According to the Guosheng Securities Research Report, the performance of Zangge Mining in the first half of the year was in line with expectations, and Dragon's production will continue to grow in the second half of the year. Net profit to mother was achieved in the first half of 2026 of 3.64 billion yuan, up 102.1% year on year; in the second quarter of 2026, net profit to mother was 2.06 billion yuan, up 96.1% year on year and 31.2% month on month. Dragon Phase II was successfully put into operation, contributing to the growth of the company's core performance. Considering the increase in production at Julong Copper Mine in the second half of the year and the maintenance of a high level of copper prices, the company's operating income for 2026-2028 is expected to be 66.1/71.9/8.82 billion yuan, respectively, and net profit to mother is 87.9/97.5/11.89 billion yuan, respectively. The corresponding PE is 15.9/14.4/11.8 times, respectively. Maintain a “buy” rating.

According to the Guosheng Securities Research Report, the performance of Zangge Mining in the first half of the year was in line with expectations, and Dragon's production will continue to grow in the second half of the year. Net profit to mother was achieved in the first half of 2026 of 3.64 billion yuan, up 102.1% year on year; in the second quarter of 2026, net profit to mother was 2.06 billion yuan, up 96.1% year on year and 31.2% month on month. Dragon Phase II was successfully put into operation, contributing to the growth of the company's core performance. Considering the increase in production at Julong Copper Mine in the second half of the year and the maintenance of a high level of copper prices, the company's operating income for 2026-2028 is expected to be 66.1/71.9/8.82 billion yuan, respectively, and net profit to mother is 87.9/97.5/11.89 billion yuan, respectively. The corresponding PE is 15.9/14.4/11.8 times, respectively. Maintain a “buy” rating.