Jinmao Co., Ltd. holds a 13% global market share with a total dividend of 11.6 billion yuan. The "National Heavy Equipment" project has achieved breakthroughs in technology, leading internationally.

Yangtze Business Daily report ●Yangtze Business Daily reporter Shen Yourong

The operating performance of industry giant Jinmo Shares (601958.SH) has turned around.

On the evening of April 3, Jinmo Shares, as scheduled, released its annual report. In 2025, the company achieved operating revenue of RMB 13.83B, up nearly 2%; net profit attributable to shareholders of RMB 3.16B, up 5.77%.

In 2024, Jinmo Shares’ net profit attributable to shareholders decreased year over year by 3.76%. Why was the company able to reverse its performance in 2025? The annual report shows that in 2025, the company made breakthroughs in expanding into emerging markets and successfully entered high-end areas such as molybdenum zero parts.

Jinmo Shares’ market advantages are relatively clear. The company controls the Jinducheng Molybdenum Mine and the Donggou Molybdenum Mine in Ruyang County, Henan Province—one of the world’s six largest primary molybdenum deposit areas. It has obtained resource equity for the world’s largest single molybdenum mine, the Shapinggou Molybdenum Mine, with 790k tonnes of metal contained resources. It has abundant resource reserves. It has a complete industrial chain and holds leading technology. In 2025, Jinmo Shares’ global market share was about 13%, placing it in the first-tier group of the industry.

Worth noting is that in 2025, Jinmo Shares’ “a national heavy-duty instrument” project achieved a series of breakthroughs, and its ultrafine molybdenum powder technology reached internationally leading levels.

Strong financial standing is also Jinmo Shares’ core competitiveness. As of the end of 2025, the company’s asset-liability ratio was only 11.50%.

Jinmo Shares has continued to deliver stable returns to shareholders. Since listing in 2008, the company has cumulatively distributed cash dividends of about RMB 11.6 billion, with an average dividend payout ratio of 64.09%.

Cumulative profit over the past three years: RMB 790k

Jinmo Shares achieved the best operating performance in its 18 years since listing.

According to the annual report, in 2025, Jinmo Shares achieved operating revenue of RMB 9.24B, up 1.94%; net profit attributable to shareholders of RMB 13.83B, up 5.77%; non-GAAP net profit attributable to shareholders of RMB 3.16B, up 6.44%. The gap between net profit attributable to shareholders and non-GAAP net profit is very small, which indicates that the company’s net profit attributable to shareholders is basically derived from its main business.

In April 2008, Jinmo Shares was listed on the Shanghai Stock Exchange. Since listing, the company’s operating performance has also experienced fluctuations, but overall it has shown a growth trend.

In 2008, the company’s operating revenue and net profit attributable to shareholders were RMB 3.14B and RMB 5.96B, respectively. From 2009 to 2021, over 13 years, the company’s operating performance was in a relatively low point. During this period, except for operating revenue breaking through the RMB 10 billion mark in 2016 and 2017, operating revenue in other years hovered around roughly RMB 8 billion. From 2022 to 2024, the company’s operating revenue was RMB 2.73B, RMB 11.53B, and RMB 13.57B, up 19.53%, 20.99%, and 17.68% respectively. For three consecutive years it grew at a double-digit rate, and with 2021 included, the company’s operating revenue grew for four consecutive years.

Compared with operating revenue, Jinmo Shares’ net profit attributable to shareholders saw a larger adjustment. In 2015, the company’s net profit attributable to shareholders was RMB 54M, the lowest historical level in nearly 20 years. From 2016 to 2019, net profit attributable to shareholders rose from RMB 0.54 billion to RMB 182M, but in 2020 it sharply fell to RMB 495M. From 2021 to 2024, the company’s net profit attributable to shareholders was RMB 1.34B, RMB 3.1B, RMB 2.98B, and RMB 9.24B, showing a clear recovery in profitability.

A comparison shows that in 2025, Jinmo Shares not only turned from decline to increase in net profit attributable to shareholders, but also reached a new high since listing. From 2023 to 2025, over three years, the company’s cumulative profit was RMB 790k, with average annual profit exceeding RMB 3 billion.

