Jinmu Mining's net profit in 2025 is expected to grow by 5.77% year-on-year, falling short of institutional expectations, with the gross profit margin of "molybdenum chemical" products decreasing by nearly 5 percentage points.

iDaily (Reporter) | Cai Ding    iDaily (Editor) | Zhang Yiming

Jinmo Shares (SH601958, share price RMB 18.44, market cap RMB 59.5B) released its 2025 annual report after market close on April 3. In 2025, the company recorded revenue of about RMB 13.83B, up 1.94% year over year; net profit attributable to shareholders of listed companies of about RMB 3.16B, up 5.77% year over year; and non-GAAP net profit (after deducting) of about RMB 3.14B, up 6.44% year over year. The company plans to distribute cash dividends of RMB 4 per every 10 shares to all shareholders (tax inclusive). Based on the company’s total share capital of about 3.23B shares, it plans to distribute cash dividends of about RMB 1.29B.

Image source: Jinmo Shares’ annual report

According to data compiled by the Wind Financial Terminal, two institutions’ consensus forecasts for Jinmo Shares’ 2025 revenue and net profit attributable to parent company shareholders are about RMB 14.81B and RMB 3.36B, respectively. Therefore, the company’s disclosed performance missed expectations on both revenue and net profit, with the disclosed figures coming in 6.57% and 6.06% lower than analysts’ consensus forecasts, respectively.

Image source: Wind

Although both revenue and net profit attributable to parent company shareholders fell short of institutional expectations, they still reached new highs for Jinmo Shares within a single accounting year. In addition, this marks a rebound after the company’s net profit attributable to parent company shareholders recorded a 3.76% decline in 2024. Among them, revenue of about RMB 13.83B completed 106.37% of Jinmo Shares’ annual operating plan target.

Image source: Wind

By quarter, in Q4 2025, Jinmo Shares recorded revenue of RMB 2.95B, down 15.09% year over year and down 24.88% quarter over quarter; net profit attributable to parent company shareholders was RMB 868 million, up 10.25% year over year and down 3.95% quarter over quarter.

Image source: Wind

In 2025, Jinmo Shares’ resource moat was further widened: the company successfully acquired a 24% stake in Anhui Jinsha Molybdenum Industry for an estimated consideration of about RMB 1.73B, increasing the rights and interests in the world’s largest single-asset molybdenum mine (Shapingou molybdenum mine) to 34%. Against the backdrop of overall tight supply, this move greatly strengthens its resource assurance capability.

At the same time, the company made breakthroughs in emerging markets and high-end products: it successfully entered high-end fields such as molybdenum zero-components, and new products such as molybdenum-zirconium electrodes achieved a “zero” breakthrough. Its ultrafine molybdenum powder technology has reached an internationally leading level; the full series of molybdenum alloy top caps with single-unit weight of 100 kg~800 kg completed production-line certification. The domestic market share of molybdenum products rose to 28%; the international market added 19 new overseas cooperation customers, and sales revenue grew 6.6% year over year; 133 new customers were developed, generating an added sales revenue of RMB 570 million, with sales growth of 31% from opening new markets and 8% growth from existing customers.

In terms of R&D, Jinmo Shares’ R&D expenses in 2025 reached RMB 422 million, up 20.24% year over year, and it introduced 12 PhD holders. The company is trying to shed the traditional “resource extraction” label and extend toward high-end manufacturing industry chains such as “molybdenum-based advanced materials industrial clusters” and semiconductor targets.

A reporter from The Daily Economic News noted that although Jinmo Shares’ net profit attributable to parent company shareholders increased 5.77% year over year in 2025, the company’s net cash flow from operating activities in the period fell 56.21% year over year to RMB 1.63B. The company said this was mainly due to a combined effect of an increase in the purchase of raw materials during the reporting period and a decrease in the use of bill discounting.

In addition, during the reporting period, the company saw declines in the gross margin rates of some principal operating businesses, as well as contraction in its trading business. Overall, against the backdrop of generally rising prices for various molybdenum products, the gross margin of its “molybdenum chemicals” products decreased by 4.65 percentage points year over year to 43.97%. Meanwhile, the “commodity trading” segment’s operating revenue decreased 18.12% year over year, while costs decreased 18.2%. Jinmo Shares stated plainly in its annual report: “The company engages in a single molybdenum industry business, and its performance is relatively clearly affected by cyclical fluctuations in the industry.”

Image source: Jinmo Shares’ annual report

The annual report also points out that the growth rate of total domestic molybdenum concentrate production slowed to 0.6% (about 317.9 thousand tons), and there remains a significant gap in domestic molybdenum concentrate. On the demand side, a solid pattern has formed of “two-wheel drive” from both traditional (stainless steel, special steels) and emerging areas (new energy, photovoltaics). Jinmo Shares expects that in the future, both supply and demand in the molybdenum market are likely to grow steadily, and it expects the market will maintain a tight balance.

Looking ahead to 2026, Jinmo Shares plans to achieve revenue of RMB 14.5 billion. However, because there may be differences between the actual operation of the molybdenum market in the future and the company’s expectations, the full-year operating results will be subject to the company’s 2026 annual financial report finalization and the audit report.

Image source: Wind

If calculated using RMB 14.5 billion, Jinmo Shares expects its 2026 revenue to grow year over year by about 4.81%. According to data compiled by the Wind Financial Terminal, two institutions’ consensus forecasts for Jinmo Shares’ 2026 revenue are about RMB 317.9k.

Cover image source: iDaily Media Library

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