The rise in copper prices gave tongling a handsome performance report in 2017.
Securities daily reporter recently learned from the company that the copper foil market is in short supply, processing costs remain high.
Product prices are rising fast.
On April 13, tongling nonferrous disclosed the 2017 annual report, with an operating income of 824.3 billion yuan, a 4.90 percent year-on-year decrease, but the net profit attributable to the parent company was 549 million yuan, a significant increase from the previous year.
By the end of 2017, the company's total assets were 47794 billion yuan, with a net asset of 18.575 billion yuan.
Good results come from the rapid increase in product prices.
Average copper prices in 2017 were up 31% from a year earlier, according to the annual report.
The average annual price of sulphuric acid rose 76% year on year.
Copper concentrate processing fee and lithium foil processing fee continue to be stable.
During the period, tongling was able to obtain favorable conditions for the production of 127.85 million tons of cathode copper, 467 thousand tons of copper concentrate, 9605 kg of gold, 385.9 tons of silver and 378.34 million tons of sulphuric acid, and the production of main products remained stable.
As the largest copper smelting capacity enterprise in China, tongling color has a copper smelting capacity of 1.35 million tons/year, with a comprehensive production capacity of 400,000 tons/year.
From 2015 to 2017, the cathode copper output reached 131.51 million tons, 129.79 million tons and 127.85 million tons respectively, with a market share of around 16% in the domestic market. The annual output of cathode copper was the first in China for many years.
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