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CMOC Group (HK:3993)
:3993
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CMOC Group (3993) AI Stock Analysis

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HK:3993

CMOC Group

(3993)

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Neutral 68 (OpenAI - Gpt-5.6Sol)
Rating:68Neutral
Price Target:
HK$13.50
â–¼(-22.99% Downside)
Action:Reiterated
Date:10/27/26
The score is driven primarily by strong profitability and an improved balance sheet, tempered by weakened recent free cash flow conversion. Technical indicators are the largest negative factor due to a clear downtrend and weak momentum, while the low P/E and solid dividend yield provide meaningful valuation support.
Positive Factors
Profitability Growth
CMOC has strengthened its earnings base substantially, with higher revenue, net income, gross margin, and operating profitability over the cycle. This indicates improved operating leverage and gives the company greater internal capacity to fund projects, withstand volatility, and compound returns.
Negative Factors
Weakening Cash Conversion
The recent decline in free cash flow and cash conversion means reported earnings are translating into less cash than they did in 2024. If this persists, CMOC may have less internally generated funding for expansion, dividends, debt reduction, or protection during weaker operating conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Growth
CMOC has strengthened its earnings base substantially, with higher revenue, net income, gross margin, and operating profitability over the cycle. This indicates improved operating leverage and gives the company greater internal capacity to fund projects, withstand volatility, and compound returns.
Read all positive factors

CMOC Group (3993) vs. iShares MSCI Hong Kong ETF (EWH)

CMOC Group Business Overview & Revenue Model

Company Description
CMOC Group Limited, through its diverse subsidiaries, is a multifaceted enterprise engaged in the entire value chain from the extraction, processing, and refining to the commercialization of numerous metallic resources. These include essential min...
How the Company Makes Money
CMOC makes money primarily by selling mined and processed mineral products. Its main revenue model is commodity-based: it extracts ore from its mines, processes it into saleable products (such as copper concentrate/cathode and cobalt products, and...

CMOC Group Earnings Call Summary

Earnings Call Date:Aug 22, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Mar 19, 2027
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance with record profits and robust cash flow. The company demonstrated strategic advancements with acquisitions and improvements in operational efficiency, and maintained strong ESG practices. However, there were challenges in the trading business and cobalt sales due to external factors. Overall, the positive aspects outweigh the lowlights, indicating a strong performance outlook.
Positive Updates
Record Net Attributable Profit
Net attributable profit hit a record high of CNY8.7 billion in the first half of 2025, representing a 60% year-over-year increase.
Negative Updates
Decline in Trading Business Revenue
The trading business showed a year-over-year revenue decline of 11.44% due to restructuring of low-profit product lines.
Read all updates
Q2-2025 Updates
Negative
Record Net Attributable Profit
Net attributable profit hit a record high of CNY8.7 billion in the first half of 2025, representing a 60% year-over-year increase.
Read all positive updates
Company Guidance
During the first half of 2025, CMOC Group Limited focused on organizational upgrades, cost reduction, and efficiency improvements, resulting in a strong financial performance despite a slight year-over-year (YoY) decline in operating revenue to CNY94.8 billion. The mining segment's operating income increased by 25.64%, while the trading business saw a YoY decline due to a restructuring of low-profitability product lines. EBITDA rose by 23.8% to CNY19.8 billion, and net attributable profit reached CNY8.7 billion, marking a 60% YoY increase. Operating cash flow was robust at CNY12 billion, with a gearing ratio reduction to 50.15% and a return on net assets improvement to 11.7%. The copper and cobalt segment contributed 84% of the gross profit in the mining segment, with copper production increasing by 12.7% to 354,000 metric tons and cobalt production rising by 13.1% to 61,000 metric tons. The company's molybdenum, tungsten, and phosphorus operations showed improvements in production, sales, and gross profit margins. CMOC Group also completed the acquisition of the Ecuadorian gold mine for CAD581 million and maintained its commitment to ESG excellence, with a continued AA MSCI rating and initiatives such as community development projects in the Democratic Republic of Congo. The company aims to achieve carbon neutrality by 2050, with plans for significant investments in energy efficiency and clean energy projects.

