FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 紫金礦業集團股份有限公司 呈交日期： 2026年3月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) 601899 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved a revenue of 349.08 billion yuan in 2025, representing a year-on-year growth of 14.96%. The net profit attributable to shareholders was 51.78 billion yuan, up 61.55% year-on-year, while the net profit after deducting non-recurring gains and losses was 50.72 billion yuan, reflecting a growth of 60.05% [3][5] - The report highlights that the company's profitability in Q4 2025 was impacted by non-recurring gains and losses, with a quarter-on-quarter revenue growth of 9.70% and a net profit decrease of 4.52% [5][7] - The company is expected to see significant growth in production capacity, with plans to produce 105 tons of gold and 1.2 million tons of copper in 2026, alongside ongoing projects that will contribute to performance increments [9][13] Financial Summary - In 2025, the company reported a revenue of 349.08 billion yuan, with a growth rate of 15.0%. The EBIT was 75.52 billion yuan, showing a growth rate of 63.4%. The net profit attributable to shareholders was 51.78 billion yuan, with a growth rate of 61.5% [15] - The company forecasts a net profit of 81.26 billion yuan in 2026, with an expected EPS of 3.06 yuan per share, and a PE ratio of 10.54X, which is below the average of comparable companies [13][15]

Investment Rating - The report maintains a "Buy" rating for Zijin Mining [1] Core Views - The company achieved significant revenue growth in 2025, with total revenue reaching 349.08 billion yuan, a year-on-year increase of 15.0%. The net profit attributable to shareholders was 51.78 billion yuan, up 61.5% year-on-year [4][21] - The company is expected to benefit from a high industry boom, with continuous increases in gold, silver, copper, and lithium production [12] Summary by Sections 1. Performance Growth and Cash Flow - In 2025, the company reported a compound annual growth rate (CAGR) of over 50% in net profit over the past six years [21] - The gross profit margin and net profit margin for 2025 were 27.7% and 18.3%, respectively, with year-on-year increases of 7.4 and 5.3 percentage points [38] - Operating cash flow reached 75.43 billion yuan, with a cash dividend total of 15.95 billion yuan, resulting in a payout ratio of 30.8% [47] 2. Mineral Production Growth - The company produced 89.5 tons of gold in 2025, a year-on-year increase of 22.8%, with a target of 105 tons for 2026 and 130-140 tons for 2028 [5][63] - Copper production was 1.085 million tons in 2025, with a slight increase of 1.6% year-on-year, and a target of 1.2 million tons for 2026 [6][63] - Lithium carbonate production was 25,000 tons in 2025, with a target of 120,000 tons for 2026 [7][63] 3. Profitability and Cost Management - The company’s gross profit from gold and copper accounted for over half of total mineral product gross profit, with gold and copper gross margins at 64.6% and 61.0%, respectively [11][19] - The unit sales cost for gold was 275.2 yuan per gram, and for copper, it was 25,000 yuan per ton, reflecting increases of 19.3% and 11.1% year-on-year [11][19] 4. Financial Health and Leverage - The company's asset-liability ratio was 51.6%, down 3.6 percentage points year-on-year, indicating improved financial structure [54] - The net debt ratio decreased by 26.2% year-on-year to 39.9%, showcasing enhanced risk management capabilities [54]

