Jiangxi Copper (00358) released unaudited interim results for the six months ended 30 June 2026.

Revenue rose 19.53% year-on-year to RMB 307.15 billion, driven mainly by higher copper‐rod, copper cathode and precious-metal sales. Profit before tax surged 121.58% to RMB 12.66 billion, while net profit attributable to shareholders under IFRS climbed 99.91% to RMB 8.90 billion. Basic earnings per share doubled to RMB 2.58.

Under PRC GAAP, net profit attributable to shareholders reached RMB 8.63 billion, up 106.77%; operating cash flow improved 102.49% to RMB 5.81 billion.

Segment data show copper-related operations contributing RMB 247.73 billion of external revenue, with gold-related businesses adding RMB 58.13 billion. Market strength in non-ferrous prices and effective hedging delivered a RMB 3.18 billion swing in fair-value gains on derivatives versus a year-earlier loss.

Total assets expanded 34.10% since end-2025 to RMB 293.27 billion, reflecting higher cash deposits and the completion of a RMB 6.97 billion acquisition of Ecuador-focused explorer SolGold. Liabilities rose 54.17% to RMB 192.02 billion as short-term borrowings more than doubled to RMB 120.49 billion. Net assets attributable to shareholders stood at RMB 87.63 billion, up 7.82%.

Cash and bank balances jumped 142.85% to RMB 83.89 billion, buoyed by bill deposits. The quick ratio improved to 0.85 from 0.65, while the asset-liability ratio increased to 65.48%.

Operationally, copper-cathode output increased 5.44% to 1.26 million tonnes. Silver production grew 6.55% to 749.78 tonnes, but gold output declined 12.49% to 43.73 tonnes as planned maintenance and concentrate supply constraints weighed on volumes.

The board proposes no interim dividend or capitalisation of reserves. Management flagged production safety, exchange-rate volatility, commodity-price swings and environmental compliance as key risk factors for the remainder of the year.