Core Insights - The report highlights that Zijin Mining's profitability has significantly improved due to rising gold prices, with net profit growth outpacing revenue growth, demonstrating the profit elasticity of high-quality resource leaders during a commodity bull market [1][2] Financial Performance - For the first three quarters of 2025, Zijin Mining achieved a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, up 55.45%, both setting historical highs for the same period [1] - The company's gold production reached 65 tons, a 20% increase year-on-year, with Q3 production at 24 tons, reflecting a 7% quarter-on-quarter growth, making it the fastest-growing among its four main products [1] Business Developments - Zijin Mining successfully spun off its gold segment, Zijin Gold International, for an IPO on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD, marking the largest IPO in the global gold mining industry [1] - The gold segment has become a crucial profit driver, with production exceeding annual targets, primarily due to acquisitions and new projects in Ghana, Xinjiang, and other regions [1] Market Conditions - In Q3 2025, international gold prices showed a strong upward trend, with London spot gold closing up approximately 16.8% from the beginning of the quarter, while Shanghai gold prices rose about 14.5% [2] - The gross margin for Zijin Mining's mining operations was 60.62%, an increase of 2.91 percentage points year-on-year, although revenue and net profit growth rates slowed in Q3 [2] Challenges and Risks - The decrease in copper and silver production in Q3 was noted, with copper output down 6% to 260,000 tons, attributed to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [3] - The company is facing challenges with rising unit sales costs for mineral products, partly due to lower ore grades and increased stripping ratios, as well as high transitional costs from newly acquired mines [2][3] Stock Performance - Zijin Mining's stock surged by 52.14% in Q3, with a market capitalization exceeding 800 billion yuan, reaching a historical high of 32.65 yuan post-National Day holiday [3] - Institutional investors have shown caution, with significant sell-offs in Q3, including a reduction in holdings by major investors [3] Future Outlook - The outlook for Q4 2025 remains uncertain, with gold prices reaching new highs but potential short-term corrections due to market concerns about overbuying [4] - The company's ability to manage costs effectively through refined management and technological innovation will be critical in maximizing benefits from rising gold prices [4]

Core Viewpoint - Zijin Mining's Q3 2025 report shows significant profit growth driven by rising gold prices and increased production, highlighting the company's strong performance in a commodity bull market [1][2]. Financial Performance - For the first three quarters of 2025, Zijin Mining achieved revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45%, both setting historical records for the period [1]. - In Q3 2025, the company reported revenue of 86.488 billion yuan, a year-on-year growth of 8.14%, marking a slowdown from the previous quarter's 17.38% growth [2]. - The gross profit margin for mining operations was 60.62%, an increase of 2.91 percentage points year-on-year [2]. Production Highlights - Zijin Mining's gold production reached 65 tons in the first three quarters, a 20% increase year-on-year, with Q3 production at 24 tons, up 7% quarter-on-quarter [1]. - The company’s copper production decreased by 6% to 260,000 tons in Q3, primarily due to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [3]. - Lithium production for the first three quarters was 11,000 tons, including 3,700 tons from Zangge Mining since May 2025 [3]. Market and Stock Performance - Zijin Mining's stock surged by 52.14% in Q3, with a market capitalization exceeding 800 billion yuan, reaching a historical high of 32.65 yuan post-National Day holiday [3]. - Institutional investors have shown caution, with significant sell-offs, including a reduction of 235 million shares by the Northbound Stock Connect [3]. Future Outlook - The trajectory of gold prices remains a critical factor for Zijin Mining's performance in Q4 2025, with the company facing challenges in cost management to maximize benefits from rising gold prices [4].

