| --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 矿产铜金稳步增长，成本呈现下降趋势 | | | | —紫金矿业（601899.SH）公司事件点评报告 | | 买入 ...

证券研究报告 非金融公司|公司点评|紫金矿业（601899） 主营金属量价齐升，控本增效成果显现 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024 年上半年公司实现营业收入 1504.17 亿元，同比增长 0.06%；归母净利润 150.84 亿元，同比增长 46.42%；扣非归母净利润 154.33 亿元，同比增长 59.84%。受益于矿产铜、矿产金产销量同比增加、金属销售价格同比上涨，公司盈利规模大幅 提升。公司是全球矿业巨头，世界级资源及产能配置将助力公司产量快速爬坡，矿产铜金产量 有望实现高位再进阶。我们预计公司 2024-2026 年归母净利润分别为 318.98/380.50/447.07 亿元，EPS 分别为 1.20/1.43/1.68 元；当前股价对应 P/E 分别为 13.18/11.05/9.40 倍，维持 "买入"评级。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 紫金矿业(601899) 主营金属量价齐升，控本增效成果显现 | --- | --- | |--------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.21 CNY [1]. Core Views - The company achieved record high performance in Q2 2024, with significant increases in both revenue and net profit, driven by rising production and effective cost control [7][8]. - The company reported a revenue of 150.42 billion CNY in H1 2024, a slight increase of 0.06% year-on-year, and a net profit of 15.08 billion CNY, up 46.42% year-on-year [7]. - The company is focusing on internal growth through exploration and external growth via acquisitions, enhancing its resource base and operational capacity [10][11]. Financial Performance - In H1 2024, the company achieved a revenue of 1504.17 billion CNY, with a net profit of 150.84 billion CNY, marking a year-on-year increase of 46.42% [7]. - The company’s Q2 2024 revenue reached 756.40 billion CNY, reflecting a year-on-year growth of 0.33% and a quarter-on-quarter growth of 1.15% [7]. - The production of key minerals showed positive growth, with gold production increasing by 9.49% to approximately 35.41 tons and copper production rising by 5.35% to about 518,500 tons [8]. Cost Management - The company demonstrated effective cost control, with a decrease in the expense ratio to 3.88%, down 0.17 percentage points year-on-year [9]. - The sales cost for gold ingots was reported at 284.78 CNY per gram, reflecting a year-on-year increase of 4.90%, while the cost for copper concentrate decreased by 5.41% to 18,578 CNY per ton [8][9]. Growth Prospects - The company is expected to see a compound annual growth rate (CAGR) of around 10% for copper production over the next two years, supported by ongoing projects and expansions [12]. - The forecast for gold production indicates a CAGR of approximately 15% over the same period, with several key projects expected to contribute significantly to output [12]. - The company’s strategic acquisitions and exploration efforts have resulted in an increase in copper resources by 619.7 million tons and gold resources by 53.71 tons as of H1 2024 [11]. Valuation and Forecast - The company is projected to achieve a net profit of 314.14 billion CNY in 2024, with estimates for 2025 and 2026 at 415.82 billion CNY and 456.76 billion CNY, respectively [13]. - The current stock price of 16.21 CNY corresponds to a price-to-earnings (P/E) ratio of 14 for 2024, decreasing to 9 by 2026, indicating strong growth potential [13].

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899) [3] Core Views - The company's H1 2024 performance met expectations, with revenue of 150.42 billion yuan (yoy +0.06%) and a net profit of 15.08 billion yuan (yoy +46.4%) [3] - The increase in profits is attributed to rising prices (copper +5.5%, gold +14%) and production growth (copper +5.3%, gold +9.5%) [3] - In Q2 2024, revenue reached 75.64 billion yuan (yoy +0.3%, qoq +1.2%) with a net profit of 8.82 billion yuan (yoy +81.5%, qoq +40.9%) [3] - The company has increased its copper reserves by 6 million tons, with significant progress in various mining projects [3] - A five-year plan was announced aiming to achieve major economic indicators by 2028, including copper production of 1.5-1.6 million tons and gold production of 100-110 tons [3] Summary by Sections Financial Performance - H1 2024 revenue was 150.42 billion yuan, with a net profit of 15.08 billion yuan, reflecting a 46.4% increase year-on-year [3][8] - Q2 2024 saw revenue of 75.64 billion yuan and a net profit of 8.82 billion yuan, marking significant growth compared to previous quarters [3] Production and Cost Management - Copper and gold production increased by 5.3% and 9.5% respectively in H1 2024, while unit sales costs decreased by 8.8% and 6.7% [3] - The gross margin for copper was 62% and for gold was 53%, indicating effective cost control [3] Exploration and Project Development - The company has successfully increased its copper resource reserves and is advancing multiple projects, including significant expansions in Congo and Tibet [3] - The five-year plan aims for substantial increases in production across various minerals, positioning the company among the top global producers [3] Profit Forecast - The profit forecast for 2024-2026 has been revised upwards, with expected net profits of 31.45 billion yuan, 36.49 billion yuan, and 38.17 billion yuan respectively [3][8]

紫金矿业集团股份有限公司 投资者关系活动记录表 （2024 年 8 月 27 日） 证券简称：紫金矿业 证券代码：601899 □特定对象调研 □分析师会议 □媒体采访 投资者关系 业绩说明会 □新闻发布会 □路演活动 活动类别 □现场参观 □其他 参与单位 中小投资者 名称 时间 2024 年 8 月 26 日 地点 上证路演中心（http://roadshow.sseinfo.com） 公司接待人 公司管理层 员姓名 投资者关系 紫金矿业集团股份有限公司（以下简称"公司"）于 2024 活动主要内 年 8 月 26 日在上证路演中心，以网络文字互动的方式，召开 容介绍 2024 年半年度业绩说明会，本次业绩说明会交流的主要问题及 答复如下： 1、公司已经是国内有色行业龙头，综合实力跟其他国际矿 企相比如何？ 回复：在 2024 年《福布斯》全球上市企业 2000 强榜单 中，公司位居第 267 位，及其中的上榜的全球金属矿企第 5 位、全球黄金企业第 1 位。在 2024 年《财富》世界 500 强榜 单中，公司位居第 364 位，从该榜单的行业盈利指标来看，公 司利润居全球金属矿企第 5 位和中国金属矿 ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (stock code: 601899.SH) [3] Core Views - The company reported a revenue of 150.42 billion yuan for the first half of 2024, a year-on-year increase of 0.06%, and a net profit attributable to shareholders of 15.08 billion yuan, up 46.42% year-on-year [1] - The company achieved significant growth in both volume and price, with a notable increase in profitability driven by effective cost control measures [2][3] - The company is on track to increase production capacity significantly over the next five years, with a targeted annual output of 150-160 thousand tons of copper and 100-110 tons of gold by 2028 [3] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1504.17 billion yuan, with a net profit of 150.84 billion yuan, reflecting a 46.42% increase year-on-year [1] - The second quarter of 2024 saw a revenue of 756.40 billion yuan, a year-on-year increase of 0.33%, and a net profit of 88.24 billion yuan, up 81.54% year-on-year [1] - The company’s gross profit margin for mineral products improved to 57.3%, an increase of 5.6 percentage points year-on-year [2] Production and Sales - In H1 2024, the company produced 51.9 thousand tons of copper, 35.4 tons of gold, and 22.2 thousand tons of zinc, with copper and gold production increasing by 5% and 10% respectively [2] - The average selling prices for copper concentrate, electrolytic