Group 1 - Zijin Mining (02899) has shown strong performance recently, with a stock price increase of 7.58% to HKD 18.52, indicating a potential upward trend [1] - The stock has broken through the Bollinger Bands upper limit at HKD 17.97, reaching an intraday high of HKD 18.54, suggesting a bullish momentum [1] - Technical indicators are signaling a strong buy, with 19 buy signals, 7 neutral signals, and 2 sell signals, indicating a robust bullish sentiment [3] Group 2 - Current stock price is hovering around HKD 18.24, with resistance levels at HKD 18.6 and HKD 19.1, while support levels are at HKD 17.5 and HKD 17.3 [4] - If trading volume maintains around HKD 788 million, the probability of a short-term price increase is estimated at 53% [4] - Recent performance of warrants linked to the stock has shown significant gains, with HSBC and UBS call warrants rising by 34% and 33% respectively, reflecting the high leverage potential of these products [6] Group 3 - Investors are advised to consider call warrants with a strike price of HKD 19.01, which have a leverage of approximately 5.1 times, suitable for capturing upward movements after breaking resistance [9] - For those concerned about potential technical pullbacks, UBS bear warrants with a redemption price of HKD 21 provide a safety margin, with a leverage of 5.5 times [9] - The recent rebound in gold prices and positive earnings expectations have benefited Zijin Mining, although overbought signals are emerging, indicating a possible price correction before further gains [9]

Company Overview - The company reported a total issued share capital of RMB 2,657,788,894 as of December 31, 2024, with 26,577,888,940 shares issued, including 20,589,048,940 A-shares (approximately 77.47%) and 5,988,840,000 H-shares (approximately 22.53%) [9] - The company is a large multinational mining group engaged in the exploration, development, and engineering research of metal resources such as copper, gold, zinc, lithium, silver, and molybdenum [9] - The company was established on September 6, 2000, and was the first domestic gold production enterprise to be listed overseas, with its H-shares listed on the Hong Kong Stock Exchange in December 2003 [9] Strategic Goals and Innovation - The company aims to provide low-carbon mineral raw materials for a better human life, aligning with its strategic goal of becoming a leading international mining group with green high technology [9] - The company emphasizes innovation and hard work as part of its corporate spirit, aiming to benefit society through its mining operations [2] - The company is committed to integrating AI technology into its operations to enhance production efficiency and management systems [27] - The company has a strong focus on innovation as its core competitive advantage, continuously improving its technology and management capabilities [168] Financial Performance - In 2024, the company achieved a total revenue of RMB 303.64 billion, representing a year-on-year increase of approximately 3.8% compared to RMB 293.40 billion in 2023 [16] - The net profit attributable to shareholders reached RMB 32.05 billion in 2024, a significant increase of about 51.7% from RMB 21.12 billion in 2023 [16] - The total assets of the company increased to RMB 396.61 billion in 2024, up from RMB 343.01 billion in 2023, marking a growth of approximately 15.7% [18] - The company reported a total liability of RMB 218.88 billion in 2024, compared to RMB 204.64 billion in 2023, reflecting an increase of about 6.9% [18] - Cash and cash equivalents rose to RMB 29.65 billion in 2024, up from RMB 17.69 billion in 2023, indicating a growth of approximately 67.5% [19] Operational Efficiency and Sustainability - The company has a strategic focus on sustainable development and has established various committees to oversee its governance and operational strategies [6] - The company’s ESG rating is now among the top tier in the mining industry, reflecting its commitment to sustainable development [23] - The liquidity ratio improved to 99.2% in 2024, compared to 92.2% in 2023, indicating