Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 32 billion yuan in 2024, representing a year-on-year growth of approximately 51.5% [1]. - The company has adjusted its production targets for copper and lithium due to various operational challenges, including power shortages in the Democratic Republic of Congo [3]. - The report anticipates net profits of 32 billion, 37.9 billion, and 42.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 13, 11, and 10 times [3]. Summary by Sections Performance Forecast - The company forecasts a net profit of 32 billion yuan for 2024, with a growth rate of 51.5% compared to the previous year [1]. - For Q4 2024, the expected net profit is 76.4 billion yuan, a year-on-year increase of 54.3% but a quarter-on-quarter decrease of 17.6% [1][2]. Production and Pricing - The company plans to produce 1.07 million tons of copper in 2024, with a target of 1.11 million tons, but has faced challenges that may prevent meeting this target [2]. - The average copper price in Q4 was 75,500 yuan per ton, remaining stable, while gold prices increased by 8% to 616 yuan per gram [2]. Financial Projections - The projected revenue for 2024 is 307.4 billion yuan, with a growth rate of 4.8% [5]. - The report includes detailed financial metrics, such as a projected net profit margin of 10.41% for 2024 [9]. Production Plans - The company has set a production target for 2025 of 1.15 million tons of copper and 85 tons of gold, with adjustments made due to operational constraints [3]. - The lithium carbonate production target has been reduced to 40,000 tons due to low lithium prices and project delays [3].

Investment Rating - The investment rating for the company is "Buy" [7][17]. Core Insights - The company is expected to achieve a net profit of approximately 32 billion yuan in 2024, representing a year-on-year growth of about 51.5%. The non-recurring net profit is projected to be around 31.4 billion yuan, with a year-on-year increase of approximately 45.3% [4][13]. - The production targets for 2024 include 1.07 million tons of copper, 73 tons of gold, 436 tons of silver, and 450,000 tons of zinc (lead) [4][14]. - For 2025, the company plans to increase its copper production to 1.15 million tons and gold production to 85 tons, among other targets [4][15]. - The company is also acquiring a 24.82% stake in Zangge Mining for 13.7 billion yuan, which will enhance its control over the Jilong Copper Mine and improve operational efficiency [4][16]. Summary by Sections Financial Performance - The company forecasts net profits of 32.04 billion yuan, 38.81 billion yuan, and 45.91 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 51.72%, 21.11%, and 18.30% [4][17]. - Earnings per share (EPS) are expected to be 1.21 yuan, 1.46 yuan, and 1.73 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 13.5, 11.1, and 9.4 [4][17]. Production and Capacity - The company aims to fully release its production capacity in 2024, with stable and high production levels in its main metals [4][14]. - The production forecast for 2025 includes significant increases in gold and lithium carbonate equivalent production, indicating a focus on expanding its resource base [4][15]. Strategic Acquisitions - The acquisition of Zangge Mining is expected to strengthen the company's position in the lithium market and enhance its operational capabilities in the region [4][16].

证券代码：601899 证券简称：紫金矿业 编号：临 2025-014 紫金矿业集团股份有限公司 关于 2020 年限制性股票激励计划首次授予部分 第三个解除限售期解除限售暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 30,902,804 股。 本次股票上市流通总数为 30,902,804 股。 本次股票上市流通日期为 2025 年 2 月 5 日。 紫金矿业集团股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日召开第 八届董事会 2025 年第 2 次临时会议、第八届监事会 2025 年第 1 次临时会议，审 议通过了《关于 2020 年限制性股票激励计划首次授予部分第三个解除限售期解除 限售条件成就的议案》，同意为 645 名激励对象办理相关限制性股票解除限售事宜。 本次解除限售的限制性股票数量为 30,902,804 股，占公司目前总股份的 0.12%。 现将有关事项说明如下： 一、2020 年限制性股票激 ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately RMB 32 billion for 2024, an increase of about RMB 10.881 billion or 51.5% compared to the previous year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around RMB 31.4 billion, an increase of approximately RMB 9.783 billion or 45.3% year-on-year[4]. - The previous year's net profit attributable to shareholders was RMB 21.119 billion, with a net profit of RMB 21.617 billion after deducting non-recurring gains and losses[6]. - The earnings per share for 2023 was RMB 0.8[7]. - The company has not identified any significant uncertainties that could affect the accuracy of the earnings forecast[10]. - The earnings forecast has not been audited by an accounting firm[5]. Production and Operations - The company produced 1.07 million tons of copper in 2024, up from 1.01 million tons in 2023; gold production increased to 73 tons from 68 tons; zinc and lead production decreased to 450,000 tons from 470,000 tons; silver production rose to 436 tons from 412 tons[8]. - The company plans to produce 1.15 million tons of copper, 85 tons of gold, 440,000 tons of zinc and lead, 40,000 tons of lithium carbonate equivalent, 450 tons of silver, and 10,000 tons of molybdenum in 2025[9]. - The increase in production and profitability is attributed to rising prices of metal products and improved operational capabilities of overseas subsidiaries[8]. - The company emphasizes that the 2025 production targets are indicative and subject to change based on market conditions[10].

