Every reporter: Cai Ding Every editor: Yang Jun
After the market closed on March 26, Jiangxi Copper (SH600362, stock price 44.21 yuan, market value 153.1 billion yuan) disclosed its 2025 annual report. The report shows that Jiangxi Copper achieved revenue of approximately 544.623 billion yuan in 2025, a year-on-year increase of 5.42%; achieved a net profit attributable to shareholders of the listed company of approximately 7.130 billion yuan, a year-on-year increase of 2.41%; achieved a net profit excluding non-recurring gains and losses of approximately 9.148 billion yuan, a year-on-year increase of 11.3%; basic earnings per share of 2.07 yuan, a year-on-year increase of 2.99%. The company plans to distribute a final cash dividend of 0.6 yuan per share (total cash dividend for 2025 is 1.0 yuan per share).
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OqRwdddfXju45lw7S8I7_8ineJTxAjH9nAwOiPezQGoisAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OqRwdddfXju45lw7S8I7_8ineJTxAjH9nAwOiPezQGoisAA/641"/>
(Image source: Jiangxi Copper annual report)
According to Wind financial terminal data, four institutions have a consensus forecast of approximately 8.673 billion yuan for Jiangxi Copper's net profit attributable to shareholders in 2025. This means that the company's final result of 7.130 billion yuan did not meet institutional expectations.
<h2>Multiple key projects completed and put into production on schedule</h2>
Looking vertically, the revenue of 544.623 billion yuan and net profit of 7.130 billion yuan in 2025 both set new annual highs for Jiangxi Copper. However, on a quarterly basis, the company achieved revenue of 148.577 billion yuan in the fourth quarter of 2025, a quarter-on-quarter increase of 6.82%, but the net profit attributable to shareholders recorded 1.107 billion yuan, a quarter-on-quarter decline of 40.14%.
During the reporting period, Jiangxi Copper's main product output recorded growth: cathode copper output reached 2.3804 million tons, a year-on-year increase of 3.86%; gold output was 118.93 tons, a slight year-on-year increase of 0.57%; silver output reached 1,383.18 tons, a year-on-year increase of 13.92%; sulfuric acid output was 7.0343 million tons, a year-on-year increase of 16.44%; &#34;self-produced copper concentrate containing copper&#34; output reached 269,900 tons, a significant increase of 35.15% (including the equity output of First Quantum Mining Company for the year).
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OaLhJcPDsyjM-Z2a9BM8GnGN0SfIuRNJjVNHQeLUoVYZ0AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OaLhJcPDsyjM-Z2a9BM8GnGN0SfIuRNJjVNHQeLUoVYZ0AA/641"/>
(Image source: Jiangxi Copper annual report)
At the same time, multiple key projects of Jiangxi Copper were completed and put into production on schedule, including the technical transformation of the copper-molybdenum separation system at the Dexing Copper Mine, the technical transformation and expansion of Jiangxi Copper Guoxing's 260,000 tons of cathode copper, and the expansion of Hongyuan's 150,000 tons of cathode copper, further expanding the scale of advantageous industries. In terms of emerging industries, the company's projects such as East China lithium battery copper foil, Shangrao photovoltaic welding strip, and high-efficiency permanent magnet motors are gradually releasing capacity, actively seizing new tracks in new energy and semiconductors, and cultivating new profit growth points
In terms of resource strategy, during the reporting period, Jiangxi Copper accelerated its overseas resource layout, conducting drilling research in Kazakhstan in collaboration with First Quantum Minerals, striving to achieve new breakthroughs in resource reserves. In addition, the company's South America office officially commenced operations, and new overseas institutions were established in Saudi Arabia, Kazakhstan, and other locations to broaden channels for acquiring overseas resources.
During the reporting period, Jiangxi Copper added 117 new research projects (a year-on-year increase of 200%) and obtained 358 new patents throughout the year (a year-on-year increase of 80.8%). The annual report also indicated significant achievements in intelligent manufacturing and green low-carbon initiatives, with Guizhou Smelter being the first in the non-ferrous metal industry to pass the national intelligent manufacturing capability maturity (CMMM) Level 4 assessment.