better short-term financial health [19] - The company is committed to cleaner and more sustainable copper production practices [101] Resource Management and Production - The total resource volume includes over 1.1 million tons of copper and 4,000 tons of gold, positioning the company strategically in the energy transition market [25] - The company holds significant resources, with copper reserves at 5,043,000 tons and gold reserves at 1,487 tons [61] - The company aims to enhance its lithium production capacity significantly, positioning itself as one of the world's leading lithium producers after the completion of the "Two Lakes Two Mines" project [28] - The company plans to achieve a top-three position globally in metal production by 2028, two years ahead of its original schedule [26] Global Operations and Market Presence - The company operates over 30 large-scale mining resource development bases across 16 countries and 17 provinces in China [64] - The company operates in 17 countries, including China, with a total workforce of 55,690 and 37,450 collaborators [66] - The company ranks 1st among global gold enterprises and 5th among global metal mining companies [67] - The company has a strong presence in the Chinese market, being part of the Shanghai Stock Exchange 50 Index and FTSE China A50 Index [67] ESG and Social Responsibility - The company has a strong commitment to ESG, with a 21% increase in social contribution value projected to reach RMB 750 million by 2024 [63] - The company’s global social contribution value reached RMB 75 billion, a year-on-year increase of 33.42% [148] - The company’s ESG performance remains strong, with a carbon intensity reduction of 34.9% compared to the 2020 baseline, ahead of the 2025 target [147] Future Outlook and Growth Strategy - The company plans to leverage its strong financial management capabilities to optimize capital operations and drive growth [75] - The company is preparing for potential acquisitions to expand its market presence and diversify its portfolio [75] - Future outlook includes a commitment to sustainable development and ESG initiatives, aligning with global trends and investor expectations [77] Research and Development - Total R&D expenditure amounted to RMB 1,582,329,420, representing 0.52% of operating revenue [198] - The company employed 5,387 R&D personnel, accounting for 9.67% of total employees [199] - The company initiated 168 new research projects during the reporting period, including 3 national key R&D projects [200] Market Trends and Metal Prices - Gold prices reached $2,611 per ounce at year-end, a significant increase of 26.3% compared to the beginning of the year, marking the largest annual increase since 2010 [151] - Copper prices peaked at $10,857 per ton in May 2024, driven by supply shortages and monetary easing expectations, before falling to around $8,700 per ton by December [153] - The geopolitical tensions and the Federal Reserve's monetary policy significantly influenced the fluctuations in metal prices throughout 2024 [150]

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 78.93 billion, an increase of 5.55% compared to RMB 74.78 billion in the same period last year[9] - Total profit for the quarter was RMB 14.69 billion, reflecting a significant growth of 66.37% from RMB 8.83 billion year-on-year[9] - Net profit attributable to shareholders was RMB 12.46 billion, up 62.96% from RMB 7.65 billion in the previous year[9] - The basic earnings per share increased to RMB 0.383, representing a growth of 60.92% compared to RMB 0.238 in the same quarter last year[10] - The overall gross profit margin for the company in Q1 2025 was 22.89%, compared to 16.61% in Q1 2024[21] - The company's net profit for Q1 2025 reached CNY 12,464,616,622, a 63.5% increase compared to CNY 7,648,878,108 in Q1 2024[30] - The operating profit for the quarter was CNY 15,141,279,291, an increase from CNY 9,080,904,214 in Q1 2024, reflecting a growth of 66.7%[30] Cash Flow and Liquidity - The net cash flow from operating activities was RMB 12.53 billion, a rise of 53.31% from