涉及财务公司关联交易的专项说明 安永华明（2025）专字第70007899_H03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董事会： 我们审计了紫金矿业集团股份有限公司的2024年度财务报表，包括2024年12月31日的 合并及公司资产负债表，2024年度的合并及公司利润表、股东权益变动表和现金流量表以 及相关财务报表附注，并于2025年3月21日出具了编号为安永华明（2025）审字第 70007899_H01号的无保留意见审计报告。 按照中国证券监督管理委员会《关于规范上市公司与企业集团财务公司业务往来的通 知》的要求，紫金矿业集团股份有限公司编制了后附的2024年度涉及紫金矿业集团财务有 限公司关联交易汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是紫金矿业集团股份有 限公司的责任。我们对汇总表所载资料与我们审计紫金矿业集团股份有限公司2024年度财 务报表时所复核的会计资料和经审计的财务报表的相关内容进行了核对，在所有重大方面没 有发现不一致之处。除了对紫金矿业集团股份有限公司2024年度财务报表出具审计报告而 执行的审计程序外，我们并未对汇总表所载 ...

一、 企业对内部控制的责任 内部控制审计报告 安永华明（2025）专字第70007899_H07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： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了紫金矿 业集团股份有限公司 2024 年 12 月 31 日的财务报告内部控制的有效性。 1 内部控制审计报告（续） 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是紫金矿业集团股份有限公司董事会的 责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并对 注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化可能 导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果推测未 来内部控制的有效性具有一定风险。 四、 财务报告内部控制审计意见 我们认为，紫金矿业集团股份有限公司于 2024 年 12 月 31 日按照《企 ...

Core Viewpoint - The article discusses the current state and potential investment opportunities in copper, referred to as the "Doctor of Commodities," highlighting its significance as a major commodity second only to gold in the context of a changing global landscape [3]. Group 1: Copper's Properties and Uses - Copper (Cu) is a transition metal with a long history of use in various applications, including tools and currency in ancient China [4][5]. - Its excellent conductivity and malleability make it essential in modern industries, particularly in electrical wiring and electronic components [5][6]. Group 2: Supply and Demand Dynamics - The demand for copper is primarily driven by the power industry, making it a key indicator of economic health [6][9]. - Current trends show a tightening supply due to concentrated production in countries like Chile, which accounts for 28% of global copper output, and a lack of significant new discoveries in the past decade [12][17]. - From 2024 onwards, global copper reserves are projected to decline, indicating increasing scarcity [16]. Group 3: Demand Growth Factors - Demand for copper is expected to remain strong due to the growth of renewable energy sectors, including lithium batteries, solar power, and wind energy [18][20]. - Industrialization in countries like India is contributing significantly to copper consumption, with a reported average annual growth of 21% in demand from 2021 to 2024 [18][21]. - The return of manufacturing to the U.S. and Europe, along with military expenditures, is also driving copper demand, with military consumption projected at 167,000 tons in 2024 [21]. Group 4: Investment Opportunities - Investing in copper mining stocks is suggested as a more viable option for individuals, with a focus on companies with strong production capacity, reserves, and cost efficiency [24]. - Zijin Mining is highlighted as a leading player in the copper sector, known for its large reserves and low costs, while other companies like Luoyang Molybdenum and Jinchuan Group are noted for their growth potential [24].