<h2>Net Cash Flow During the Reporting Period: -6.914 Billion Yuan</h2>
Despite achieving a record high in annual performance, according to data compiled by the Wind financial terminal, four institutions have a consensus forecast for Jiangxi Copper's 2025 revenue and net profit attributable to shareholders of approximately 512.814 billion yuan and 8.673 billion yuan, respectively. Therefore, based on the company's disclosed data, revenue exceeded these analysts' consensus expectations by 6.2%, but the net profit attributable to shareholders of 7.13 billion yuan was 17.79% lower than these analysts' consensus expectations.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ol43tciL01F5Mlw9kZYttMvt-m9CI4kRvmLttAmpvOQjsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ol43tciL01F5Mlw9kZYttMvt-m9CI4kRvmLttAmpvOQjsAA/641"/>
(Source: Wind)
The reporter from Daily Economic News noted that although Jiangxi Copper's net profit attributable to shareholders recorded a slight increase of 2.41%, the net cash flow generated from operating activities during the reporting period was recorded at -6.914 billion yuan (compared to a net inflow of 2.428 billion yuan in the same period last year). The company stated that the main reason was the increase in inventory funding due to rising metal prices.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Of6iMgLeBFePM4YsAEAtYyS3BXFo_7Ss1qRnqrj67YUoIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Of6iMgLeBFePM4YsAEAtYyS3BXFo_7Ss1qRnqrj67YUoIAA/641"/>
(Source: Jiangxi Copper Annual Report)
By industry, the trading business, which is an important component of the company's revenue, experienced a significant decline in 2025. Data shows that the company's trading revenue in 2025 was 145.219 billion yuan, a year-on-year decrease of 22.63%. This indicates that the company's scale in the traditional bulk commodity trading sector is rapidly shrinking, which in turn has dragged down the overall growth rate of operating revenue.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Oz_qH3r6JNoNtwaZyPKkLBn_769Y6zkTtzXJy_rbTP_k4AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Oz_qH3r6JNoNtwaZyPKkLBn_769Y6zkTtzXJy_rbTP_k4AA/641"/>
(Source: Jiangxi Copper Annual Report)
The annual report also indicated that due to tight supply at the mining end being deeply transmitted to the smelting end, the copper concentrate processing fee (TC) entered negative territory starting in February 2025, maintaining a low level of around -40 USD/ton throughout the year, which brought significant cost pressure to Jiangxi Copper's smelting end
The company also mentioned that during the reporting period, competition in the copper processing industry intensified (serious internal competition). For example, traditional copper rods, copper strips, and ordinary copper pipes experienced a decline in production due to weak demand from real estate and traditional industries. High copper prices further squeezed the profits of some processing enterprises.
The reporter also noted that in JCCL's profit statement, the &#34;fair value change income&#34; item showed a significant loss, with a change loss of -2.514 billion yuan for the current period (compared to a positive income of 145 million yuan in the same period last year). The company explained that this was mainly due to changes in the fair value of derivative financial instruments.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OVFAJEXrmsFlhwrCHD-ltsKIHqAN6-duJj6K_fcbRI8BsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OVFAJEXrmsFlhwrCHD-ltsKIHqAN6-duJj6K_fcbRI8BsAA/641"/>
(Source: JCCL Annual Report)
Daily Economic News

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Jiangxi Copper (SH600362) released its 2025 annual report, expecting a net profit of 7.13 billion yuan, which did not meet the expectations of four institutions at 8.673 billion yuan. The revenue for 2025 is projected to be 544.623 billion yuan, a year-on-year increase of 5.42%; the net profit attributable to shareholders is expected to grow by 2.41% year-on-year. In the fourth quarter, revenue reached 148.577 billion yuan, a quarter-on-quarter increase of 6.82%, but the net profit attributable to shareholders declined by over 40% quarter-on-quarter. Several key projects of the company were completed and put into production as scheduled, with production volumes of main products recording growth

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Jiangxi Copper is expected to net 7.13 billion yuan in 2025, falling short of the expectations of four institutions, with a more than 40% quarter-on-quarter decline in net profit attributable to the parent in the fourth quarter