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899.SH) with a current price of 32.20 CNY [2]. Core Insights - The company achieved a revenue of 349.08 billion CNY in 2025, representing a year-on-year growth of 14.96%. The net profit attributable to shareholders reached 51.77 billion CNY, up 61.55% year-on-year, with a non-recurring net profit of 50.72 billion CNY, increasing by 60.05% [8][11][21]. - The growth in net profit is attributed to both volume and price increases in key products, particularly gold and copper. The sales volume of gold increased by 17 tons to 90 tons, while copper sales reached approximately 1.09 million tons, up by 2 tons [11][21]. - The company has outlined a three-year development plan aiming for significant increases in production across various metals, including gold, copper, and lithium, with specific targets set for 2028 [20][21]. Financial Performance - Revenue and Profit Forecasts: - 2025A: Revenue of 349,079 million CNY, net profit of 51,777 million CNY, and EPS of 1.95 CNY - 2026E: Revenue of 427,809 million CNY, net profit of 84,258 million CNY, and EPS of 3.17 CNY - 2027E: Revenue of 432,781 million CNY, net profit of 89,772 million CNY, and EPS of 3.38 CNY - 2028E: Revenue of 440,736 million CNY, net profit of 94,884 million CNY, and EPS of 3.57 CNY [8]. - The company’s PE ratio is projected to decrease from 17 in 2025 to 9 in 2028, indicating an improving valuation [8]. Production and Exploration - The company plans to increase gold production to 130-140 tons and copper production to 150-160 million tons by 2028, with ongoing exploration and resource acquisition efforts [20][21]. - In 2025, the company invested 453 million CNY in exploration, resulting in significant increases in proven and inferred resource quantities across various metals [20][21]. Share Buyback Plan - Zijin Mining plans to repurchase shares worth 1.5 to 2.5 billion CNY at a price not exceeding 41.5 CNY per share, aimed at employee stock ownership plans or equity incentives [20][21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 349.08 billion yuan for 2025, representing a year-on-year increase of 15.0%. The net profit attributable to shareholders reached 51.78 billion yuan, up 61.5% year-on-year, with a non-recurring net profit of 50.72 billion yuan, also up 60.0% year-on-year [2] - The company's gold production increased by 22.8% year-on-year to 90 tons, exceeding the target of 85 tons for 2025, driven by acquisitions in Ghana and other projects. Copper production reached 1.09 million tons, a 1.6% increase year-on-year, despite minor impacts from flooding at the Kamoa-Kakula mine [3][4] - The lithium business achieved a production of 25,500 tons of lithium carbonate equivalent, marking a significant breakthrough and opening new growth avenues for the company [3] - The company achieved a historical high in annual performance, with a net profit margin of 14.8%, up 4.3 percentage points year-on-year. The focus on gold, copper, and lithium is expected to drive long-term growth, with projected production for 2028 of 130-140 tons of gold, 1.5-1.6 million tons of copper, and 270,000-320,000 tons of lithium carbonate [5] Financial Summary - The total revenue forecast for 2024 is 303.64 billion yuan, increasing to 638.12 billion yuan by 2028, with a compound annual growth rate of 17.93% [1] - The net profit attributable to shareholders is projected to grow from 32.05 billion yuan in 2024 to 113.35 billion yuan in 2028, reflecting a robust growth trajectory [1] - The earnings per share (EPS) is expected to rise from 1.21 yuan in 2024 to 4.26 yuan in 2028, with corresponding price-to-earnings (P/E) ratios decreasing from 26.71 to 7.55 over the same period [1][11]

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (02899) with a target price of HKD 63.5, positioning it as a top pick in the industry based on its earnings and sales achievement capabilities, along with attractive valuation [1] Core Insights - Despite facing cost pressures, Zijin Mining is projected to achieve a net profit of RMB 51.8 billion in 2025, representing a year-on-year growth of 62%, nearing the upper limit of previously announced profit expectations [1] - The company declared a semi-annual dividend of RMB 0.38 per share, with an annual payout ratio of 31% when combined with the interim dividend [1] - Zijin Mining has announced an A-share buyback plan involving an investment of RMB 1.5 billion to RMB 2.5 billion [1] - Short-term copper prices may be influenced by macro uncertainties, including tensions in the Middle East and oil price fluctuations, but these factors are not expected to alter the long-term fundamentals of the copper market [1] - Recent weakness in the stock price may present more attractive buying opportunities [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 紫金礦業集團股份有限公司 呈交日期： 2026年3月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) 601899 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

证券代码：601899 股票简称：紫金矿业 编号：临 2026-024 紫金矿业集团股份有限公司 董 事 会 紫金矿业集团股份有限公司 关于回购A股股份事项前十名股东和前十名无限售条件股东 持股情况的公告 本公司董事会及全体董事保证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"）于 2026 年 3 月 20 日召开的 第九届董事会第二次会议审议通过了《关于以集中竞价交易方式回购公司 A 股股 份方案的议案》，具体内容详见公司于 2026 年 3 月 21 日在上海证券交易所网站及 公司网站披露的《关于以集中竞价方式回购 A 股股份方案的公告暨回购报告书》 （编号：临 2026-021）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将董事会公告回购股份决议的前一个交易日（即 2026 年 3 月 20 日）登记在册的公司前 10 大股东和前 10 大无限售条件股东的名称 及持股数量、比例情况公告如下： | 序号 | 股东名称 | 持股数量(股) | 持 ...

