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 ...

Executive Remuneration - The total remuneration for Mr. Zeng Qingxiang for the year ended December 31, 2005, was RMB 1,170,553, which included a basic salary of RMB 72,432 and a bonus of RMB 800,000[4] - For the year ended December 31, 2006, the total remuneration for Mr. Zheng Jinxing was RMB 455,778, with a basic salary of RMB 125,753 and a bonus of RMB 330,025[7] - The total remuneration for the year ended December 31, 2007, reached RMB 3,063,000, with Mr. Zheng Jinxing earning RMB 1,916,000, including a basic salary of RMB 300,000 and a bonus of RMB 1,616,000[9] - For the year ended December 31, 2008, the total remuneration was RMB 2,219,900, with Mr. Zheng Jinxing receiving RMB 1,135,000, which included a basic salary of RMB 300,000 and a bonus of RMB 835,000[12] - The total remuneration for the year ended December 31, 2009, was RMB 2,661,111, with Mr. Zheng Jinxing earning RMB 870,961, including a basic salary of RMB 140,000 and a bonus of RMB 730,961[9] - For the year ended December 31, 2010, the total remuneration was RMB 1,713,600, with Mr. Lin Shuiqing receiving RMB 470,300, which included a basic salary of RMB 300,000 and a bonus of RMB 170,300[12] - The total remuneration for the year ended December 31, 2011, was RMB 2,731,600, with Mr. Lin Shuiqing earning RMB 1,204,100, which included a basic salary of RMB 300,000 and a bonus of RMB 886,422[12] - For the year ended December 31, 2012, the total remuneration was RMB 3,591,000, with Mr. Lin Shuiqing receiving RMB 2,033,500, which included a basic salary of RMB 300,000 and a bonus of RMB 1,718,800[12] - For the year ending December 31, 2013, total compensation for Lin Shuiqing was 864,500, which included a base salary of 550,000 and a bonus of 293,219[15] - For the year ending December 31, 2014, total compensation for Lin Shuiqing increased to 2,037,801, with a base salary of 1,800,000 and a bonus of 197,895[15] - The total compensation for the board members in 2014 was 2,301,801, reflecting an increase from 1,200,500 in 2013[15] Compensation Strategy - The company has consistently increased the total remuneration for key executives over the years, reflecting growth in performance and profitability[4] - The data indicates a trend of increasing bonuses as a significant component of total remuneration, highlighting the company's performance-based compensation strategy[4]

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Year**: 2024 Key Financial Performance - **Net Profit**: Zijin Mining achieved a net profit of 32 billion yuan, representing a year-on-year increase of 51.5% [4] - **Copper Production**: The company produced 1.07 million tons of copper, 730,000 tons of zinc, and 436 tons of silver, aligning with initial production guidance [4][3] Cost Control and Profitability - **Cost Management**: Significant achievements in controlling costs for gold, copper, and zinc, reversing the trend of rising costs seen in previous years [3] - **Copper Smelting Self-Sufficiency**: The smelting self-sufficiency rate exceeded 100%, with annual production between 700,000 to 800,000 tons, which is higher than copper ore production [4][5] Strategic Expansion - **Acquisition of Zangge Mining**: The acquisition of Zangge Mining's controlling stake aims to secure 30% of the Jilong Copper Mine, enhancing resource control and market competitiveness in Tibet, which has become a major domestic base for Zijin [4][6][8] - **Future Production Goals**: Zijin plans to achieve production targets of 1.15 million tons of copper, 85 tons of gold, 440,000 tons of zinc, and 40,000 tons of lithium carbonate by 2025 [4][7] Market and Regulatory Challenges - **US Sanctions**: The company expressed surprise at being included in the US sanctions list concerning Xinjiang, asserting there is no factual basis for the claims. While short-term operations remain unaffected, long-term impacts on downstream customers are a concern [4][10] Competition and Asset Management - **Addressing Potential Competition**: Zijin plans to resolve potential competition issues with Zangge Mining through asset integration and management strategies, pending regulatory approval [4][9] - **Investment in Gold Projects**: Zijin continues to seek acquisition opportunities in the gold sector, despite challenges due to rising gold prices [4][13] Production and Project Updates - **Kamoa Project**: The Kamoa project faced production challenges due to power shortages, with a target of 530,000 to 580,000 tons for 2025 [4][18] - **Capital Expenditure**: The company plans approximately 20 billion yuan in capital expenditure for 2024-2025, focusing on lithium and copper projects [4][19] Financial Structure and Debt Management - **Debt Management**: The company aims to reduce its debt ratio from approximately 55% to below 50% in the future, supported by strong cash flow capabilities [4][22][21] - **Financial Optimization**: Zijin has optimized its financial structure through the issuance of convertible bonds, reducing financial costs and supporting expansion plans [4][20] Resource and Cost Outlook - **Lithium Resource Assessment**: Current lithium resource evaluations are pending formal announcements, with cost management strategies in place to optimize production costs [4][23]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 2. 股份分類 | 普通股 | 股 ...

