Luoyang Molybdenum Co., Ltd. reported record profits for the first three quarters of the year, outpacing last year's total, supported by strategic investments and a strong copper production sector.

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Luoyang Molybdenum Co., Ltd. (commonly referred to as Luoyang Moly) has reported impressive financial results for the first three quarters of the year, achieving a net profit of 14.28 billion CNY, which surpasses its total profit for the previous year and sets a new historical record. The company also recorded operating revenue of 145.49 billion CNY, marking a 72.61% increase year-on-year. In the third quarter alone, Luoyang Moly's profit surged by 96.40% compared to the same period last year, totaling 5.61 billion CNY. Furthermore, the earnings per share reached 0.67 CNY, supported by robust operational cash flow of 15.86 billion CNY and an 8.20% growth in total assets from the previous year, totaling 184.19 billion CNY.

The company has maintained an upward trend in copper production, generating significant revenue of 56.59 billion CNY from its mining operations, accounting for nearly 40% of its overall revenue. The copper segment alone reported 38.62 billion CNY in revenue, which constitutes over 68% of mining revenue, demonstrating a commendable increase that is attributed to the effective operations of its two world-class mines, TFM and KFM in the Democratic Republic of the Congo. During this reporting period, Luoyang Moly produced 543,400 tons of copper, a 14.14% increase year-on-year, while copper sales reached 520,300 tons, up by 10.56%.

Industry Overview in China

China's copper industry has seen significant growth over the past few years, driven by the increasing demand for copper in various sectors including construction, electrical equipment, and renewable energy. The copper industry plays a crucial role in China's economic