# Jiangxi Copper (600362.SHG)

Canonical: https://gigainvestors.com/s/600362.SHG

Analysis as of: 2026-10-16T07:34:44.585Z. Financial observations: FY1998–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 38.90 per share; close as of 2026-10-15.

Estimated value: low CNY 53.83 per share, central CNY 66.32 per share, high CNY 73.60 per share. Buy at or below the central value CNY 66.32 per share. Valuation as of 2026-10-16T07:34:44.585Z; scenarios are not confidence intervals.

Expected annual return: 22.2% at the stated quote. About 22.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- FY2020 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.35×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.33

- Recovered dip fiscal year: FY2020

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.01×

- FY2018: 0.02×

- FY2019: 0.01×

- FY2020: 0.01×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.02×

- FY2024: 0.02×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.9%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 3.4%

- Recent gross margin (lower of latest and 3-year median): 3.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.6%

- FY2017: 3.6%

- FY2018: 4.8%

- FY2019: 3.5%

- FY2020: 3.1%

- FY2021: 7.3%

- FY2022: 7.0%

- FY2023: 8.9%

- FY2024: 7.0%

- FY2025: 10.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 28B

- Net income, five-year total: CNY 32B

- Return on incremental invested capital: 19.4%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.2 pp

- Working capital / revenue, final three-year average: 9.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 1.00×

- FY2023: 0.85×

- FY2024: 0.48×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 8.9%

- Per-share earnings: 0.23 to 2.02 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: CNY 132B

- Cumulative retained earnings: CNY 31B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 31.3%

- Per-share value change: CNY 1.79

- Per-share value, starting three-year median: CNY 0.23

- Per-share value, ending three-year median: CNY 2.02

- Average buyback yield: 0.4%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 10B

- Cumulative net income, 10 years: CNY 42B

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.23

- FY2017: CNY 0.47

- FY2018: CNY 0.70

- FY2019: CNY 0.71

- FY2020: CNY 0.68

- FY2021: CNY 1.64

- FY2022: CNY 1.73

- FY2023: CNY 1.88

- FY2024: CNY 2.02

- FY2025: CNY 2.07

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- earnings not backed by cash

- Sloan accruals: 6.2%

- Receivables to sales index (DSRI): 1.62×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.91×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -1.7%

- FY2018: -5.6%

- FY2019: -4.3%

- FY2020: 0.7%

- FY2021: -2.1%

- FY2022: -2.8%

- FY2023: -2.6%

- FY2024: 2.3%

- FY2025: 6.2%

## Holders

## Price story

Down 39% since Jan 2026 · sales +4.5%

Story as of 2026-10-16T10:00:02.231Z; price observation 2026-10-15.

Price needs cash profits to shrink 7% a year for ten years

### Sales · FY2024–2025

sales +4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 202B 

- FY2017: CNY 205B 

- FY2018: CNY 215B 

- FY2019: CNY 240B 

- FY2020: CNY 319B 

- FY2021: CNY 443B 

- FY2022: CNY 480B 

- FY2023: CNY 522B 

- FY2024: CNY 521B 

- FY2025: CNY 545B 

### Gross margin · FY2025

gross margin 4.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 3.3% 

- FY2017: 4.4% 

- FY2018: 3.4% 

- FY2019: 3.7% 

- FY2020: 3.4% 

- FY2021: 3.8% 

- FY2022: 2.8% 

- FY2023: 2.5% 

- FY2024: 3.4% 

- FY2025: 4.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in copper; annual sales are CNY 544.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2025: revenue 544623484000; grossProfit 22752254000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600362.SHG: Jiangxi Copper Company Limited, together with its subsidiaries, engages in mining, beneficiation, smelting, and processing of copper and gold in Chinese Mainland, China, Hong Kong, and internationally. It operates through two segments, Copper-related Industries and Gold-related Industries. The company is involved in the businesses of copper, gold, lead and zinc, trade, finance, new materials, engineering construction, equipment manufacturing, information technology, energy conservation and environment protection. It also engages in the extraction and processing of precious metals and scattered metals; smelting, rolling processing, and deep processing of non-ferrous metals and related by-products; research, development, production, and sales of copper materials; manufacture and sales of wires and cables, and trade of related products business. The company was founded in 1979 and is headquartered in Guixi, China.