copper, and gold ingots increased by 13%, 14%, and 18% year-on-year respectively [2] Future Outlook - The company is advancing several key projects, including the Kamoa Copper Mine, which is expected to produce approximately 150 thousand tons of copper annually [3] - The company aims for a compound annual growth rate (CAGR) of 9% for copper and gold production from 2023 to 2028, indicating strong growth potential [3] - Forecasted net profits for 2024, 2025, and 2026 are 316.01 billion yuan, 386.84 billion yuan, and 438.02 billion yuan respectively, with corresponding earnings per share (EPS) of 1.19, 1.46, and 1.65 yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved operating revenue of 150.42 billion yuan in H1 2024, a slight increase of 0.06% year-on-year, and a net profit attributable to shareholders of 15.08 billion yuan, up 46.42% year-on-year. In Q2 2024, the operating revenue was 75.64 billion yuan, a year-on-year increase of 0.33% and a quarter-on-quarter increase of 1.15%, with a net profit of 8.82 billion yuan, up 81.54% year-on-year and 40.93% quarter-on-quarter [2][3] - The company is expected to achieve its five-year production targets ahead of schedule, with copper production revenue reaching 24.18 billion yuan (up 21.6% year-on-year) and gold production revenue at 16.31 billion yuan (up 28.8% year-on-year) in H1 2024. The company anticipates reaching its main economic indicators by 2028, two years ahead of the original 2030 target [2][3] - The company's profitability is improving due to mining technology upgrades and rising precious metal prices, with a gross margin of 19.15% in H1 2024, an increase of 4.5 percentage points year-on-year. The average prices for gold and silver increased by 20% and 28.2% year-on-year, respectively, while copper prices rose by 10% [3] Financial Summary - The company is projected to achieve net profits of 31.71 billion yuan, 35.35 billion yuan, and 38.28 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14, 12, and 11 times [3][7] - Key financial metrics for 2024E include operating revenue of 321.79 billion yuan, a net profit of 31.71 billion yuan, and a gross margin of 20.2% [7][8] - The company's total market capitalization is approximately 430.8 billion yuan, with a closing price of 16.21 yuan per share [4]

Financial Performance - For the six months ended June 30, 2024, the group achieved operating revenue of RMB 150.417 billion, which is essentially flat compared to RMB 150.334 billion in the same period last year[2] - The total profit for the same period was RMB 21.588 billion, representing a year-on-year increase of 38.87% from RMB 15.545 billion[2] - The net profit attributable to shareholders of the listed company was RMB 15.084 billion, up 46.42% from RMB 10.302 billion in the previous year[2] - Operating revenue for the first half of 2024 reached RMB 150.42 billion, a slight increase from RMB 150.33 billion in the same period of 2023, representing a growth of 0.06%[6] - Net profit for the first half of 2024 was RMB 18.48 billion, up 44% from RMB 12.83 billion in the first half of 2023[6] - The company’s total profit for the first half of 2024 was RMB 21.59 billion, compared to RMB 15.55 billion in the same period of 2023, indicating a growth of 38.7%[6] - The company’s total comprehensive income for the first half of 2024 was RMB 22.42 billion, compared to RMB 18.06 billion in the same period of 2023, reflecting a growth of 24.5%[7] - Basic earnings per share increased to RMB 0.574, compared to RMB 0.391 in the same period last year, reflecting a growth of 46.8%[7] Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 368.877 billion, reflecting a growth of 7.54% from RMB 343.006 billion at the beginning of the year[3] - The total liabilities as of June 30, 2024, were RMB 208.984 billion, compared to RMB 204.643 billion at the end of 2023[5] - The net assets attributable to shareholders of the listed company increased by 17.61% to RMB 126.444 billion from RMB 107.506 billion at the beginning of the year[5] - The company’s current assets as of June 30, 2024, were RMB 89.79 billion, while current liabilities were RMB 84.41 billion, indicating a healthy liquidity position[10] - The company’s total equity as of June 30, 2024, was RMB 159.89 billion, up from RMB 138.36 billion as of December 31, 2023[74] Cash Flow and Financing - Cash flow from operating activities generated RMB 20.45 billion, an increase from RMB 16.03 billion in the first half of 2023, representing a growth of 27.5%[8] - The net cash inflow from financing activities for the first half of 2024 was RMB 51.85 billion, up from RMB 36.58 billion in the same period of 2023, representing an increase of approximately 41.6%[9] - The net cash outflow from financing activities was RMB 20.09 million in the first half of 2024, a significant improvement from RMB 1.92 billion in the same period of 2023[9] - The company’s cash and cash equivalents as of June 30, 2024, were RMB 25.190 billion, compared to RMB 18.449 billion at the end of 2023[4] - The company’s interest-bearing debt increased from RMB 676.90 billion at the beginning of the reporting period to RMB 683.36 billion at the end, reflecting a year-on-year change of 0.95%[91] Investment and Expenses - The company reported a significant increase in investment income, which rose to RMB 2.03 billion from RMB 1.50 billion year-over-year, marking a growth of 35%[6] - Research and development expenses for the first half of 2024 were RMB 708.16 million, slightly down from RMB 733.16 million in the previous year[6] - The company’s financial expenses decreased to RMB 1.36 billion from RMB 1.47 billion in the previous year, showing a reduction of approximately 7.8%[6] - The company reported a significant reduction in credit impairment losses by 84.31% to RMB 13 million[70] Production and Sales - The mining products segment generated RMB 46.03 billion in revenue, while the smelting products segment contributed RMB 89.27 billion, reflecting a year-on-year increase of 20.8% and 13.8% respectively[29][30] - The production of copper reached 519,000 tons, gold 35.4 tons, zinc (lead) 222,000 tons, and silver 210.3 tons, with year-on-year growth rates of 5.3% and 9.5% for copper and gold respectively[47] - The average price of copper in the first half of 2024 was RMB 74,668 per ton, reflecting a 10% increase compared to RMB 67,900 per ton in the first half of 2023[44] - The average gold price in the first half of 2024 was USD 2,203 per ounce, a 14% increase from USD 1,932 per ounce in the same period of 2023[44] Strategic Initiatives and Future Outlook - The company aims to achieve a copper production target of 1.5-1.6 million tons, gold 100-110 tons, zinc (lead) 550-600 thousand tons, silver 600-700 tons, lithium (LCE) 250-300 thousand tons, and molybdenum 25-35 thousand tons by 2028, two years ahead of the original 2030 plan[54] - The company is focusing on enhancing its overseas operational management capabilities to mitigate risks associated with political and economic uncertainties in various countries[85] - The company anticipates continued strong demand for precious metals due to geopolitical tensions and central bank policies, which may lead to higher gold prices in the short term[84] - The company expects a continued shortage in copper supply in the medium to long term, driven by the growth of clean energy and electric vehicle sectors[84] Corporate Governance and Compliance - The audit and internal control committee reviewed the unaudited interim results for the six months ending June 30, 2024, confirming compliance with applicable accounting standards[106] - The company continues to engage Ernst & Young Hua Ming as its auditor for the fiscal year 2024[109] - No significant events affecting the group have occurred after the reporting period up to the date of this announcement[110]