Core Viewpoint - The performance of gold-related stocks, particularly Zijin Mining, has significantly exceeded market expectations due to rising gold prices and increased production capacity [1][6]. Financial Performance - Zijin Mining reported a total revenue of 254.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.33% [4][5]. - The net profit attributable to shareholders reached 37.86 billion yuan, marking a substantial year-on-year growth of 55.45% [4][5]. - The net cash flow from operating activities was 52.11 billion yuan, up 44.31% compared to the previous year [4][5]. Production and Sales - Gold production for Zijin Mining increased to 65 tons in the first nine months, a 20% rise year-on-year, significantly outpacing the industry average [6]. - The average selling price of gold concentrate was 685.21 yuan per gram, up 41% year-on-year, while the average selling price of gold ingots was 746.43 yuan per gram, up 44% year-on-year [6]. - The company’s copper production reached 830,000 tons, a 5% increase year-on-year, although it saw a 6% decrease in the third quarter compared to the second quarter due to operational disruptions [6]. Market Context - The international gold price has seen a significant rise, with recent trading approaching 4,380 USD per ounce, indicating a potential record year for gold price increases since 1979 [8]. - The overall performance of gold mining companies is benefiting from high gold prices and improved operational efficiencies, with major players like Shandong Gold also reporting substantial profit increases [9]. Future Outlook - Multiple brokerages are optimistic about the continued strength of the gold market, with expectations for China's gold market to exceed 1.2 trillion yuan by 2025 and reach 1.8 trillion yuan by 2030, maintaining a compound annual growth rate of 7% to 9% [10].

Core Insights - The company, Zijin Mining, reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching approximately 254.2 billion yuan, a year-on-year growth of 10.33%, and net profit of about 37.864 billion yuan, up 55.45% [1] - The stock price of Zijin Mining closed at 30.17 yuan per share on October 17, 2023, reflecting a cumulative increase of approximately 104% year-to-date [1] Financial Performance - For Q3 2025, Zijin Mining achieved revenue of approximately 86.489 billion yuan, representing a year-on-year increase of 8.14%, and a net profit of about 14.572 billion yuan, up 57.14% [1] - The gross profit margin for mining enterprises was 60.62%, an increase of 2.91 percentage points year-on-year, while the overall gross profit margin was 24.93%, up 5.4 percentage points year-on-year [3] Production Metrics - In the first three quarters, Zijin Mining's gold production reached 65 tons, a year-on-year increase of 20%, while copper production was 830,000 tons, up 5%, silver production was 335 tons, up 1%, and zinc production was 27 tons, down 12% [3] - In Q3, gold production was 24 tons, a 7% increase quarter-on-quarter, while copper production was 260,000 tons, a 6% decrease quarter-on-quarter [4] Strategic Developments - The increase in gold production was attributed to new acquisitions and projects, including the Ghana Akim Gold Mine, which contributed 3.2 tons of gold, and the new Xinjiang Sava Yalton Gold Mine [4] - The company is actively working on the recovery of the Kamoa-Kakula copper mine in the Democratic Republic of Congo, which was affected by flooding [4] Cost and Pricing Factors - The unit sales cost of mineral products increased due to factors such as declining ore grades and increased transportation distances [5] - The rise in gold prices significantly boosted the company's revenue from gold sales, with the gold segment becoming a key driver of profit growth [6] Subsidiary Performance - Zijin Gold International, a subsidiary, was listed on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD by issuing 401 million shares at a price of 71.59 HKD per share [6] - In the first three quarters, Zijin Gold International produced 32 tons of gold and achieved a net profit of 9.05 million USD, equivalent to approximately 6.484 billion yuan [6]

