Xibu Mining's Q4 2025 Revenue and Net Profit Both Decline Quarter-over-Quarter; Investors Focused on Yulong Copper Mine Phase III Expected to Complete Infrastructure by Year-End

On the evening of March 25th, Western Mining (SH601168, stock price 26.42 yuan, market value 62.959 billion yuan), a top-performing stock last year, disclosed its 2025 annual report.

The company achieved an operating revenue of 61.687 billion yuan in 2025, a year-on-year increase of 23%; net profit attributable to shareholders of the listed company was 3.643 billion yuan, up 24%. However, from a quarterly perspective, in the fourth quarter of 2025, revenue was 13.244 billion yuan, a 21.3% decrease quarter-on-quarter; net profit attributable to shareholders was 697 million yuan, down 35.2% quarter-on-quarter.

According to the annual report, the third phase of the Yulong Copper Mine project was approved in June 2025, with infrastructure expected to be completed by the end of 2026. Once operational, ore processing capacity will increase from 22.8 million tons per year to 30 million tons per year.

Non-ferrous metals industry recovery

Data shows that the company achieved an operating revenue of 61.687 billion yuan in 2025, a 23% increase year-on-year; net profit attributable to shareholders was 3.643 billion yuan, up 24%. The company stated that its main operating indicators reached new highs, completing the goals of the 14th Five-Year Plan.

Looking at quarterly performance, in Q4 2025, the company’s revenue was 13.244 billion yuan, down 21.3% from 16.823 billion yuan in Q3; net profit attributable to shareholders was 697 million yuan, down 35.2% from 1.076 billion yuan in Q3.

In 2025, the overall prosperity of the non-ferrous metals industry rebounded. The annual average copper price was 83,000 yuan/ton, up 8.8% year-on-year; in Q4, copper prices briefly exceeded 100,000 yuan/ton, reaching a high of 102,700 yuan/ton. The annual average zinc price was 22,800 yuan/ton, down 3.7% year-on-year; the average gold price was 808 yuan/gram, up 42.2%; the average silver price was 10,600 yuan/kilogram, up 42%.

Regarding product revenue structure, copper products generated 43.24 billion yuan, up 13.05% year-on-year, accounting for over 70% of total revenue, with a gross profit margin of 16.89%. Zinc products achieved revenue of 3.825 billion yuan, up 24.55%, with a gross profit margin of 28.95%, an increase of 7.28 percentage points from last year. Gold ingots generated 3.847 billion yuan, up 23 times, with a gross profit margin of 5.27%. Silver ingots earned 1.961 billion yuan, up 9.5 times, with a gross profit margin of 9.51%.

Lead products achieved revenue of 2.37 billion yuan, up 146.48%, but gross profit margin decreased by 43.35 percentage points to 28.34%. Iron products earned 984 million yuan, down 4.07%, with a gross profit margin of 31.96%.

In terms of production volume, in 2025, the company produced 167,500 tons of mineral copper, 128,800 tons of mineral zinc, 63,000 tons of mineral lead, and 1.4053 million tons of concentrate iron; smelted 334,200 tons of copper, 154,100 tons of lead, and 152,100 tons of zinc. Some products did not meet the annual planned output, such as mineral lead and silver-bearing concentrates due to lower-than-planned ore processing and grade, iron concentrate due to lower ore processing, and smelting of copper, lead, and zinc due to planned shutdowns.

Yulong Copper Mine Phase III expected to complete infrastructure by the end of 2026

Regarding the progress of the third phase of the Yulong Copper Mine project, the annual report disclosed that it was approved in June 2025, with infrastructure expected to be completed by the end of 2026. Once completed, the ore processing capacity of Yulong Copper Mine will increase from 22.8 million tons per year to 30 million tons per year.

In terms of resource reserves, in 2025, the Yulong Copper Mine added 1.3142 million tons of copper metal resources and 107,700 tons of molybdenum resources. As of the end of 2025, the copper reserve in Yulong Copper Mine was 1.2 billion tons, with an average grade of 0.49%.

Regarding Anhui Chating polymetallic mine, the company’s holding subsidiary Yulong Copper Industry acquired exploration rights for the mine in 2025 for 8.609 billion yuan, paid the full amount in January 2026, and obtained exploration permits in February. In the salt lake chemical business, the company produced 147,000 tons of high-purity magnesium hydroxide raw powder in 2025, up 28%.

For 2026, the company plans to produce 172,000 tons of mineral copper, 63,400 tons of mineral lead, 127,600 tons of mineral zinc, and 2.216 million tons of iron concentrate; smelted 324,400 tons of copper, 139,700 tons of lead, and 180,600 tons of zinc. The company’s operational targets are revenue of 58 billion yuan and a total profit of 6 billion yuan.

Daily Economic News