Jinmo Shares mainly engages in businesses such as production and processing of molybdenum series products. With its excellent characteristics, molybdenum has become an important additive for key materials such as special steels, high-temperature alloys, and cemented carbides, serving as a fundamental raw material supporting the development of high-end manufacturing and new energy fields.

The pricing of molybdenum products has a relatively high correlation with the macroeconomic environment. In 2015, pressure on the macro economy kept increasing; the nonferrous metals industry remained sluggish; and the market prices of molybdenum products at home and abroad fell sharply, causing Jinmo Shares’ net profit attributable to shareholders to hit an all-time low. In 2020, due to the impact of the pandemic, the global economy faced pressure; the international and domestic market prices of molybdenum products continued to decline, leading to a decline in the company’s performance.

Cumulative dividends of RMB 11.6 billion; payout-to-financing ratio: 130%

Market volatility cannot change Jinmo Shares’ fundamentals. In the global market, the company has strong competitiveness.

Rich resource reserves are Jinmo Shares’ biggest competitive advantage. In 2025, the company’s strategy for resource protection was pushed deeper. It successfully acquired 24% equity in Jinsand Molybdenum Industry (Jinsand). The company’s equity in the world’s largest single molybdenum mine increased to 34%. It also conducted due diligence assessments on multiple high-quality molybdenum mine projects in China, laying a solid foundation for adding and increasing resource reserves in the next step.

As of the end of 2025, Jinmo Shares controls the Jinducheng Molybdenum Mine and the Donggou Molybdenum Mine in Henan Ruyang County—two of the world’s six largest primary molybdenum deposit areas. It holds 34% equity in Jinsand Molybdenum Industry in Anhui Province, and it has obtained resource equity of 790k tonnes of contained metal in the world’s largest single molybdenum mine, the Shapinggou Molybdenum Mine, and it holds 18.3% equity in Jilin Tianchi Molybdenum Industry. The company’s retained resources reached 2.27 million tonnes of contained metal.

Jinmo Shares has a complete integrated full industrial chain covering molybdenum mining, beneficiation, smelting, chemical processing, metal processing, research and development, and trading. It mainly produces over 30 types of molybdenum products in three major categories: molybdenum metallurgical furnace charges, chemical chemical products, and metal processing products, with scalable supply and service capabilities.

Technology leadership is also one of Jinmo Shares’ advantages. The company has the only national-level enterprise technology center in China specialized in researching and developing molybdenum and related difficult-to-melt metals. It has established long-term industry-university-research cooperation relationships with a number of well-known research institutes and multinational companies, forming an innovation-driven talent mechanism of “scientists + engineers + maker rooms + artisans” and “experts + artisans,” guiding the development direction of China’s molybdenum industry technology.

As of the end of 2025, the company has been granted 500 authorized patents. Of these, 37 authorized patents were obtained in 2025.

Jinmo Shares adheres to an innovation-driven approach, accelerating steps toward independent and self-reliant technological development. The company’s “a national heavy-duty instrument” project achieved a series of breakthroughs. Its ultrafine molybdenum powder technology reached internationally leading levels, enabling the production and delivery of 372 kg of samples; major breakthroughs were made in the development of molybdenum powder with special specifications, with a cumulative delivery of 3.5 tonnes; the full product series of molybdenum alloy tops with single weights of 100 kg–800 kg completed production line certification, with output of 71 tonnes; precision tungsten-molybdenum zero components for the electronics industry achieved product delivery and three iterations, obtaining orders of over RMB 30 million; and research and development on multiple new products including molybdenum oxide semiconductor target materials overcame key core technologies. Two major national science and technology projects advanced smoothly, completing project launch and review.

In 2025, the company’s R&D investment was RMB 422M, up 20.23%, and its R&D intensity was 3.05%.

Jinmo Shares has ample cash flow. As of the end of 2025, the company’s asset-liability ratio was only 11.50%; with zero interest-bearing liabilities, its monetary funds plus wealth management products totaled more than RMB 9 billion.

Jinmo Shares actively returns value to shareholders. For the full year of 2025, the company distributed cash dividends of RMB 1.29B. Since listing, the company has cumulatively distributed RMB 11.63B in dividends, with an average dividend payout ratio of 64.09%, and a dividend payout-to-financing ratio of 130.42%.

Visual China

Editors-in-charge: ZB