紫金矿业集团股份有限公司 关于参加2024年半年度沪市有色金属专场集体业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 9 月 12 日（星期四）16:00 前通过紫金矿业集团股份 有限公司（以下简称"公司"）邮箱 ir@zijinmining.com 进行提问。公司将在 2024 年半年度沪市有色金属专场集体业绩说明会（以下简称"业绩说明会"）上对投资者 普遍关注的问题进行回答。 一、业绩说明会类型 证券代码：601899 证券简称：紫金矿业 编号：临 2024-056 本次业绩说明会以视频直播和网络互动形式召开，公司将针对 2024 年半年度 的经营情况、财务状况等与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 董事会秘书郑友诚先生（如遇特殊情况，参会人员可能进行调整） （一）会议召开时间：2024 年 9 月 13 日（星期五）14:00-17:00 会议召开时间：2024 年 9 月 13 日 ...

证券研究报告 非金融公司|公司点评|紫金矿业（601899） 资源为王，铜、金、锂三足鼎立发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月09日 证券研究报告 |报告要点 本报告从资源端角度出发，分析了紫金矿业在手的锂、铜、金资源情况。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 12.2/10.3/8.7 倍，维持"买入"评级。 |分析师及联系人 王琪 周志璐 SAC：S0590524080003 SAC：S0590524060001 请务必阅读报告末页的重要声明 1 / 12 非金融公司|公司点评 glzqdatemark2 2024年09月09日 紫金矿业(601899) 资源为王，铜、金、锂三足鼎立发展 | --- | --- | --- | |------------|-------------------|-------------- ...

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: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.1.0 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 601889 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 20,589,048,940 | | 0 | | 20,589,048,940 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 20,589,048,940 | | 0 | | 20,589,048,940 | 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2024年9月1日 I. 法定/註 ...

24Q2 单季度业绩创新高，成本控制显成 效 ——紫金矿业 2024 半年报点评 | --- | --- | --- | |--------------------------|-----------------------------|-------| | | | | | | | | | | | | | [ 行业 Table_Industry] : | 有色金属 | | | 日期 : | shzqdatemark 2024年08月28日 | | | [Table_Author] 分析师 : | 于庭泽 | | | SAC 编号 : | S0870523040001 | | | 联系人 : | 郭吟冬 | | | SAC 编号 : | S0870123060051 | | [Table_QuotePic] 最近一年股票与沪深 300 比较 证 券 研 究 报 告 [Table_BaseInfo] 基本数据 最新收盘价（元） 16.07 12mth A 股价格区间（元） 11.44-19.47 总股本（百万股） 26,577.89 无限售 A 股/总股本 77.34% 流通市值（亿元） 4,265.80 公 司 ...

| --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 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]