Has the Chinese Metals and Mining Industry valuation changed over the past few years?

Investors are pessimistic on the Chinese Metals and Mining industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 22.9x which is lower than its 3-year average PE of 27.5x. The 3-year average PS ratio of 0.84x is lower than the industry's current PS ratio of 1.2x.

Which industries have driven the changes within the Chinese Materials industry?

Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 43.5x. Analysts are expecting annual earnings growth of 26.6%, which is higher than its past year's earnings growth of 10.6% per year. Investors are most pessimistic about the Aluminum industry, which is trading below its 3-year average of 19.7x.

Chinese (SSE) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 30 Aug 2026	CN¥6.2t	CN¥5.3t	CN¥271.5b	33.7x	22.9x	1.2x
Tue, 28 Jul 2026	CN¥5.6t	CN¥5.2t	CN¥240.8b	31.4x	23.2x	1.1x
Thu, 25 Jun 2026	CN¥6.2t	CN¥5.2t	CN¥239.8b	35.5x	25.9x	1.2x
Sat, 23 May 2026	CN¥6.3t	CN¥5.1t	CN¥238.5b	38.1x	26.4x	1.2x
Mon, 20 Apr 2026	CN¥6.7t	CN¥5.0t	CN¥213.6b	43.2x	31.5x	1.4x
Wed, 18 Mar 2026	CN¥6.3t	CN¥4.8t	CN¥179.3b	41.4x	34.9x	1.3x
Fri, 13 Feb 2026	CN¥6.7t	CN¥4.8t	CN¥178.8b	44.6x	37.5x	1.4x
Sun, 11 Jan 2026	CN¥6.1t	CN¥4.8t	CN¥178.5b	42.4x	34x	1.3x
Tue, 09 Dec 2025	CN¥5.3t	CN¥4.8t	CN¥178.5b	35.8x	29.6x	1.1x
Thu, 06 Nov 2025	CN¥5.0t	CN¥4.8t	CN¥178.5b	36.5x	28.2x	1.1x
Sat, 04 Oct 2025	CN¥3.8t	CN¥4.1t	CN¥99.7b	36.8x	38.6x	0.9x
Mon, 01 Sep 2025	CN¥3.7t	CN¥4.1t	CN¥99.0b	36.2x	37.2x	0.9x
Wed, 30 Jul 2025	CN¥3.4t	CN¥4.1t	CN¥97.0b	35x	34.8x	0.8x
Fri, 27 Jun 2025	CN¥2.9t	CN¥4.0t	CN¥95.9b	31.3x	30.3x	0.7x
Sun, 25 May 2025	CN¥2.8t	CN¥4.0t	CN¥95.9b	30x	29.6x	0.7x
Tue, 22 Apr 2025	CN¥2.8t	CN¥4.0t	CN¥92.3b	31.9x	30.5x	0.7x
Thu, 20 Mar 2025	CN¥3.0t	CN¥4.0t	CN¥96.9b	32.3x	30.8x	0.7x
Sat, 15 Feb 2025	CN¥2.7t	CN¥4.0t	CN¥97.8b	27.6x	28x	0.7x
Mon, 13 Jan 2025	CN¥2.6t	CN¥4.0t	CN¥97.2b	25.2x	26.3x	0.6x
Wed, 11 Dec 2024	CN¥2.8t	CN¥4.0t	CN¥97.8b	28.9x	28.6x	0.7x
Fri, 08 Nov 2024	CN¥2.9t	CN¥4.0t	CN¥97.9b	29.4x	29.7x	0.7x
Sun, 06 Oct 2024	CN¥2.8t	CN¥4.1t	CN¥114.4b	26.9x	24.7x	0.7x
Tue, 03 Sep 2024	CN¥2.3t	CN¥4.1t	CN¥114.3b	22.5x	20.2x	0.6x
Thu, 01 Aug 2024	CN¥2.5t	CN¥4.1t	CN¥112.4b	25.8x	22.1x	0.6x
Sat, 29 Jun 2024	CN¥2.5t	CN¥4.1t	CN¥111.8b	25.5x	22.7x	0.6x
Mon, 27 May 2024	CN¥2.8t	CN¥4.1t	CN¥111.6b	28.2x	24.9x	0.7x
Wed, 24 Apr 2024	CN¥2.7t	CN¥4.2t	CN¥120.2b	27.2x	22.5x	0.7x
Fri, 22 Mar 2024	CN¥2.7t	CN¥4.1t	CN¥119.4b	30x	22.7x	0.7x
Sun, 18 Feb 2024	CN¥2.4t	CN¥4.1t	CN¥118.0b	24.5x	20.2x	0.6x
Tue, 16 Jan 2024	CN¥2.5t	CN¥4.1t	CN¥114.4b	29.9x	22.2x	0.6x
Thu, 14 Dec 2023	CN¥2.6t	CN¥4.1t	CN¥111.9b	30.7x	22.9x	0.6x
Sat, 11 Nov 2023	CN¥2.6t	CN¥4.1t	CN¥111.5b	30.7x	23.6x	0.6x
Mon, 09 Oct 2023	CN¥2.7t	CN¥4.1t	CN¥100.6b	30.5x	26.9x	0.7x
Wed, 06 Sep 2023	CN¥2.8t	CN¥4.1t	CN¥101.1b	32x	28x	0.7x