Core Insights - Zijin Mining's Q3 report shows impressive performance with a net profit of 37.864 billion yuan, a year-on-year increase of 55.45%, significantly surpassing last year's total [1][2] - The company's market capitalization exceeds 800 billion yuan, ranking third globally among mining companies and 16th in the A-share market [1] - Zijin Gold International, a subsidiary, has seen its stock price double since its listing on the Hong Kong Stock Exchange, reaching a market value of 400 billion HKD [1] Financial Performance - For the first three quarters, Zijin Mining achieved operating revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45% [2] - The gross margin for mining enterprises was 60.62%, an increase of 2.91 percentage points year-on-year, while the comprehensive gross margin rose to 24.93%, up 5.40 percentage points [2] - In Q3 alone, the company reported operating revenue of 86.489 billion yuan and a net profit of 14.572 billion yuan, reflecting a year-on-year growth of 57.14% and a quarter-on-quarter increase of over 10% [2] Production and Pricing - The increase in performance is attributed to production release and rising gold prices, with gold production reaching 65 tons in the first nine months, a 20% increase year-on-year [2][3] - The average selling price of gold concentrate was 685.21 yuan per gram, up 41% year-on-year, while the average selling price of gold ingots was 746.43 yuan per gram, up 44% [2] - Copper production for the first three quarters was 830,000 tons, a 5% increase year-on-year, although Q3 production saw a 6% decrease due to flooding at the Kamoa-Kakula copper mine [3] New Projects and Investments - Zijin Mining announced an internal project for the Shapinggou molybdenum mine with an estimated investment of approximately 7.206 billion yuan, targeting an annual production capacity of 10 million tons [4] - The Shapinggou molybdenum mine was acquired in October 2022, with a total molybdenum resource of 2.1 million tons and an average grade of 0.187% to 0.2% [4][5] - The development of the Shapinggou molybdenum mine aligns with the company's strategic planning, positioning it to become one of the largest molybdenum producers globally [5]

Core Insights - The company reported a significant increase in net profit for Q3, reaching 14.57 billion yuan, a year-on-year growth of 57.14% and a quarter-on-quarter increase of 11.02% [1] - Total revenue for Q3 was 86.49 billion yuan, reflecting an 8.14% year-on-year growth [1] - For the first three quarters, net profit attributable to shareholders was 37.86 billion yuan, up 55.45% year-on-year, with a non-recurring net profit of 34.13 billion yuan, increasing by 43.71% [1] Financial Performance - Q3 comprehensive gross margin stood at 27.23%, up 2.71 percentage points from the previous quarter; the mining enterprise gross margin was 61.27%, an increase of 0.78 percentage points [2] - The company achieved a basic earnings per share of 0.548 yuan, a 57.02% increase year-on-year [1] - Cash flow from operating activities reached 23.28 billion yuan, marking a 48.62% increase year-on-year [1] Production Highlights - Gold production for the first three quarters was 65 tons, a 20% year-on-year increase, with Q3 production at 24 tons, up 7% quarter-on-quarter [1] - Copper production totaled 830,000 tons, a 5% year-on-year increase, although Q3 production saw a 6% decline due to flooding at the Kamoa copper mine [1] - The company produced 11,000 tons of lithium carbonate, with the first phase of the lithium project in Argentina commencing production by the end of Q3 [1] Market Context - The company successfully listed at 71.59 HKD per share, raising 28.7 billion HKD, with the stock price rising to 147.80 HKD, reflecting over a 100% increase [1] - The increase in gold prices has contributed significantly to the company's performance, with average sales prices for gold concentrate and gold bars rising by 41% and 44% year-on-year, respectively [2]

Core Viewpoint - Zijin Mining has demonstrated significant performance growth in the first three quarters of 2025, driven by increased production of key minerals such as gold and copper, with the gold segment becoming a crucial profit driver for the company [1][4]. Financial Performance - For the first three quarters of 2025, Zijin Mining reported a total revenue of 254.2 billion yuan, reflecting a year-on-year increase of 10.33% [2]. - The net profit attributable to shareholders reached 37.864 billion yuan, marking a substantial year-on-year growth of 55.45% from 24.357 billion yuan in the same period of 2024 [2]. - The weighted average return on equity increased to 25.45%, up by 5.23 percentage points year-on-year [2]. - The net cash flow from operating activities was 52.107 billion yuan, showing a significant year-on-year increase of 44.31% [2]. Profitability - The overall gross margin for the company improved to 24.93%, an increase of 5.40 percentage points year-on-year [3]. - The gross margin for mining operations reached 60.62%, up by 2.91 percentage points year-on-year [3]. Strategic Developments - Zijin Mining has successfully completed several major strategic acquisitions, including the control of the Akyem Gold Mine in Ghana and the acquisition of various other mining projects, enhancing its resource reserves in gold, copper, lithium, and molybdenum [3]. Gold Segment Performance - The gold business segment has emerged as a key profit engine, with gold production reaching 65 tons in the first three quarters of 2025, a year-on-year increase of 20% [4]. - In the third quarter alone, gold production was 24 tons, a 7% increase compared to the second quarter [4]. - The gold segment contributed over 10 billion yuan in net profit, with the newly listed Zijin Gold International achieving a net profit of approximately 6.484 billion yuan from 32 tons of gold produced [4]. IPO Achievement - Zijin Gold International successfully listed on the Hong Kong Stock Exchange on September 30, 2025, raising approximately 28.7 billion HKD, setting multiple records for the largest IPO in the gold mining sector globally and the largest overseas IPO by a Chinese mining company [5].

