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]

Group 1: Industry Insights - The organic silicon sector is experiencing continuous improvement in profitability, with an optimizing industry structure [3] - The agricultural sector is focusing on new breeding directions and industry transformations following the recent seed industry conference [4] Group 2: Company Performance - Zijin Mining (601899.SH) reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.5%, and a net profit of 32.1 billion yuan, up 51.8% year-on-year [5] - Jianghai Co., Ltd. (002484.SZ) achieved a revenue of 3.539 billion yuan in the first three quarters of 2024, a decrease of 6.33% year-on-year, with a net profit of 494 million yuan, down 9.71% [7] - Horizon Robotics (9660.HK) saw a decline in non-vehicle solution revenue to 72 million yuan in 2024, compared to 81 million yuan in 2023, but improved gross margin by 10.4 percentage points [8] - Furuida (600223.SH) reported a revenue of 3.98 billion yuan and a net profit of 240 million yuan for 2024, with a proposed dividend of 0.06 yuan per share [9] - Pinduoduo (PDD.O) achieved a revenue of 393.84 billion yuan in 2024, a 59% year-on-year growth, and a GAAP net profit of 112.43 billion yuan, up 87.3% year-on-year [10]

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2024Q4归母净利润环比下降17%，原因为：（1）Q4计提资产减值损失6.1亿元，Q3为1.1亿元；（2）Q4管理 费用25.8亿元，Q3为17.2亿元，或源于股份支付费用增加。（3）Q4公允价值变动净收益为-0.6亿元，Q3为15.9 亿元。 规划：2025年矿产铜金产量规划同比+7.5%、+16.4%，重点项目稳步推进 公司2025年计划生产矿产铜115万吨，矿产金85吨，矿产锌（铅）44万吨，当量碳酸锂4万吨，矿产银450吨， 矿产钼1万吨。巨龙铜业（2024 年矿产铜16.6万吨）二期改扩建工程计划2025年底建成投产，达产后年矿产铜 产量30-35万吨。朱诺铜矿计划2026年底建成投产，规划年矿产铜7.6 万吨。阿根廷 3Q盐湖一期2万吨 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7][27]. Core Views - The company achieved significant improvements in operating performance, with a revenue of 303.64 billion yuan in 2024, a year-on-year increase of 3.49%, and a net profit attributable to shareholders of 32.05 billion yuan, up 51.76% year-on-year [10][27]. - The company is focused on expanding its scale and strength, with ongoing new project developments and a diversified layout in core mineral resources [21][27]. Financial Performance - In 2024, the company reported a net cash flow from operating activities of 48.86 billion yuan, an increase of 32.56% year-on-year [10]. - The company plans to produce 1.15 million tons of copper and 85 tons of gold in 2025, reflecting a strategic focus on increasing production capacity [12][27]. Cost Management - The operating costs for core mineral products in 2024 showed varied trends, with gold costs at 230.64 yuan per gram (up 3.39%), copper at 22,927.53 yuan per ton (down 1.47%), and zinc at 8,735 yuan per ton (down 5.74%) [2][15]. - The overall gross margin for the company improved to 20.37%, an increase of 4.56 percentage points year-on-year, indicating effective cost control measures [18]. Project Development - The company is advancing several key projects, including the Kamoa project in the Democratic Republic of Congo, which is expected to reach an annual copper production of 600,000 tons [23]. - In the gold sector, the company is enhancing production capabilities across various mines, including the Rosbel mine in Suriname and the Bogala mine in Papua New Guinea, which is projected to produce 21 tons of gold annually post-recovery [25]. Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 354.3 billion yuan, 370.4 billion yuan, and 388.3 billion yuan, respectively, with corresponding net profits of 37.12 billion yuan, 42.52 billion yuan, and 47.49 billion yuan [5][27]. - The company aims to position itself among the top-tier global mining enterprises, supported by its rich mineral resource reserves and ongoing international expansion efforts [27].

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].

Core Viewpoint - Zijin Mining reported a significant increase in net profit and plans to distribute over 10 billion yuan in dividends for the first time, reflecting strong operational performance and growth in metal production [1][2]. Financial Performance - In the last fiscal year, Zijin Mining achieved an operating revenue of 303.64 billion yuan, a year-on-year increase of 3.49%, and a net profit attributable to shareholders of 32.051 billion yuan, up 51.76% [1][2]. - The company plans to implement a cash dividend of 7.44 billion yuan for 2024, combined with a previously completed semi-annual cash dividend of 2.66 billion yuan, totaling over 10 billion yuan in annual cash dividends for the first time [2]. Production and Resource Data - Zijin Mining's production figures for last year included 1.07 million tons of copper, 73 tons of gold, 450,000 tons of zinc (lead), and 436 tons of silver, with year-on-year growth rates of 6% for copper, 8% for gold, and 6% for silver, while zinc (lead) saw a decline of 6% [2]. - The company ranks among the top four globally in copper production and is the only Asian company to exceed 1 million tons of copper output [2]. - Zijin Mining's gold production ranks in the top six globally, with a compound annual growth rate of 12% over the past five years [2]. Market Conditions and Price Trends - In 2024, significant fluctuations in metal prices are expected, with the average price of spot gold projected at $2,388 per ounce, a 23% increase year-on-year, and LME copper averaging $9,147 per ton, up 7.9% [3]. - The company reported that its iron concentrate has the highest gross margin at 73.41%, followed by gold and copper concentrates at 68.64% and 66.03%, respectively [3]. Cost Management and Exploration - Despite global mining cost pressures, Zijin Mining managed to reduce sales costs for copper and gold concentrates by 4.3% and 0.43%, respectively, maintaining a competitive cost position [5]. - As of the end of last year, Zijin Mining's confirmed reserves included 50.432 million tons of copper, 1,486.6 tons of gold, and 3,253.1 tons of silver, among others [5]. - The company invested 395 million yuan in exploration, resulting in significant new resource discoveries, including a major copper resource in Heilongjiang [5][6]. Mergers and Acquisitions - Zijin Mining has completed acquisitions in Peru and is progressing with the acquisition of the Akyem gold mine in Ghana, which will add 89 tons of gold resources [7]. - The company is also pursuing control of Zangge Mining, which has significant lithium, potassium, and copper assets [7]. Strategic Outlook - Zijin Mining aims to establish a lithium production capacity of 40,000 tons by 2025, positioning itself among the leading lithium producers globally [10]. - The company emphasizes a strategy focused on copper, gold, and lithium, with plans for further mergers and resource expansion [10].

