Core Viewpoint - Zijin Mining Group Co., Ltd. expects to achieve a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, representing an increase of about RMB 8.1 billion or 54% compared to the same period last year [1] Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, up from RMB 15.1 billion in the same period last year, an increase of about RMB 8.1 billion or 54% [1] - The expected net profit after deducting non-recurring gains and losses is approximately RMB 21.5 billion, an increase of about RMB 6.1 billion or 40% year-on-year [1] Production and Sales Performance - The production volume of key mineral products for the first half of 2025 is as follows: - Copper: 570,000 tons, up 10% from 520,000 tons in the same period last year - Gold: 41 tons, up 17% from 35 tons - Zinc (Lead): 200,000 tons, down 9% from 220,000 tons - Silver: 223 tons, up 6% from 210 tons - Lithium Carbonate Equivalent: 7,315 tons, up 2,961% from 239 tons [1] - The sales prices of gold, copper, zinc, and silver have increased year-on-year during the reporting period [1]

Core Viewpoint - The non-ferrous metal industry, particularly lithium, potassium, and copper sectors, has shown significant growth, with Cangge Mining's stock reaching historical highs due to strong fundamentals and strategic changes in ownership [1][2][5]. Group 1: Company Performance - Cangge Mining's stock has increased over 20% this year, with 21 stocks reaching historical highs, including a notable performance in July [1]. - The company expects a net profit of 1.75 billion to 1.90 billion yuan for the first half of 2025, representing a year-on-year increase of 34.93% to 46.49% [2]. - Investment income from its stake in Xizang Julong Copper Industry is projected to be approximately 1.265 billion yuan, a year-on-year increase of about 48.08% [2]. Group 2: Business Segments - Cangge Mining holds a 30.78% stake in Julong Copper, which is expected to contribute 1.928 billion yuan in investment income in 2024, with production capacity increasing in the coming years [3]. - As the second-largest potassium fertilizer producer in China, Cangge Mining maintains stable performance, with plans to produce 1 million tons of potassium chloride in 2025 [3]. - The company has advanced lithium extraction technology, maintaining a gross margin of over 45% despite market challenges, and has significant lithium resources in the Marmizuo Salt Lake project [4]. Group 3: Strategic Changes - The change in control to Zijin Mining has strengthened Cangge Mining's resource acquisition capabilities and positioned it as a core lithium platform within the Zijin system [5][6]. - Zijin Mining's expertise in mining operations and cost control is expected to enhance Cangge Mining's governance and accelerate project implementation [6]. - The commitment from Zijin Mining to prioritize Cangge Mining for lithium and potassium operations indicates potential for significant growth in these sectors [6].

证券代码：601899 股票简称：紫金矿业 编号：临 2025-062 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年6月30日。 （二）业绩预告情况 紫金矿业集团股份有限公司 2025年半年度业绩预增公告 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。 重要内容提示： 紫金矿业集团股份有限公司（以下简称"公司"）预计2025年半年度实现 归属于上市公司股东的净利润约人民币232亿元（币种下同），与上年同期相比将 增加约81亿元，同比增加约54%。 预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的净利 润约215亿元，与上年同期相比将增加约61亿元，同比增加约40%。 2024年半年度归属于上市公司股东的净利润：151亿元。 2024年半年度归属于上市公司股东的扣除非经常性损益的净利润：154亿元。 2024年半年度基本每股收益：0.574元/股。 经财务部门初步测算，预计2025年半年度实现归属于上市公司股东的净利润 约232亿元，与上年同期151亿元相比，将增加约81亿元，同比增加约 ...

Core Viewpoint - Zijin Mining (601899) expects to achieve a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, representing an increase of about RMB 8.1 billion compared to the same period last year, which is a year-on-year increase of approximately 54% [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of approximately RMB 21.5 billion for the first half of 2025, which is an increase of about RMB 6.1 billion compared to the same period last year, reflecting a year-on-year increase of approximately 40% [1]