RMB 8.17 billion year-on-year[10] - Cash and cash equivalents increased to CNY 40.22 billion as of March 31, 2025, up from CNY 31.69 billion at the end of 2024, representing a growth of 27.5%[24] - The company's net cash flow from operating activities was ¥138,191,730, a decrease of 41.6% compared to ¥236,247,896 in Q1 2024[41] - Cash inflow from financing activities reached ¥11,607,015,181 in Q1 2025, compared to ¥4,915,889,300 in Q1 2024, marking an increase of 136.5%[42] - The total cash and cash equivalents at the end of Q1 2025 stood at ¥5,414,657,712, an increase from ¥4,809,337,594 at the end of Q1 2024[42] Production and Operational Metrics - The company's gold production in Q1 2025 was 19,065 kg, a year-on-year increase of 13% and a quarter-on-quarter increase of 2%[18] - Copper production in Q1 2025 reached 287,571 tons, reflecting a year-on-year increase of 9% and a quarter-on-quarter increase of 3%[18] - Zinc production in Q1 2025 was 88,215 tons, showing a year-on-year decrease of 10% and a quarter-on-quarter decrease of 9%[18] - The gross profit margin for the mining sector in Q1 2025 was 59.94%, an increase of 5.44 percentage points year-on-year and 1.23 percentage points quarter-on-quarter[19] Assets and Liabilities - The company's total assets at the end of the reporting period were RMB 411.65 billion, an increase of 3.79% from RMB 396.61 billion at the end of the previous year[10] - Total liabilities increased to CNY 225.95 billion as of March 31, 2025, from CNY 218.88 billion at the end of 2024, reflecting a rise of 3.0%[26] - The company's total equity increased to CNY 185.70 billion as of March 31, 2025, up from CNY 177.73 billion at the end of 2024, representing a growth of 4.0%[26] Shareholder Information - The company reported a total of 369,956 common shareholders at the end of the reporting period[15] - The top shareholder, Minxi Xinghang State-owned Assets Investment Management Co., Ltd., holds 22.89% of the shares, amounting to 6.08 billion shares[15] Investment and Future Plans - Investment income for Q1 2025 was CNY 1.53 billion, significantly higher than CNY 0.79 billion in Q1 2024, marking an increase of 93.2%[29] - The company plans to continue expanding its market presence and investing in new technologies, although specific details were not provided in the report[29]

Financial Data and Key Metrics Changes - The company's revenue increased by 3.5% to RMB 303.6 billion, with profits rising by 53.7% to RMB 48.1 billion and net attributable profit up by 51.8% to RMB 32.1 billion [10] - Operating net cash flow rose by 32.6% to RMB 48.9 billion, while total assets increased by 15.6% year on year [11] - The share of net debt to EBITDA decreased by 28.6%, and the debt ratio dropped by 4.47% [11] - Earnings per share (EPS) increased by 51.3% year on year, and cash dividend payout rose by 53.5% [11] Business Line Data and Key Metrics Changes - Copper production reached 1,070,000 tonnes, contributing 45% to revenue, while gold output was 73 tonnes, contributing 30% [10][14] - Zinc production was 410,000 tonnes, with a gross profit margin of 41%, despite a 3.5% drop in output due to lower feed grades [15] - The gross profit margin for gold concentrate was nearly 68%, reflecting a significant increase over the previous year [15] Market Data and Key Metrics Changes - The company is ranked number four globally in copper output and number six in gold output, with significant growth in both resources and reserves [13][14] - The company faced rising costs in overseas operations but managed to reduce copper concentrate costs by 4.3% [13][14] Company Strategy and Development Direction - The company aims to enhance its international operations management and consolidate global competitiveness while focusing on ESG initiatives [7][8] - Plans include accelerating the construction of copper, gold, and lithium projects to strengthen output growth foundations [7][8] - The strategic focus for 2025 includes achieving production targets of 1,150,000 tonnes of copper and 85 tonnes of gold [32][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged