CMOC Group Limited, formerly China Molybdenum Co., Ltd., is engaged in the mining, beneficiation, and smelting of base and rare metals across Asia, Africa, South America, and Europe. Its business segments include molybdenum and tungsten products, niobium and phosphorus products, copper-cobalt products, mineral and metal trading, refined metals trading, and others. The company produces copper, gold, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizer, and also provides services such as logistics, consulting, and technology development. Founded in 1969, it is headquartered in Luoyang, China, and changed its name to CMOC Group Limited in June 2022.
CMOC profit surges on higher copper, moly, tungsten prices and gold deal
▲
First-half profit jumps 86% on higher metal prices and volumes CMOC's first-half net profit rose 86.3% to 16.15 billion yuan, with revenue up 42.8%. The gain came from selling more copper and getting higher prices for copper, molybdenum and tungsten, plus adding Brazilian gold mines. Strong earnings and cash flow support the stock price.
This is the core new financial result showing why the company is fundamentally more valuable.
▲
Raises sales caps to CATL, signaling strong battery-metal demand CMOC plans to raise annual sales caps to CATL Group to as much as $5 billion by 2028, and purchase caps from KFM to $14 billion. This points to growing demand for CMOC's copper and cobalt products, which supports future revenue and the stock price.
It shows a concrete new demand signal from a major customer, which affects future earnings.
◆
DRC export ban lifts copper sentiment but has limited real impact The Democratic Republic of Congo banned copper and cobalt concentrate exports, sparking a rally in nonferrous stocks. CMOC says the ban barely affects it because it mostly sells refined copper and cobalt hydroxide, not raw concentrate. Still, the news lifted copper prices, which helps CMOC's revenue.
It explains a new supply-side event that moved the sector and could affect copper prices, a key driver for CMOC.
▼
Halts tailings supply to tungsten joint venture, cutting revenue CMOC stopped supplying tailings to Luoyang Yulu, a joint venture that recovers tungsten. The shutdown cuts a small revenue stream and creates uncertainty, though the financial impact is limited. This is a minor negative for the stock.
It is a new operational setback that could slightly reduce earnings and adds regulatory risk.
Q3 2026
▲2▼1
CMOC profit surges on higher copper, moly, tungsten prices and gold deal
▲
First-half profit jumps 86% on higher metal prices and volumes CMOC's first-half net profit rose 86.3% to 16.15 billion yuan, with revenue up 42.8%. The gain came from selling more copper and getting higher prices for copper, molybdenum and tungsten, plus adding Brazilian gold mines. Strong earnings and cash flow support the stock price.
This is the core new financial result showing why the company is fundamentally more valuable.
▲
Raises sales caps to CATL, signaling strong battery-metal demand CMOC plans to raise annual sales caps to CATL Group to as much as $5 billion by 2028, and purchase caps from KFM to $14 billion. This points to growing demand for CMOC's copper and cobalt products, which supports future revenue and the stock price.
It shows a concrete new demand signal from a major customer, which affects future earnings.
◆
DRC export ban lifts copper sentiment but has limited real impact The Democratic Republic of Congo banned copper and cobalt concentrate exports, sparking a rally in nonferrous stocks. CMOC says the ban barely affects it because it mostly sells refined copper and cobalt hydroxide, not raw concentrate. Still, the news lifted copper prices, which helps CMOC's revenue.
It explains a new supply-side event that moved the sector and could affect copper prices, a key driver for CMOC.
▼
Halts tailings supply to tungsten joint venture, cutting revenue CMOC stopped supplying tailings to Luoyang Yulu, a joint venture that recovers tungsten. The shutdown cuts a small revenue stream and creates uncertainty, though the financial impact is limited. This is a minor negative for the stock.
It is a new operational setback that could slightly reduce earnings and adds regulatory risk.
News & notes moving603993.CG
China
Critical Materials & Supply Chain▲3
CMOC Group Releases 2026 Interim Report with Net Profit Attributable to Parent of 16.152 Billion Yuan
CMOC Group released its 2026 interim report on August 20, 2026. Total operating revenue was 135.32 billion yuan, net profit attributable to the parent company was 16.152 billion yuan, and net cash inflow from operating activities was 16.334 billion yuan. The company's latest asset-liability ratio was 52.16 percent, up 0.13 percentage points from the previous quarter and up 2.01 percentage points from the same period last year. The latest gross margin was 23.01 percent, the latest return on equity was 17.95 percent, and diluted earnings per share was 0.76 yuan. The company's latest total asset turnover was 0.63 times, and the latest inventory turnover was 2.43 times, down 0.12 times from the same period last year, a year-on-year decline of 4.85 percent. The company had 851,800 shareholders, and the top ten shareholders held 15.054 billion shares, accounting for 70.36 percent of total share capital.
Luoyang Molybdenum's 2026 interim net profit reaches 16.152 billion yuan, up 86.27% year-on-year
Luoyang Molybdenum released its 2026 interim report, with net profit attributable to the parent company of 16.152 billion yuan, up 86.27% from the same period last year, marking three consecutive years of growth. The company's total operating revenue was 135.32 billion yuan, up 42.78% year-on-year. Net cash inflow from operating activities was 16.334 billion yuan, up 36.02% year-on-year, achieving five consecutive years of growth. The latest gross margin was 23.01%, an increase of 1.86 percentage points year-on-year. The latest return on equity was 17.95%, up 6.20 percentage points year-on-year. Diluted earnings per share were 0.76 yuan, up 85.37% year-on-year.
