Minmetals Capital Co Ltd

Minmetals Capital released its 2026 interim report. Total operating revenue was 3.23 billion yuan, and net profit attributable to the parent company was 1.075 billion yuan, an increase of 550 million yuan from the same period last year, up 104.61% year on year. Net cash inflow from operating activities was 642 million yuan, an increase of 1.672 billion yuan from the same period last year. The company's latest asset-liability ratio was 65.83%, and gross margin was 5.43%, up 1.70 percentage points from the same period last year, marking four consecutive years of growth. The latest return on equity was 2.52%, up 1.41 percentage points from the same period last year. Diluted earnings per share were 0.24 yuan, up 200.00% year on year. Total asset turnover was 0.02 times, and inventory turnover was 4.68 times, up 25.93% year on year. The company had 110,700 shareholders, and the top ten shareholders held 2.644 billion shares, accounting for 58.78% of total share capital.

Minmetals Capital announced that it plans to sign a perpetual bond agreement with its actual controller, China Minmetals Corporation. Under the agreement, China Minmetals will make a perpetual debt investment of 2.1 billion yuan in Minmetals Capital, with a term of 5+N years and an initial annual interest rate of 2.98 percent.

Minmetals Capital disclosed an earnings forecast, estimating net profit attributable to the parent for the first half of 2026 at 950 million to 1.14 billion yuan, a year-on-year increase of 81% to 117%. Deducted non-recurring net profit is expected to be 1 billion to 1.2 billion yuan, up 90% to 129% year-on-year. The company said the profit growth was mainly due to good operating conditions in financial businesses such as trust, securities and futures, with overall profitability improving compared with the same period last year. At the same time, fair value changes on financial assets and investment income from long-term equity investments accounted for under the equity method increased significantly compared with the same period last year.