCs up; new businesses ramp | Adj. NI upgrades |
| Base | Cu range-bound; steady smelting | Cyclical hold |
| Bear | Cu down + TC/RC pressure | NI cut |
Risks
Risks (with severity)
| Risk | Level | Note |
|---|---|---|
| 铜价回落 | 高 | 利润 beta 核心 |
| 冶炼加工费（TC/RC）承压 | 高 | 精矿供应与加工费周期 |
| 经营现金流 / 营运资本 | 中高 | 贸易波动可致 OCF 大幅为负 |
| 能耗 / 环保 | 中 | 供应链回扣 |
| 铜箔等新兴业务爬坡 | 中 | 不及预期则增量叙事弱化 |
| 归母与扣非差异 | 中 | 一次性扰动影响表观 PE |
Tracking
Next interim / annual check:
- Adj. vs parent NI gap
- OCF turning positive / WC drag
- Cathode Cu volumes and TC/RC
- Cu foil contribution
- GM under copper scenarios
Confirm: adj. NI steady, OCF improves, TC/RC recovers.
Falsify: copper crash, TC/RC pressure, persistently large negative OCF.
References
- JXCC A-share disclosures — http://www.cninfo.com.cn/new/disclosure/stock?stockCode=600362&orgId=gssh0600362
- HKEX search — https://www.hkexnews.hk/search/titlesearch.xhtml?lang=zh
- cninfo — https://www.cninfo.com.cn/
- Nonferrous deep-dive · Tongling · Zijin
Not investment advice. Valuation series are illustrative public-market estimates.
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