智通财经APP获悉，香港联交所最新资料显示，9月5日，Schroders PLC减持紫金矿业(02899)1516.8万 股，每股均价27.838港元，总金额约为4.22亿港元。减持后最新持股数目约为3.57亿股，最新持股比例 为5.96%。 ...

Core Viewpoint - First Shanghai maintains a "Buy" rating for Zijin Mining (02899) and adjusts the net profit forecast for 2025-2027 to CNY 48.5 billion, CNY 54.1 billion, and CNY 59.7 billion respectively, raising the target price to HKD 37.61, corresponding to a 20x PE for 2025 [1] Group 1 - The company achieved its best half-year performance in history, with operating revenue of CNY 167.7 billion in the first half of 2025, an increase of 11.5% year-on-year, and a net profit attributable to shareholders of CNY 23.3 billion, up 54.41% year-on-year [1] - The core mineral products, copper and gold, experienced a dual boost in both volume and price, showcasing the company's ability to accurately grasp the cycle and benefit from the commodities bull market [1] - The global macroeconomic environment in the first half of 2025 provided strong support for non-ferrous metal prices, with gold gross profit contribution surpassing that of copper for the first time due to a significant rise in gold prices [1] Group 2 - The company's resource reserves continue to grow, with the lithium business valuation awaiting recovery [1] - The company implements a globalization strategy, operating significant mining investment projects in 17 countries, covering major minerals such as copper, gold, and lithium, with 47% of its assets located overseas [1] - In the first half of 2025, the company added 2.049 million tons of copper resources and 1.322 million tons of reserves compared to the beginning of the year [1]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [8]. Core Views - The company has shown robust expansion with record-high performance indicators, achieving a revenue of 167.71 billion yuan in H1 2025, a year-on-year increase of 11.50%, and a net profit of 23.29 billion yuan, up 54.41% year-on-year [1][5]. - The company is expected to benefit from the long-term growth of copper and gold prices, supported by increased resource reserves that provide room for expansion [5]. Summary by Sections Performance - In H1 2025, the company achieved a total revenue of 167.71 billion yuan, with a profit of 34.50 billion yuan, and a net profit attributable to shareholders of 23.29 billion yuan, reflecting significant year-on-year growth [1]. Production Volume - The company reported steady increases in the production of its main products: copper production reached 570,000 tons (up 9% YoY), gold production was 41 tons (up 16% YoY), and lithium carbonate equivalent production surged by 2961% to 7,315 tons [2]. Cost and Profitability - The operating cost for H1 2025 was 127.88 billion yuan, a 5.16% increase YoY, primarily due to declining ore grades and increased transportation distances. However, the rise in gold and copper prices contributed to an increase in gross margin by 4.60 percentage points [3]. Expenses - Financial expenses decreased by 13.46% YoY due to lower financing costs, while management expenses rose by 24.25% YoY, attributed to increased labor costs and hiring due to expansion [4]. Investment Recommendations - The report maintains a positive outlook on copper and gold prices, projecting continued revenue and profit growth. The company’s resource reserves have significantly increased, supporting future production expansion. The net profit estimates for 2025, 2026, and 2027 have been raised to 48.17 billion yuan, 53.16 billion yuan, and 59.19 billion yuan respectively [5][6].

Core Viewpoint - The company maintains a "buy" rating for Zijin Mining (601899) and has adjusted its net profit forecasts for 2025-2027 to 48.5 billion, 54.1 billion, and 59.7 billion yuan, respectively, with a target price raised to 37.61 HKD, corresponding to a 20x PE for 2025, reflecting strong optimism for the company's performance in 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 167.7 billion yuan, an increase of 11.5% year-on-year, and a net profit attributable to shareholders of 23.3 billion yuan, up 54.41% year-on-year, marking the best half-year performance in history [2] - The company's core mineral products, copper and gold, experienced a dual boost in both volume and price, showcasing the company's profit elasticity in response to high metal price conditions [2] Group 2: Commodity Market Dynamics - The global macroeconomic environment in the first half of 2025 provided strong support for non-ferrous metal prices, with gold gross profit contribution surpassing that of copper for the first time due to significant increases in gold prices [3] - The gross profit margins for various mineral products in the first half of the year were 38.6% for gold, 38.5% for copper, 2.1% for lead and zinc, 2.1% for silver, 0.2% for lithium carbonate, and 18.5% for other segments [3] - The company reported a copper production of 567,000 tons, a 9% increase year-on-year, and gold production of 41.2 tons, a 16% increase year-on-year, with a comprehensive gross margin of 23.75%, up 4.60 percentage points year-on-year [3] Group 3: Resource Reserves and Strategic Positioning - The company is implementing a global strategy, operating significant mining investment projects in 17 countries, with 47% of its assets located overseas [4] - In the first half of the year, the company added 2.049 million tons of copper resources and 882 tons of gold resources, along with 834,000 tons of equivalent lithium carbonate resources [4] - The company ranks among the top 10 globally in lithium resource reserves, with ongoing projects in Argentina and Tibet, and the recent stabilization and rebound of lithium carbonate prices may lead to a revaluation of its lithium business [4]

