Sector Profits Rise on Price Strength and Structural Upgrades
Benefiting from a sustained rally in copper prices, a higher share of value-added products, and accelerated overseas market expansion, China’s listed copper companies have reported broad-based earnings growth in 2025. Leading players, represented by Zijin Mining, were among the first to release earnings guidance, with “volume and price growth” in mined copper emerging as the primary driver of profitability. Overall industry margins have improved in tandem.
A strong copper price environment has laid a solid foundation for earnings growth. In 2025, the global copper market entered a pronounced bull phase, with LME copper prices peaking above USD 11,952 per tonne, while the Shanghai Futures Exchange (SHFE) main contract surpassed RMB 94,000 per tonne for the first time. The rally has been underpinned by a convergence of factors, including liquidity easing following U.S. Federal Reserve rate cuts, supply disruptions at major copper mines, and regional mismatches in resource availability.
The International Copper Study Group (ICSG) has revised global copper mine production growth down to 1.4%, reinforcing expectations of a widening supply deficit and providing continued support for elevated prices.
Leading Producers Deliver Strong Results
Performance among industry leaders has been particularly notable. According to its 2025 earnings guidance, Zijin Mining expects net profit attributable to shareholders to reach RMB 51.0–52.0 billion, representing a year-on-year increase of 59%–62%. Net profit excluding non-recurring items is forecast at RMB 47.5–48.5 billion, up 50%–53% year on year.
The company attributed the growth primarily to higher output of core products such as mined copper, alongside rising selling prices. In 2025, Zijin’s mined copper production (including its attributable share from the Kamoa-Kakula project) reached approximately 1.09 million tonnes, underscoring the strong dual impact of volume and price gains.
Profitability Broadens Across the Sector
Third-quarter financial results indicate that profitability continued to expand across the copper sector. According to Wind data, 15 out of 16 listed copper companies in China reported profits in the first three quarters of 2025, with only one company posting a loss. Fourteen companies recorded year-on-year growth in net profit attributable to shareholders.
Companies such as Chuyang New Materials and Jintian Copper delivered particularly strong performances, with net profits more than doubling over the same period last year.
Value-Added Products Drive Margin Expansion
Strategic shifts toward higher value-added products have become a key lever for earnings growth. Chuyang New Materials, advancing its transformation strategy centered on “copper-based advanced materials and military-grade carbon materials,” reported revenue of RMB 44.19 billion in the first three quarters, up 13.29% year on year. Net profit attributable to shareholders surged to RMB 355 million, marking a 20.9-fold increase.
The company’s copper conductor products have entered mass supply to leading wiring harness manufacturers, while its precision copper strips have successfully penetrated applications in 5G communications and intelligent connectivity, steadily expanding its high-end product portfolio.
Jintian Copper, meanwhile, benefited from its “dual upgrade” strategy encompassing both products and customers. Net profit attributable to shareholders reached RMB 588 million in the first three quarters, up 104.37% year on year. Shipments of 800V high-voltage flat magnet wires jumped 137% annually, with growing penetration in emerging sectors such as new energy vehicles and AI data centers.
Overseas Expansion Adds New Growth Momentum
Overseas market expansion has further broadened growth potential. Since 2024, Jintian Copper has established partnerships with technology manufacturers across North America, Europe, and Southeast Asia, with the results of its global customer strategy gradually materializing.
Industry analysts note that as copper’s strategic importance continues to rise—supported by downstream demand from new energy, power infrastructure, and computing capacity build-outs—listed copper companies are well positioned to benefit from multiple tailwinds, including favorable pricing, higher volumes, and product mix optimization. However, risks remain, particularly from tight copper concentrate supply and persistently high smelting costs.
Source： Changjiang Nonferrous Metals Network