CN Market	0.70%
Materials	2.11%
Metals and Mining	1.90%
Steel	2.78%
Copper	2.33%
Aluminum	2.12%
Diversified Metals and Mining	2.03%
Precious Metals and Minerals	-0.65%
Gold	-1.41%

Company	Last Price	7D	1Y	Valuation
603993 CMOC Group	CN¥19.51	4.8% +CN¥19.0b	57.8%	PE15x
601212 Baiyin Nonferrous Group	CN¥7.63	25.3% +CN¥11.4b	116.8%	PS0.6x
002155 Hunan Gold	CN¥28.92	17.8% +CN¥6.8b	39.9%	PE25.3x
000807 Yunnan Aluminium	CN¥27.23	5.2% +CN¥4.7b	40.4%	PE8.6x
603979 JCHX Mining ManagementLtd	CN¥81.72	8.8% +CN¥4.1b	28.2%	PE20.2x

Announcement • 6h

Shandong Gold Mining Co., Ltd. Announces Change in Accounting Policies

Shandong Gold Mining Co., Ltd. has made changes to its accounting policies in accordance with the relevant provisions of the Interpretation No. 19 of the Accounting Standards for Business Enterprises and the Interpretation No. 20 of the Accounting Standards for Business Enterprises issued by the Ministry of Finance of the People's Republic of China. The changed accounting policies are in compliance with applicable laws and regulations and the actual circumstances of the Company. The change in accounting policies will not have a material impact on the financial position, operating results or cash flows of the Company, nor will it harm the interests of the Company and its minority shareholders. The change in accounting policies is not required to be submitted to the general meeting of the Company for consideration. On December 5, 2025, the Ministry of Finance issued the Notice on the Issuance of the Interpretation No. 19 of the Accounting Standards for Business Enterprises (Cai Kuai [2025] No. 32), which sets out the provisions relating to accounting treatment of compensating assets in business combinations not under common control, accounting treatment of relevant capital reserves upon disposal of subsidiaries acquired through business combinations under common control, derecognition of financial liabilities settled through electronic payment systems, assessment of contractual cash flow characteristics of financial assets and related disclosures, and disclosures of equity instruments designated as measured at fair value through other comprehensive income, effective from January 1, 2026. On June 4, 2026, the Ministry of Finance issued the Interpretation No. 20 of the Accounting Standards for Business Enterprises (Cai Kuai [2026] No. 7), which sets out the provisions relating to assessment of contractual cash flow characteristics of financial assets and accounting treatment and related disclosures in the absence of currency convertibility, effective from the date of issuance. For new transactions within the scope of the Interpretation that occurred between January 1, 2026 and the effective date of the Interpretation, an enterprise shall make adjustments in accordance with the Interpretation. On August 28, 2026, the Company held the 18th meeting of the seventh session of the Board of Directors, at which the Resolution on the Change in Accounting Policies of the Company was considered and approved. The change in accounting policies is made by the Company in accordance with the requirements of laws, regulations and the unified national accounting system, and is not required to be submitted to the general meeting of the Company for consideration. Prior to the change in accounting policies, the Company had been applying the Accounting Standards for Business Enterprises – Basic Standard and various specific accounting standards, application guidelines, interpretation announcements and other