Core Viewpoint - The report maintains a "Buy" rating for Zijin Mining (02899) and adjusts the net profit forecast for 2025-2027 to 48.5 billion, 54.1 billion, and 59.7 billion CNY, respectively, with a target price raised to 37.61 HKD, corresponding to a 20x PE for 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 167.7 billion CNY, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 23.3 billion CNY, a year-on-year increase of 54.41% [1] - The company's core mineral products, copper and gold, experienced a "dual drive" of volume and price, resulting in the best half-year performance in history [1] Group 2: Commodity Market Dynamics - The global macroeconomic environment in the first half of 2025 provided strong support for non-ferrous metal prices, with gold gross profit contribution surpassing that of copper for the first time [2] - The gross profit contributions from various segments in the first half of 2025 were 38.6% for gold, 38.5% for copper, 2.1% for lead and zinc, 2.1% for silver, 0.2% for lithium carbonate, and 18.5% for other segments [2] Group 3: Production and Margins - In the first half of 2025, the company produced 567,000 tons of copper, a year-on-year increase of 9%, and 41.2 tons of gold, a year-on-year increase of 16% [2] - The overall gross margin for the first half of 2025 was 23.75%, an increase of 4.60 percentage points year-on-year, with the mineral product gross margin at 60.23%, an increase of 2.93 percentage points year-on-year [2] Group 4: Resource Reserves and Strategic Positioning - The company operates significant mining investment projects in 17 countries, with 47% of its assets located overseas, and has seen an increase in resource reserves [3] - In the first half of 2025, the company added 2.049 million tons of copper resources and 888 tons of gold resources, along with 834,000 tons of equivalent lithium carbonate resources [3] - The company’s lithium resource reserves rank among the top 10 globally, with ongoing projects in Argentina and Tibet, and the recent stabilization of lithium carbonate prices [3]

Core Viewpoint - Zijin Mining (601899) is experiencing significant stock price appreciation, reaching a historical high, driven by the anticipated IPO of its international gold mining subsidiary, which could raise over $3 billion, making it the second-largest global IPO this year [1] Group 1: Stock Performance - Zijin Mining's stock rose over 4% during trading, peaking at HKD 29.06, and is currently up 2.6% at HKD 28.46, with a trading volume of HKD 1.419 billion [1] Group 2: IPO Details - The IPO of Zijin Gold International is expected to raise more than $3 billion, with the potential to become the second-largest IPO globally this year [1] - Discussions regarding the IPO's scale and timing are ongoing, with the listing possibly occurring as soon as this month [1] - Investor interest in the IPO is notably high due to gold prices hovering near historical highs [1] Group 3: Strategic Implications - CITIC Securities previously indicated that the IPO process for Zijin Gold International may accelerate, coinciding with a rising gold price cycle, which could enhance the company's gold asset valuation [1] - The IPO is expected to facilitate the company's internationalization, broaden access to quality international investors, and improve competitiveness and flexibility in overseas capital market financing and M&A transactions [1]

Core Viewpoint - Zijin Mining (02899) has seen its stock price rise over 4%, reaching a new historical high of 29.06 HKD, with a current trading price of 28.46 HKD and a trading volume of 1.419 billion HKD. The company is planning an IPO for its international gold mining subsidiary, which could raise over 3 billion USD, potentially becoming the second-largest IPO globally this year [1][1][1]. Group 1 - The IPO of Zijin Gold International is expected to raise over 3 billion USD, with the possibility of changes in the fundraising scale and timing [1][1]. - The listing could occur as early as this month, driven by strong investor interest due to gold prices hovering near historical highs [1][1]. - The IPO process is likely to accelerate, coinciding with a rising gold price cycle, which may enhance the company's gold asset valuation [1][1][1]. Group 2 - The IPO is anticipated to facilitate the company's internationalization process and broaden its access to high-quality international investors [1][1]. - It is expected to improve the company's competitiveness and flexibility in financing and merger transactions in overseas capital markets [1][1].