Investment Rating - The investment rating for Zijin Mining is maintained as "Buy" [6] Core Views - The company is expected to achieve a significant increase in net profit for 2024, estimated at approximately 32 billion yuan, representing a year-on-year growth of 51.5% [1] - The company benefits from rising copper and gold prices, with production capacity being rapidly released, particularly in copper and gold [1][2] - The company has set production guidance for 2025, targeting 1.15 million tons of copper, 85 tons of gold, and 450 tons of silver, among other minerals [2] - The company is well-positioned to benefit from macroeconomic trends, including increased domestic demand and favorable policies [3] Summary by Sections Financial Performance - For 2024, the expected revenue is 318.2 billion yuan, with a net profit of 32 billion yuan, and an EPS of 1.20 yuan [5] - The projected net profit for 2025 is 37.35 billion yuan, with a corresponding P/E ratio of 11.3 [4][5] Production Capacity and Growth - The company has rapidly increased its production capacity, achieving 1.07 million tons of copper and 73 tons of gold in 2024 [1] - Key projects contributing to growth include the Kamoa project and various gold mine expansions [2] Market Outlook - The report anticipates continued upward pressure on copper and gold prices due to macroeconomic factors and supply constraints [3] - The company is expected to maintain its growth trajectory, supported by ongoing projects and favorable market conditions [4][3]

Investment Rating - The report indicates a positive investment outlook for Zijin Mining, with a projected net profit of 32 billion for 2024, representing a 51.5% increase compared to the previous year [2]. Core Insights - The core growth logic for Zijin Mining is attributed to both volume and price increases in key metal commodities, particularly gold and copper [2]. - The company has set production targets for 2024, with copper production expected to reach 1.07 million tons, a 6% increase from 2023, and gold production projected at 73 tons, a 7.4% increase [2]. - Zijin Mining's acquisition of a 24.82% stake in Zangge Mining for 13.7 billion is seen as a strategic move to enhance its resource portfolio, particularly in potassium and lithium [10][11]. Summary by Sections Production and Pricing - Gold prices have seen significant increases, with annual growth of approximately 28% in London and around 30% domestically, while copper prices have risen by 2.6% [4][7]. - The production targets for 2025 include 1.15 million tons of copper and 85 tons of gold, indicating a continued growth trajectory [8]. Resource Acquisition - Zijin Mining's acquisition of Zangge Mining is part of a broader strategy to enhance its resource base, which includes significant potassium and lithium reserves [10][11]. - Zangge Mining is recognized as the second-largest potassium fertilizer producer in China, with a current production capacity of 1.1 million tons per year from the Chaka Salt Lake project [14]. Financial Performance - The report highlights that Zangge Mining's profitability is heavily reliant on its stake in the Xizang Julong Copper Mine, contributing significantly to its net profits [18].