Core Viewpoint - Zijin Mining (601899) is expected to achieve a net profit attributable to shareholders of approximately 32 billion yuan in 2024, representing a year-on-year increase of about 51.5% compared to 21.119 billion yuan in the previous year [1] Group 1: Financial Performance - The company's main metal mining products are experiencing both volume and price increases, while the rising cost trend has been effectively curbed [1] - The operational capabilities of overseas subsidiaries have improved, leading to enhanced profitability [1] Group 2: Production Plans - The company has outlined its production targets for major mineral products in 2025, which include: - Copper: 1.15 million tons - Gold: 85 tons - Zinc (Lead): 440,000 tons - Lithium Carbonate Equivalent: 40,000 tons - Silver: 450 tons - Molybdenum: 10,000 tons [1]

Core Viewpoint - The collaboration between Cangge Mining and Zijin Mining is expected to enhance the economic benefits in the potassium and lithium sectors through combined strengths in cost control and technological capabilities [1] Group 1: Project Performance - Cangge Mining's current production at the Chahar Khan Salt Lake project shows low costs for potassium chloride and lithium carbonate, resulting in high gross margins and strong profitability [1] - The ongoing Mami Cuo Salt Lake project is rich in lithium resources with high lithium concentration, which is anticipated to yield favorable economic outcomes due to its low-cost advantages [1] Group 2: Strategic Synergies - The completion of the transaction will combine Cangge Mining's leading cost control capabilities in potassium and lithium with Zijin Mining's comprehensive autonomous technology and large-scale engineering development capabilities [1] - This partnership aims to accelerate the release of resource potential in the potassium and lithium sectors and facilitate the transformation of resource advantages into economic benefits [1]

证券代码：601899 证券简称：紫金矿业 编号：临 2025-012 紫金矿业集团股份有限公司 关于收购藏格矿业股份有限公司控制权的公告 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法律责任。 一、交易概述 重要内容提示： 公司全资子公司紫金国际控股于 2025 年 1 月 16 日与藏格创投、四川永鸿、 林吉芳、新沙鸿运签署《关于藏格矿业股份有限公司的控制权转让协议》，紫金国 际控股拟以 35 元/股的对价收购上述主体合计持有的藏格矿业 392,249,869 股股 份，对应股权比例为 24.82%，交易金额共计 13,728,745,415 元。本次交易前，公 司已通过全资子公司持有藏格矿业 2,858,900 股股份，持股比例为 0.18%。本次交 易完成后，公司整体持股比例将达 25%。 紫金矿业集团股份有限公司（以下简称"公司"或"紫金矿业"）全资子公 司紫金国际控股有限公司（以下简称"紫金国际控股"）于 2025 年 1 月 16 日与西 藏藏格创业投资集团有限公司（以下简称"藏格创投"）、四川省永鸿实业有限公司 （以下 ...

