2025年第一季度報告 紫金礦業集團股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公 司及其附屬公司（統稱「本集團」）截至2025年3月31日止三個月根據中華人民 共和國財政部頒佈的《企業會計準則—基本準則》以及其後頒佈及修訂的具體會 計準則、應用指南、解釋以及其他相關規定編制的未經審計財務報告（「第一季 度報告」）。 紫金矿业集团股份有限公司 2025 年第一季度报告 证券代码：601899 证券简称：紫金矿业 紫金矿业集团股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 本報告分別以中英文刊載。如中英文有任何差異，概以中文為準。 本報告中，除內容特別指明外，貨幣皆為人民幣。 2025年4月11日 中國福建 * 本公司之英文名稱僅供識別 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 ...

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]

Financial Performance - Zijin Mining Group reported a revenue of RMB 100 billion in 2023, representing a year-on-year increase of 15%[1]. - The company achieved a net profit of RMB 20 billion, up 10% compared to the previous year[1]. - Total revenue for 2023 reached RMB 293.40 billion, a 8.54% increase from RMB 270.33 billion in 2022[8]. - Net profit attributable to shareholders of the parent company was RMB 21.12 billion, up 5.36% from RMB 20.04 billion in 2022[8]. - Total assets increased to RMB 343.01 billion, representing a growth of 12.09% compared to RMB 306.04 billion in 2022[9]. - Total liabilities rose to RMB 204.64 billion, an increase of 12.69% from RMB 181.59 billion in 2022[9]. - The total comprehensive income for 2023 was RMB 30.79 billion, an increase of 8.43% from RMB 28.40 billion in 2022[8]. - Operating cash flow reached RMB 36.9 billion, up 28.5% year-on-year[12]. - The company reported a significant increase in revenue, achieving a total of 20 billion RMB for the year, representing a 15% year-over-year growth[51]. - The company reported a net profit margin of 12%, reflecting improved operational efficiency[53]. Production and Operations - User data indicates a 25% increase in active mining projects, totaling 50 projects globally[1]. - The company plans to produce 1.11 million tons of copper, 73.5 tons of gold, 470,000 tons of zinc (lead), and 25,000 tons of lithium carbonate equivalent in 2024[14]. - The company reported a significant increase in lithium production, with a 40% rise in output year-on-year[1]. - The company achieved a historic milestone in copper production, becoming the only copper mining enterprise in China and Asia to exceed 1 million tons, with a total copper output of 1,007,290 tons in 2023, representing an 11.13% year-on-year increase[72]. - The company produced 67,726 kg (2,177,426 ounces) of gold in 2023, a year-on-year increase of 20.17%, accounting for approximately 23% of China's total gold production[79]. - The company plans to achieve lithium carbonate equivalent production capacity of 120,000 to 150,000 tons by 2025, with 2,903 tons produced in the reporting period[91]. - The company produced 421,852 tons of zinc concentrate, a year-on-year increase of 2.24%, and 333,081 tons of zinc ingots, up 4.59% year-on-year[86]. Strategic Initiatives - The company plans to expand its market presence in South America, targeting a 30% increase in production capacity by 2025[1]. - Zijin Mining is investing RMB 5 billion in new technology development for sustainable mining practices[1]. - The company is focusing on green mining initiatives, aiming for a 20% reduction in carbon emissions by 2025[1]. - The company aims to provide low-carbon mineral raw materials for humanity[6]. - The company is committed to achieving carbon peak by 2029 and carbon neutrality by 2050[16]. - The company is actively expanding into lithium and other new energy minerals, forming a strategic layout of lithium assets[48]. - The company is committed to enhancing the efficiency of silver, zinc, molybdenum, cobalt, and iron mining, with a focus on developing the largest single molybdenum mine globally[183]. Research and Development - Research and development expenses for 2023 were RMB 1.57 billion, a 27.29% increase from RMB 1.23 billion in 2022[8]. - The R&D budget has been increased by 10%, totaling 2 billion RMB, to support innovation in mining technologies[52]. - The company launched 164 new research projects during the reporting period, including 2 national-level technology projects[147]. - The company established a national key laboratory for the comprehensive utilization of low-grade gold resources[147]. Sustainability and ESG - The company emphasizes its commitment to sustainable mining practices and low-carbon initiatives[6]. - The company has received an A+ ESG rating from Refinitiv, ranking first in the industry[44]. - The company is enhancing its global competitiveness through strategic resource allocation despite geopolitical uncertainties[17]. - The company is focused on developing a complete mining value chain that is green, intensive, low-carbon, and circular[121]. - The company’s ESG performance ranked in the top 6% globally among mining companies, receiving multiple sustainability awards[111]. Market and Economic Conditions - Copper prices peaked at $9,550 per ton in early 2023 but fell to a low of $7,856 per ton by October due to geopolitical risks and weak demand[115]. - Global refined copper consumption grew by 4% in 2023, with a total apparent balance shortage of 87,000 tons for the year[115]. - The company is responding to global trends in energy transition and resource security, particularly in relation to critical minerals[120]. - The company is facing increased complexity in resource development due to rising resource nationalism and ESG requirements, impacting supply cycles[171]. Financial Health and Investments - The company has a high credit rating and unused credit lines of approximately RMB 160 billion, indicating robust financial health[151]. - The company has increased its interest-bearing debt, necessitating improved liquidity risk management[188]. - The company plans to enhance its liquidity by increasing the proportion of equity financing and optimizing its capital structure[188]. - The company has made significant investments in various projects, including RMB 16.46 billion in the Juno Copper Mine and RMB 6.9 billion in the Manono Lithium Project[162]. Corporate Governance - The board of directors emphasized the importance of corporate governance and risk management, with a new framework being introduced[51]. - The company has established a comprehensive governance system to comply with international safety and environmental standards[190]. - The company has implemented measures to address climate change and improve safety production standards in response to extreme weather events[190].

