证券代码：601899 股票简称：紫金矿业 编号：临 2026-018 紫金矿业集团股份有限公司 关于续聘会计师事务所的公告 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： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 德勤华永会计师事务所（特殊普通合伙）（以下简称"德勤华永"）的前身是 1993年2月成立的沪江德勤会计师事务所有限公司，于2002年更名为德勤华永会计 师事务所有限公司，于2012年9月经中国财政部等部门批准转制成为特殊普通合伙 企业。德勤华永注册地址为上海市黄浦区延安东路222号30楼。 德勤华永具有中国财政部批准的会计师事务所执业证书，并经中国财政部、 中国证监会批准，从事H股企业审计业务。德勤华永已根据中国财政部和中国证监 会《会计师事务所从事证券服务业务备案管理办法》等相关文件的规定进行了从 事证券服务业务备案。德勤华永过去二十多年来一直从事证券期货相关服务业务， 具有丰富的证券服务业务经验。 德勤华永2025年末合伙人人数为214人，从业人员共6,133人，注册会计师 ...

可持续发展报告摘要 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年度可持续发展报告摘要 1 / 6 2、本可持续发展报告经公司董事会审议通过。 3、南德认证检测（中国）有限公司为可持续发展报告全文出具了鉴证报告。 2 / 6 可持续发展报告摘要 第二节 报告基本情况 1、基本信息 | 股票代码 | 601899 | | --- | --- | | 公司简称 | 紫金矿业 | | 公司名称 | 紫金矿业集团股份有限公司 | | 报告范围 | 报告的组织边界确定的原则为运营控制权法，即覆盖公司 | | | 所有实际运营控制的公司（以下简称"子公司"） | | | 2025 年 1 月 1 日至 12 月 31 日（简称"报告期"）。为 | | 时间范围 | 增强本报告的对比性和前瞻性，部分内容适当追溯以往年 | | | 份或具有前瞻性描述 | | | 本报告的编制遵循以下标准：上海证券交易所《上海证券 | | | 交易所上市公司自律监管指引第 14 号——可持续发展报 | | | 告（试行）》；香港联合交易所有限公司 主板上市规则 附 | | | 录 C2《环境、社会及管治报告守 ...

2025 年，审计与内控委员会共召开了 6 次会议，具体如下： | 序号 | 会议时间 | 会议内容 | | --- | --- | --- | | 1 | 3月3日 | 2024年年报审计第二次沟通会 | | 2 | 3月20日 | 2024年年报审计第三次沟通会 | | 3 | 4月11日 | 2025年一季度报告审核会议 | | 4 | 8月26日 | 2025年半年度报告审核会议 | | 5 | 10月17日 | 2025年三季度报告审核会议 | | 6 | 12月22日 | 2025年年报审计第一次沟通会 | 紫金矿业集团股份有限公司 第八届董事会审计与内控委员会 2025 年度履职情况报告 根据中国证监会《上市公司治理准则》、上海证券交易所《上市公司 自律监管指引第 1 号——规范运作》等监管规定及《公司章程》要求， 紫金矿业集团股份有限公司（以下简称"公司"）第八届董事会审计与内 控委员会在 2025 年度认真履行职责，勤勉尽责，现将 2025 年度履职情 况汇报如下： 一、审计与内控委员会会议召开情况 二、监督及评估外部审计机构工作 （一）在注册会计师进场前，审计与内控委员会认真听取、审阅 了 ...

