Luoyang Molybdenum 2026 H1 Revenue Up 42.78%, Net Profit Jumps 86.27%, Declares First Interim Dividend

Luoyang Luanchuan Molybdenum Industry Group Co. , Ltd. (Luoyang Molybdenum) released its 2026 semi-annual report, posting revenue of RMB 135.320 billion for the first half, up 42.78% year on year. Net profit attributable to shareholders of the listed company reached RMB 16.152 billion, an increase of 86.27%, with profitability exceeding the full year of 2024 and approaching 80% of full-year net profit for 2025. Net cash flow generated from operating activities was RMB 16.334 billion, up 36.02% year on year. As of the end of the reporting period, total assets stood at RMB 227.736 billion, an increase of 13.34% from the end of 2025. The debt-to-asset ratio was 52.16%, up 2.01 percentage points from the same period of 2025.

The company announced an interim dividend of RMB 0.95 in cash per 10 shares to all shareholders, representing a total distribution of approximately RMB 2.032 billion, its first interim dividend since its A-share listing. In terms of production, copper output reached 388,000 tonnes, up 9.73% year on year, with second-quarter copper output surpassing 200,000 tonnes for the first time in a single quarter. Copper sales reached 376,200 tonnes, up 16.60% year on year. Cobalt output was 65,300 tonnes, up 6.93%, while gold output reached 100,400 ounces, a newly consolidated business. Output of molybdenum, tungsten, niobium and phosphate fertilizer remained stable.

On prices, the average spot price of LME copper in the first half of 2026 was USD 13,084 per tonne, up approximately 39% year on year. The average price of cobalt metal was USD 25.56 per pound, up 94%, while the average gold price was USD 4,713 per ounce, up 57%. The average price of ammonium paratungstate was RMB 1.031 million per tonne, up more than 363% year on year. The gross margin of copper products rose 9.25 percentage points to 62.88%, and incremental gross profit from copper products reached RMB 6.7 billion.

By segment, the mining, excavation and processing segment recorded revenue of RMB 49.567 billion, with a gross margin of 59.64%, up 7.22 percentage points from the same period in 2025. Copper and gold segments achieved revenue of RMB 32.518 billion and RMB 3.017 billion respectively, together accounting for 72% of mining revenue. Molybdenum and tungsten segments posted revenue of RMB 3.933 billion and RMB 3.195 billion respectively, up 33.11% and 187.97% year on year. The minerals trading platform IXM generated revenue of RMB 120.455 billion, up 46.60% year on year, with aluminium and iron ore added as new trading products.

The cobalt business was affected by the Democratic Republic of the Congo's export quota system, with first-half sales of 5,727 tonnes, down 87.60% year on year, while the gross margin for cobalt stood at 83.16%. As of the market close on August 21, Luoyang Molybdenum shares traded at RMB 18.62, representing a market capitalisation of RMB 398.362 billion.