Summary of Conference Call Company and Industry Involved - The conference call discusses Zijin Mining Group, a company involved in the mining industry, particularly in copper and gold mining, and its recent inclusion in the U.S. Department of Homeland Security's list related to forced labor allegations in Xinjiang, China. Core Points and Arguments 1. **Impact of U.S. Sanctions**: Zijin Mining's subsidiaries in Xinjiang have been added to a list by the U.S. Department of Homeland Security, which has caused stock price fluctuations. The company believes this sanction will not significantly impact its operations as it does not have direct sales to the U.S. [1][4][12] 2. **Nature of the Sanction**: The sanctions are considered to be of a lower level compared to other sanctions imposed by the U.S. on Chinese companies. The primary effect is on the ability to sell products to the U.S., but Zijin does not have significant exposure in this area. [3][4] 3. **Employee Welfare**: The company claims that it provides competitive wages to its employees in Xinjiang, which are higher than the local average, and that many employees take pride in working for Zijin. [2][4] 4. **Geopolitical Risks**: The company acknowledges that geopolitical tensions may lead to increased prices for mining products due to supply chain disruptions. However, it emphasizes the importance of continuing its international expansion despite these risks. [9][10] 5. **Investment Strategy**: Zijin plans to diversify its investments, focusing on surrounding countries and reducing reliance on any single market, particularly in light of potential risks from U.S. sanctions. [10][12] 6. **Capital Structure Development**: The company is working on building a capital system to enhance its market position and leverage its brand for acquisitions in the mining sector. [16][17] 7. **Response to Investor Concerns**: The management reassures investors that the company will not divest from Xinjiang operations, viewing the region as a valuable asset despite external pressures. [12][15] 8. **Future Projects**: Zijin is involved in various international projects and is actively managing its assets to ensure growth and stability. [21][22] Other Important but Possibly Overlooked Content 1. **Limited U.S. Exposure**: The company has minimal direct sales to the U.S. and does not foresee significant indirect impacts from the sanctions. [6][11] 2. **Strategic Partnerships**: Zijin has been acquiring stakes in other mining companies, which is part of its strategy to enhance its influence and operational capabilities in the industry. [17][19] 3. **Market Reactions**: The recent sanctions have caused some investor anxiety, leading to market adjustments, but the company believes this presents a potential buying opportunity for investors. [5][13] 4. **Operational Stability**: Despite the sanctions, the company reports that its operations in Xinjiang remain stable and unaffected. [15][20]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company is positioned as a leading developer of copper and gold resources, with a strong focus on expanding into new energy and materials sectors, aiming to become a world-class mining enterprise [11]. - The company has significantly increased its resource reserves through strategic acquisitions, placing it among the top ten global mining companies in terms of copper, gold, zinc, and lithium resources [1][11]. - The anticipated production growth from key projects, such as the Kamoa-Kakula and the Pegg copper-gold mines, is expected to enhance the company's strong alpha attributes and future growth potential [1][2]. Summary by Sections Section 1: Growth and Competitive Advantage - The company has a strong history of reverse-cycle acquisitions, enhancing its growth potential and competitive edge in the mining sector [11]. - The leadership has successfully integrated a culture of innovation and strategic acquisitions, leading to a diversified resource portfolio [11]. Section 2: Copper Segment - The company is experiencing a growth trend in its copper segment, with significant projects like the Kamoa-Kakula mine expected to reach an annual production capacity of 600,000 tons [1][2]. - The Pegg copper-gold mine has a total copper resource of 19.69 million tons, with production expected to contribute significantly to the company's revenue [1]. Section 3: Gold Segment - The company has made substantial investments in gold projects, including the acquisition of the Shandong Haiyu gold mine, which is projected to produce 15-20 tons of gold annually [1][2]. - Overall, gold production is expected to reach 73.5 tons in 2024 and 85 tons by 2025, solidifying the company's position in the gold market [1]. Section 4: Lithium and New Materials - The company is expanding into the lithium sector, with significant resources in lithium carbonate and plans to increase production capacity in the coming years [2]. - The strategic focus on new energy and materials is expected to create new growth opportunities and enhance the company's overall market position [2]. Financial Projections - The company is projected to achieve revenues of CNY 319.4 billion, CNY 343.3 billion, and CNY 356.1 billion for the years 2024, 2025, and 2026, respectively [2][3]. - Net profit is expected to grow significantly, reaching CNY 32.76 billion in 2024 and CNY 42.17 billion by 2026, reflecting a strong growth trajectory [2][3].

公司在美国没有资产，亦没有取得来自美国的销售收入；所涉在疆权属企业合计的资产、收入、利润等 占公司相关指标比例均未达5%；公司及在疆部分权属企业被列入UFLPA实体清单预计不会对公司产生 重大影响。 证券时报e公司讯，紫金矿业(601899)1月15日晚间公告，公司在疆权属企业均严格遵循中国法律法规及 国际劳工人权基本规则，杜绝一切形式的强迫劳动及其他侵犯员工权益的行为。 公司将与美国法律专家团队合作，研究相关救济程序，并积极与美国相关政府部门沟通以解决相关误 解，争取将公司及在疆部分权属企业从UFLPA实体清单中删除。 ...