Summary of Key Points Core Viewpoint - Zijin Mining conducted two block trades on March 18, totaling 1.13 billion yuan with a transaction price of 17.76 yuan per share, indicating active institutional participation in the stock [2]. Group 1: Trading Activity - On March 18, Zijin Mining had a total trading volume of 6.3884 million shares, amounting to 1.13 billion yuan [2]. - The block trades involved institutional special seats, with a total transaction amount of 1.07 billion yuan and a net purchase of 1.07 billion yuan [2]. - Over the past three months, Zijin Mining has recorded eight block trades, with a cumulative transaction amount of 5.45 billion yuan [2]. Group 2: Stock Performance - The closing price of Zijin Mining on the reporting day was 17.76 yuan, reflecting a 3.20% increase, with a daily turnover rate of 1.24% and a total transaction amount of 4.521 billion yuan [2]. - The net inflow of main funds for the day was 365 million yuan, and the stock has increased by 7.77% over the past five days, with a total net inflow of 1.039 billion yuan during the same period [2]. Group 3: Margin Trading Data - The latest margin financing balance for Zijin Mining is 2.72 billion yuan, which has decreased by 198 million yuan over the past five days, representing a decline of 6.79% [2].

Investment Ratings - The report maintains a "Buy" rating for several companies including Zijin Mining, Weichuang Electric, Ideal Auto, and Honghua Wisdom Energy [22][24][26][36] Core Insights - The macroeconomic environment shows signs of recovery, with consumer demand beginning to stabilize, particularly in the real estate and automotive sectors [2][4] - The report highlights a positive outlook for the consumer sector driven by government initiatives aimed at boosting consumption, including the "Consumption Promotion Special Action Plan" [17] - The technology sector, particularly companies like NVIDIA, is expected to benefit from upcoming product launches and advancements in chip technology [28] Summary by Sections Macro Overview - The report indicates that the U.S. economic growth expectations are being downgraded, while Germany's fiscal expansion plans are gaining traction [2] - Consumer demand is showing marginal improvement compared to the previous year, with signs of recovery in housing transactions and automotive sales [2][4] Sector Analysis - The consumer sector is expected to see a shift from "repair growth" to "endogenous expansion," with a focus on service consumption and quality improvement [17] - The report emphasizes the potential for structural investment opportunities in sectors such as AI-driven consumption and the aging population market [17][18] Company-Specific Insights - Zijin Mining is projected to maintain strong growth with a forecasted CAGR of 14% for net profit from 2025 to 2028 [22] - Weichuang Electric is recognized for its leadership in industrial control and is expected to expand into new markets, maintaining a "Buy" rating [22] - Ideal Auto's revenue is expected to grow significantly, with new models set to launch in 2025 [24] - Honghua Wisdom Energy reported a substantial increase in core profits, with a projected dividend yield exceeding 6% [29] Market Trends - The A-share market is anticipated to continue its upward trend, supported by a favorable macro environment and active market sentiment [7] - The report notes that the technology sector remains a key focus for investment, with expectations of strong performance in the coming quarters [5][6]

紫金矿业 20250315 摘要 • 紫金矿业通过海内外并购迅速成长，至 2023 年铜产量全球第五，黄金产 量全球第七，拥有显著的铜、金和碳酸锂储量。受益于铜价上涨和产量增 长，2021 年至今利润复合增速达 50%，2024 年净利润预计 320 亿元， 同比增长 50%。 • 紫金矿业规划到 2028 年铜产量达 150-160 万吨，黄金 100-110 吨，碳 酸锂 25-30 万吨，提前实现目标。2025 年预计铜产量 115 万吨，黄金 85 吨，碳酸锂因锂价下调至 4 万吨。卡莫拉项目电力问题导致铜产量预期 下调。 • 紫金矿业在低品位矿山开采方面经验丰富，具备全流程管理能力，能有效 缩短建设周期、提前投产并节约成本。通过收购亏损项目并提升效益，如 波尔铜矿和苏里南罗罗斯贝尔金矿，实现盈利回升或扭亏为盈。 • 紫金矿业未来几年将继续提升投资与产量，预计年复合增速约为 10%，黄 金业务增速约为 7%-8%。金价上涨及毛利占比提升将显著增强公司的估 值与利润弹性，有望迎来估值与业绩双升。 • 紫金矿业铜 C1 成本和黄金全维持成本均处于全球前 20%分位，具备明显 成本优势。通过持续收并购优质项 ...