complex challenges in the operating environment but emphasized the importance of cost control and profitability [4][9] - The company is optimistic about future growth, driven by strategic acquisitions and resource expansion [49][56] - Management highlighted the need for continuous improvement in ESG practices to support sustainable growth [34][36] Other Important Information - The company reported a significant increase in social contributions, reaching RMB 7.5 billion, and dividend payments of RMB 9.7 billion [6][7] - The company is committed to responsible mining practices and aims to produce cleaner, more sustainable copper [12] Q&A Session All Questions and Answers Question: How does the company participate in decision-making and supervision activities? - The independent director outlined participation through board meetings, site visits, and daily communications, emphasizing the importance of internal control and risk management [62][63] Question: What are the prospects for costs and expenses in 2025? - The CFO discussed the challenges of rising costs but expressed confidence in maintaining cost competitiveness through optimization and technological innovation [72][76] Question: What is the company's investment and acquisition strategy? - The chairman explained that the company will continue to pursue M&A opportunities while being prudent in selecting projects based on cost-effectiveness and resource potential [89][92] Question: What are the prospects for the lithium sector given the current market downturn? - Management confirmed that the adjustment in production guidance does not indicate a withdrawal from the sector, emphasizing ongoing commitment to improving technology and cost management [106][108] Question: What are the main achievements in resource expansion and future plans? - The company highlighted successful resource expansion efforts and outlined priorities for future growth, focusing on producing projects that can deliver profits [113]

Financial Performance - For the year ended December 31, 2024, the group achieved operating revenue of RMB 303.64 billion, a year-on-year increase of 3.49% compared to RMB 293.40 billion in the previous year[1]. - The total profit for the year ended December 31, 2024, was RMB 48.08 billion, reflecting a significant year-on-year growth of 53.66% from RMB 31.29 billion[1]. - The net profit attributable to shareholders of the listed company for the year was RMB 32.05 billion, representing a 51.76% increase from RMB 21.12 billion in the previous year[1]. - The total comprehensive income for 2024 reached RMB 42.86 billion, a significant increase of 39.2% compared to RMB 30.79 billion in 2023[16]. - Basic earnings per share increased to RMB 1.21, representing a 51.25% rise from RMB 0.80 in 2023[16]. - The net profit attributable to ordinary shareholders for 2024 was RMB 32,050,602,437, up from RMB 21,119,419,571 in 2023, marking a year-over-year increase of 51.25%[54]. - The company reported a significant increase in resource tax, which rose to RMB 4,200,332,901 in 2024 from RMB 3,474,054,894 in 2023, reflecting a growth of 20.9%[38]. - The company achieved a net profit of RMB 32.1 billion, a year-on-year increase of approximately 52%[92]. Assets and Liabilities - As of December 31, 2024, total assets amounted to RMB 396.61 billion, an increase of 15.63% from RMB 343.01 billion at the beginning of the year[1]. - The total liabilities as of December 31, 2024, were RMB 218.88 billion, compared to RMB 204.64 billion at the end of the previous year[7]. - The net assets attributable to shareholders of the listed company grew to RMB 139.79 billion, up 30.03% from RMB 107.51 billion at the beginning of the year[1]. - The total accounts receivable decreased to RMB 6,811,753,955 in 2024 from RMB 7,777,908,320 in 2023, representing a decline of 12.4%[73]. - The total accounts payable increased to RMB 18,422,703,112 in 2024 from RMB 14,428,441,602 in 2023, reflecting a growth of 27.6%[81]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 2.8 per 10 shares for the year 2024, subject