CMOC

CMOC 2025 revenue ¥206.684B (−2.98%), parent NI ¥20.339B (+50.30%); Q1'26 revenue ¥66.403B (+44.34%), parent NI ~¥7.760B (+96.65%). A-share ~¥19.5 / mkt ~¥417.6B. Soft revenue vs rising NI reflects Cu/Co mix and cost edge. Sector: nonferrous metals deep-dive.

Structural bull with divergence: copper/aluminum benefit from tight supply and electrification; lithium/cobalt move toward balance. Focus on self-sufficiency and volume. See copper brief.