Investment Rating - The report maintains a "Buy" rating for the company [8][17]. Core Views - The company is expected to experience continuous growth in performance, with a projected CAGR of 14% for net profit attributable to shareholders from 2025 to 2028, and a target valuation of 15X for 2025, leading to target prices of 21.99 RMB and 21.36 HKD for A/H shares [1][5][14]. Summary by Sections External Competitiveness: Volume and Cost Advantages - The company shows strong growth potential, with a projected CAGR of 24% for copper production from 2020 to 2024, and 12% for gold production during the same period, outperforming most global peers [2][15]. - The company has demonstrated a high completion rate for production plans, averaging 104% for copper and 96% for gold from 2014 to 2023 [2][15]. - The company’s copper and gold resource volumes have increased significantly, with a 6x and 3x increase respectively from 2014 to 2023, supported by strong cost control and technological advantages [2][15]. Internal Strengths: Leading Technology and Management - The management team has a strong background in mining and technology, having developed innovative mining techniques that have established the company as a leader in economic efficiency [3][16]. - The company has created a positive feedback loop between technological advantages and the ability to develop more mines, enhancing its competitive position [3][16]. Industry Outlook: Positive Long-term Price Trends for Copper and Gold - The report is optimistic about the long-term upward trend in copper prices, with expectations for prices to exceed 10,000 USD/ton due to supply constraints and high demand [4][16]. - For gold, the report anticipates a strong bottom support around 2,500-2,600 USD/ounce, with potential for prices to rise above 3,000 USD/ounce in the long term due to geopolitical factors and concerns over the credibility of the US dollar [4][16]. Earnings Forecast and Valuation - The company’s earnings are projected to grow significantly, with net profits estimated at 320, 390, 458, 509, and 543 billion RMB from 2024 to 2028, reflecting year-on-year growth rates of 52%, 22%, 17%, 11%, and 7% respectively [5][17]. - The report highlights a potential revaluation of the company, with current PE at 11.6X, which is at the 19th percentile of the range since 2019, indicating room for recovery [5][17].

Investment Rating - The report maintains a "Buy" rating for the company, Zijin Mining [6][7]. Core Views - Zijin Mining is positioned as a leading global mining company with significant reserves of copper, gold, lithium, and molybdenum. The company aims to achieve its key economic targets two years ahead of schedule, with copper production expected to reach 1.5-1.6 million tons and gold production 1-1.1 million tons by 2028 [6][7]. - The company has demonstrated strong growth potential, with a compound annual growth rate (CAGR) of 23% for copper and 8% for gold production over the past decade [34][38]. - Zijin Mining's strategy includes both external acquisitions and internal exploration, leading to rapid resource growth. The company has successfully acquired several mines during periods of low commodity prices, enhancing its production capacity [6][34]. Summary by Sections 1. Global Copper and Gold Leader - The company ranks fifth globally in copper production and seventh in gold production, with significant reserves of 32.9 million tons of copper and 1,119.6 tons of gold as of mid-2024 [15][20]. - The company has ambitious plans to increase its production capacity significantly by 2028, aiming for a total output of 1.5-1.6 million tons of copper and 100-110 tons of gold [26][27]. 2. Strong Low-Grade Ore Processing and Large-Scale Construction - Zijin Mining has a mature experience in low-grade ore mining and a strong capability in integrated large-scale development, which allows for shorter construction periods and lower costs [28][29]. - The company has seen a substantial increase in its copper and gold resource volumes, with a 10-year CAGR of approximately 22% for copper and 12% for gold [34][38]. 3. Focus on Copper and Gold Mining Regions - The company is expanding its copper production through several major projects, including the second phase of the Jilong Copper Mine and the Kamoa Copper Mine, which are expected to significantly boost output [49][50]. - In the gold sector, Zijin Mining is actively acquiring and upgrading existing mines, with several projects expected to enhance gold production in the coming years [59][60]. 4. Financial Performance and Projections - The company is projected to achieve net profits of approximately 31.97 billion, 38.89 billion, and 44.39 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 14, 11, and 10 [6][7][22]. - The report highlights a strong cash flow position, with operating cash flow increasing from 8.6 billion yuan in 2016 to 36.1 billion yuan in the first three quarters of 2024 [34]. 5. Market Dynamics and Price Trends - The report anticipates a long-term upward trend in gold prices due to geopolitical factors and a shift in central bank purchasing behavior, while copper prices are expected to remain strong due to supply constraints [6][7].

