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Shanxi state-owned copper miner and smelter producing copper cathode and copper concentrate.
Shanxi state-owned copper miner and smelter producing copper cathode and copper concentrate.
Moat: narrow (scale, regulatory licence). State-controlled mining licences and smelter scale in Shanxi's copper belt.
Headquarters: Yuncheng, Shanxi, China · Employees: 7,188
Size North Copper (000737.SZ) is a China Materials company (Other Metals/Minerals) with a market value of $2.97B, the 870th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.38 on 6 Nov 2026.
Performance Over six months the shares fell 27.6%, against -27.3% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 54.2% over the last twelve months (peer median +24.6%); the operating margin is 8.8% (peer median 12.4%).
Valuation It trades at 0.7× enterprise value to sales against a peer median of 4.6× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.9 points above its cost of capital (9.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥40.0B | CN¥27.9B | CN¥24.1B | CN¥9.38B | CN¥10.6B |
| Revenue growth | — | +16% | +157% | -12% | — |
| Gross profit | CN¥5.72B | CN¥2.80B | CN¥1.67B | CN¥1.35B | CN¥1.24B |
| EBITDA | n/a | CN¥2.70B | CN¥1.50B | CN¥1.27B | CN¥1.13B |
| Net income | CN¥1.78B | CN¥791M | CN¥613M | CN¥621M | CN¥555M |
| Free cash flow | CN¥3.23B | CN¥1.12B | -CN¥647M | -CN¥2.87B | CN¥921M |
| Capital expenditure | CN¥874M | CN¥770M | CN¥1.01B | CN¥1.63B | CN¥1.23B |
| Total debt | CN¥9.37B | CN¥8.99B | CN¥8.87B | CN¥7.49B | CN¥3.98B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| North Copper 000737.SZ | $2.97B | -28% | +54% | 9% | 0.7× | -3.9% |
| Jiangxi Copper 600362.SS | $14.3B | -29% | +14% | 4% | 0.2× | n/a |
| Tongling Nonferrous Metals 000630.SZ | $9.83B | -20% | +46% | 6% | 0.5× | n/a |
| Yunnan Copper 000878.SZ | $5.01B | -28% | +10% | 2% | 0.3× | n/a |
| Zijin Mining 601899.SS | $109B | -15% | +16% | 30% | 2.3× | -10.2% |
| Western Mining 601168.SS | $9.85B | -7% | +18% | 17% | 1.3× | -5.6% |
| Jinchuan Group International Resources 2362.HK | $997M | +4% | +65% | 22% | 2.0× | -2.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000737.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.6% | -17.4% | 6th lowest of 21 |
| 6-month return | -27.6% | -27.3% | 10th lowest of 20 |
| Distance from 52-week high | -51.7% | -52.1% | 10th highest of 21 |
| Revenue growth (TTM) | +54.2% | +24.6% | 6th highest of 20 |
| Operating margin | 8.8% | 12.4% | 8th lowest of 20 |
| EV / Sales | 0.7× | 4.6× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -3.9% | 21.1% | least demanding of 9 |
| Growth delivered (Del g) | +26.8% | +9.1% | highest of 9 |
| Hurdle (Req g minus delivered) | -30.7 pp | +17.4 pp | least demanding of 9 |
| ROIC minus cost of capital | +8.9 pp | -0.9 pp | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | 0.7× | -3.9% | +26.8% |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 2.8× | 0.4% | +20.4% |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 0.8× | -1.6% | +8.5% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 9.7× | n/a | n/a |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 4.6× | n/a | n/a |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 2.2× | n/a | n/a |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 0.7× | n/a | n/a |
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 12% | 2.6× | n/a | n/a |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 6.7× | 54.3% | +9.7% |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | 1.4× | n/a | n/a |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 7.3× | 12.8% | +8.5% |
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 18% | 16.1× | 48.1% | +9.7% |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 3.7× | 24.9% | +13.9% |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |
| IGO IGO.AX | Australia | $2.60B | -45% | -12% | -31% | 7.4× | 17.2% | -6.5% |
| Changyu 603407.SS | China | $2.59B | n/a | +9% | 16% | 9.1× | 51.8% | +2.2% |
| Trekor Metals TKO.TO | Canada | $2.57B | -1% | +68% | 28% | 4.5× | n/a | n/a |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | 78.8× | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 0.6× | n/a | n/a |
| Jinhui Mining 603132.SS | China | $2.53B | -11% | +38% | 51% | 9.9× | n/a | n/a |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 15% | 19.3× | n/a | n/a |