Following recent consecutive rallies, Hong Kong-listed non-ferrous metals leader CHINFMINING has reached a historic high, giving birth to a new Tenbagger. Tenbagger is a stock investment concept proposed by investor Peter Lynch, referring to quality stocks whose price has risen 10 times from the initial purchase price. Such stocks are rare gems in financial markets and represent excellent investment opportunities for investors. Companies capable of creating 10-fold miracles are invariably outstanding to the extreme.

Without adjusting for stock splits, CHINFMINING's stock price hit a low of HK$0.85 in June 2016 over the past 10 years, with the closing price reaching HK$10.36 in August this year. For investors who bought at the lowest price, the stock has multiplied 12.19 times, truly representing a ten-fold stock over ten years. Considering dividend factors and forward-adjusted pricing, investors who bought at the lowest price over 10 years would now have negative costs, making the investment returns even more remarkable.

CHINFMINING's achievement of this "growth miracle" certainly benefits from industry tailwinds, but the key lies in the combined effect of its core assets' scarcity, management team's professionalism, and business strategy's forward-looking nature.

On August 28, CHINFMINING released its interim results announcement, showing the company remains on a steady growth trajectory with continued consolidation of core competitiveness. What makes it even more remarkable is that CHINFMINING, having achieved ten-fold growth over ten years, currently trades at a dynamic P/E ratio of only around 11 times.

The solid fundamentals, scarce "mother of industrial metals" assets, excellent management team, and strong state-owned background will support CHINFMINING to continue writing its "growth miracle."

**"Historically Best" Interim Performance**

CHINFMINING released its 2025 interim results on the evening of August 28, with its stock price surging 8.37% the following day and intraday gains exceeding 11% at one point. Investors' optimism is well-founded, as the 2025 interim results can be described as CHINFMINING's historically best interim performance, bar none.

According to the latest financial report, CHINFMINING achieved revenue of US$1.752 billion in the first half, a slight decrease year-over-year; net profit (comprehensive income) of US$371 million, up 22.5% year-over-year; and profit attributable to company owners (net profit attributable to parent) of US$263 million, up 20.2% year-over-year.

In the first half, CHINFMINING achieved basic earnings per share attributable to company owners of 6.75 US cents, up 17.4% year-over-year.

These are the basic data that investors focus on most. In fact, CHINFMINING's 2025 interim performance has three "historically best" aspects.

First is "historically best" profitability. In the first half, CHINFMINING's main profitability indicators maintained comprehensive upward momentum, particularly net profit attributable to parent, which best reflects the company's core business profitability, reaching a historic high for the same period.

Second is "historically best" asset quality. As of the end of June, CHINFMINING held a record US$1.353 billion in cash, representing the thickest capital reserves in history; long-term debt was only US$9.838 million, with no short-term debt (including current portion of long-term debt), essentially having no external debt except for operational accounting cycle debts. In recent years, CHINFMINING's debt-to-asset ratio has continued to decline, reaching only 30.93% by the end of June this year, a historic low for the same period.

Third is "historically best" operating cash flow. In the first half, CHINFMINING generated net cash inflow from operating activities of US$526 million, a historic high that significantly exceeded net profit.

From a fundamental perspective, the current period represents the best time for CHINFMINING.

**Broad Long-term Growth Potential**

In the interim results report, CHINFMINING disclosed the progress of various ongoing projects in the first half, including smooth progress on multiple projects such as CNMC Luanshya, Chambishi, and the first phase of MSESA ore body development.

CHINFMINING's mineral layout is mainly in central Africa, and the company is actively pursuing capacity expansion projects. According to statistics, long-term copper product capacity contribution is expected to exceed 150,000 tons per year.

CHINFMINING continues to expand capacity. In June this year, the company subscribed to partial equity in Kazakhstan's Benkala copper mine and will further acquire shares to achieve controlling interest.

Beyond capacity expansion, copper prices are expected to maintain high-level operations. BHP calculates that global copper ore average grade has declined from over 1% in 1991 to around 0.6% today, a decrease of approximately 40%; simultaneously, maintenance and reinvestment costs for existing copper mines are rapidly increasing. According to their predictions, by 2035, overall production from existing global copper mines will decrease by approximately 15%.

As supply decreases, human society's demand for copper will increase significantly. Research shows that by 2025, global copper demand will grow by over 70%, reaching 50 million tons per year. Beyond electrification sector copper demand, new energy vehicles and AI-driven data centers will all be "major copper consumers."

The value of copper, the "mother of industrial metals," will not "fade" but will become increasingly important.

**Professional Management Team Shapes Long-term Competitiveness**

Good industries also need good companies. Over the past decade-plus, CHINFMINING has successfully navigated multiple cycles and grown stronger, backed by a professional management team.

CHINFMINING is supported by large central enterprise China Nonferrous Metal Mining Group, making it a legitimate "national team" member with business spanning over 40 countries globally. It possesses overseas non-ferrous metal resources exceeding 20 million tons and is China's enterprise with the longest history, most complete industrial chain, and highest number of projects in "going out" to develop copper resources.

CHINFMINING's management team remains stable, with most executives possessing long-term management and operational capabilities in Africa, fully understanding the complete industrial chain from mine exploration, mine design and construction, mining and mineral processing, smelting, to copper product sales and marketing. Core executives all have professional backgrounds related to geology, economics, or management.

It is precisely due to the professional management team and their forward-looking business strategy that ensures CHINFMINING's long-term stable development, repeatedly navigating cycles and creating the "growth miracle" of ten-fold stock price growth over ten years.

Just as CHINFMINING sets stock price records, its dynamic P/E ratio is only around 11 times. The company's current fundamentals, management team's operational capabilities, and long-term growth prospects remain strong guarantees for CHINFMINING to continue its "growth miracle."

*Article content and views are for reference only and do not constitute investment advice. Investment involves risks, and decisions should be made carefully.*