Group 1 - The core point of the article is that Zijin International Holdings Limited has increased its registered capital from 12 billion yuan to 18 billion yuan [1] - The company was established in 2020 and is wholly owned by Zijin Mining Group [1] - The legal representative of the company is Lan Jianming, and its business scope includes investment activities, corporate headquarters management, and park management services [1]

Core Viewpoint - Chizhou Zhuzhuang Mining Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on mineral resource exploration and related services, with significant shareholding from Zijin Mining Group [1][2]. Company Information - The registered capital of Chizhou Zhuzhuang Mining Co., Ltd. is 20 million yuan [1]. - The company is located in Guichi District, Chizhou City, Anhui Province, and is classified as a limited liability company [2]. - The company was officially registered on September 3, 2025 [2]. Business Scope - The business scope includes mineral resource exploration, resource reserve assessment services, geological exploration technical services, and air pollution control [1][2]. - Additional services offered include solid waste management, engineering management services, domestic trade agency, and supply chain management [2]. Shareholding Structure - Zijin Mining Group holds a 52.13% stake in the company, contributing 10.426 million yuan [2]. - Anhui Jiaochong Mining Co., Ltd. holds a 47.87% stake, contributing 9.574 million yuan [2].

Summary of Zijin Mining (2899.HK) Conference Call Company Overview - **Company**: Zijin Mining (2899.HK) - **Event**: Asia Leaders Conference 2025 - **Date**: September 4, 2025 - **Location**: Hong Kong Key Industry Insights Copper Expansion - Zijin Mining is experiencing a strong volume growth outlook for its copper projects in Tibet, which is faster than previously expected - Key projects include: - Julong Phase II, expected to complete construction by the end of 2025 - Zhunuo, set to complete construction in the second half of 2026 - Xietongmen, anticipated to start operations in 2027 - Projected copper output from Tibet is expected to increase to **440-500kt** when all three projects are fully ramped up, compared to **170kt** in 2025, contributing to a total copper output of **1.4mnt** by 2028E - Combined with growth in Serbia, Zijin is on track to meet its copper volume target of **1.5-1.6mnt** by 2028E, even without growth from Kamoa [5][5][5] Competitive Strengths - Zijin's unique strength lies in its mining operations, developed from its inception by focusing on low-grade mines - The company has built technical expertise in low-grade mine development, difficult ore beneficiation, and large open-pit mine operations - An in-house team comprising mining, beneficiation, exploration, smelting, R&D, construction, trading, and logistics enhances its competitive edge - The core management team consists of professional mining engineers, further strengthening operational capabilities [5][5][5] Cost Trends - Unit production costs for gold and copper increased by **15%** and **8%** year-over-year in the first half of 2025, respectively - Cost increases attributed to: - Decline in ore grades in Timok-upper, Columbia, and Rosebel gold projects - Changes in strip ratios and transportation distances - Impact from newly acquired projects, including La Arena and Akyem, which face high depreciation and amortization before open-pit mining life extension - Zijin aims to improve operations and reduce costs in the second half of 2025, targeting a full-year unit COGS increase of **5-8%** year-over-year for mined copper and gold [6][6][6] Project Updates - **Shapinggou Moly Project**: Zijin has completed **84%** of the stake acquisition, with total moly resources of **2.34mnt** and an average ore grade of **0.143%**. Expected annual moly production is **20kt** when fully ramped up, increasing total output to **30-40kt**. Construction is projected to take **3-4 years** [5][5][5] - **Lithium Projects**: The Laguocuo brine project has resumed production, while the Hunan lepidolite mine and 3Q brine project in Argentina are ready to launch operations in the second half of 2025, contingent on stable lithium prices. However, Zijin has downplayed its 2025E lithium volume target of **40kt LCE** due to weak pricing [5][5][5] Financial Projections - **12-Month Price Target**: - HK$30.00 for Zijin Mining (H) - Rmb31.00 for Zijin Mining (A) - Current prices: HK$26.68 and Rmb23.87, indicating potential upsides of **12.4%** and **29.9%**, respectively [9][9][9] - **Market Cap**: HK$709.1 billion / $90.9 billion - **Revenue Projections**: Expected to grow from **303,640 million Rmb** in 2025E to **334,123 million Rmb** in 2026E [9][9][9] Risks - Earnings sensitivity to commodity prices: - **3.1%** change in earnings for every **US$100/oz** change in gold price - **2.2%** change for every **US$0.10/lb** change in copper price - Risks associated with project execution and slow progress, which are critical for sustaining growth - Currency and country risks related to overseas assets [8][8][8]