经中国证券监督管理委员会《关于核准紫金矿业集团股份有限公司公开发行可转换公司 债券的批复》（证监许可[2020]2613 号）核准，公司向社会公开发行面值总额人民币 60 亿元 可转换公司债券，期限 5 年。本次公开发行可转换公司债券募集资金总额为人民币 6,000,000,000.00 元，扣除承销及保荐费用人民币 27,000,000.00 元，实际收到可转换公司债券 认购资金人民币 5,973,000,000.00 元，扣除律师费、会计师费用、登记费、资信评估费、信息 披露费用等其他发行费用合计人民币 4,486,970.48 元，加上承销保荐费、律师费、会计师费 用、登记费、资信评估费、信息披露费用等其他发行费用可抵扣增值税进项税额合计人民币 1,772,037.73 元，实际募集资金净额为人民币 5,970,285,067.25 元。安永华明会计师事务所（特 殊普通合伙）已对公司该次发行的资金到位情况进行了审验，并于 2020 年 11 月 9 日出具了 安永华明（2020）验字第 60468092_H01 号《紫金矿业集团股份有限公司公开发行可转换债券 募集资金验证报告》。 兴业证券股份有限公司 ...

紫金矿业集团股份有限公司 已审财务报表 2024年度 紫金矿业集团股份有限公司 目 录 | | 页 次 | | --- | --- | | 审计报告 | 1 - 5 | | 已审财务报表 | | | 合并资产负债表 | 6 - 8 | | 合并利润表 | 9 - 10 | | 合并股东权益变动表 | 11 - 12 | | 合并现金流量表 | 13 - 14 | | 公司资产负债表 | 15 - 16 | | 公司利润表 | 17 | | 公司股东权益变动表 | 18 - 19 | | 公司现金流量表 | 20 - 21 | | 财务报表附注 | 22 - 262 | | 补充资料 | | | 1. 非经常性损益明细表 | 1 | | 2. 净资产收益率和每股收益 | 2 | | 注：财务报表附注中标记为*号的部分为遵循香港《公司条例》和香港联合交易所《上市规则》所作的 | | 新增或更为详细的披露。 审计报告 安永华明（2025）审字第70007899_H01号 紫金矿业集团股份有限公司 紫金矿业集团股份有限公司全体股东： 一、 审计意见 我们审计了紫金矿业集团股份有限公司（以下简称"紫金矿业"）的财务报表 ...

紫金矿业集团股份有限公司 第一章 总 则 第一条 概述 为加强紫金矿业集团股份有限公司（以下简称"公司"）市值管理 工作，维护公司、投资者及其他利益相关者的合法权益，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司监管指引第 10 号--市值管理》等法律法规及《公司章程》有关规定，结合公司实际情 况，制定本制度。 第二条 定义 市值管理是指公司以提高公司质量为基础，为提升投资价值和股 东回报能力而实施的战略管理行为。 第二章 市值管理的目的和基本原则 第三条 目的 公司开展市值管理的目的在于实现公司内在价值与投资价值的长 期动态均衡，推动公司整体利益与股东财富回报可持续共同发展。 市值管理制度 第四条 基本原则 （一）聚焦内在价值提升：通过制定正确战略规划、坚持矿业开发 主业，面向全球配置资源，发挥旗下世界级项目资源及产能优势，培育 紫金新质生产力发展动能，打造高度适配的全球化运营管理体系，全 1 / 9 面提高 ESG 和可持续发展水平等方式，持续夯实全球矿业竞争力，不 断提升公司内在价值。 （二）推动投资价值匹配:通过提升信息披露质量和透明度，讲好 "紫金故事"，给予资本市场长期稳定的预期 ...

独立董事 2024 年度述职报告 2024 年，本人严格按照《公司法》《证券法》《上市公司独 立董事规则》《上市公司独立董事管理办法》及《香港联合交易所 有限公司证券上市规则》等境内外法律法规要求，积极履行公司 《章程》及《独立董事工作制度》等规章制度，秉持客观、独立、 公正的立场，依法合规、勤勉尽责地认真履行职责，在董事会议事 中充分参与决策，发挥监督与指导、专业咨询等作用，在公司治理、 透明度等方面积极履职，切实维护公司整体利益和全体股东合法 权益。 现将本人 2024 年度独立董事履职情况报告如下： 一、独立董事基本情况 本人作为公司独立董事，在法律、管理等领域具有丰富专业经 验。个人工作履历、专业背景以及任职情况如下： 孙文德先生，1958 年 6 月生，中国香港籍，香港高等法院执 业大律师。从事证券、期货、金融市场、防止洗黑钱、上市公司条 例，操守准则等法规执行及有关法律工作 35 年，具有丰富的实践 经验和专业知识。曾任香港证监会法规执行总监，财政司委任审查 员，4 间持牌公司共 7 类受证监会监管的负责人员，上市公司执行 董事和合规及风险督导委员会主席，商业罪案调查科高级督察。现 任香港注册合规 ...