Metallurgical Corporation of China (1618) H2 2025 earnings summary

Executive summary

• Operating revenue for 2025 was RMB455.38 billion, down 17.51% year-over-year, with net profit attributable to shareholders at RMB1.322 billion, down 80.41% from 2024.

• The company completed a major divestment of non-core real estate and mining assets, streamlining its business to focus on core operations.

• Newly signed contracts totaled RMB1,112.92 billion, a 10.87% decrease year-over-year, but overseas contracts exceeded RMB100 billion for the first time.

• Maintained a leading global position in metallurgical construction and received multiple industry awards and an MSCI ESG rating upgrade.

Financial highlights

• Total profit for 2025 was RMB5.009 billion, down 45.87% year-over-year.

• Net profit was RMB2.522 billion, a 68.09% decrease from 2024.

• Basic EPS was RMB0.002, compared to RMB0.24 in 2024.

• Total assets increased 3.90% to RMB839.49 billion; shareholders’ equity rose 0.67% to RMB183.56 billion.

• Operating revenue from engineering contracting fell 19.32% to RMB407.98 billion; featured segment revenue rose 2.65% to RMB32.74 billion.

• Gross profit margin for engineering contracting increased to 9.54%; featured business margin rose to 15.61%.

• Net cash flow from operating activities nearly doubled to RMB15.32 billion.

Outlook and guidance

• For 2026, the company targets operating revenue over RMB400 billion and new contract value above RMB1 trillion.

• Strategic focus remains on core metallurgical construction, industrial and capital construction, and five featured businesses.

• Plans to further optimize business structure, enhance value creation, and expand in strategic emerging industries.