to shareholder approval[1]. - The company declared a cash dividend of RMB 0.20 per share in 2024, consistent with 2023, totaling RMB 5,265,197,788 based on 26,325,988,940 shares[81]. Research and Development - The group's research and development expenses for the year were RMB 1.58 billion, slightly up from RMB 1.57 billion in the previous year, indicating continued investment in innovation[12]. - The company is focusing on technological innovation, including the integration of AI technologies to improve production and operational management[95]. Market and Sales Performance - The company achieved a total revenue of RMB 303.64 billion in 2024, an increase from RMB 293.40 billion in 2023, representing a growth of approximately 3.8%[35]. - The company's main business revenue for 2024 was RMB 301.61 billion, up from RMB 291.74 billion in 2023, representing an increase of about 3.1%[35]. - In 2024, the company's operating revenue from customers in mainland China accounted for 72% of total revenue, down from 79% in 2023[71]. Taxation and Financial Expenses - The current income tax expense for 2024 was RMB 8.32 billion, compared to RMB 5.67 billion in 2023, marking an increase of around 46.8%[31]. - Total tax expenses for 2024 amounted to RMB 5,818,762,976, an increase of 19.9% from RMB 4,850,142,201 in 2023[38]. - Financial expenses saw a substantial decrease of 37.91%, dropping to RMB 2.03 billion from RMB 3.27 billion[197]. Production and Resource Management - The company reported a copper production of 2,601,529 tons with a marginal grade of Cu 0.3% for the Juno copper mine, achieving a 53.59% increase year-over-year[111]. - The company produced 1,068,455 tons of copper from its mines, representing a year-on-year increase of 6.07% compared to 1,007,290 tons in the previous year[117]. - The company’s gold production reached 72,938 kg (2,345,003 ounces), a year-on-year increase of 7.70% compared to 67,726 kg in the previous year[128]. - The company’s total resource reserves include 11.037 million tons of copper and 3,973 tons of gold[169]. Strategic Initiatives and Future Outlook - The company aims to complete its "green high-tech first-class international mining group" strategic goal by 2028, with a target to rank among the top three in global metal mining production[94]. - The company is actively pursuing market expansion and new product development strategies to enhance its competitive position in the industry[16]. - The company plans to maintain a robust pipeline of new projects to support future growth and market expansion[112]. - The company is committed to improving its safety management system, although there was still one employee fatality during the reporting period[173]. Environmental and Social Responsibility - The company has established 12 national-level green mines and 9 national-level green factories, enhancing its green and low-carbon international image[171]. - The carbon intensity of industrial added value decreased by 34.9% compared to the 2020 baseline, achieving the 2025 target ahead of schedule[171]. - The company is actively responding to global challenges in sustainable development and climate change by implementing effective measures for carbon reduction and ecological restoration[193].

Executive Remuneration - The total remuneration for Mr. Zeng Qingxiang for the year ended December 31, 2005, was RMB 1,170,553, which included a basic salary of RMB 72,432 and a bonus of RMB 800,000[4] - For the year ended December 31, 2006, the total remuneration for Mr. Zheng Jinxing was RMB 455,778, with a basic salary of RMB 125,753 and a bonus of RMB 330,025[7] - The total remuneration for the year ended December 31, 2007, reached RMB 3,063,000, with Mr. Zheng Jinxing earning RMB 1,916,000, including a basic salary of RMB 300,000 and a bonus of RMB 1,616,000[9] - For the year ended December 31, 2008, the total remuneration was RMB 2,219,900, with Mr. Zheng Jinxing receiving RMB 1,135,000, which included a basic salary of RMB 300,000 and a bonus of RMB 835,000[12] - The total remuneration for the year ended December 31, 