CMOC Group Financial Statement Overview

Summary
Income statement strength is clear (higher revenues over the cycle, a step-change in margins, and strong TTM profitability), and balance sheet leverage improved materially versus 2021–2022 with strong ROE. The key drag is cash flow: free cash flow and cash conversion weakened meaningfully from the 2024 peak into 2025/TTM, raising sustainability risk despite higher reported earnings.
Income Statement
84
Very Positive
Balance Sheet
74
Positive
Cash Flow
58
Neutral
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue266.68B206.44B213.03B186.27B172.99B173.86B
Gross Profit63.39B49.44B35.25B17.83B16.06B16.32B
EBITDA62.19B48.71B34.79B20.17B17.10B17.38B
Net Income29.88B20.34B13.53B8.25B6.07B5.11B
Balance Sheet
Total Assets245.88B202.53B170.24B172.97B165.02B137.45B
Cash, Cash Equivalents and Short-Term Investments67.63B48.43B36.94B39.00B36.88B31.44B
Total Debt51.96B31.66B29.64B50.86B48.66B46.86B
Total Liabilities131.47B102.58B84.29B101.01B102.98B89.19B
Stockholders Equity94.41B82.47B71.02B59.54B51.70B39.85B
Cash Flow
Free Cash Flow9.18B13.50B27.49B2.62B4.94B1.91B
Operating Cash Flow19.88B20.89B32.39B15.54B15.45B6.19B
Investing Cash Flow-25.20B-8.74B-1.16B-10.66B-7.37B-4.89B
Financing Cash Flow19.20B-8.28B-30.57B-8.61B-2.10B7.89B

CMOC Group Technical Analysis

Technical Analysis Sentiment
Negative
Last Price17.53
Price Trends
50DMA
15.48
Negative
100DMA
16.13
Negative
200DMA
17.93
Negative
Market Momentum
MACD
-0.85
Positive
RSI
31.62
Neutral
STOCH
17.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3993, the sentiment is Negative. The current price of 17.53 is above the 20-day moving average (MA) of 14.24, above the 50-day MA of 15.48, and below the 200-day MA of 17.93, indicating a bearish trend. The MACD of -0.85 indicates Positive momentum. The RSI at 31.62 is Neutral, neither overbought nor oversold. The STOCH value of 17.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3993.

CMOC Group Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
81
Outperform
HK$49.74B25.7834.35%1.53%79.09%83.65%
68
Neutral
HK$329.39B9.6832.65%3.54%38.53%62.42%
68
Neutral
HK$26.31B5.3430.91%4.12%34.76%66.30%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
61
Neutral
HK$65.49B9.9412.64%5.80%115.70%―
58
Neutral
HK$2.28B5.3811.28%2.44%-32.45%―
39
Underperform
HK$23.72M-0.05-1613.43%2.61%-20.14%-84.86%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:3993
CMOC Group
12.32
-3.56
-22.42%
HK:1091
South Manganese Investment Limited
0.39
-0.05
-11.49%
HK:9696
Tianqi Lithium Corp. Class H
23.08
-23.50
-50.45%
HK:2245
Lygend Resources & Technology Co., Ltd. Class H
16.74
-4.65
-21.73%
HK:3939
Wanguo International Mining Group Ltd.
11.24
3.68
48.64%
HK:6128
Graphex Group Limited
0.02
-0.29
-93.33%