证券代码：601899 股票简称：紫金矿业 编号：临 2026-016 紫金矿业集团股份有限公司 第九届董事会第二次会议决议公告 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。 紫金矿业集团股份有限公司（以下简称"公司"）第九届董事会第二次会议于 2026 年 3 月 20 日在公司上杭总部和厦门分部以现场和视频相结合的方式召开。会 议应出席董事 14 名，实际出席董事 14 名，本次会议有效表决票 14 票，公司高管 列席会议。本次会议的召集和召开程序符合《公司法》和《公司章程》的有关规 定，会议由邹来昌董事长主持，以投票表决方式审议通过了以下议案： 一、审议通过《公司 2025 年度董事会工作报告》 表决结果：同意 14 票，反对 0 票，弃权 0 票。 本议案尚需提交股东会审议。 二、审议通过《关于 2025 年度计提资产减值准备的议案》 确认全集团 2025 年度计提的资产减值准备共计 42,723 万元,其中：计提信用 减值损失 13,066 万元，计提商誉减值损失 126 万元，计提合同资产减值损失 1,637 万 ...

证券代码：601899 股票简称：紫金矿业 编号：临 2026-017 紫金矿业集团股份有限公司 2025年度利润分配方案公告 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： 每股分配金额：每股派发现金红利 0.38 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股份数为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股份数发生变动的，拟维持每股分 配金额不变，相应调整分配总额，并将另行公告具体调整情况。 一、2025 年度利润分配方案内容 经德勤华永会计师事务所（特殊普通合伙）审计，按中国会计准则计算，截 至 2025 年 12 月 31 日，公司母公司报表中期末未分配利润为人民币（下同） 10,658,002,310 元。 经公司第九届董事会第二次会议审议通过，公司 2025 年度拟以实施权益分派 股权登记日登记的总股份为基数分配利润。本次利润分配方案如下：公司拟向全 体股东每 10 股派发现金红利 3.8 元（含税）。截至本公告日，公司总股份数 26,589,7 ...