Investment Rating - The report maintains a "Recommended" rating for Zijin Mining (stock code: 601899.SH) [1] Core Views - Zijin Mining is expected to achieve a net profit attributable to shareholders of 32 billion yuan in 2024, representing a year-on-year increase of 52%, with a non-recurring profit of 31.4 billion yuan, up 45% year-on-year [5] - The company has a strong production performance with copper production of 1.07 million tons and gold production of 73 tons in 2024, achieving completion rates of 96% and 99% respectively for its production targets [5] - The company is actively expanding its resource portfolio through acquisitions, including the Akyem gold mine and the La Arena gold mine in Peru, which are expected to significantly increase gold production [5] Financial Performance Summary - The projected financial metrics for Zijin Mining are as follows: - Revenue is expected to grow from 293.4 billion yuan in 2023 to 373.8 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 9.13% [6] - Net profit attributable to shareholders is forecasted to increase from 21.1 billion yuan in 2023 to 43.3 billion yuan in 2026, reflecting a strong growth trajectory [6] - The earnings per share (EPS) is projected to rise from 0.79 yuan in 2023 to 1.63 yuan in 2026, indicating a positive outlook for shareholder returns [6] Production and Cost Management - The company plans to produce 1.15 million tons of copper and 85 tons of gold in 2025, with adjustments made due to power supply issues in the Democratic Republic of Congo [5] - Cost control measures are expected to continue, with a focus on maintaining a downward trend in production costs for key minerals [5] Resource Acquisition Strategy - Zijin Mining is expanding its resource base through strategic acquisitions, including: - The Akyem gold mine, which has an average annual gold production of 11.4 tons [5] - The La Arena gold mine in Peru, which is expected to produce approximately 3.8 tons of gold annually after expansion [5] - Control over Zangge Mining, which will enhance its copper and lithium production capabilities [5]

Core Viewpoint - Zijin Mining Group Co., Ltd. expects a significant increase in net profit for 2024, projecting approximately 32 billion yuan, which represents a year-on-year increase of about 51.5% compared to 2023 [1] Group 1: Performance Forecast - The main reasons for the profit increase include rising prices and production volumes of metal products, effective cost control, and enhanced operational capabilities [1] - The company anticipates a total net profit increase of approximately 10.881 billion yuan compared to the previous year [1] Group 2: Production Capacity and Resource Expansion - In 2024, Zijin Mining's production of major minerals is expected to rise, with copper production reaching 1.07 million tons, gold at 73 tons, zinc (lead) at 450,000 tons, and silver at 436 tons, compared to 2023 figures of 1.01 million tons, 68 tons, 470,000 tons, and 412 tons respectively [2] - The company is actively seizing market opportunities to enhance production capacity, with new projects like the Savaiyalton gold mine and expansions at existing sites contributing to increased gold output [2] - Zijin Mining's resource reserves have significantly increased through self-exploration and acquisitions, including a new copper resource of 14.726 million tons at the Julong Copper Mine [2] Group 3: Strategic Acquisitions - The company has made strategic acquisitions, including the purchase of the Akyem gold mine in Ghana and the La Arena copper mine in Peru, which will enhance its gold production capabilities [3] - The acquisition of a controlling stake in Zangge Mining will significantly boost Zijin Mining's copper and lithium resource reserves, with a total investment of 13.729 billion yuan for a 24.82% stake [5][6] Group 4: Future Production Plans - For 2025, Zijin Mining plans to produce 1.15 million tons of copper, 85 tons of gold, 440,000 tons of zinc (lead), 40,000 tons of lithium carbonate equivalent, 450 tons of silver, and 10,000 tons of molybdenum [4] - The company has slightly adjusted its production targets for copper and lithium due to challenges in lithium extraction technology and market price fluctuations [5]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a current price of 16.25 CNY per share [6]. Core Views - The company is expected to achieve a net profit of approximately 32 billion CNY in 2024, representing a year-on-year increase of about 51.5% [1]. - The production plan for 2025 includes a year-on-year increase of 7.5% in copper and 16.4% in gold output, along with the addition of 40,000 tons of lithium carbonate production [3]. - The company plans to acquire a 24.82% stake in Zangge Mining for 13.7 billion CNY, which will enhance its copper, lithium, and potassium resource reserves [4]. - The outlook for copper and gold prices is positive, with expectations of price increases due to stable demand and macroeconomic factors [4]. Summary by Sections Performance - In Q4 2024, the company's net profit is estimated at 7.6 billion CNY, a year-on-year increase of 54% but a quarter-on-quarter decrease of 17.6% [2]. - The copper production for 2024 is projected at 1.07 million tons, while gold production is expected to reach 73 tons [2]. Production Planning - The company plans to produce 1.15 million tons of copper and 85 tons of gold in 2025, with slight adjustments from previous targets [3]. Acquisition - The acquisition of Zangge Mining is expected to bolster the company's resource base and leverage synergies in lithium extraction technology [4]. Industry Outlook - The report expresses optimism regarding the upward trend in copper and gold prices, driven by stable demand and favorable economic conditions [4]. Profit Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 32 billion CNY, 40 billion CNY, and 47.8 billion CNY, respectively, with corresponding year-on-year growth rates of 51.5%, 25.3%, and 19.4% [4].