CNGR (02579) climbed more than 5% at the market open, with shares last trading up 4.43% at HK$26.40, on turnover of HK$14.255 million.

The company released its 2026 interim results last night, reporting revenue of approximately RMB 33.584 billion, an increase of about 57.5% year-on-year. Profit attributable to owners of the parent company reached approximately RMB 1.3114 billion, up about 78.4% year-on-year. In the second quarter alone, revenue came in at RMB 17.83 billion, representing 69% growth, while net profit attributable to shareholders was RMB 750 million, up 76% from the same period last year. The board has proposed a cash dividend of RMB 3.8 per 10 shares (before tax).

Analysts at Soochow Securities noted that precursor shipments remained at elevated levels in Q2, with profitability improving steadily. Additionally, rising nickel prices have contributed to profit elasticity. The brokerage estimates that the company's nickel ore shipments will reach 5.3 million wet metric tons in the first half, with a 50% equity stake, implying a net profit of approximately US$20 per ton. This is expected to contribute over RMB 500 million in profit for the full year.