海外監管公告 此乃紫金礦業集團股份有限公司（「本公司」）登載於中華人民共和國上海證券交易所（「上 交所」）網頁的公告。 紫金矿业集团股份有限公司 关于回购A股股份事项前十名股东和前十名无限售条件股东 持股情况的公告 本公司董事会及全体董事保证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。 2026 年 3 月 24 日 中國福建 * 本公司之英文名稱僅供識別 证券代码：601899 股票简称：紫金矿业 编号：临 2026-024 紫金矿业集团股份有限公司 紫金矿业集团股份有限公司（以下简称"公司"）于 2026 年 3 月 20 日召开的 第九届董事会第二次会议审议通过了《关于以集中竞价交易方式回购公司 A 股股 份方案的议案》，具体内容详见公司于 2026 年 3 月 21 日在上海证券交易所网站及 公司网站披露的《关于以集中竞价方式回购 A 股股份方案的公告暨回购报告书》 （编号：临 2026-021）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将董事会公告回购股份决议的前一个交易日（即 ...

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Date**: March 23, 2026 Key Financial Performance - **2025 Net Profit**: CNY 51.8 billion, with overseas business contributing 58% [2][3] - **Revenue**: CNY 349.1 billion, a 15% year-on-year increase [3] - **EBITDA**: CNY 101.4 billion, total profit CNY 80.8 billion, net profit CNY 63.8 billion [3] - **Operating Cash Flow**: CNY 75.4 billion, up 54% [3] - **Total Assets**: CNY 512 billion, a 29% increase [3] - **Debt Ratio**: Decreased by 3.63 percentage points to 51.56% [3] - **Dividends**: CNY 16 billion, a 57% increase [2][3] Production and Cost Performance - **Gold Production**: 90 tons, up 23% [4] - **Copper Production**: 1.09 million tons, affected by production cuts at Kamoa Copper Mine [4] - **Zinc Production**: 360,000 tons, down 12% [4] - **Cost Increases**: Gold and copper unit costs rose by 16% and 17% respectively due to lower ore grades and increased transport distances [5][15] - **Copper C1 Cost**: Decreased by 24%, maintaining a low position in the industry [5] Strategic Projects and Future Plans - **Gold Projects**: Expansion of Akim, Rekod, and Rosbel mines, targeting increased annual production [6] - **Copper Projects**: Completion of the second phase of the Tibet Julong Copper Mine, aiming for 300,000-350,000 tons annual output [6] - **Lithium Production**: Targeting 270,000-320,000 tons by 2028, with a long-term price expectation of CNY 150,000 per ton [2][6][7] Long-term Strategic Goals - **Production Guidance**: Gold production to reach 105 tons by 2026 and 130-140 tons by 2028; copper to reach 1.2 million tons by 2026 and 1.5-1.6 million tons by 2028 [7] - **Resource Ranking**: Aim to be among the top three globally for copper and lithium production by 2028 [7] ESG and Sustainability Initiatives - **ESG Score**: Improved to 26, aligning with leading mining companies [8] - **Greenhouse Gas Emissions**: Intensity reduced by 36%, exceeding the initial target of 10% [8] - **Water Recycling Rate**: Achieved 90.52% [9] - **Investment in Sustainability**: CNY 1.767 billion in environmental protection [9] Management and Organizational Development - **Leadership Changes**: New management team focused on continuity and strategic alignment with founder's vision [9][10] - **Talent Development**: Emphasis on local hiring and training programs to enhance skills and meet operational needs [19] Risk Management and Challenges - **External Risks**: Geopolitical tensions, resource nationalism, and climate change impacting operations [14] - **Cost Control Measures**: Focus on technological innovation and efficient resource management to mitigate rising costs [15] Shareholder Value and Return Strategies - **Shareholder Returns**: CNY 16 billion in dividends and plans for share buybacks of CNY 1.5-2.5 billion in 2026 [16][17] - **Market Value Management**: Implementation of a comprehensive value management system to enhance shareholder returns [16] Future Investment and Acquisition Strategy - **Focus on Gold and Copper**: Core minerals for future acquisitions, with an emphasis on lithium due to its growth potential [18] - **Geographic Expansion**: Continued investment in China and surrounding regions, while cautiously exploring opportunities in South America and Africa [18] Conclusion Zijin Mining is positioned for significant growth in production and profitability, with a strong focus on sustainability and shareholder returns. The company is navigating external challenges while pursuing strategic expansions in key mineral sectors.