Investment Ratings - Steel industry: Neutral [5] - Non-ferrous metals industry: Positive [5] Core Insights - March is a traditional peak season for steel, with expectations for gradual recovery in demand from the construction sector, supported by automotive and other industries. Steel prices may rebound due to demand, but actual recovery needs to be monitored alongside domestic macro policies and foreign tariff impacts [1][14]. - Copper supply remains tight, providing price support. The "Two New" policies are expected to stimulate consumption, and if demand rebounds, copper prices may have upward potential. Attention should be paid to domestic macro policies and actual demand data, as well as potential new tariffs on copper imports from the U.S. [2][25]. - Aluminum prices have seen a significant decline in February, but profits for electrolytic aluminum companies are expected to improve. March is also a traditional peak season, and if downstream demand recovers well, inventory levels may turn around [2][27]. - Lithium demand is expected to gradually recover in March, but supply remains loose, leading to a weak price outlook [33]. - Cobalt prices are expected to remain strong due to a four-month export suspension of cobalt from the Democratic Republic of Congo, which has increased purchasing willingness in the downstream market [2][37]. - Nickel prices are expected to remain in a range due to oversupply and inventory pressure, with attention needed on policies from Indonesia and the Philippines [2][39]. Summary by Sections Steel - The PMI index for the steel industry in February was 45.1%, indicating contraction but a 1.8 percentage point increase from the previous month. Steel production is stabilizing post-holiday, but demand recovery is slower than supply [14][15]. - In December 2024, national apparent steel consumption was 109.99 million tons, a 0.01% decrease month-on-month but an 8.45% increase year-on-year [15]. - In December 2024, crude steel production was 75.97 million tons, a 3.10% decrease month-on-month but an 11.80% increase year-on-year [16]. Copper - In December 2024, refined copper production was 1.24 million tons, a 9.62% increase month-on-month and a 6.24% increase year-on-year [25]. - LME copper prices increased by 3.45% to $9,400 per ton, while domestic prices rose by 2.23% to ¥76,900 per ton [25]. Aluminum - In December 2024, domestic alumina production was 7.51 million tons, a 0.65% decrease month-on-month but a 9.70% increase year-on-year [27]. - LME aluminum prices increased by 0.80% to $2,600 per ton, while domestic prices rose by 2.44% to ¥20,600 per ton [27]. Lithium - Domestic battery-grade lithium carbonate prices fell by 3.14% to ¥75,600 per ton [33]. - Domestic lithium production in January was 35,100 tons, a 9.37% decrease year-on-year [33]. Cobalt - The average price of 1 cobalt increased by 5.99% to ¥177,000 per ton [37]. - Domestic sulfuric acid cobalt production in January was 19,900 tons, a 24.79% decrease year-on-year [37]. Nickel - LME nickel prices decreased by 0.29% to $15,500 per ton, while domestic nickel sulfate prices fell by 0.68% to ¥29,100 per ton [39]. - Domestic electrolytic nickel production in January was 30,000 tons, an 18.70% increase year-on-year [39]. Rare Earths and Minor Metals - Prices for rare earths such as praseodymium-neodymium oxide increased by 6.99% to ¥444,000 per ton [41]. - Tungsten concentrate prices decreased by 1.38% to ¥143,000 per ton [44].