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Chinese mining group and one of the world's top producers of cobalt and copper, plus molybdenum, tungsten and niobium.
Chinese mining group and one of the world's top producers of cobalt and copper, plus molybdenum, tungsten and niobium.
Earns by mining and selling concentrate and refined metals at world prices, and its IXM unit, a Geneva-based metals trader bought in 2020, adds trading sales that make revenue look larger than the mining alone. Its copper and cobalt come mainly from the Congo, which restricted cobalt exports in 2025. It bought its Brazilian niobium and phosphate mines from Anglo American in 2016.
In one line: China's Freeport-McMoRan (mining side).
Moat: narrow (scale, installed base). Among the world's largest cobalt and copper producers by volume, but a price-taker in commodity markets.
Headquarters: Luoyang, China · Founded: 1969 · Employees: 12,354
Size CMOC (603993.SS) is a China Industrials company (Wholesale Distributors) with a market value of $41.0B, the 41st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.29 on 6 Nov 2026.
Performance Over six months the shares fell 28.6%, against -3.2% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 31.8% over the last twelve months (peer median +8.4%); the operating margin is 20.5% (peer median 6.5%).
Valuation It trades at 8.7× forward earnings against a peer median of 18.1× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 28.2 points above its cost of capital (10.1% WACC).
Credit CMOC has 1 bond outstanding ($1.20B).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥268B | CN¥207B | CN¥213B | CN¥183B | CN¥173B |
| Revenue growth | — | -3% | +16% | +6% | — |
| Gross profit | CN¥69.6B | CN¥49.2B | CN¥35.0B | CN¥14.7B | CN¥15.8B |
| EBITDA | n/a | CN¥50.0B | CN¥34.6B | CN¥15.0B | CN¥17.1B |
| Net income | CN¥30.1B | CN¥20.3B | CN¥13.5B | CN¥8.25B | CN¥6.07B |
| Free cash flow | CN¥8.96B | CN¥13.9B | CN¥29.0B | CN¥5.08B | CN¥6.54B |
| Capital expenditure | CN¥10.7B | CN¥7.58B | CN¥4.90B | CN¥12.9B | CN¥10.5B |
| Total debt | CN¥52.0B | CN¥31.6B | CN¥31.3B | CN¥54.9B | CN¥51.8B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CMOC 603993.SS | $41.0B | -29% | +32% | 20% | 8.7× | -5.4% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Zijin Mining 601899.SS | $109B | -15% | +16% | 30% | 9.6× | -10.2% |
| Vale S.A. Sponsored ADR VALE | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% |
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 | 603993.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.0% | -4.8% | 2nd lowest of 20 |
| 6-month return | -28.6% | -3.2% | 2nd lowest of 20 |
| Distance from 52-week high | -53.8% | -20.6% | 2nd lowest of 20 |
| Revenue growth (TTM) | +31.8% | +8.4% | 2nd highest of 20 |
| Operating margin | 20.5% | 6.5% | 3rd highest of 20 |
| Forward P/E | 8.7× | 18.1× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.4% | 10.9% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +12.8% | +9.0% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | -18.2 pp | -0.6 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +28.2 pp | +0.8 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CMOC 603993.SS | China | $41.0B | -29% | +32% | 20% | 8.7× | -5.4% | +12.8% |
| Ferguson Enterprises FERG | United States | $45.2B | -3% | +8% | 10% | 19.4× | 9.9% | +9.1% |
| Toyota Tsusho 8015.T | Japan | $36.8B | +2% | +25% | 5% | 13.0× | 9.8% | +12.9% |
| Sumitomo 8053.T | Japan | $47.7B | +9% | +6% | 5% | 11.3× | 15.2% | +9.5% |
| Fastenal FAST | United States | $60.8B | +20% | +14% | 21% | 38.3× | 14.2% | +7.7% |
| W. W. Grainger GWW | United States | $67.9B | +17% | +9% | 17% | 28.2× | 11.9% | +8.7% |
| Kyocera 6971.T | Japan | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% | +6.3% |
| Glencore GLEN.L | United Kingdom | $78.0B | -14% | +27% | 2% | 10.9× | n/a | n/a |
| Aluminum Corporation of China 601600.SS | China | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% | +5.3% |
| Rongsheng Petrochemical 002493.SZ | China | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% | +22.1% |
| Mitsubishi 8058.T | Japan | $105B | -1% | +16% | 3% | 14.8× | 18.8% | +8.0% |
| WESCO International WCC | United States | $14.2B | -18% | +14% | 6% | 14.1× | 10.4% | +13.8% |
| Diploma DPLM.L | United Kingdom | $12.6B | +4% | +13% | 22% | 27.5× | 23.9% | +23.1% |
| Bunzl BNZL.L | United Kingdom | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% | +3.2% |
| QXO QXO | United States | $12.0B | -38% | +408% | -1% | 29.2× | 52.0% | +178.0% |
| Rexel RXL.PA | France | $11.9B | -10% | +1% | 6% | 13.5× | 7.7% | +9.0% |
| SGH SGH.AX | Australia | $11.9B | +7% | -1% | 13% | 18.1× | 11.4% | +17.0% |
| Bollore BOL.PA | France | $11.8B | -28% | -83% | -7% | 36.9× | 37.0% | -29.4% |
| Toromont Industries TIH.TO | Canada | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% | +8.4% |
| Applied Industrial Technologies AIT | United States | $10.3B | -8% | +8% | 11% | 23.0× | 8.6% | +8.9% |
CMOC has 1 bond outstanding with $1.20B face value.