2009, was RMB 2,661,111, with Mr. Zheng Jinxing earning RMB 870,961, including a basic salary of RMB 140,000 and a bonus of RMB 730,961[9] - For the year ended December 31, 2010, the total remuneration was RMB 1,713,600, with Mr. Lin Shuiqing receiving RMB 470,300, which included a basic salary of RMB 300,000 and a bonus of RMB 170,300[12] - The total remuneration for the year ended December 31, 2011, was RMB 2,731,600, with Mr. Lin Shuiqing earning RMB 1,204,100, which included a basic salary of RMB 300,000 and a bonus of RMB 886,422[12] - For the year ended December 31, 2012, the total remuneration was RMB 3,591,000, with Mr. Lin Shuiqing receiving RMB 2,033,500, which included a basic salary of RMB 300,000 and a bonus of RMB 1,718,800[12] - For the year ending December 31, 2013, total compensation for Lin Shuiqing was 864,500, which included a base salary of 550,000 and a bonus of 293,219[15] - For the year ending December 31, 2014, total compensation for Lin Shuiqing increased to 2,037,801, with a base salary of 1,800,000 and a bonus of 197,895[15] - The total compensation for the board members in 2014 was 2,301,801, reflecting an increase from 1,200,500 in 2013[15] Compensation Strategy - The company has consistently increased the total remuneration for key executives over the years, reflecting growth in performance and profitability[4] - The data indicates a trend of increasing bonuses as a significant component of total remuneration, highlighting the company's performance-based compensation strategy[4]

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (2899) with a target price of HKD 22.34, representing a potential upside of 32% from the current price of HKD 16.92 [2]. Core Views - The report highlights that rising gold and copper prices, driven by economic uncertainties and demand for safe-haven assets, are expected to support the company's profitability [1]. - The company has shown significant growth in production volumes, particularly in gold and silver, while maintaining stable cost levels [1]. - New projects, such as the acquisition of the Akyem gold mine in Ghana, are anticipated to enhance gold production in the future [1]. Financial Performance Summary - For the first three quarters of 2024, Zijin Mining reported revenue of CNY 230.396 billion, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of CNY 24.357 billion, up 50.68% [1]. - In Q3 alone, the company achieved revenue of CNY 79.98 billion, a 7.11% increase year-on-year, and a net profit of CNY 9.273 billion, reflecting a 63.64% increase [1]. - The average price of gold reached USD 2,648.8 per ounce, a 13.64% increase since the end of June, while copper prices also remained at historical highs [1]. Production and Cost Analysis - The production volumes for key products in the first three quarters were as follows: gold at 54.3 tons (up 8.33%), silver at 331.1 tons (up 6.69%), and copper at 789,459 tons (up 4.67%) [1]. - The unit sales costs for copper concentrate, electrolytic copper, and refined copper were CNY 18,800, CNY 32,700, and CNY 35,700 per ton, with year-on-year changes of -4.16%, +5.49%, and -13.05% respectively [1]. - The report anticipates further cost reductions as production continues to ramp up in Q4 [1]. Future Projections - Revenue forecasts for 2024-2026 have been adjusted to CNY 325.8 billion, CNY 362.5 billion, and CNY 379.2 billion respectively, with net profit projections of CNY 30 billion, CNY 38.6 billion, and CNY 41.9 billion [1][3]. - The report indicates that the company is expected to maintain a high level of profitability, with a projected PE ratio of 18 times for 2024 [1].

