600362.SH, 0358.HK · A-shares · Hong Kong
600362.SH / 0358.HK Jiangxi Copper: smelting giant, Cu beta
Jiangxi Copper 2025 revenue ¥544.623B (+5.42%), parent NI ¥7.130B (+2.41%), adj. NI ¥9.148B (+11.30%). A-share ~¥43.3 / mkt ~¥149.9B. Huge revenue base; profits sensitive to Cu and TC/RCs. Adj. NI > parent NI points to one-offs. Sector: nonferrous metals deep-dive.
Cite a section with a deep link, e.g. /en/r/jxcc-600362-research#thesis
Market snapshot
- A-share (~7/31)
- CNY 43.3
- Market cap (approx)
- CNY 149.9B
- 2025 parent NI
- CNY 7.1B
- 2025 adj. NI
- CNY 9.1B
Thesis
Jiangxi Copper (600362.SH / 0358.HK) is a leading China copper smelter/processor. 2025 revenue ¥544.623B (+5.42%), parent NI ¥7.130B (+2.41%), adj. NI ¥9.148B (+11.30%). A-share ~¥43.3 / mkt ~¥149.9B.
Less torque than pure miners, but clear Cu and TC/RC beta. Sector: nonferrous metals deep-dive.
Business
Model: Integrated Cu mining–smelting–fabrication–trading. Huge revenue base; profits from TC/RCs, captive mines, and product spreads.
Flagships: cathode copper, fabricated copper, gold by-product; copper foil as growth.
Competitiveness: domestic smelting scale and trading network; mine+smelter hedge vs concentrate swings.
Strategy (12–24m): mine upgrades, cathode expansions, foil ramp; less torque than pure miners (e.g. Zijin) but clear Cu/TC-RC beta.
Value chain
Position: midstream smelting/fabrication with some upstream mines.
| Side | Counterparties | Dependence |
|---|---|---|
| Upstream | Concentrate suppliers, energy | TC/RCs and power |
| Downstream | Cable, appliances, new energy, traders | China manufacturing demand |
Supply-chain risks: (1) concentrate supply and TC/RC cycle; (2) energy/ESG and working-capital intensity — echoed in Risks.
Price & valuation
~7/31 A-share ~¥43.3. Prefer adj. NI and Cu scenarios over a single PE story.
Financial trend (~24 months)
Smelting GM is low in absolute terms; QoQ tracks TC/RCs and inventory. Mild revenue seasonality.
Revenue · last 8 quarters
Interactive chart available in the reader.
Gross margin · last 8 quarters
Interactive chart available in the reader.
Operations
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue 2025 | ¥544.623B | +5.42% | Very large scale |
| Parent NI 2025 | ¥7.130B | +2.41% | One-offs included |
| Adj. NI 2025 | ¥9.148B | +11.30% | Better ops signal |
| Basic EPS | ¥2.07 | — | 2024: ¥2.01 |
| OCF 2025 | −¥6.914B | — | WC/trading swing |
Competition
Peers: Zijin, CMOC, Chalco (nonferrous smelting contrast).
Strengths: smelting/trading scale; domestic cathode supply position. Weaknesses: margins/ROE below mine majors; track adj. vs parent NI and OCF swings separately.
Peer comparison
| Company | Position / share | GM / margin | Strength | Weakness |
|---|---|---|---|---|
| 江西铜业 600362 (self) | 国内铜冶炼加工龙头 | ~3–4%（冶炼） | 冶炼规模、贸易与阴极铜 | 利润弹性弱于矿端；OCF 波动大 |
| 紫金矿业 601899 | 矿端铜金龙头 | 矿端显著更高 | 资源租金与全球化 | 非冶炼贸易专长 |
| 洛阳钼业 603993 | 铜钴矿端 | 矿端更高 | 成本曲线与钴暴露 | 国内冶炼网络弱于江铜 |
| 中国铝业 601600 | 有色冶炼对照（铝） | 电解铝周期 | 一体化铝产业链 | 非铜主业 |
Management
Key management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 / Chair | 郑高清 | 公开披露任职 | 期间无重大披露变动（以最新年报为准） |
| 总经理 / GM | 周少兵 | 公开披露任职 | 期间无重大披露变动 |
| 财务总监 / CFO | 甘成久 | 公开披露任职 | 期间无重大披露变动（以最新年报为准） |
24m changes: No material disclosed core-officer turnover (per latest annual).
Stability: SOE-controlled bench stable; watch TC/RCs and Cu, not succession.
Outlook
Mine upgrades, cathode expansions, and copper foil add growth; core still Cu + TC/RC.
Scenarios
| Scenario | Conditions | Implication |
|---|---|---|
| Bull | Firm Cu; TC/RCs up; new businesses ramp | Adj. NI upgrades |
| Base | Cu range-bound; steady smelting | Cyclical hold |
| Bear | Cu down + TC/RC pressure | NI cut |