[Definitions](index=4&type=section&id=Section%201%20Definitions) This chapter primarily defines company entity abbreviations and common terms used in the report, providing a foundation for understanding its content - This chapter primarily defines company entity abbreviations and common terms used in the report, providing a foundation for understanding its content[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and highlights its robust financial performance, including significant growth in net profit and optimized asset structure [Company Information](index=5&type=section&id=2.1%20Company%20Information) This chapter provides basic company information, including Chinese and English names, legal representative, contact details, registered and office addresses, information disclosure channels, and A-share and H-share stock profiles - The company's legal representative is Zou Laichang[9](index=9&type=chunk) Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Zijin Mining | 601899 | | H-share | The Stock Exchange of Hong Kong Limited | Zijin Mining | 2899 | [Key Accounting Data and Financial Indicators](index=6&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved strong performance growth, with net profit attributable to parent company increasing by **46.42% to 15.084 billion Yuan**, and non-recurring net profit increasing by **59.84%** Key Accounting Data (H1 2024) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 150,416,514,457 Yuan | 150,333,695,834 Yuan | 0.06% | | Total Profit | 21,587,689,525 Yuan | 15,545,039,647 Yuan | 38.87% | | Net Profit Attributable to Shareholders of Listed Company | 15,084,385,658 Yuan | 10,302,151,544 Yuan | 46.42% | | Net Profit Attributable to Parent Company (Excluding Non-recurring Items) | 15,432,981,734 Yuan | 9,655,314,949 Yuan | 59.84% | | Net Cash Flow from Operating Activities | 20,446,829,834 Yuan | 16,027,707,277 Yuan | 27.57% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **Period-end vs. Prior Year-end Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 126,441,969,540 Yuan | 107,505,943,323 Yuan | 17.61% | | Total Assets | 368,876,382,001 Yuan | 343,005,706,012 Yuan | 7.54% | Key Financial Indicators (H1 2024) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.574 | 0.391 | 46.80% | | Weighted Average Return on Net Assets (%) | 12.98% | 10.76 | Increased by 2.22 percentage points | - During the reporting period, total non-recurring gains and losses amounted to **-349 million Yuan**, primarily due to fair value changes in financial assets and liabilities held by non-financial enterprises[16](index=16&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operating performance, industry trends, resource reserves, project advancements, and financial health, highlighting strategic achievements and future outlook [Industry Landscape and Operating Performance](index=7&type=section&id=3.1%20Industry%20Landscape%20and%20Operating%20Performance) Despite global macroeconomic fluctuations, gold and copper prices reached historical highs during the reporting period, with the company achieving a strong start to its new five-year journey through quality improvement, cost control, and efficiency enhancement, resulting in **21.6 billion Yuan** in total profit and **15.1 billion Yuan** in net profit attributable to the parent company, up **38.9%** and **46.4%** respectively - The global macroeconomic environment progressed with twists and turns, metal prices fluctuated significantly, with gold and copper prices reaching historical highs in Q2, and gold's value preservation and safe-haven attributes gaining further market recognition[18](index=18&type=chunk) Comparison of Average Prices for Major Metals in H1 2024 | Mineral Type | Market | Unit | H1 2024 Average Price | H1 2023 Average Price | YoY Average Price Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gold | LME Gold | USD/ounce | 2,203 | 1,932 | 14.0% | | Gold | Domestic | Yuan/g | 521 | 434 | 20.0% | | Copper | LME Copper | USD/ton | 9,206 | 8,729 | 5.5% | | Copper | Domestic | Yuan/ton | 74,668 | 67,900 | 10.0% | | Zinc | LME Zinc | USD/ton | 2,676 | 2,828 | -5.4% | - The company's performance indicators reached new highs, with total profit of **21.6 billion Yuan** (up **38.9%** YoY), net profit attributable to the parent company of **15.1 billion Yuan** (up **46.4%** YoY), and non-recurring net profit attributable to the parent company of **15.43 billion Yuan** (up **59.8%** YoY)[21](index=21&type=chunk) - Cost control achieved phased results, with sales costs for copper concentrate and gold concentrate decreasing by **8.8%** and **6.7%** month-on-month, respectively, during the reporting period[21](index=21&type=chunk) [Resource Reserves](index=8&type=section&id=3.2%20Resource%20Reserves) The company achieved significant exploration breakthroughs, adding **18.377 million tons** of copper resources at Julong Copper Mine and Heilongjiang Tongshan Copper Mine, further enhancing total resource reserves to **104.67 million tons** of copper, **3,528 tons** of gold, and **14.11 million tons** of lithium (LCE) by the end of the reporting period - Julong Copper Mine and Heilongjiang Tongshan Copper Mine achieved significant geological exploration results, adding a total of **18.377 million tons** of copper resources and **5.777 million tons** of copper reserves, accounting for approximately **14.2%** of China's copper reserves at the end of 2022[22](index=22&type=chunk) Major Mineral Resource and Reserve Volumes as of June 30, 2024 | Mineral Type | Total Resources (10,000 tons) | Total Reserves (10,000 tons) | Reserve to Resource Ratio | | :--- | :--- | :--- | :--- | | Copper Ore | 10,466.84 | 4,382.31 | 42% | | Gold Ore (tons) | 3,527.96 | 1,322.28 | 37% | | Lithium Carbonate (LCE 10,000 tons) | 1,411.28 | 505.39 | 36% | | Silver (tons) | 28,380.36 | 2,653.26 | 9% | | Zinc Ore (10,000 tons) | 1,081.42 | 446.96 | 41% | [Project Construction and Technological Innovation](index=8&type=section&id=3.3%20Project%20Construction%20and%20Technological%20Innovation) The company steadily advanced several major growth projects, with Kamoa Copper Mine Phase III commencing production six months ahead of schedule, poised to become Africa's largest copper mine upon full capacity, while also establishing a central research institute to achieve breakthroughs in caving technology and new materials, and making new strides in digital transformation and smart mine construction - Kamoa Copper Mine Phase III concentrator was completed and put into operation six months ahead of schedule, with annual copper production expected to exceed **600,000 tons** upon full capacity, becoming Africa's largest and the world's third-largest copper mine[24](index=24&type=chunk) - The Salobo Gold Mine's **2.4 million tons/year** mining and processing and **5 tons/year** gold smelting project was completed and put into operation as scheduled[24](index=24&type=chunk) - The company established the Zijin Central Research Institute to strengthen technological innovation, receiving the National Science and Technology Progress Award Second Prize for "New Generation Green and Efficient Extraction Technology and Application of Precious Metals"[24](index=24&type=chunk) [ESG, Financing, and Shareholder Returns](index=8&type=section&id=3.4%20ESG%2C%20Financing%2C%20and%20Shareholder%20Returns) The company continuously improved its global operational management system and actively fulfilled social responsibilities, completing its largest equity financing to date by issuing **$500 million** in H-shares and **$2 billion** in convertible bonds, receiving widespread market recognition, and has distributed a cumulative **47.8 billion Yuan** in dividends since listing - The company completed its largest equity financing since its establishment, successfully issuing **$500 million** in H-shares and **$2 billion** in convertible bonds to overseas investors, totaling approximately **18.1 billion Yuan**, and receiving several times oversubscription[26](index=26&type=chunk) - During the reporting period, the company successively implemented **5.27 billion Yuan** in 2023 annual cash dividends and **2.66 billion Yuan** in 2024 interim dividends, with cumulative dividends since listing reaching **47.8 billion Yuan**[26](index=26&type=chunk) - Actively fulfilling social responsibilities, the company donated **11 million Yuan** to Shanghang and Wuping for the "6.16" torrential rains and partnered with Barrick to support **$1 million** for disaster relief and reconstruction in Papua New Guinea[25](index=25&type=chunk) [Core Competencies and Future Planning](index=9&type=section&id=3.5%20Core%20Competencies%20and%20Future%20Planning) Technological innovation is the company's core competency, possessing full-chain independent system technology, and its new five-year plan aims to achieve the original 2030 targets by 2028, with copper production reaching **1.5-1.6 million tons** and gold **100-110 tons**, positioning key economic indicators among the global top 3-5 - The company's core competency is innovation, especially technological innovation, possessing full-chain independent system technology and engineering implementation capabilities[27](index=27&type=chunk) Major Mineral Product Output Plan for the Next Five Years (until 2028) | Mineral Type | 2028 Annual Output Plan | | :--- | :--- | | Copper | 1.5-1.6 million tons | | Gold | 100-110 tons | | Zinc (Lead) | 550,000-600,000 tons | | Silver | 600-700 tons | | Lithium (LCE) | 250,000-300,000 tons | | Molybdenum | 25,000-35,000 tons | [Business Segment Operating Performance Discussion](index=9&type=section&id=3.6%20Business%20Segment%20Operating%20Performance%20Discussion) During the reporting period, the company's major mineral product output grew steadily, with mine-produced copper reaching **519,000 tons** (up **5.3%** YoY) and mine-produced gold **35.4 tons** (up **9.5%** YoY), while the lithium business adopted a low-cost operating strategy, and clean energy generation increased by **60%** YoY [Copper Business](index=9&type=section&id=3.6.1%20Copper%20Business) During the reporting period, mine-produced copper reached **518,570 tons**, a **5.3%** increase year-on-year, with copper business sales revenue accounting for **29%** of total operating revenue and gross profit for **49.1%** of the group's gross profit Major Copper Mine Production in H1 2024 | Name | Equity Held by Group | Mine-produced Copper (tons) | Attributable Copper (tons) | | :--- | :--- | :--- | :--- | | Zijin Mining Serbia | 100% | 90,008 | 90,008 | | Kamoa Copper (DRC) (Equity) | 44.47% | 83,593 | 83,593 | | Tibet Julong Copper | 50.10% | 80,758 | 40,460 | | **Total** | | **518,570** | **425,171** | [Gold Business](index=9&type=section&id=3.6.2%20Gold%20Business) During the reporting period, mine-produced gold reached **35,406 kilograms** (approximately **35.4 tons**), a **9.5%** increase year-on-year, with gold business sales revenue accounting for **46.5%** of total operating revenue and gross profit for **28.3%** of the group's gross profit Major Gold Mine Production in H1 2024 | Name | Equity Held by Group | Mine-produced Gold (kilograms) | Attributable Gold (kilograms) | | :--- | :--- | :--- | :--- | | Buriticá, Colombia | 69.28% | 5,002 | 3,465 | | Norton Gold Fields, Australia | 100% | 3,817 | 3,817 | | Rosebel, Suriname | 95% | 3,741 | 3,554 | | **Total** | | **35,406** | **29,886** | [Zinc (Lead) Business](index=10&type=section&id=3.6.3%20Zinc%20%28Lead%29%20Business) During the reporting period, mine-produced zinc concentrate contained **200,083 tons** of zinc, and mine-produced lead concentrate contained **21,862 tons** of lead, with zinc (lead) business sales revenue accounting for **3.4%** of total operating revenue and gross profit for **4.2%** of the group's gross profit Major Zinc (Lead) Mine Production in H1 2024 | Name | Equity Held by Group | Mine-produced Zinc + Lead Total (tons) | Attributable Zinc + Lead Total (tons) | | :--- | :--- | :--- | :--- | | Xinjiang Zijin Zinc | 100% | 82,412 | 82,412 | | Bisha, Eritrea | 55% | 56,559 | 31,107 | | Wulatehouqi Zijin | 95% | 31,940 | 30,343 | | **Total** | | **221,945** | **180,048** | [Silver and Other Businesses](index=10&type=section&id=3.6.4%20Silver%20and%20Other%20Businesses) During the reporting period, mine-produced silver reached **210,252 kilograms**, a **1.3%** increase year-on-year, while the lithium business adopted a low-cost operating strategy amid market oversupply, and sales revenue from other products like iron, molybdenum, tungsten, and cobalt accounted for **20.1%** of total revenue - Mine-produced silver reached **210,252 kilograms**, a **1.3%** increase year-on-year, with silver business sales