Financial Performance - Total revenue for the third quarter reached RMB 79,979,965,562, representing a year-on-year increase of 7.11%[7] - Net profit for the third quarter was RMB 11,202,575,598, reflecting a significant growth of 54.75% compared to the same period last year[7] - The total profit for the third quarter amounted to RMB 13,737,481,764, which is an increase of 63.64% year-on-year[7] - The basic earnings per share for the third quarter were RMB 0.349, up by 56.50% from the previous year[7] - The net profit attributable to shareholders of the listed company for the third quarter was RMB 9,273,073,263, marking a 58.17% increase year-on-year[7] - The net profit excluding non-recurring gains and losses for the third quarter was RMB 8,314,444,862, up by 49.75% compared to the same period last year[7] - The net profit attributable to shareholders for the same period was 24.357 billion RMB, showing a significant year-on-year increase of 50.68%[17] - Net profit for the first three quarters of 2024 was CNY 29.68 billion, compared to CNY 20.07 billion in 2023, indicating a significant increase of approximately 47.5%[30] - The net profit attributable to the parent company for Q3 2024 reached CNY 24.36 billion, a 50.6% increase from CNY 16.16 billion in Q3 2023[32] - The total comprehensive income for Q3 2024 was CNY 34.48 billion, up 47.2% from CNY 23.43 billion in Q3 2023[32] Asset and Equity Growth - Total assets as of the end of the reporting period were RMB 378,055,900,562, a 10.22% increase from the previous year[8] - The company's total assets increased to CNY 378.06 billion in Q3 2024, up from CNY 343.01 billion in Q3 2023, marking a growth of about 10.2%[27] - The total equity attributable to shareholders of the listed company reached RMB 134,162,586,550, which is a 24.80% increase from the previous year[8] - The company's equity attributable to shareholders reached CNY 134.16 billion in Q3 2024, up from CNY 107.51 billion in Q3 2023, indicating a significant increase of approximately 24.8%[27] Cash Flow and Operating Activities - The net cash flow from operating activities for the third quarter was RMB 15,662,207,432, showing a growth of 61.54%[7] - Cash flow from operating activities for the first nine months of 2024 was CNY 36.11 billion, significantly higher than CNY 25.72 billion in the same period of 2023, marking a 40.3% increase[34] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 2,855,760,309, compared to CNY 1,228,036,347 in 2023, marking a significant increase[44] Production and Sales Performance - The company achieved a gold production increase of 8% year-on-year for the first nine months of 2024, with copper production up by 5% and silver production up by 7%[17] - The company’s gold production in Q3 2024 was 18,859 kg, up from 18,601 kg in Q2 2024, indicating a 1% increase[18] - The copper production in Q3 2024 reached 270,889 tons, which is a 6% increase compared to Q2 2024[18] - The company’s zinc production in Q3 2024 was 109,652 tons, reflecting an 8% increase from the previous quarter[18] - In Q3 2024, gold ingot sales reached 9,699 kg with an average price of 553.41 CNY/g, resulting in a gross margin of 47.64%[22] Cost Management and Expenses - Total operating costs decreased to CNY 198.67 billion in 2024 from CNY 203.71 billion in 2023, reflecting a reduction of about 2.0%[30] - The company's financial expenses for the first three quarters of 2024 were CNY 830,587,976, down from CNY 1,219,934,456 in the same period of 2023, indicating a reduction of 31.9%[40] - The company's research and development expenses for the first three quarters were CNY 298,562,356, a decrease from CNY 310,281,877 in the same period of 2023[40] Future Plans and Projects - The company plans to delay the production start of the Argentina 3Q project and the Tibet Lagocuo project to 2025 due to regulatory delays and low lithium prices[19] - The company aims to optimize processes and reduce costs before the new projects commence to enhance resilience against price fluctuations[19]

© ZiJiN 紫金礦業集團股份有限公司 ZIJIN MINING GROUP COMPANY LIMITED* (在中華人民共和國註冊成立的股份有限公司) (A股股份代號： 601899 H股股份代號： 2899) 2024 中期報告 *僅供議別 目錄 | --- | --- | --- | |-------|-------|--------------------------------------| | | 2 | 公司資料 | | | 3 | 釋義 | | | 4 | 本報告基本資料 | | | 5 | 經營回顧 | | | 10 | 管理層討論與分析 | | | 20 | 股本與股東情況 | | | 23 | 董事、監事及最高行政人員的權益及淡倉 | | | 25 | 其他事項 | | | 57 | 合併資產負債表 | | | 60 | 合併利潤表 | | | 62 | 合併股東權益變動表 | | | 64 | 合併現金流量表 | | | 66 | 資產負債表 | | | 68 | 利潤表 | | | 69 | 股東權益變動表 | | | 71 | 現金流量表 | | | 73 | 財務報表附註 | ...

