TacticScaleWhat GuoCheng Mining (国城矿业) Does & How It Makes Money (000688.SZ)
Updated October 2026 · reflects GuoCheng Mining's latest reported financials
Chinese miner producing zinc, lead, silver and copper concentrates. The company earns revenue by selling mined and processed metal concentrates and related by-products at prevailing commodity prices, so earnings track zinc, lead, silver and copper price cycles.
How GuoCheng Mining makes money
The company earns revenue by selling mined and processed metal concentrates and related by-products at prevailing commodity prices, so earnings track zinc, lead, silver and copper price cycles. A trading arm in non-ferrous mineral products and precious metals adds additional turnover alongside the mining operations.
What GuoCheng Mining does
GuoCheng Mining Co., Ltd. (000688.SZ) is a Chengdu-based resources company founded in 1978 and listed in Shenzhen. It explores, mines and processes non-ferrous and ferrous metal deposits, selling zinc, lead, silver, copper and sulfur concentrates along with by-products including pyrite powder, industrial sulfuric acid and secondary iron concentrates. The company was known as Jianxin Mining Co., Ltd. until it adopted its current name in August 2018. Beyond its own mines, GuoCheng trades non-ferrous metal mineral products and precious and rare metals such as gold and silver, and continues to develop further non-ferrous and ferrous metal resources. As a concentrate producer, its results are closely tied to global base and precious metal prices and to Chinese industrial demand.
Products & services
- Zinc concentrate
- Lead concentrate
- Silver concentrate
- Copper concentrate
- Sulfur concentrate and pyrite powder
- Industrial sulfuric acid and secondary iron concentrates
国城矿业是做什么的？
国城矿业股份有限公司（000688.SZ）成立于1978年，总部位于四川成都，在深交所上市。公司主营矿产资源的勘探开采与有色、黑色金属加工，主要产品为锌、铅、银、铜及硫精矿，并产出硫铁矿粉、工业硫酸、次铁精矿等副产品。公司原名建新矿业股份有限公司，于2018年8月更名为国城矿业。 除自有矿山业务外，公司还从事有色金属矿产品以及黄金、白银等贵稀金属的贸易，并持续开发有色与黑色金属资源。作为精矿生产商，其经营业绩与国际基本金属、贵金属价格走势及国内工业需求密切相关。
What is GuoCheng Mining worth?
On an owner-earnings DCF, GuoCheng Mining's most-likely value is about ¥9 versus a recent price near ¥24 (179% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥3) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 5.8× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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