revenue accounting for **1%** of total operating revenue and gross profit for **2.2%** of the group's gross profit[33](index=33&type=chunk) - Facing global lithium market oversupply and weak prices, the company reinforced its low-cost operating strategy for the lithium business, prudently controlling the construction progress and production pace of the "Two Lakes and Two Mines" lithium projects[35](index=35&type=chunk) - Sales revenue from other products such as iron, molybdenum, tungsten, cobalt, and sulfuric acid accounted for **20.1%** of total operating revenue (after offset) during the reporting period, with product gross profit accounting for **16.2%** of the group's gross profit[36](index=36&type=chunk) [Clean Energy Generation](index=11&type=section&id=3.6.5%20Clean%20Energy%20Generation) During the reporting period, the company's renewable energy generation reached **351 million kWh**, a **60%** increase year-on-year, with solar power generation notably increasing by **332%**, as the company advanced its "Environmental Protection + New Energy" dual-driven strategy and accelerated the deployment of wind and solar green power projects at mines Renewable Energy Generation in H1 2024 | Generation Type | Current Reporting Period Cumulative Generation (MWh) | Prior Year Period (MWh) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Solar Power | 56,223 | 13,002 | 332% | | Hydropower | 206,174 | 143,160 | 44% | | **Total** | **351,561** | **219,910** | **60%** | [Main Business Financial Analysis](index=11&type=section&id=3.7%20Main%20Business%20Financial%20Analysis) Operating revenue for the reporting period was **150.4 billion Yuan**, largely flat year-on-year, while the comprehensive gross profit margin increased by **4.5 percentage points to 19.2%** (mineral products gross profit margin reached **57.3%**) due to rising metal prices and cost control, with finance expenses decreasing due to exchange rate fluctuations and investment income rising from subsidiary disposals - During the reporting period, the company achieved operating revenue of **150.4 billion Yuan**, a **0.06%** increase year-on-year, essentially flat compared to the same period last year[39](index=39&type=chunk) Changes in Gross Profit Margin of Major Mineral Products | Product Name | Jan-Jun 2024 Gross Profit Margin (%) | Jan-Jun 2023 Gross Profit Margin (%) | Jul-Dec 2023 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | Mine-produced Gold - Gold Concentrate | 67.75 | 58.37 | 57.73 | | Mine-produced Copper - Copper Concentrate | 66.97 | 60.55 | 58.42 | | Mine-produced Zinc | 34.85 | 23.46 | 20.27 | | **Comprehensive Gross Profit Margin of Mining Enterprises** | **57.30** | **51.75** | **46.66** | | **Comprehensive Gross Profit Margin** | **19.15** | **14.65** | **17.02** | - The company's comprehensive gross profit margin was **19.2%**, an increase of **4.5 percentage points** year-on-year; the gross profit margin for mineral products was **57.3%**, an increase of **5.6 percentage points** year-on-year, primarily benefiting from increased production and sales of mine-produced copper and gold, rising metal sales prices, and cost control[41](index=41&type=chunk) - Finance expenses decreased by **7.79%** year-on-year, mainly due to changes in exchange gains and losses[42](index=42&type=chunk) Investment income increased by **35.07%** year-on-year, primarily due to increased gains from subsidiary disposals in the current period[42](index=42&type=chunk) Fair value change gains turned from positive to negative, mainly due to fair value changes in deferred pricing arrangements and trading equity instruments[43](index=43&type=chunk) [Asset and Liability Analysis](index=13&type=section&id=3.8%20Asset%20and%20Liability%20Analysis) As of the end of the reporting period, the company's total assets reached **368.9 billion Yuan**, a **7.54%** increase from the beginning of the period, with cash and cash equivalents significantly increasing by **36.54%** due to H-share and convertible bond issuance, and bonds payable also rising by **53.61%**, while overseas assets accounted for **46%** of total assets, demonstrating the deep layout of the company's globalization strategy Changes in Major Balance Sheet Items | Item Name | Current Period End Amount | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 25,190,025,947 Yuan | 36.54% | Primarily due to the issuance of H-shares and convertible bonds | | Bonds Payable | 38,842,067,125 Yuan | 53.61% | Primarily due to the issuance of convertible corporate bonds | | Other Comprehensive Income | 12,854,482,504 Yuan | 43.46% | Primarily due to floating profits from equity instruments measured at fair value | - The company's globalization strategy is deeply laid out, with overseas assets reaching **171.1 billion Yuan**, accounting for **46%** of total assets[45](index=45&type=chunk) Major overseas mines such as Kamoa Copper Mine and Čukaru Peki Copper-Gold Mine are important sources of profit growth for the group[46](index=46&type=chunk) [Investment Status Analysis](index=14&type=section&id=3.9%20Investment%20Status%20Analysis) The company continued to advance major project investments, including Kamoa Phase III mining and processing, Zijin Copper Serbia technological upgrades, and Julong Copper Phase II, aiming to enhance future production capacity, while also engaging in asset management and risk hedging through private equity funds and derivative investments Progress of Major Non-Equity Investment Projects | Project Name | Project Amount | Project Progress | Investment in Current Reporting Period (billion Yuan) | Cumulative Actual Investment (billion Yuan) | | :--- | :--- | :--- | :--- | :--- | | Kamoa Phase III Mining and Processing Project | $1.858-1.998 billion | Trial production started in May, 6 months ahead of schedule | 4.276 | 9.800 | | Julong Copper Phase II Expansion Project | 17.46 billion Yuan | Concentrator and tailings dam construction commenced | 2.386 | 3.183 | | Lithium Cos 3Q Salt Lake Lithium Project Phase I | $620 million | Processing plant sub-project expected to be completed and put into operation in September | 0.886 | 3.863 | - The company invests in private equity and venture capital funds and manages assets through its wholly-owned subsidiaries, with two private equity funds collectively achieving a net profit of **35.23 million Yuan** during the reporting period[50](index=50&type=chunk) - To hedge against commodity price, interest rate, and exchange rate risks, the company conducted derivative investment activities for hedging purposes[51](index=51&type=chunk) Additionally, authorized financial subsidiaries also engaged in limited speculative derivative investments[52](index=52&type=chunk) [Industry Landscape and Risk Analysis](index=17&type=section&id=3.10%20Industry%20Landscape%20and%20Risk%20Analysis) Global economic downturn