Surging 102% YoY, net profit exceeds RMB 3.6 billion! Zangge Mining’s performance explodes

Its lithium carbonate business demonstrated rapid growth. In the first half of the year, the company generated RMB 582 million in revenue from lithium carbonate operations, up 118.22% year-on-year, with a gross margin of 71.08%—a significant increase of 40.55 percentage points year-on-year. During the period, lithium carbonate production reached 5,400 tons and sales totaled 3,990 tons; lithium carbonate revenue accounted for 28.21% of the company’s total revenue. It is evident from the financial statements that the growth rates of the company’s net profit and net profit attributable to shareholders after non-recurring gains and losses far exceeded its revenue growth rate. The core driver behind this disparity is the substantial investment income contributed by its associate, Julong Copper Mine. At the earnings briefing, Zangge Mining stated that Julong Copper Mine’s production capacity is steadily ramping up, and its high-quality mineral resources are continuously being converted into productive capacity and cash flow, providing long-term, stable equity value support for the company. Public data shows that Julong Copper Mine contributed RMB 2.839 billion in investment income to Zangge Mining during the reporting period—accounting for as much as 78% of the company’s net profit attributable to shareholders—and serving as the central pillar behind the sharp earnings growth this period. From a long-term development perspective, lithium mining will become the core growth engine for Zangge Mining’s performance. While brine-based lithium extraction offers clear cost advantages, it faces relatively high technological implementation barriers. Zangge Mining has long focused on continuous adsorption technology for ultra-low-concentration, high magnesium-to-lithium-ratio aged brine—a proprietary process it continues to industrialize. Currently, the company’s lithium recovery rate from brine is steadily improving, product impurity levels are continuously optimized, and product quality stability is constantly strengthening—thus solidifying a durable competitive moat for its lithium segment. Regarding industry trends in the second half of the year, Zangge Mining analyzed that lithium carbonate prices will be influenced by multiple factors—including the timing of new capacity releases, changes in supply-chain inventory levels, and downstream end-user procurement demand—leading to overall price volatility remaining elevated. Following the release of its financial report, multiple securities firms published research reports interpreting the company’s performance. Everbright Securities noted that sustained improvements in potassium and lithium product prices, coupled with enhanced investment income from Julong Copper Mine, jointly drove the company’s strong earnings growth. Going forward, as the company’s resource deployment continues to materialize and production capacity is released in an orderly manner, its medium- to long-term growth potential will further expand. Based on expectations of rising product prices, Everbright Securities upgraded its earnings forecasts for Zangge Mining for 2026–2028 and maintained its “Buy” rating. China Galaxy Securities believes the company’s three core businesses follow clear growth logic; once ongoing projects enter production sequentially, they will sustainably drive steady earnings growth, and thus maintains its “Recommended” rating. China Post Securities further broke down quarterly performance: the company’s H1 revenue amounted to RMB 2.065 billion, up 23.1% year-on-year; net profit attributable to shareholders reached RMB 3.638 billion, up 102.1% year-on-year.

China Minmetals held its Q3 2026 Benchmarking & Target-Alignment Analysis Meeting and October Business Analysis & Coordination Meeting

On the afternoon of October 14, China Minmetals held its Q3 2026 Benchmarking & Target-Alignment Analysis Meeting and October Business Analysis & Coordination Meeting to review and advance recent key tasks. Chen Dexin, Party Secretary and Chairman of the Board of Directors of China Minmetals, attended the meeting and delivered a speech. Zhu Kebing, Deputy Party Secretary, Director, and General Manager of China Minmetals, presided over the meeting. Other senior executives present included Wang Xingquan, Cheng Yong, Duan Wenwu, and He Jianbo. The meeting conveyed and studied General Secretary Xi Jinping’s important instructions on developing advanced manufacturing. The meeting emphasized that these instructions, made from the strategic perspective of advancing Chinese-style modernization, profoundly elucidate the major significance, developmental direction, pathways, and key tasks for advancing advanced manufacturing in the new era. They provide fundamental guidance and an action blueprint for promoting high-quality manufacturing development at this critical juncture—the opening phase of the 15th Five-Year Plan. All participants must earnestly study and internalize these instructions, maintain strategic resolve, treat the development of advanced manufacturing as a vital strategic task, persistently pursue it with sustained effort, further expand and strengthen advanced manufacturing, and steadfastly advance toward the goal of building a manufacturing powerhouse. The meeting pointed out that China Minmetals’ operating performance in Q3 continued to improve steadily. Its top-priority strategy—mineral resources development—has yielded abundant results. By effectively balancing development and security, the company has robustly addressed various risks and hidden dangers, achieving inspiring development outcomes.

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