Western Mining ( 601168) investor relations material

Executive summary

• Achieved record annual results in 2025, with revenue up 23% year-over-year to ¥61.69 billion and net profit up 16% to ¥6.15 billion; net profit attributable to shareholders rose 24% to ¥3.64 billion.

• Core business segments—mining, smelting, and trade—delivered strong growth, with significant production increases in copper, zinc, and lead.

• Major investments in capacity expansion, technology upgrades, and green transformation, with ¥1.6 billion invested in key projects.

• Maintained robust cash flow and financial stability, with operating cash flow up 24% to ¥10.21 billion.

Financial highlights

• Revenue: ¥61.69 billion, up 23% year-over-year; net profit: ¥6.15 billion, up 16%.

• Net profit attributable to shareholders: ¥3.64 billion, up 24%; EPS: ¥1.53, up 24%.

• Operating cash flow: ¥10.21 billion, up 24%; total assets: ¥59.42 billion, up 8%.

• Gross margin: 19.17%; ROE: 20.5%; asset-liability ratio: 57.5%.

• R&D expenses increased 74% to ¥1.08 billion, representing 1.76% of revenue.

Outlook and guidance

• 2026 revenue target: ¥58 billion; profit target: ¥6 billion.

• Focus on expanding mining capacity, advancing smart mining, and green transformation.

• Planned investment over ¥3.2 billion in 117 projects, including major expansions at Yulong Copper Mine.

• Emphasis on innovation, digitalization, and ESG leadership.