CMOC Group Corporate Events

CMOC Group Cuts Hong Kong H-Share Board Lot Size to Boost Liquidity
Oct 23, 2026
CMOC Group Limited will cut the trading board lot size of its H shares on the Hong Kong Stock Exchange from 3,000 to 500 shares, effective at 9:00 a.m. on 13 November 2026, reducing the typical lot value from HK$39,030 to HK$6,505 at the current s...
CMOC Group Publishes Unaudited Third-Quarter 2026 Results
Oct 23, 2026
CMOC Group Limited has released its unaudited financial results for the third quarter ended 30 September 2026, prepared under China’s Accounting Standards for Business Enterprises. The disclosure complies with Hong Kong listing and securitie...
CMOC Group to Host Webcast Briefing on 2026 Q3 Results
Oct 19, 2026
CMOC Group Limited, a joint stock company incorporated in the PRC and listed in Hong Kong, operates in the mining and resources sector and maintains an established governance structure with executive, non-executive and independent directors. The c...
CMOC Group Sets October Board Meeting to Approve Nine-Month Results
Oct 12, 2026
CMOC Group Limited has scheduled a board meeting for 23 October 2026 to review and approve the publication of its quarterly results for the nine months ended 30 September 2026. The session will also address other board business, underscoring the c...
CMOC updates tax treatment on 2026 interim dividend for overseas and mainland investors
Sep 18, 2026
CMOC Group will distribute an interim dividend of RMB0.95 per ten H shares for the six months ended 30 June 2026, payable on 24 September 2026 to shareholders on the Hong Kong register as of 8 September 2026. The company confirms that all other ar...
CMOC Group Updates Tax Terms on Interim Dividend for 2026 Half-Year
Sep 18, 2026
CMOC Group Limited has declared an interim ordinary dividend of RMB 0.95 per 10 shares for the six months ended 30 June 2026, equivalent to HKD 1.09804 per 10 shares based on a set exchange rate. The dividend, for the financial year ending 31 Dece...
CMOC Group Wins Strong Shareholder Backing at 2026 Extraordinary Meeting
Aug 20, 2026
CMOC Group Limited reported the poll results of its first extraordinary general meeting of 2026, where shareholders holding about 66% of issued shares participated via onsite and online voting. Both A-share and H-share investors were represented, ...
CMOC Group Announces 2026 Interim Results and RMB2 Billion Dividend Payout
Aug 19, 2026
CMOC Group Limited has released its unaudited consolidated interim results for the six months ended 30 June 2026, prepared in line with Hong Kong listing disclosure requirements and reviewed by its audit and risk committee. The interim report, whi...
CMOC Group Declares Interim Dividend and Details Tax Arrangements for H Shareholders
Aug 19, 2026
CMOC Group Limited has announced an interim ordinary cash dividend for the six months ended 30 June 2026, declaring RMB 0.95 per 10 shares, equivalent to HKD 1.09804 at an exchange rate of RMB 1 to HKD 1.15583. The ex-dividend date is set for 1 Se...
CMOC Group Schedules Webcast Briefing on 2026 Interim Results
Aug 13, 2026
CMOC Group Limited has announced it will hold an investor briefing via webcast on 21 August 2026 to discuss its interim results for the six months ended 30 June 2026 and provide an update on company operations. The online session, hosted on the Sh...
CMOC Group Sets August Board Meeting to Approve Interim Results
Aug 7, 2026
CMOC Group Limited has scheduled a board meeting for 19 August 2026 in Luoyang, Henan, to review and approve the publication of its interim financial results for the six months ended 30 June 2026. The meeting, which may also address other corporat...
CMOC Revamps Connected Deals with CATL and KFM as Copper and Cobalt Outlook Shifts
Jul 31, 2026
CMOC Group Limited plans to revise annual caps and renew its continuing connected transactions with major shareholder CATL and joint subsidiary KFM Holding, citing expected substantial growth in copper output and a recent uptrend in global copper ...
CMOC Group Calls 2026 EGM to Approve New Commercial and Governance Frameworks
Jul 31, 2026
CMOC Group Limited has called its first extraordinary general meeting of 2026 for 20 August in Shanghai, where shareholders will vote on several key operational and governance proposals. The agenda includes approval of product sales and procuremen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 27, 2026