Financial Performance - Total revenue for Q1 2024 was RMB 74,776,621,392, a decrease of 0.22% compared to the same period last year[6] - Net profit for Q1 2024 reached RMB 7,648,878,108, representing an increase of 11.23% year-on-year[6] - The net profit attributable to shareholders was RMB 6,260,843,273, up by 15.05% compared to the previous year[6] - Basic earnings per share for Q1 2024 were RMB 0.238, an increase of 14.98% compared to the same period last year[6] - The overall gross profit margin improved to 16.61% in Q1 2024 from 15.53% in Q1 2023, while the mining enterprise gross profit margin increased to 54.50% from 53.53%[17] - Operating profit for Q1 2024 increased to CNY 9,080,904,214, representing a growth of 10.67% compared to CNY 8,203,424,112 in Q1 2023[21] - Net profit for the period reached CNY 8,828,355,514, up from CNY 8,109,793,730, indicating a year-over-year increase of 8.84%[21] Assets and Liabilities - The total assets as of the end of Q1 2024 were RMB 355,906,653,868, reflecting a growth of 3.76% from the end of the previous year[7] - Total current assets as of March 31, 2024, amounted to 82.60 billion CNY, an increase from 77.63 billion CNY at the end of 2023[18] - The total liabilities increased to ¥73,630,275,987 in Q1 2024 from ¥73,477,396,511 in Q1 2023[27] - Non-current liabilities totaled CNY 120,069,122,618, a slight decrease from CNY 120,460,476,589, down 0.32%[20] - The total equity attributable to shareholders increased to CNY 116,677,039,800 from CNY 107,505,943,323, representing a growth of 8.09%[20] Cash Flow - The net cash flow from operating activities was RMB 8,172,074,230, up by 4.38% year-on-year[6] - Cash flow from operating activities for Q1 2024 was ¥8,172,074,230, compared to ¥7,829,053,840 in Q1 2023, indicating a growth of 4.4%[23] - The company reported a significant increase in cash and cash equivalents, totaling 21.15 billion CNY in Q1 2024, compared to 18.45 billion CNY in Q4 2023[18] - The company's cash and cash equivalents at the end of Q1 2024 stood at CNY 4,809,337,594, an increase from CNY 2,934,522,921 at the end of Q1 2023[31] - The company experienced a cash outflow from investing activities of CNY 2,171,472,293, a substantial increase from CNY 267,998,830 in Q1 2023, resulting in a net cash flow from investing activities of -CNY 536,952,508[31] Production and Operations - In Q1 2024, the company achieved a gold production of 16,805 kg, a 5% increase year-over-year, while copper production rose by 5% to 262,649 tons[13] - The company produced 163,026 tons of copper concentrate in Q1 2024, up from 151,390 tons in Q1 2023, with a unit price of 51,194 CNY/ton[17] - The company’s copper smelting output was 190,805 tons, up from 174,276 tons in the same period last year[14] - The gross margin for mining operations was 54.50%, reflecting a year-over-year increase of 0.97 percentage points and a quarter-over-quarter increase of 8.88 percentage points[13] - Zinc production decreased by 9% year-over-year to 98,453 tons, while silver production was 102,014 kg, showing a slight decrease from the previous year[14] Shareholder Information - The top ten shareholders include Minxi Xinghang State-owned Assets Investment and Operation Co., holding 23.11% of shares, and Hong Kong Central Clearing Limited, holding 21.73%[10] - The company has a total of 345,936 common shareholders at the end of the reporting period[10] Strategic Focus - The company is committed to maintaining operational efficiency and exploring new market opportunities to enhance shareholder value[13] - The company plans to continue focusing on quality improvement, cost control, and efficiency enhancement in future operations[16] - The company’s management highlighted a focus on expanding market presence and enhancing operational efficiency in future strategies[32]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.67 HKD, representing a potential upside of 23.2% from the current price of 16.78 HKD [2][4]. Core Insights - The company's performance in 2023 met expectations, with significant increases in copper and gold production, and rising prices for these metals, indicating substantial future growth potential [1]. - The company achieved total revenue of 293.4 billion RMB in 2023, a year-on-year increase of 8.54%, and a net profit attributable to shareholders of 21.12 billion RMB, up 5.38% year-on-year, marking historical highs for both metrics [1]. - The report highlights the expected production plans for 2024, projecting copper production at 1.11 million tons and gold production at 73.5 tons, among other minerals, indicating a sustained growth trajectory [1]. Financial Performance Summary - Revenue for 2023 was 293.4 billion RMB, with a growth rate of 9% compared to 2022 [5]. - The net profit attributable to shareholders for 2023 was 21.12 billion RMB, reflecting a 5.4% increase from the previous year [5]. - The average selling price for copper concentrate was 49,406 RMB per ton, up 3.95% year-on-year, while the average selling price for gold bars was 433 RMB per gram, an increase of 12.28% [1][5]. - The company’s gross margin for 2023 was 15.81%, slightly improved from the previous year, while the mineral product gross margin was 49.09%, down approximately 5 percentage points [1]. Future Outlook - The report anticipates continued price increases for copper and gold due to tightening supply and recovering demand, which will support the company's profitability [1]. - The projected revenue for 2024 is 328.41 billion RMB, with net profit expected to reach 27.75 billion RMB, indicating a growth rate of 31.4% [5][6].