en.Wedoany.com Report, On the evening of March 25, Western Mining Co., Ltd., a star stock from last year, disclosed its 2025 annual report.

In 2025, the company achieved total operating revenue of 61.687 billion yuan, a year-on-year increase of 23%; net profit attributable to shareholders of the listed company was 3.643 billion yuan, a year-on-year increase of 24%. However, on a quarterly basis, the fourth quarter of 2025 saw operating revenue of 13.244 billion yuan, a sequential decrease of 21.3%; net profit attributable to the parent company was 697 million yuan, a sequential decrease of 35.2%.

The annual report disclosed that the Phase III project of the Yulong Copper Mine, which has drawn investor attention, was approved in June 2025. It is expected that infrastructure construction will be completed by the end of 2026. Upon completion, the ore processing capacity will increase from 22.8 million tons/year to 30 million tons/year.

Data shows that the company achieved total 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, a year-on-year increase of 24%. The company stated that its main operating indicators reached record highs, completing the targets set in the final year of the "14th Five-Year Plan".

In terms of quarterly performance, in Q4 2025, the company achieved operating revenue of 13.244 billion yuan, a sequential decrease of 21.3% compared to 16.823 billion yuan in Q3; net profit attributable to shareholders of the listed company was 697 million yuan, a sequential decrease of 35.2% compared to 1.076 billion yuan in Q3.

In 2025, the overall prosperity of the non-ferrous metals industry recovered. The company's annual report shows that the average annual copper price in 2025 was 83,000 yuan/ton, a year-on-year increase of 8.8%; in the fourth quarter, the copper price once broke through the 100,000 yuan/ton mark, reaching a high of 102,700 yuan/ton. The average annual zinc price was 22,800 yuan/ton, a year-on-year decrease of 3.7%; the average annual gold price was 808 yuan/gram, a year-on-year increase of 42.2%; the average annual silver price was 10,600 yuan/kilogram, a year-on-year increase of 42%.

In terms of product revenue structure, copper products generated operating revenue of 43.240 billion yuan, a year-on-year increase of 13.05%, accounting for over 70% of total operating revenue, with a gross profit margin of 16.89%. Zinc products generated revenue of 3.825 billion yuan, a year-on-year increase of 24.55%, with a gross profit margin of 28.95%, an increase of 7.28 percentage points from the previous year. Gold ingots generated revenue of 3.847 billion yuan, a year-on-year increase of 23 times, with a gross profit margin of 5.27%. Silver ingots generated revenue of 1.961 billion yuan, a year-on-year increase of 9.5 times, with a gross profit margin of 9.51%.

Lead products generated revenue of 2.370 billion yuan, a year-on-year increase of 146.48%, but the gross profit margin decreased by 43.35 percentage points to 28.34%. Iron products generated revenue of 984 million yuan, a year-on-year decrease of 4.07%, with a gross profit margin of 31.96%.

In terms of output, in 2025, the company produced 167,500 tons of mined copper, 128,800 tons of mined zinc, 63,000 tons of mined lead, and 1.4053 million tons of iron concentrate; it produced 334,200 tons of smelted copper, 154,100 tons of smelted lead, and 152,100 tons of smelted zinc. Some products did not meet the annual planned output: mined lead and silver content in concentrate fell short due to lower ore processing volume and feed grade than planned; iron concentrate fell short due to lower ore processing volume than planned; and smelted copper, lead, and zinc fell short due to planned production stoppages.

Regarding the progress of the Phase III project of the Yulong Copper Mine, which is of interest to investors, the annual report disclosed that the project was approved in June 2025 and is expected to complete infrastructure construction by the end of 2026. Upon project completion, the ore processing capacity of the Yulong Copper Mine will increase from 22.8 million tons/year to 30 million tons/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 associated molybdenum metal resources. As of the end of 2025, the Yulong Copper Mine had proven reserves of 1.2 billion tons of copper, with an average grade of 0.49%.

Regarding the Anhui Chating Copper Polymetallic Mine, the company's controlling subsidiary, Yulong Copper Industry, won the exploration right for the mine with a bid of 8.609 billion yuan in 2025. In January 2026, it paid the full price and obtained the exploration right certificate, and in February, it obtained the exploration permit. In terms of salt lake chemical business, in 2025, the company produced 147,000 tons of high-purity magnesium hydroxide powder, a year-on-year increase of 28%.

For 2026, the company plans to produce 172,000 tons of mined copper, 63,400 tons of mined lead, 127,600 tons of mined zinc, and 2.216 million tons of iron concentrate; and 324,400 tons of smelted copper, 139,700 tons of smelted lead, and 180,600 tons of smelted zinc. The company's operating targets for the year are set at 58 billion yuan in operating revenue and 6 billion yuan in total profit.