Company Performance - Zijin Mining ranked 251st in the 2025 Forbes Global Public Companies and 4th among global metal mining companies, maintaining its position as the number one gold company[19]. - In the past year, Zijin Mining achieved a record net profit of 51.8 billion yuan, a year-on-year increase of 62%[20]. - The company reported a revenue of 34.91 billion yuan for 2025, reflecting a growth trajectory from previous years[29]. - Net profit for 2025 was CNY 63.82 billion, reflecting a 62.01% increase compared to CNY 39.39 billion in 2024[61]. - The net profit attributable to shareholders for 2025 was CNY 51.78 billion, up 61.55% from CNY 32.05 billion in 2024[61]. - The company's total assets increased by 29.10% to CNY 512.01 billion at the end of 2025, compared to CNY 396.61 billion at the end of 2024[61]. - The weighted average return on equity for 2025 was 33.04%, an increase of 7.15 percentage points from 25.89% in 2024[62]. - The net cash flow from operating activities for 2025 was CNY 75.43 billion, a 54.38% increase from CNY 48.86 billion in 2024[61]. - The company achieved a global social contribution value of 109.11 billion yuan, a year-on-year increase of 46%[156]. Strategic Goals and Future Plans - Zijin Mining aims to become a leading global mining company with a focus on green and high-tech operations[2]. - The company has outlined its strategic goals for 2026, focusing on industry trends and potential risks[19]. - Zijin Mining aims to rank among the top three globally in copper and gold production by 2028, with a vision for substantial growth by 2035[22]. - The company plans to produce 109,000 tons of copper and 90 tons of gold by 2025, with significant increases in production expected in subsequent years[41]. - The company plans to accelerate the construction of key projects, including the Serbia Chukalu-Peggy copper-gold mine and the second phase of the Peru Arequipa copper mine, aiming for significant production increases[22]. - The company is exploring potential mergers and acquisitions to expand its market presence and resource base[84]. Technological Advancements - The company has achieved significant technological advancements, with 29 national invention patents and 26 provincial and ministerial-level scientific progress awards[19]. - The company is focusing on technological innovation, including AI applications in mining operations, to drive efficiency and productivity[23]. - The company has made significant advancements in technology, including the industrial application of lithium extraction technology and improvements in mining efficiency through AI and digital systems[154]. Sustainability and ESG Commitment - The company emphasizes its dedication to sustainable development, as detailed in the 2025 Sustainability Report[13]. - Zijin Mining is committed to enhancing its ESG performance and integrating ESG governance into its strategy and operations[25]. - The company is focused on sustainable mining practices as outlined in its sustainability report[82]. - The company is committed to building a complete mining value chain that emphasizes green, intensive, low-carbon, and circular development[182]. Resource Management and Production - The company holds over 4,600 tons of gold, approximately 110 million tons of copper, and over 12 million tons of zinc (lead), ensuring a strong resource base for sustainable development[21]. - The total resource reserves include 1,996 tons of gold, 5,661,000 tons of copper, and 797,000 tons of lithium, indicating a strong resource base for future growth[45]. - The company has completed the acquisition of key gold mines, which are expected to increase annual gold production by approximately 37 tons upon reaching full capacity[43]. - The company has established a global qualified personnel team for geological exploration, with 58 qualified individuals under the CRIRSCO framework by 2025[68]. - The company has developed advanced geological exploration technologies, including a three-dimensional electromagnetic system and drone magnetic surveying, recognized by the Ministry of Natural Resources[72]. Financial Overview - The financial report indicates a commitment to transparency and accuracy, with a standard unqualified audit report issued by Deloitte[5]. - The total profit before tax is projected to reach 10.14 billion yuan by 2025, indicating a strong upward trend in profitability[31]. - The company plans to distribute a cash dividend of 3.8 CNY per 10 shares (tax included), pending approval at the 2025 annual shareholders' meeting[6]. - The company reported a significant increase in financial assets, with trading financial assets rising to CNY 9.98 billion by the end of 2025, up from CNY 5.99 billion at the beginning of the year[65]. Market Trends and Economic Factors - The average price of gold in 2025 is projected to reach $3,439 per ounce, a year-on-year increase of 44%[162]. - The average price of copper in 2025 is projected to be $9,945 per ton, with a year-on-year increase of 8.7%[162]. - During the reporting period, copper prices surged over 40% year-to-date, reaching a historical high by year-end, with a low of $8,539 per ton in April 2025 due to U.S. tariff announcements[166][168]. - Zinc prices experienced a downward trend throughout the year, with a peak of $3,220 per ton near year-end, but faced significant downward pressure overall[170]. Community and Social Responsibility - The company has achieved a community investment of 1.09 billion CNY in 2025, reflecting its commitment to social responsibility[47]. - The company has established a global operational management system, with a local employment rate of 96% and a significant increase in the localization of the management team[155].

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

Group 1 - The article argues that the distinction between value stocks and cyclical stocks is misleading, as all stocks operate within cycles over a longer time frame [2][3] - Value stocks are typically seen as stable companies with consistent dividends and low valuations, while cyclical stocks are those whose performance fluctuates with economic cycles [3] - The historical performance of Coca-Cola, held by Warren Buffett, illustrates that even perceived value stocks are influenced by broader economic cycles, particularly the decline of American hegemony [3] Group 2 - Zijin Mining, once considered a typical cyclical stock, has seen its price rise significantly from around 2-3 yuan to approximately 37 yuan, reflecting a shift in market conditions and the end of a tightening monetary policy [4][5] - The article emphasizes that all industries experience cycles, and the labels of value and cyclical stocks are assigned by the market rather than inherent characteristics of the companies [5][6] - The Kondratiev wave theory suggests that all industries follow a cycle of growth, prosperity, decline, and recession, with the current global economy entering a recession phase expected to last until around 2030 [6] Group 3 - The article highlights the importance of understanding the relationship between value and cyclical stocks, focusing on timing rather than labeling, as all stocks are subject to cyclical influences [7] - It notes that the U.S. economy is in decline while China's economy is on the rise, with projections indicating significant GDP growth for China compared to the U.S. over the next several years [7][8] - The potential for the Chinese yuan to appreciate against the U.S. dollar is discussed, with expectations of a long-term devaluation of the dollar, which could lead to a revaluation of Chinese assets [8] Group 4 - The article concludes that investors should not be confined by labels like "value stock" but should instead focus on the cyclical nature of industries and adapt their strategies accordingly [9] - It advocates for a dynamic approach to tracking industry trends and emphasizes the importance of establishing a trading plan to navigate market fluctuations effectively [10] - The significance of long-term trends over short-term volatility is underscored, suggesting that investors should maintain focus on broader cycles rather than being swayed by immediate market movements [10]