Financial Performance - For the six months ended June 30, 2024, the group achieved operating revenue of RMB 150.417 billion, which is essentially flat compared to RMB 150.334 billion in the same period last year[2] - The total profit for the same period was RMB 21.588 billion, representing a year-on-year increase of 38.87% from RMB 15.545 billion[2] - The net profit attributable to shareholders of the listed company was RMB 15.084 billion, up 46.42% from RMB 10.302 billion in the previous year[2] - Operating revenue for the first half of 2024 reached RMB 150.42 billion, a slight increase from RMB 150.33 billion in the same period of 2023, representing a growth of 0.06%[6] - Net profit for the first half of 2024 was RMB 18.48 billion, up 44% from RMB 12.83 billion in the first half of 2023[6] - The company’s total profit for the first half of 2024 was RMB 21.59 billion, compared to RMB 15.55 billion in the same period of 2023, indicating a growth of 38.7%[6] - The company’s total comprehensive income for the first half of 2024 was RMB 22.42 billion, compared to RMB 18.06 billion in the same period of 2023, reflecting a growth of 24.5%[7] - Basic earnings per share increased to RMB 0.574, compared to RMB 0.391 in the same period last year, reflecting a growth of 46.8%[7] Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 368.877 billion, reflecting a growth of 7.54% from RMB 343.006 billion at the beginning of the year[3] - The total liabilities as of June 30, 2024, were RMB 208.984 billion, compared to RMB 204.643 billion at the end of 2023[5] - The net assets attributable to shareholders of the listed company increased by 17.61% to RMB 126.444 billion from RMB 107.506 billion at the beginning of the year[5] - The company’s current assets as of June 30, 2024, were RMB 89.79 billion, while current liabilities were RMB 84.41 billion, indicating a healthy liquidity position[10] - The company’s total equity as of June 30, 2024, was RMB 159.89 billion, up from RMB 138.36 billion as of December 31, 2023[74] Cash Flow and Financing - Cash flow from operating activities generated RMB 20.45 billion, an increase from RMB 16.03 billion in the first half of 2023, representing a growth of 27.5%[8] - The net cash inflow from financing activities for the first half of 2024 was RMB 51.85 billion, up from RMB 36.58 billion in the same period of 2023, representing an increase of approximately 41.6%[9] - The net cash outflow from financing activities was RMB 20.09 million in the first half of 2024, a significant improvement from RMB 1.92 billion in the same period of 2023[9] - The company’s cash and cash equivalents as of June 30, 2024, were RMB 25.190 billion, compared to RMB 18.449 billion at the end of 2023[4] - The company’s interest-bearing debt increased from RMB 676.90 billion at the beginning of the reporting period to RMB 683.36 billion at the end, reflecting a year-on-year change of 0.95%[91] Investment and Expenses - The company reported a significant increase in investment income, which rose to RMB 2.03 billion from RMB 1.50 billion year-over-year, marking a growth of 35%[6] - Research and development expenses for the first half of 2024 were RMB 708.16 million, slightly down from RMB 733.16 million in the previous year[6] - The company’s financial expenses decreased to RMB 1.36 billion from RMB 1.47 billion in the previous year, showing a reduction of approximately 7.8%[6] - The company reported a significant reduction in credit impairment losses by 84.31% to RMB 13 million[70] Production and Sales - The mining products segment generated RMB 46.03 billion in revenue, while the smelting products segment contributed RMB 89.27 billion, reflecting a year-on-year increase of 20.8% and 13.8% respectively[29][30] - The production of copper reached 519,000 tons, gold 35.4 tons, zinc (lead) 222,000 tons, and silver 210.3 tons, with year-on-year growth rates of 5.3% and 9.5% for copper and gold respectively[47] - The average price of copper in the first half of 2024 was RMB 74,668 per ton, reflecting a 10% increase compared to RMB 67,900 per ton in the first half of 2023[44] - The average gold price in the first half of 2024 was USD 2,203 per ounce, a 14% increase from USD 1,932 per ounce in the same period of 2023[44] Strategic Initiatives and Future Outlook - The company aims to achieve a copper production target of 1.5-1.6 million tons, gold 100-110 tons, zinc (lead) 550-600 thousand tons, silver 600-700 tons, lithium (LCE) 250-300 thousand tons, and molybdenum 25-35 thousand tons by 2028, two years ahead of the original 2030 plan[54] - The company is focusing on enhancing its overseas operational management capabilities to mitigate risks associated with political and economic uncertainties in various countries[85] - The company anticipates continued strong demand for precious metals due to geopolitical tensions and central bank policies, which may lead to higher gold prices in the short term[84] - The company expects a continued shortage in copper supply in the medium to long term, driven by the growth of clean energy and electric vehicle sectors[84] Corporate Governance and Compliance - The audit and internal control committee reviewed the unaudited interim results for the six months ending June 30, 2024, confirming compliance with applicable accounting standards[106] - The company continues to engage Ernst & Young Hua Ming as its auditor for the fiscal year 2024[109] - No significant events affecting the group have occurred after the reporting period up to the date of this announcement[110]