Over 70% of A-share Nonferrous Metals Firms Post Net Profit Growth in H1

By August 31, all 145 listed companies in the A-share nonferrous metals sector under the Shenwan primary industry classification had published their 2026 interim reports, with over 70% reporting year-on-year growth in net profit. Driven by demand from emerging industries such as AI computing power and new energy, prices of major mineral products rose with fluctuations, significantly improving industry profitability and shifting profits toward resource segments.

In the first half, six companies—Jiangxi Copper, Zijin Mining, CMOC, Chalco, Tongling Nonferrous, and Yunnan Copper—each recorded revenue exceeding RMB 100 billion, with Jiangxi Copper leading at RMB 307.155 billion. Four companies—Zijin Mining, CMOC, Hongqiao Holdings, and Chalco—each posted net profits attributable to shareholders of over RMB 10 billion, with Zijin Mining reaching RMB 39.17 billion.

In terms of year-on-year growth, 133 companies saw revenue increase, with Rongjie Co. , Ltd. posting the highest growth at 402.35%. A total of 111 companies, or 76.55%, reported net profit growth, with five companies seeing increases exceeding tenfold. Tianqi Lithium led with a 4,925.46% surge. For net profit excluding non-recurring items, 110 companies achieved growth, with Tianqi Lithium up 318,054.90%.

The sector's total first-half revenue reached RMB 2.412277 trillion, with an average of RMB 16.635 billion per company. Aggregate net profit attributable to shareholders totaled RMB 196.583 billion, averaging RMB 1.356 billion. The median year-on-year growth rates for revenue and net profit were 26.17% and 45.30%, respectively. Net operating cash flow totaled RMB 165.8 billion, with Zijin Mining at RMB 55.472 billion, Chalco at RMB 26.263 billion, and CMOC at RMB 16.334 billion.

The interim reports also showed that profits further concentrated in upstream resource segments, while midstream smelting and downstream processing faced structural divergence and pressure in some areas. Zijin Mining reported first-half revenue of RMB 194.178 billion, up 15.78% year-on-year, and net profit of RMB 39.17 billion, up 68.17%. CMOC's copper segment revenue reached RMB 32.518 billion, up 26.44% year-on-year, a record high for the period, while its gold segment revenue was RMB 3.017 billion with a gross margin of 41.12%.