### Why customers stay

Margins ranged from 2.5% to 4.2% during 2023–25; it earns 5.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2023: grossProfit / revenue = 2.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2024: grossProfit / revenue = 3.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2025: grossProfit / revenue = 4.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); 10-year return on capital observations [[2016,0.025671434652452887],[2017,0.03576894906400766],[2018,0.047674837026672835],[2019,0.035130496638078],[2020,0.030934256796480895],[2021,0.07280722905647306],[2022,0.07033821336328867],[2023,0.08942786169685578],[2024,0.07026402622998064],[2025,0.10617640893761912]]; median 0.05896943162832674. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 3% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); Gross margin observations: [[2021,0.03782638872436192],[2022,0.02760024786115883],[2023,0.02542320246970702]]; range within 2 percentage points.

### Where the cash goes

Spends 17.2% of cash earnings on expansion; earns 19.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2016: growth capex 0; upkeep 1636148817; owner earnings 1009628677. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2017: growth capex 302773765.56247616; upkeep 2965240218.437524; owner earnings 430581781.56247616. Growth capex / owner earnings = 0.7031736560329703.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2018: growth capex 595580912; upkeep 1958372000; owner earnings 2447476000. Growth capex / owner earnings = 0.24334494475124577.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2019: growth capex 1164851946; upkeep 2157665000; owner earnings 2466407000. Growth capex / owner earnings = 0.4722869931848231.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2020: growth capex 1118402549; upkeep 2528448000; owner earnings 2320395000. Growth capex / owner earnings = 0.48198800161179456.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2021: growth capex 279513217; upkeep 2591956000; owner earnings 5595738269. Growth capex / owner earnings = 0.04995108841106521.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2022: growth capex 2773257024; upkeep 2542190000; owner earnings 5990067540.286623. Growth capex / owner earnings = 0.46297591894386225.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2023: growth capex 3201294762.32484; upkeep 3610078556.67516; owner earnings 5561793717.310398. Growth capex / owner earnings = 0.5755867486349241.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2024: growth capex 0; upkeep 6590554000; owner earnings 3352956529.531717. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); FY2025: growth capex 1227081000; upkeep 3360188000; owner earnings 7124464743.849081. Growth capex / owner earnings = 0.17223483364970013.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); Incremental return on capital 0.19392334863996435, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); Dividend observations: [[2016,1091733732],[2017,1263191423],[2018,2003812779],[2019,692545881],[2020,346272942],[2021,346272942],[2022,2467528989],[2023,3567530226],[2024,4714933000],[2025,3797516000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 58.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600362.SHG SharesStats.PercentInsiders = 58.087999999999994 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 7% yearly over ten years; actual growth was 30.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.585Z); Ten-year compound average after fade. Initial solved rate -0.11138428543283754. Price 38.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1398013197924318 → FY2025 2.063693626907454. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 14.61 per share