pressures coexist with the development of new energy and AI industries, leading to differentiated metal demand, with the company anticipating precious metals to benefit from safe-haven demand, copper facing medium-to-long-term supply shortages, and lithium experiencing short-term oversupply, while key risks include geopolitical factors, overseas operational uncertainties, lower-than-expected resource exploration, and production safety - Industry Trends: - **Copper**: Short-term wide fluctuations, with medium-to-long-term supply shortages unchanged due to clean energy and AI development - **Gold**: Interest rate cut expectations and geopolitical risks boost safe-haven demand, expected to maintain high-level fluctuations - **Zinc**: Tight supply but limited demand growth, expected to stabilize within a range - **Lithium**: Short-term oversupply situation has not reversed, price decline may continue, but medium-to-long-term demand potential remains significant[54](index=54&type=chunk) - Risks Faced by the Company: - **Geopolitical Risks**: Rising resource nationalism may affect metal prices and overseas mergers and acquisitions - **Overseas Operational Risks**: Significant political, legal, and community differences in project host countries lead to uncertainties - **Resource Development Risks**: New resources may fall short of expectations, and development cost control presents challenges - **Safety and Operational Risks**: Safety incidents may occur due to management, personnel, or natural disasters, with some projects facing pressures from dual carbon reduction and permit processing[55](index=55&type=chunk) [Corporate Governance](index=18&type=section&id=Section%204%20Corporate%20Governance) This section details the company's governance structure, including general meetings, profit distribution, and equity incentive plans, demonstrating its commitment to shareholder returns and employee motivation [General Meetings and Profit Distribution](index=18&type=section&id=4.1%20General%20Meetings%20and%20Profit%20Distribution) The company held its 2023 Annual General Meeting and other meetings on May 17, 2024, and the Board of Directors approved the 2024 interim profit distribution plan, proposing a cash dividend of **1 Yuan (tax inclusive)** per 10 shares to all shareholders, totaling approximately **2.66 billion Yuan** - The company held its 2023 Annual General Meeting, the first 2024 A-share Class Meeting, and H-share Class Meeting on May 17, 2024[57](index=57&type=chunk) - The 2024 interim profit distribution plan proposes a cash dividend of **1 Yuan (tax inclusive)** per 10 shares, totaling **2,657,788,894 Yuan (tax inclusive)**[58](index=58&type=chunk) [Equity Incentive Plans](index=18&type=section&id=4.2%20Equity%20Incentive%20Plans) During the reporting period, the company continued to advance various employee incentive measures, with the second unlocking period conditions for the first grant of the 2020 Restricted Stock Incentive Plan being met and completed for listing and circulation, while the 2023 Stock Option Incentive Plan and 2023 Employee Stock Ownership Plan also completed grant registration and share transfer - The second unlocking period conditions for the first grant of the 2020 Restricted Stock Incentive Plan were met, with **30,211,698 shares** involving **652 incentive recipients** unlocked and listed for circulation on February 2, 2024[59](index=59&type=chunk) - The 2023 Employee Stock Ownership Plan completed share transfer on April 16, 2024, with **42.2 million repurchased company shares** transferred to the employee stock ownership plan's securities account at a price of **8.35 Yuan/share**[60](index=60&type=chunk) [Environmental and Social Responsibility](index=20&type=section&id=Section%205%20Environmental%20and%20Social%20Responsibility) This section outlines the company's commitment to environmental protection and social welfare, detailing its efforts in carbon reduction, ecological restoration, and community contributions [Environmental Information](index=20&type=section&id=5.1%20Environmental%20Information) During the reporting period, **27 domestic branches/subsidiaries** were designated as key environmental monitoring units, with environmental treatment facilities operating stably and transparent pollutant emission information, while the company actively promoted carbon reduction through product carbon footprint accounting, energy structure transformation (e.g., "oil-to-electricity"), and clean energy projects, adding approximately **409 MW** of photovoltaic installed capacity and achieving a reduction of approximately **55,000 tons** of carbon dioxide - During the reporting period, **27 domestic branches/subsidiaries** of the company were listed as key environmental monitoring units, with all environmental treatment facilities operating stably, and pollutant emission information available in the appendix[62](index=62&type=chunk)[63](index=63&type=chunk) - The company invested **667 million Yuan** in environmental and ecological funds, restored **2.7055 million square meters** of vegetation, and added **2 provincial-level green mines**[67](index=67&type=chunk) - In terms of carbon reduction, the company promoted product carbon footprint accounting, with Zijin Copper's cathode copper product carbon footprint at an international leading level[68](index=68&type=chunk) During the reporting period, approximately **409.3 MW** of new photovoltaic installed capacity was added, with cumulative power generation of approximately **56.22 million kWh**, achieving a reduction of approximately **55,000 tons** of carbon dioxide[70](index=70&type=chunk) - The company actively promoted energy structure transformation, introducing **183 electric mining trucks**, **6 electric shovels**, and LNG mining trucks during the reporting period[71](index=71&type=chunk) [Social Responsibility](index=22&type=section&id=5.2%20Social%20Responsibility) Adhering to the principle of "developing mining, benefiting society," the company actively fulfilled its social responsibilities, investing approximately **72.91 million Yuan** in rural revitalization funds during the reporting period, and continuously contributing to educational, social, and ecological revitalization, including establishing Zijin Middle School, implementing relief projects for elderly and orphans, and donating to support ecological restoration - During the reporting period, the company, in conjunction with the Zijin Mining Charity Foundation, cumulatively invested approximately **72.91 million Yuan** in rural revitalization funds[72](index=72&type=chunk) - Educational Revitalization: Shanghang County Zijin Middle School, established with an investment of over **800 million Yuan**, achieved a **94.61%** undergraduate admission rate for its first graduating class in the college entrance