How did CITIC Metal achieve half-year profits matching its entire prior-year earnings?

On the evening of August 20, 2026, CITIC Metal (601061) released its semi-annual report: revenue reached RMB 86.911 billion, up 36.53% year-on-year; net profit attributable to shareholders amounted to RMB 2.673 billion, up 84.55%; and net profit attributable to shareholders after deducting non-recurring gains and losses stood at RMB 2.705 billion, up 95.32%. Reading these three figures together yields one clear conclusion: its first-half profit already matched its full-year 2025 net profit. In 2025, the company’s net profit attributable to shareholders totaled RMB 2.689 billion. This year, it achieved RMB 2.673 billion in just six months—nearly identical. Looking at quarterly performance: Q1 2026 net profit attributable to shareholders was RMB 1.377 billion, up 141.13% year-on-year; Q2 stood at RMB 1.296 billion, up 47.74%. Though growth decelerated sequentially, absolute profit levels remained solid. Higher revenue and higher profit demand separate analysis for a trading firm. CITIC Metal’s gross margin consistently hovers near floor level: its core business gross margin for H1 2026 was merely 1.80%, generating core business gross profit of RMB 1.56 billion. Yet its final net profit attributable to shareholders reached RMB 2.673 billion—a gap exceeding RMB 1 billion—originating from other line items on the income statement. This article dissects the income statement top-to-bottom to identify precisely how this RMB 2.673 billion is composed—and whether each component is sustainable. 01 RMB 86.9 billion in revenue: assessing its quality First, revenue breakdown: H1 revenue totaled RMB 86.911 billion, an increase of approximately RMB 23.25 billion year-on-year. The bulk of this growth came from non-ferrous metals. Revenue from non-ferrous metal operations reached RMB 72.97 billion, up 42.93%, accounting for 84% of total operating revenue. Revenue from ferrous metal operations amounted to RMB 13.746 billion, up 10.94%. Other trading businesses contributed RMB 159 million. By region: domestic (mainland China) revenue was RMB 67.108 billion, up 55.89%; overseas revenue was RMB 19.804 billion, down 3.90%. Strong domestic growth versus weak overseas performance indicates this round of revenue expansion was primarily driven by domestic demand. Within non-ferrous metals, the three business segments operate distinct roles. Copper operations navigate tightening raw material supply by optimizing resource procurement and sales timing—blending copper concentrates and blister copper across multiple grades, with arbitrage opportunities embedded in timing decisions on procurement and sales. Niobium operations maintain over 80% market share domestically as the exclusive distributor in mainland China for CBMM (Companhia Brasileira de Metalurgia e Mineração), holding firm in traditional steel applications while expanding into specialty niobium products. Aluminum operations integrate bauxite, alumina, and primary aluminum, and expanded transshipment trade has significantly improved operational efficiency. In ferrous metals, iron ore and steel maintained resilience despite softening demand. Steel demand from real estate weakened, but manufacturing-related steel demand provided structural support. With high port inventories and ample iron ore supply, the company focused on product research and operational timing to stabilize its core business. 02 RMB 1.56 billion in gross profit: the true face of trading Impressive revenue requires separate scrutiny of gross profit quality. Breaking down revenue and cost, core business gross profit for H1 totaled approximately RMB 1.56 billion—RMB 513 million higher than last year, representing a ~49% increase.

Gold, copper prices rise! Stock 601899—the 'No. 1 Mining Company' posts RMB 57.5 billion net profit in first three quarters

On the evening of October 23, Zijin Mining Group Co., Ltd. (601899.SH / 2899.HK), a leading Chinese multinational mining giant, released its 2026 third-quarter report. Financial data show that in the first three quarters of 2026, Zijin Mining achieved operating revenue of RMB 283.453 billion, up 11.51% year-on-year; net profit attributable to shareholders of listed company was RMB 57.526 billion, up 51.93%; net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 55.842 billion, up 63.63%; and net cash flow from operating activities reached RMB 84.276 billion, up 61.74%, reflecting sustained high-quality profitability. On a quarterly basis, in Q3 2026, the company posted operating revenue of RMB 89.274 billion, up 3.22% year-on-year; net profit attributable to shareholders was RMB 18.356 billion, up 25.97%; and net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 17.807 billion, up 42.43%. Quarterly profitability continued its upward trend, though revenue growth slowed relative to the overall nine-month pace. Regarding balance sheet metrics, as of the end of Q3, the company’s total assets stood at RMB 559.336 billion, up 9.2% from the beginning of the year, reflecting ongoing global expansion. Concurrently, the company is advancing its low-carbon transition plan, targeting carbon peak by 2029 and carbon neutrality by 2050, with ESG-related investments progressively implemented. Zijin Mining ranks among China’s top gold and copper producers. Listed simultaneously on the A-share and H-share markets, its core businesses encompass exploration, development, and smelting of non-ferrous metal mineral resources—including gold, copper, lithium, lead, and zinc. Its global footprint spans South America, Africa, Central Asia, and other resource-rich regions, making it one of China’s most representative resource enterprises pursuing overseas expansion.

Metals Traders Reap Bonanza With Another Year of Record Profits

1 day ago

Major metals traders including Trafigura and Glencore reported record profits driven by soaring metal prices and tight concentrate markets, despite tariff uncertainties affecting copper trade flows.

bloomberg

2026-10-24

Metals Traders Reap Bonanza With Another Year of Record Profits

Metals Traders Reap Bonanza With Another Year of Record Profits

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