Summary of the Conference Call on Deep Sea Technology and Marine Economy Industry Overview - The marine economy in China surpassed 10 trillion yuan in 2024, accounting for 7.8% of GDP, with a contribution of 11.5% to GDP growth, indicating its significance as a key growth driver for the national economy [2][4] - The government has emphasized deep-sea technology in its work report, highlighting the importance of this sector in national strategy [4] Core Areas of Deep Sea Technology - Deep sea technology encompasses three main areas: 1. **Deep Sea Material R&D**: Focused on high-performance steel, alloys, and composite materials to address challenges in extreme environments [6] 2. **Deep Sea Equipment Manufacturing**: Involves underwater robots, detection equipment, and marine engineering equipment [6] 3. **Deep Sea Digital Applications**: Incorporates information and intelligent technologies in deep-sea operations [6] Investment Opportunities - Investment opportunities are concentrated in: 1. **Specialty Steel, Titanium Alloys, and Polymer Materials**: Companies like Baotai Co., Baose Co., and Gangyan Gaona are key players [10] 2. **Underwater Exploration Equipment**: Including underwater robots and detection radar systems [10] 3. **Shipbuilding and Military Equipment**: This sector is seen as a critical area for future growth [10] Regional Development Initiatives - Coastal provinces such as Shanghai, Guangdong, and Fujian have released development plans focusing on high-tech industries, including marine equipment and new energy [7] Global Strategic Importance - The global competition for deep-sea control is driven by the strategic significance of deep-sea regions, with 90% of the world's waters exceeding 1,000 meters in depth [8][9] Current Industry Trends - The marine equipment industry is currently experiencing high demand, particularly in the exploration sector, which has shown strong performance [11] - Offshore wind power installations are on the rise, with significant potential for deep-sea wind power construction and related infrastructure needs [12] Future Directions in Deep Sea Technology - The development of deep-sea technology is increasingly focused on digitalization and intelligence, with the marine electronic information industry transitioning towards networked and intelligent systems [13] - Underwater data centers are emerging as a key infrastructure, utilizing natural cooling to address heat dissipation issues while being cost-effective [14] AI Integration - The integration of AI in deep-sea technology is gaining traction, particularly in communication needs as deep-sea exploration advances [15]

Group 1 - The Hang Seng Index fell over 1%, while the Hang Seng Tech Index declined by 1.5% [1] - Gold stocks led the decline, with Zijin Mining (02899.HK) dropping over 4% [1] - Cryptocurrency-related stocks also experienced a pullback, with Guotai Junan International (01788.HK) falling over 2% [1]

Core Viewpoint - Zijin Gold International is set to go public on the Hong Kong Stock Exchange, aiming to leverage its position as a leading gold mining company and enhance its competitive strength in the industry [1][2]. Company Overview - Zijin Gold International is a spin-off from Zijin Mining Group, established in 2000, focusing on gold exploration, mining, and sales [1]. - The company holds 100% ownership by Zijin Mining Group, which operates over 30 major mining projects globally, ranking among the top five mining companies in terms of resources, revenue, and market value [1]. Financial Performance - The company has shown significant growth, with a compound annual growth rate (CAGR) of 28.2% in revenue from 2022 to 2024, reaching revenues of 1.818 billion, 2.262 billion, and 2.99 billion yuan respectively [5]. - Net profit has also increased substantially, with a CAGR of 61.9%, achieving net profits of 184 million, 230 million, and 481 million yuan for the same period [5]. - The gross profit margin improved from approximately 34.13% in 2022 to 37.94% in 2024, reflecting a significant increase of 11.74 percentage points [5]. Mining Operations - Zijin Gold International operates eight gold mines in resource-rich regions, including Central Asia, South America, Oceania, and Africa [3]. - The all-in sustaining cost (AISC) for 2024 is projected at $1,458 per ounce, while the average gold price is expected to be $2,288 per ounce, indicating a healthy profit margin [7]. Market Trends - The global gold demand is projected to grow at a CAGR of 5.8% from 2020 to 2024, reaching 148.1 million ounces in 2024, driven by geopolitical uncertainties and increased central bank purchases [8][11]. - The average gold price is expected to rise, reaching $2,386.4 per ounce in 2024 and potentially $3,387.7 per ounce by 2026, supported by ongoing demand from emerging market central banks [11]. Strategic Positioning - The gold mining industry is experiencing increased concentration, with leading companies achieving economies of scale through mergers and resource integration [11][12]. - Zijin Gold International ranks eleventh globally in gold production among the top 15 producers, with a production growth rate of 21.4% from 2022 to 2024, indicating strong competitive positioning [12]. Future Prospects - The company plans to use the funds raised from the IPO for debt repayment, upgrading existing mines, and general operational expenses, indicating a strategic approach to enhance its growth and operational efficiency [5][6].