examination[73](index=73&type=chunk) - Social Contribution: For fourteen consecutive years, the company has implemented relief projects for elderly residents over 80 and orphans in Shanghang County, donating over **20 million Yuan** annually and benefiting over **16,000 people**[74](index=74&type=chunk) [Significant Matters](index=23&type=section&id=Section%206%20Significant%20Matters) This section covers key corporate actions and disclosures, including commitments, related party transactions, material contracts, guarantees, and the utilization of raised funds [Commitments and Related Party Transactions](index=23&type=section&id=6.1%20Commitments%20and%20Related%20Party%20Transactions) During the reporting period, the controlling shareholder, Minxi Xinghang State-owned Assets Investment and Management Co., Ltd., strictly fulfilled its commitment to avoid horizontal competition, and the company's daily related party transactions with Zijin Tianfeng Futures Co., Ltd. were conducted within authorized limits, with deposit business with related financial companies also disclosed - The controlling shareholder, Minxi Xinghang State-owned Assets Investment and Management Co., Ltd., strictly fulfilled its commitment to avoid horizontal competition made when the company listed its A-shares in 2008[77](index=77&type=chunk) - The company expects daily related party transactions with Zijin Tianfeng Futures Co., Ltd. to amount to **2.113 billion Yuan** in 2024, with actual transaction value of **65,000 Yuan (excluding tax)** during the current reporting period[78](index=78&type=chunk) [Material Contracts and Guarantees](index=24&type=section&id=6.2%20Material%20Contracts%20and%20Guarantees) As of the end of the reporting period, the company's total guarantees amounted to **38 billion Yuan**, representing **30%** of its net assets, with **35.86 billion Yuan** guaranteed for subsidiaries and **2.14 billion Yuan** for associates, and **19.37 billion Yuan** in debt guarantees provided for guaranteed entities with an asset-liability ratio exceeding **70%** Guarantee Status at the End of the Reporting Period | Guarantee Category | Amount (Yuan) | | :--- | :--- | | Guarantee Balance for Associates at Period End (A) | 2,140,489,830 | | Guarantee Balance for Subsidiaries at Period End (B) | 35,863,455,578 | | **Total Guarantees (A+B)** | **38,003,945,408** | | Ratio of Total Guarantees to Company's Net Assets (%) | 30% | | Debt Guarantee Amount Provided for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 19,372,684,833 | [Use of Raised Funds](index=25&type=section&id=6.3%20Use%20of%20Raised%20Funds) The **6 billion Yuan** raised from the convertible bonds issued by the company in 2020 has been substantially utilized, with a cumulative investment progress of **99.93%**, and during the reporting period, the company reallocated **770 million Yuan** of surplus funds from the "Kamoa Copper Mine Project in DRC" to the "Aurora Gold Mine Underground Mining Phase I Project in Guyana" - The **6 billion Yuan** convertible bonds issued in 2020, with a net amount of **5.97 billion Yuan** after deducting issuance expenses, had a cumulative investment of **5.966 billion Yuan** as of the end of the reporting period, with an investment progress of **99.93%**[82](index=82&type=chunk) - During the reporting period, there was a change in the use of raised funds, with **770 million Yuan** (including interest) of surplus funds from the "Kamoa-Kakula Copper Mine Project of Kamoa Holding Limited in DRC" reallocated to the "Aurora Gold Mine Underground Mining Phase I Project in Guyana"[83](index=83&type=chunk) [Share Changes and Shareholder Information](index=27&type=section&id=Section%207%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, provides an overview of its shareholder structure, and reports on shareholding changes among directors, supervisors, and senior management [Share Capital Changes](index=27&type=section&id=7.1%20Share%20Capital%20Changes) During the reporting period, the company's total share capital increased from **26.327 billion shares** to **26.578 billion shares**, primarily due to the completion of a **252 million new H-share placement**, the repurchase and cancellation of **582,300 shares** under an equity incentive plan, and the unlocking and listing of **30.21 million restricted shares** - The company's total share capital increased from **26,326,571,240 shares** to **26,577,888,940 shares**[84](index=84&type=chunk) - Reasons for share capital changes include: - Completion of **251,900,000 new H-share placement** - Repurchase and cancellation of **582,300 restricted shares** that did not meet conditions - **30,211,698 restricted shares** unlocked and listed for circulation[85](index=85&type=chunk) [Shareholder Information](index=27&type=section&id=7.2%20Shareholder%20Information) As of the end of the reporting period, the company had **352,521 common shareholders**, with the top two shareholders being Minxi Xinghang State-owned Assets Investment and Management Co., Ltd. (holding **22.89%**) and HKSCC Nominees Limited (holding **22.48%**), indicating a relatively concentrated shareholding structure - As of the end of the reporting period, the company had a total of **352,521 common shareholders**[87](index=87&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Minxi Xinghang State-owned Assets Investment and Management Co., Ltd. | 6,083,517,704 | 22.89 | | HKSCC Nominees Limited | 5,974,179,970 | 22.48 | | Hong Kong Securities Clearing Company Limited | 1,590,149,164 | 5.98 | | China Securities Finance Corporation Limited | 691,190,770 | 2.60 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=29&type=section&id=7.3%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company implemented the 2023 Employee Stock Ownership Plan, transferring **42.2 million repurchased shares** to the plan, with several directors and senior management participating in the subscription, including Chairman Chen Jinghe subscribing for **270,000 shares** and Vice Chairman and President Zou Laichang for **225,000 shares** - The company's directors and senior management subscribed for a total of **2.195 million shares** through the 2023 Employee Stock Ownership Plan, accounting for **5.20%** of the total allocation[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [Bond-Related Information](index=31&type=section&id=Section%208%20Bond-Related%20Information) This section provides an overview of the company's outstanding corporate bonds and debt financing instruments, details the use of raised funds, analyzes the debt situation, and outlines the terms of its convertible corporate bonds [Corporate Bonds and Debt Financing Instruments](index=31&type=section&id=8.1%20Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) As of the end of the reporting period, the company's outstanding corporate bonds amounted to **12.5 