Overview
Jiangxi Copper (358.HK) is China’s largest copper cathode producer and supplier of a full
range of copper processing products. The diversified business includes mining development
of copper, gold, silver, lead, zinc, tungsten, rhenium, tellurium and other types products. It
has established mining bases in China, Peru, Kazakhstan, Afghanistan and other countries,
and has four smelting plants in production, five operating mines and eight modern copper
processing plants. In addition, the company owns 44.48% of the shares of the listed
company Shandong Humon Smelting Co., Ltd.
The company’s net profit increased slightly in Q3 yoy
In the first three quarters of 2023 (January to September), the company’s total operating
revenue was 399.56 billion yuan (RMB, the same as below), a year-on-year increase of
8.53%; the total operating cost was 393.48 billion yuan, a year-on-year increase of 8.83%;
operating profit was 6.49 billion Yuan, a year-on-year increase of 4.16%; of which the net
profit attributable to shareholders of the parent company was 4.94 billion yuan, a year-onyear increase of 4.54%. Basic earnings per share was 1.43 yuan, a year-on-year increase of
4.54%. The company’s total operating income in the third quarter was 132.03 billion yuan, a
year-on-year increase of 16.93%; the net profit attributable to shareholders of listed
companies after deducting non-recurring gains and losses was 1.44 billion yuan, a year-onyear increase of 30.03%. The performance mainly due to the relatively active domestic
policies and demand from real estate and new energy sectors are strong, which keeps
copper inventories at a low level and provides certain support for copper prices.