關於 2023 年股票期權激勵計劃第一個行權期行權條件成就 及註銷部份股票期權的公告 重要內容提示： 茲提述紫金礦業集團股份有限公司（「本公司」或「公司」）(i)日期為 2023 年 11 月 14 日有 關建議採納 2023 年股票期權激勵計劃及 2023 年員工持股計劃的公告；(ii)日期為 2023 年 12 月 8 日關於向激勵對象授予股票期權的公告；(iii)日期為 2023 年 12 月 25 日關於調整 2023 年股票期權激勵計劃行權價格的公告；(iv)日期為 2024 年 1 月 7 日關於 2023 年股票期權激 勵計劃授予登記完成的公告（「該等公告」）；及(v)日期為 2023 年 11 月 22 日的通函（「通 函」）。除另有定義外，本公告內所用辭彚與該等公告及通函所載者具有相同涵義。 公司於 2025 年 10 月 17 日召開第八屆董事會第十三次會議和第八屆監事會第十三次會議， 審議通過了《關於 2023 年股票期權激勵計劃第一個行權期行權條件成就並註銷部份已授予 期權的議案》，公司董事會認為 2023 年股票期權激勵計劃（以下簡稱「本激勵計劃」）第一 個行權期行權條件已成就，同意 ...

Key Points - Daya Energy's stock price has increased by 68.37% over six consecutive trading days, indicating potential irrational speculation risk [1] - Hengli Shipbuilding plans to invest 2.654 billion yuan in a green high-end equipment manufacturing supporting project related to *ST Songfa [1] - Gaoneng Environment has won a bid for a wastewater treatment facility renovation project in Suichang County, valued at 53.6423 million yuan [1] - Daji Technology intends to acquire 55% of Longzhiyuan for 416 million yuan [1] - Fujirui plans to repurchase shares worth between 10 million to 20 million yuan [1] - Zijin Mining reported a net profit of 37.864 billion yuan for the first three quarters, a year-on-year increase of 55.45% [1] - Liandong Technology's actual controller and its concerted parties plan to reduce their holdings by no more than 2.9963% [1] - Zhongqi Co. plans to issue convertible bonds to raise no more than 1.039 billion yuan [2] - Guoda Special Materials' chairman and general manager Xu Weiming has been released from detention [2]

關於調整 2023 年股票期權激勵計劃行權價格的公告 茲提述紫金礦業集團股份有限公司（「本公司」或「公司」）(i)日期為 2023 年 11 月 14 日 有關建議採納 2023 年股票期權激勵計劃及 2023 年員工持股計劃的公告；(ii)日期為 2023 年 12 月 8 日關於向激勵對象授予股票期權的公告；(iii)日期為 2023 年 12 月 25 日關於調整 2023 年股票期權激勵計劃行權價格的公告；(iv)日期為 2024 年 1 月 7 日關於 2023 年股票期權激 勵計劃授予登記完成的公告（「該等公告」）；及(v)日期為 2023 年 11 月 22 日的通函（「通 函」）。除另有定義外，本公告內所用辭彚與該等公告及通函所載者具有相同涵義。 公司於 2025 年 10 月 17 日召開第八屆董事會第十三次會議和第八屆監事會第十三次會議， 審議通過了《關於調整 2023 年股票期權激勵計劃行權價格的議案》，因公司實施利潤分配， 根據公司 2023 年第一次臨時股東大會、2023 年第二次 A 股類別股東大會、2023 年第二次 H 股類別股東大會授權，2023 年股票期權行權價格調整為人民 ...