billion Yuan**, and non-financial enterprise debt financing instruments totaled **14.45 billion Yuan**, with a new **2 billion Yuan** technology innovation corporate bond ("24 Zijin K1") issued during the period - As of the end of the reporting period, the company's outstanding corporate bonds (including enterprise bonds) amounted to **12.5 billion Yuan**, and non-financial enterprise debt financing instruments totaled **14.45 billion Yuan**[96](index=96&type=chunk)[99](index=99&type=chunk) - On May 14, 2024, the company newly issued the "24 Zijin K1" technology innovation corporate bond, with an issuance size of **2 billion Yuan**, a 5-year term, and a coupon rate of **2.30%**[96](index=96&type=chunk) [Use of Raised Funds and Debt Situation](index=33&type=section&id=8.2%20Use%20of%20Raised%20Funds%20and%20Debt%20Situation) The **2 billion Yuan** raised from the newly issued "24 Zijin K1" bond during the reporting period has been used as planned to repay interest-bearing debt and supplement working capital, with the company's consolidated interest-bearing debt balance reaching **148.64 billion Yuan** at period-end, a **3.63%** increase from the beginning of the period, while key financial indicators like current ratio, quick ratio, and interest coverage ratio improved due to debt structure adjustments, and the asset-liability ratio decreased to **56.65%** - Of the **2 billion Yuan** raised from the "24 Zijin K1" bond, **450 million Yuan** was used to repay bank gold leases, **1.5 billion Yuan** to repay corporate bonds, and **50 million Yuan** to supplement working capital[103](index=103&type=chunk) - As of the end of the reporting period, the company's consolidated interest-bearing debt balance was **148.64 billion Yuan**, an increase of **3.63%** from **143.435 billion Yuan** at the beginning of the period[113](index=113&type=chunk) Changes in Key Solvency Indicators | Key Indicator | Current Period End / Current Period | Prior Year End / Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Current Ratio (%) | 106.37 | 92.21 | Increased by 14.16 percentage points | | Quick Ratio (%) | 66.45 | 57.42 | Increased by 9.03 percentage points | | Asset-Liability Ratio (%) | 56.65 | 59.66 | Decreased by 3.01 percentage points | | Interest Coverage Ratio | 7.837 | 6.615 | Increased by 18.46% | [Convertible Corporate Bonds](index=36&type=section&id=8.3%20Convertible%20Corporate%20Bonds) To optimize capital structure and reduce financing costs, the company's wholly-owned subsidiary successfully issued **$2 billion** of guaranteed convertible corporate bonds with a **1%** annual interest rate, due in 2029, on June 25, 2024, convertible into the company's H-shares at an initial conversion price of **HK$19.84 per share** under specific conditions, with net proceeds of approximately **$1.979 billion** to be used for overseas debt replacement - On June 25, 2024, the company issued **$2 billion** of H-share convertible corporate bonds due in 2029, with a coupon rate of **1%**[119](index=119&type=chunk) - The initial conversion price is **HK$19.84 per H-share**, with net proceeds of approximately **$1.979 billion** to be used for overseas debt replacement[119](index=119&type=chunk) [Financial Report](index=47&type=section&id=Section%209%20Financial%20Report) This section presents the company's unaudited financial statements and detailed notes, offering a comprehensive view of its financial position, performance, and underlying accounting policies [Financial Statements](index=49&type=section&id=9.1%20Financial%20Statements) This chapter presents unaudited consolidated and company-level balance sheets, income statements, statements of changes in shareholders' equity, and cash flow statements, showing continuous growth in total assets, significant improvement in profitability, and robust cash flow - This semi-annual report is unaudited[4](index=4&type=chunk)[136](index=136&type=chunk) Consolidated Balance Sheet Summary (June 30, 2024) | Item | Amount (RMB Yuan) | | :--- | :--- | | **Assets** | | | Total Current Assets | 89,785,569,534 | | Total Non-current Assets | 279,090,812,467 | | **Total Assets** | **368,876,382,001** | | **Liabilities and Shareholders' Equity** | | | Total Current Liabilities | 84,405,315,840 | | Total Non-current Liabilities | 124,578,391,231 | | **Total Liabilities** | **208,983,707,071** | | Total Equity Attributable to Parent Company Shareholders | 126,441,969,540 | | Minority Interests | 33,450,705,390 | | **Total Shareholders' Equity** | **159,892,674,930** | Consolidated Income Statement Summary (Jan-Jun 2024) | Item | Amount (RMB Yuan) | | :--- | :--- | | Operating Revenue | 150,416,514,457 | | Operating Costs | (121,607,748,070) | | Operating Profit | 21,984,065,074 | | Total Profit | 21,587,689,525 | | Net Profit | 18,475,781,413 | | Net Profit Attributable to Parent Company Shareholders | 15,084,385,658 | [Notes to Financial Statements](index=66&type=section&id=9.2%20Notes%20to%20Financial%20Statements) The notes to the financial statements detail the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, taxation, notes to consolidated financial statement items, related party relationships and transactions, and other key information, providing essential context and details for understanding the financial statements - The financial statements are prepared in accordance with Chinese Enterprise Accounting Standards, presented on a going concern basis, with the functional currency being RMB[163](index=163&type=chunk)[166](index=166&type=chunk) - The notes provide detailed disclosures on the classification, measurement, and impairment methods of financial instruments[177](index=177&type=chunk), specific revenue recognition policies (categorized by mining, smelting, trading, environmental protection, and other businesses)[193](index=193&type=chunk)[198](index=198&type=chunk], and depreciation and amortization methods for fixed assets and intangible assets (especially mining rights)[207](index=207&type=chunk) - The notes include explanations of key accounting estimates and judgments, such as mine reserve estimates, asset impairment tests, and deferred income tax asset recognition, which are crucial for understanding the uncertainties in the company's financial position[236](index=236&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk)

证券代码：601899 股票简称：紫金矿业 编号：临2024-055 紫金矿业集团股份有限公司 2024年半年度募集资金存放与实际使用情况的专项报告 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个别及连带责任。 根据《上市公司监管指引第2号—上市公司募集资金管理和使用的监管要求》、 《上海证券交易所上市公司自律监管指引第1号——规范运作》及相关格式指南等 有关规定，现将紫金矿业集团股份有限公司（以下简称"公司"）2024年半年度募 集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额、到账时间 截至 2024 年 6 月 30 日，2020 年度可转换公司债券募集资金已投入募投项目 596,588.58 万元。2024 年 1-6 月，本公司募集资金实际使用情况为： | | | | 明细 | 金额（人民币万元） | | | --- | --- | --- | --- | --- | --- | | 2023 | 年 12 | 月 | 31 日募集资金专户余额 | | 51,194.71 | | | | ...