Lower spending can be good news too

Big capex announcements always get attention in the metals sector.

Hongqiao spent roughly RMB3.7B on capex in H1, down 62.6% YoY, while generating RMB22.1B in operating cash flow. It still finished June with RMB46.1B in cash after more than RMB24B went out through financing activities, mainly debt repayment, dividends and interest.

this looks more like a company reaching the payoff stage of earlier investment than one relying on perfect market conditions to fund itself. Anyone else watching the capex trend more closely than the EPS headline?