relevant provisions issued by the Ministry of Finance. Following the change in accounting policies, the Company applies the relevant provisions of the Interpretation No. 19 and the Interpretation No. 20 issued by the Ministry of Finance. For those aspects not affected by the change, the Company continues to apply the Accounting Standards for Business Enterprises – Basic Standard and various specific accounting standards, application guidelines, interpretation announcements and other relevant provisions previously issued by the Ministry of Finance. In accordance with the provisions of the aforesaid relevant standards and notices issued by the Ministry of Finance, the Company has implemented the change in accounting policies with effect from January 1, 2026. The change in accounting policies is made by the Company in accordance with the relevant provisions and requirements of the Ministry of Finance, and is in compliance with applicable laws and regulations and the actual circumstances of the Company. The accounting policies after the change are able to objectively and fairly reflect the financial position and operating results of the Company. The change in accounting policies will not have a material impact on the financial position, operating results or cash flows of the Company, nor will it harm the interests of the Company and its minority shareholders. On August 13, 2026, the Company held the seventh meeting of the Audit Committee of the Board of Directors in 2026, at which the Resolution on the Change in Accounting Policies of the Company was considered and approved by a unanimous vote. The Audit Committee was of the view that the change in accounting policies is made by the Company in accordance with the relevant provisions and requirements of the Ministry of Finance. The adoption of the new accounting policies will enable the Company's financial reports to reflect its financial position, operating results and cash flows more objectively, faithfully and fairly, and will provide investors with more reliable and accurate accounting information, without harming the interests of the Company and its minority shareholders. The Audit Committee agreed to the change in accounting policies and recommended the resolution to the Board of Directors for consideration.

Chinese (SSE) Metals and Mining Industry Analysis

Industry Valuation and Performance

Industry Trends

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Latest News

Shandong Gold Mining Co., Ltd. Announces Change in Accounting Policies

Yunnan Aluminium Co., Ltd. Proposes Interim Cash Dividend for 2026

Second quarter 2026 earnings released: EPS: CN¥0.41 (vs CN¥0.35 in 2Q 2025)

Investor sentiment improves as stock rises 18%

Second quarter 2026 earnings released: EPS: CN¥0.47 (vs CN¥0.082 loss in 2Q 2025)

Second quarter 2026 earnings released: EPS: CN¥0.51 (vs CN¥0.13 in 2Q 2025)

Second quarter 2026 earnings: EPS and revenues miss analyst expectations

Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

Second quarter 2026 earnings released: EPS: CN¥0.69 (vs CN¥0.37 in 2Q 2025)

Second quarter 2026 earnings released: EPS: CN¥0.37 (vs CN¥0.33 in 2Q 2025)

Second quarter 2026 earnings released: EPS: CN¥0.017 (vs CN¥0.002 in 2Q 2025)

New major risk - Earnings quality

Second quarter 2026 earnings released: EPS: CN¥0.093 (vs CN¥0.084 in 2Q 2025)

Second quarter 2026 earnings released: EPS: CN¥1.13 (vs CN¥0.54 in 2Q 2025)

Dividend increased to CN¥0.66

Baiyin Nonferrous Group Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026