1. Report Industry Investment Rating - No relevant information provided in the content 2. Core Viewpoints of the Report - The global zinc mine expansion cycle is nearing its end, and production disruptions are increasing, resulting in limited incremental space. In 2026, the global zinc mine output is expected to increase by about 150,000 tons, with the incremental projects concentrated in a few large - scale projects that were ramping up in the previous period [4]. - The global zinc concentrate supply - demand balance is tightening. Under the neutral scenario, a tight balance of zinc mines may become the norm, the TC operation center is expected to decline, and the zinc price operation center is expected to rise [9]. 3. Summary According to Relevant Catalogs 3.1 Global Zinc Mine Project Tracking - **2025 Global Zinc Mine Production**: In 2025, the global zinc mine output increased by 641,000 tons, a year - on - year increase of 5.37%, with the increment concentrated overseas. The production increase was mainly in Peru, Congo (Kinshasa), China, South Africa, Ireland, and Europe, while the decrease was mainly in the United States and Brazil [7]. - **2026 Global Zinc Mine Output Forecast**: Based on production schedules and production guidance, the global zinc mine increment in 2026 is estimated to be about 150,000 tons. The projects expected to contribute definite increments include Vedanta's Gamsberg Phase II, Ivanhoe's Kipushi project in Congo (Kinshasa), and the continuous realization of the increment from Russia's Ozernoye mine. Additionally, China's Huoshaoyun lead - zinc mine may add 150,000 - 200,000 metal tons in 2026 [4]. 3.2 Production Situation of Important Listed Mining Enterprises in Q4 - **Vedanta**: In Q4 2025, the zinc mine production was 335,000 tons, a quarter - on - quarter increase of 5.35% and a year - on - year increase of 7.72%, mainly driven by the increment of HZL and Gamsberg. The 2026FY production guidance was raised to 1.35 - 1.4 million tons, a slight increase compared to 2025FY. The bottleneck transformation of Chanderiya and Dariba refineries was completed in this quarter [12]. - **Glencore**: In Q4 2025, the zinc resource output was 260,000 tons, a quarter - on - quarter increase of 6.47% and a year - on - year decrease of 0.54%. The 2026 annual production guidance was lowered to 700,000 - 740,000 tons. The C1 cost decreased in 2025, and future capital expenditure will focus on copper and coal projects [19]. - **Teck**: In Q4 2025, the zinc mine production was 157,200 tons, a quarter - on - quarter increase of 4.45% and a year - on - year increase of 7.41%, mainly due to the increase in Antamina's production. The 2026 cost guidance increased, and the Red Dog MLE project is in progress [20][24]. - **Zijin Mining**: In Q4 2025, the zinc mine production was 128,900 tons, a quarter - on - quarter increase of 40.87% and a year - on - year increase of 41.13%. The 2026 - 2028 production plan aims to stabilize and increase zinc output, but the unit sales cost increased in the reporting period [25]. - **Nexa**: In Q4 2025, the zinc mine production was 91,200 tons, a quarter - on - quarter increase of 8.96% and a year - on - year increase of 22.51%. The 2026 capital expenditure is expected to increase, and the zinc mine cash cost in 2026 is expected to rise [28]. - **Peñoles**: In Q4 2025, the zinc mine production was 69,300 tons, a quarter - on - quarter increase of 9.70% and a year - on - year increase of 13.31%, mainly due to the resumption of Tizapa's production. The 2025 mine cash cost mostly decreased, and the enterprise's CAPEX is expected to slightly decline [35]. - **Volcan**: In Q4 2025, the zinc mine production was 59,400 tons, a quarter - on - quarter decrease of 0.67% and a year - on - year decrease of 7.19%. The Q4 2025 mine cost increased, and the capital expenditure increased significantly [36][39]. - **MMG**: In Q4 2025, the zinc mine production was 65,400 tons, a quarter - on - quarter increase of 11.29% and a year - on - year increase of 2.3%. The 2026 production guidance was slightly lowered, and the 2026 CAPEX is expected to be 1.6 - 1.7 billion US dollars, mainly focused on non - zinc projects [43]. - **Boliden**: In Q4 2025, the zinc mine production was 91,800 tons, a quarter - on - quarter decrease of 15.01% and a year - on - year decrease of 1.97%. The 2026 annual CAPEX is expected to be 15 billion Swedish kronor [44]. - **Newmont**: In Q4 2025, the zinc mine production was 46,000 tons, a quarter - on - quarter decrease of 22.03% and a year - on - year decrease of 40.26%. The 2026 unit cost is expected to increase, and the 2026 annual CAPEX is expected to be 3.35 billion US dollars [52]. - **Ivanhoe**: In Q4 2025, the zinc mine production was 61,400 tons, a quarter - on - quarter increase of 7.42% and a year - on - year increase of 89.12%. The 2026 production guidance is 240,000 - 290,000 tons. The 2026 Kipushi C1 cost is expected to be between 0.85 - 0.95 $/lb, and the capital expenditure is expected to be 60 million US dollars [55].