DRC Export Ban Sparks Nonferrous Metals Rally, Analysts See Limited Lasting Impact
The Democratic Republic of Congo's export ban has ignited a rally in China's nonferrous metals sector, with cobalt and copper stocks surging across the board. On August 7, Hanrui Cobalt jumped 8.53%, Tengyuan Cobalt rose 5.86%, and Huayou Cobalt gained 6.30%; Jiangxi Copper climbed 7.20%, and Tongling Nonferrous Metals advanced 5.94%. The move follows the DRC government's order to ban exports of copper and cobalt concentrates, aiming to promote domestic downstream processing. Institutions broadly view this as more of a sentiment shock than a fundamental one. Funeng Futures noted the ban is a reiteration and tightening of existing controls, while Fubao Nonferrous Metals' copper analysis team pointed out that most copper concentrates are already refined domestically, with limited actual export volumes. Listed companies including Zijin Mining, CMOC Group, Huayou Cobalt, and Hanrui Cobalt all responded that the ban has limited impact on their operations, as their products are mostly blister copper, cathode copper, or cobalt hydroxide, not concentrates. Meanwhile, copper market supply disruptions remain frequent. LME copper inventories fell 24.11% month-on-month in July, while COMEX copper stocks continued to hit record highs. Goldman Sachs expects the copper supply deficit outside the US to surge from 60,000 tonnes to 640,000 tonnes, and Citigroup forecasts London copper could challenge 15,000 dollars per tonne in the next six to twelve months.
CMOC Plans to Revise Annual Caps for Continuing Connected Transactions with CATL and KFM Group
CMOC announced plans to revise the annual caps under its continuing connected transaction agreements with CATL Group and KFM Group. The annual caps for product sales to CATL Group for 2026, 2027, and 2028 will be revised to 3.85 billion US dollars, 4.3 billion US dollars, and 5 billion US dollars, respectively. The annual caps for product purchases from KFM Group will be revised to 6.05 billion US dollars, 7.8 billion US dollars, and 14 billion US dollars, respectively. The above proposals are subject to shareholder approval.
CMOC expects first-half attributable net profit to rise 78.76% to 90.29% year-on-year
CMOC announced that it expects to achieve attributable net profit of 15.5 billion to 16.5 billion yuan in the first half of 2026, a year-on-year increase of 78.76% to 90.29%. Deducted non-recurring attributable net profit is expected to be 15 billion to 16 billion yuan, up 71.94% to 83.40% year-on-year. The profit growth is mainly due to higher volumes and prices for its main copper products, significantly higher prices for molybdenum and tungsten products, and the consolidation of its Brazilian gold mining business. Copper metal production in the first half was approximately 388,000 tonnes, up about 9.73% year-on-year. In the first quarter, the company achieved revenue of 66.403 billion yuan and attributable net profit of 7.76 billion yuan.
603993.CG · Capital · Positive Expects attributable net profit to rise 78.76%-90.29% YoY due to higher volumes and prices of copper, molybdenum, tungsten, and consolidation of Brazilian gold mining.
COPPER · Supply · Positive Higher copper production volumes and prices reported by CMOC, a major copper producer, indicate positive supply-side fundamentals for copper.
CMOC expects attributable net profit of 15.5 billion to 16.5 billion yuan in first half of 2026, up 78.76% to 90.29% year-on-year
CMOC has disclosed its earnings forecast, expecting attributable net profit of 15.5 billion to 16.5 billion yuan in the first half of 2026, representing a year-on-year increase of 78.76% to 90.29%. Deducted non-recurring net profit is expected to be 15 billion to 16 billion yuan, up 71.94% to 83.4% year-on-year. The company stated that the year-on-year improvement in performance was mainly driven by both higher volumes and prices of its main copper products, a significant rise in molybdenum and tungsten product prices, and the consolidation of its Brazilian gold mining business. Based on the closing price on July 10, CMOC's current price-to-earnings ratio is approximately 13.29 to 13.78 times, its price-to-book ratio is about 4.52 times, and its price-to-sales ratio is about 1.65 times.
603993.CG · Capital · Positive Earnings forecast shows 78.76%-90.29% net profit growth, driven by higher volumes and prices of copper, molybdenum, tungsten, and consolidation of Brazilian gold business.
Xiamen Tungsten's controlled subsidiary Luoyang Yulu Mining has largely suspended production after CMOC stopped supplying it with post-molybdenum tailings. Luoyang Yulu, 60 percent owned by Xiamen Tungsten and 40 percent by CMOC, specializes in recovering scheelite from the molybdenum tailings of CMOC's Sandaozhuang molybdenum mine in Luanchuan. CMOC said the move is to comply with national compliance management requirements for tungsten ore. The two sides have yet to agree on a resolution, and negotiations are ongoing. In 2025, Luoyang Yulu produced 1,924 tonnes of scheelite and sold 1,614 tonnes, generating revenue of 363 million yuan and net profit of 123 million yuan. The net profit attributable to Xiamen Tungsten was 61.37 million yuan, accounting for 2.66 percent of its consolidated net profit for 2025. Xiamen Tungsten said the shutdown is expected to have some impact on near-term results, but the exact extent cannot be predicted at this stage, and it has set up a special working group to actively address the situation.
600549.CG · Supply · Negative Luoyang Yulu, a subsidiary 60% owned by Xiamen Tungsten, has largely suspended production due to CMOC halting tailings supply, impacting near-term results.
603993.CG · Regulation · Neutral CMOC halted tailings supply to comply with national tungsten ore compliance management, but the impact on CMOC is unclear as it may reduce revenue from the joint venture.
China