Key financial indicators

During the reporting period, the Company registered a revenue of RMB46.12 billion, up 4.15% YoY;net profit attributable to the parent company of RMB2.07 billion, up 553% YoY; net profit attributable to parent company of RMB2.091 billion after deducting non-recurring profits and losses, up 3,083% YoY; EPS of RMB0.1, up 567% YoY, and net operating cash flow reached RMB5.48 billion, up 17.98% YoY; ROE was 3.46%, up 2.84 percentage points from the same period last year.

Business highlights

Copper and cobalt production volume hit a single-quarter record high. In Q1, the company achieved copper production of 147.5kt, up 122.86% YoY, and cobalt production of 25.2kt, up 392.23%YoY, setting a record for the highest production in a single quarter. Production of molybdenum, tungsten, niobium and phosphate fertilizer was 3,474 tons, 1,921 tons, 2,506 tons and 278.8kt, respectively. Based on the median of the 2024 production guidance, copper, cobalt, molybdenum, tungsten, and niobium exceeded the averages by completing 27%, 39%, 26%, 27%, and 26%, respectively.

Sales of major products were booming. During the reporting period, the Company's copper sales reached 125.5kt, up 4,361% YoY; cobalt sales reached 24.3kt, up 2,387% YoY; and molybdenum, tungsten, and niobium sales reached 3,408 tons, 1,773 tons, and 2,507 tons, up 19.52%, 18.58%, and 12.44% YoY, respectively.

Focusing on refined management, gross profit of copper products increased further. Through refined management, the company deeply implemented the strategy of cost reduction and efficiency enhancement to reduce the overall cost, and profitability was improved. The gross profit margin of copper in Q1 was 48%, up 2.7 percentage points from 2023, leading domestic copper companies; the gross profit margin of niobium was 38%, up 4 percentage points from last year.