Key Points - The article discusses significant events in the private equity fund market from March 9 to March 15, 2026, highlighting various funds established and their investment focuses [5]. Government-Backed Funds - The Beijing-Tianjin-Hebei Venture Capital Guidance Fund has completed its registration with a total scale of 50 billion yuan, focusing on early-stage investments in hard technology [7]. - The Chaoyang Science and Technology Innovation Fund is seeking GP for a sub-fund that will invest in the exhibition industry, emphasizing AI and big data applications [8]. - Guizhou Province has launched its first aviation industry guidance fund with an initial scale of 400 million yuan, targeting key enterprises in the aerospace sector [9]. - The Xuzhou Economic Development Zone has established a specialized industrial fund with a total scale of 1.5 billion yuan, focusing on smart manufacturing and digital economy [9]. - The Yancheng Economic and Technological Development Zone is selecting GP for a 1 billion yuan mother fund aimed at supporting advanced manufacturing [9]. Market-Driven Funds - The Huizhou Technology Innovation Fund has been established with a total scale of 500 million yuan, focusing on AI and life sciences [16]. - The Shanghai Pudong Intelligent Manufacturing Phase II Fund has been set up with an initial scale of 325 million yuan, targeting hard technology projects [17]. - Zijin Mining has established a 280 million yuan dual circulation fund focusing on logistics supply chain and new energy [17]. - Zhejiang Medicine has committed 157 million yuan to a private equity fund focusing on the biopharmaceutical sector [18]. - The Guangxi Wuzhou Zhongheng Group has announced a 150 million yuan investment in a venture capital fund targeting innovative biomedicine and medical devices [19]. Industry-Specific Funds - The Sichuan Oil and Gas Equity Investment Guidance Fund has been registered with a scale of 1 billion yuan, focusing on oil and gas exploration rights [14]. - The Wuxi Weiwang Innovative Drug Accelerator Fund has been signed with a total scale of 2 billion yuan, aimed at supporting innovative drug enterprises [11]. - The Yibin City has launched a 2 billion yuan AI industry development fund, focusing on AI applications and infrastructure [12]. - The Hangzhou Gongshu District Talent Intelligent Entrepreneurship Fund has been established with a scale of 80 million yuan, focusing on AI and life sciences [16]. - The Jiangsu Province has set up a 1.7 billion yuan fund targeting advanced manufacturing and core technologies [22].