- 2016-11: CNY 19.11 per share

- 2016-12: CNY 16.73 per share

- 2017-01: CNY 20.78 per share

- 2017-02: CNY 18.92 per share

- 2017-03: CNY 17.25 per share

- 2017-04: CNY 16.42 per share

- 2017-05: CNY 15.10 per share

- 2017-06: CNY 16.86 per share

- 2017-07: CNY 20.73 per share

- 2017-08: CNY 19.54 per share

- 2017-09: CNY 18.46 per share

- 2017-10: CNY 17.64 per share

- 2017-11: CNY 18.44 per share

- 2017-12: CNY 20.17 per share

- 2018-01: CNY 20.74 per share

- 2018-02: CNY 18.43 per share

- 2018-03: CNY 17.29 per share

- 2018-04: CNY 17.16 per share

- 2018-05: CNY 16.50 per share

- 2018-06: CNY 15.85 per share

- 2018-07: CNY 15.42 per share

- 2018-08: CNY 14.51 per share

- 2018-09: CNY 14.47 per share

- 2018-10: CNY 13.49 per share

- 2018-11: CNY 13.28 per share

- 2018-12: CNY 13.16 per share

- 2019-01: CNY 13.27 per share

- 2019-02: CNY 15.55 per share

- 2019-03: CNY 15.60 per share

- 2019-04: CNY 15.41 per share

- 2019-05: CNY 14.87 per share

- 2019-06: CNY 15.74 per share

- 2019-07: CNY 14.75 per share

- 2019-08: CNY 14.31 per share

- 2019-09: CNY 14.37 per share

- 2019-10: CNY 14.14 per share

- 2019-11: CNY 14.09 per share

- 2019-12: CNY 16.93 per share

- 2020-01: CNY 15.13 per share

- 2020-02: CNY 13.69 per share

- 2020-03: CNY 12.63 per share

- 2020-04: CNY 12.80 per share

- 2020-05: CNY 12.75 per share

- 2020-06: CNY 13.46 per share

- 2020-07: CNY 16.19 per share

- 2020-08: CNY 15.62 per share

- 2020-09: CNY 14.17 per share

- 2020-10: CNY 14.80 per share

- 2020-11: CNY 22.00 per share

- 2020-12: CNY 19.95 per share

- 2021-01: CNY 18.84 per share

- 2021-02: CNY 27.90 per share

- 2021-03: CNY 22.12 per share

- 2021-04: CNY 26.56 per share

- 2021-05: CNY 26.24 per share

- 2021-06: CNY 22.38 per share

- 2021-07: CNY 25.82 per share

- 2021-08: CNY 26.53 per share

- 2021-09: CNY 24.46 per share

- 2021-10: CNY 23.29 per share

- 2021-11: CNY 22.79 per share

- 2021-12: CNY 22.33 per share

- 2022-01: CNY 20.18 per share

- 2022-02: CNY 22.16 per share

- 2022-03: CNY 19.28 per share

- 2022-04: CNY 17.62 per share

- 2022-05: CNY 18.12 per share

- 2022-06: CNY 17.83 per share

- 2022-07: CNY 16.86 per share

- 2022-08: CNY 16.38 per share

- 2022-09: CNY 15.24 per share

- 2022-10: CNY 15.40 per share

- 2022-11: CNY 17.38 per share

- 2022-12: CNY 17.43 per share

- 2023-01: CNY 19.44 per share

- 2023-02: CNY 19.62 per share

- 2023-03: CNY 19.79 per share

- 2023-04: CNY 20.41 per share

- 2023-05: CNY 18.50 per share

- 2023-06: CNY 18.98 per share

- 2023-07: CNY 19.99 per share

- 2023-08: CNY 18.90 per share

- 2023-09: CNY 19.26 per share

- 2023-10: CNY 18.35 per share

- 2023-11: CNY 17.71 per share

- 2023-12: CNY 17.86 per share

- 2024-01: CNY 18.00 per share

- 2024-02: CNY 19.59 per share

- 2024-03: CNY 23.28 per share

- 2024-04: CNY 26.13 per share

- 2024-05: CNY 25.49 per share

- 2024-06: CNY 23.68 per share

- 2024-07: CNY 21.45 per share

- 2024-08: CNY 20.34 per share

- 2024-09: CNY 24.41 per share

- 2024-10: CNY 21.76 per share

- 2024-11: CNY 21.05 per share

- 2024-12: CNY 20.64 per share

- 2025-01: CNY 21.10 per share

- 2025-02: CNY 20.72 per share

- 2025-03: CNY 23.04 per share

- 2025-04: CNY 21.28 per share

- 2025-05: CNY 21.25 per share

- 2025-06: CNY 23.43 per share

- 2025-07: CNY 22.48 per share

- 2025-08: CNY 27.90 per share

- 2025-09: CNY 35.49 per share

- 2025-10: CNY 41.09 per share

- 2025-11: CNY 37.43 per share

- 2025-12: CNY 54.92 per share

- 2026-01: CNY 63.42 per share

- 2026-02: CNY 58.04 per share

- 2026-03: CNY 43.00 per share

- 2026-04: CNY 45.46 per share

- 2026-05: CNY 43.50 per share

- 2026-06: CNY 43.30 per share

- 2026-07: CNY 43.28 per share

- 2026-08: CNY 48.40 per share

- 2026-09: CNY 41.80 per share

- 2026-10: CNY 41.55 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 12.01 per share, central CNY 13.28 per share, high CNY 14.98 per share

- FY2017: low CNY 7.77 per share, central CNY 8.22 per share, high CNY 8.82 per share

- FY2018: low CNY 11.45 per share, central CNY 11.92 per share, high CNY 12.54 per share

- FY2019: low CNY 14.01 per share, central CNY 14.53 per share, high CNY 15.22 per share

- FY2020: low CNY 14.16 per share, central CNY 15.18 per share, high CNY 16.54 per share

- FY2021: low CNY 23.17 per share, central CNY 25.16 per share, high CNY 27.81 per share

- FY2022: low CNY 25.60 per share, central CNY 28.92 per share, high CNY 32.40 per share

- FY2023: low CNY 28.67 per share, central CNY 34.70 per share, high CNY 39.10 per share

- FY2024: low CNY 25.70 per share, central CNY 29.40 per share, high CNY 33.05 per share

- FY2025: low CNY 35.68 per share, central CNY 47.15 per share, high CNY 53.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:27.109Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.