Core Viewpoint - The gold stock sector, particularly Zijin Mining (02899.HK), has become a focal point for capital as commodity prices stabilize globally, with the stock showing strong upward momentum since late June [1]. Technical Analysis - Zijin Mining has entered a strong upward channel with clear short to medium-term buy signals, making it one of the most attractive stocks in the gold resource sector for technical deployment [1]. - As of July 4, 2025, Zijin Mining's stock price was 21 HKD, down 1.18%, with a five-day volatility of 10.2%, indicating active capital inflow and strong buying interest [1]. - The stock price has stabilized above all major moving averages, with MA10 at 19.82 HKD, MA30 at 19 HKD, and MA60 at 18 HKD, forming a typical bullish arrangement that supports the short to medium-term upward trend [1]. - Technical summary signals indicate a "strong buy" with a signal strength of 16, suggesting a consensus among major indicators leaning towards bullish [6]. Market Performance - On June 30, Zijin Mining's stock price rose by 5.99%, and related call warrant products performed exceptionally well, with JPMorgan's call warrant 13311 and UBS's call warrant 15682 achieving a 29% increase within two trading days, demonstrating nearly five times leverage [1]. - The high consistency in performance among similar call warrant products reflects a trend where similar terms lead to converging movements in a bullish market environment, providing investors with diversified product options [1]. Momentum Indicators - The RSI currently stands at 74, indicating an overbought condition, but no significant signs of a pullback have emerged, suggesting that the strong trend continues [3]. - The MACD shows a continuous upward trend without negative divergence, indicating substantial buying support [3]. - Multiple support levels are identified at 20 HKD and 18.7 HKD, while the short-term resistance level is at 22.1 HKD; a breakthrough at this level could lead to challenges at higher resistance levels of 22.8 HKD or beyond [3]. Trading Strategy - If the stock price retraces to around 20 HKD without breaking below, it could be seen as an ideal entry opportunity [6]. - The first target price for a short to medium-term strategy is set at 22.1 HKD, with a potential upward movement towards 22.8 HKD if the resistance is breached [6]. - For those optimistic about Zijin Mining's performance, considering call warrants such as those issued by Bank of China (16128 and 16925) could be beneficial, with exercise prices of 21.88 HKD and 25.33 HKD, and leverage ratios of 3.4 and 4.9 respectively [6].

Group 1 - The Hong Kong gold sector has seen significant stock price increases this year, with companies like Old Poo Gold and Shandong Gold experiencing price doubles, indicating high market trading sentiment [2] - Zijin Mining Group announced plans to inject its overseas gold mining assets into its wholly-owned subsidiary, Zijin Gold International, and has submitted a listing application to the Hong Kong Stock Exchange [2][3] - The IPO of Zijin Gold International is expected to raise funds for various purposes, including repaying transitional loans for the acquisition of the Kazakhstan Raygorodok gold mine and enhancing existing mining projects [2][9] Group 2 - Zijin Mining's main revenue comes from various metals, with copper being the largest contributor, while the gold mining assets being spun off represent a smaller portion of its overall assets [3] - For the fiscal year 2024, Zijin Mining reported revenues of RMB 303.64 billion, while Zijin Gold International's revenue was approximately USD 2.99 billion (RMB 21.42 billion), accounting for about 7.06% of Zijin Mining's total revenue [3][4] - Zijin Gold International holds rights to eight gold mines across Central Asia, South America, Oceania, and Africa, with significant ownership stakes in most of them [4][5] Group 3 - The financial performance of Zijin Gold International for 2024 includes an adjusted EBITDA of USD 1.384 billion, with a profit margin of 46.3%, benefiting from rising gold prices [5][6] - The acquisition of the Ghana Akim gold mine is expected to contribute significantly to Zijin Gold International's revenue once it is fully integrated into its financials [6] - The Kazakhstan Raygorodok gold mine acquisition is valued at USD 1.2 billion, with expected annual gold production of 5.5 tons, which could enhance Zijin Gold International's earnings [9][10] Group 4 - The stock performance of Zijin Mining has increased by 51.49% this year, attributed to rising gold and copper prices, while its valuation appears lower compared to other gold mining companies [10] - The spin-off of overseas gold mining operations may unlock asset value for Zijin Mining and provide independent financing channels for its subsidiaries [10] - The future performance of Zijin Gold International's IPO will depend on final pricing, offering scale, and market conditions at the time of launch [10]

Group 1 - UBS has raised its copper price forecasts for 2025 and 2026 by 7% and 4% respectively, to $4.24 per pound and $4.68 per pound, reversing previous cautious demand outlooks due to the diminishing impact of tariff uncertainties [1] - UBS maintains an optimistic view on copper prices, supported by favorable supply-side dynamics and long-term demand drivers [1] - UBS has increased the target price for Zijin Mining by 7% to HKD 25.3 and for Luoyang Molybdenum by 12.5% to HKD 9.9, reiterating a "buy" rating [1]