Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining (Ticker: 2899 HK / 601899 CH) - **Industry**: Metals & Mining Key Financial Highlights - **2025 NPAT**: RMB 51.8 billion, a 62% year-on-year increase - **4Q25 NPAT**: RMB 13.9 billion, an 81% year-on-year increase but a 5% decrease quarter-on-quarter - **Revenue Growth**: 4Q25 revenue increased by 30% year-on-year, with a total revenue of RMB 349.1 billion for 2025, reflecting a 15% increase from 2024 - **Gross Margin**: Improved to 25.5% in 2025 from 18.5% in 2024, driven by higher commodity prices despite slight increases in unit costs for key products [2][3][20] Commodity Performance - **Gold Contribution**: Gold became the largest profit contributor in 2025, accounting for approximately 41% of gross profit, while copper contributed around 35% [2][18] - **Commodity Prices**: Realized average selling prices (ASP) for mined copper and gold rose by approximately 12% and 49% year-on-year, respectively [2] - **Output**: Copper output was 1.09 million tons in 2025, with gold output increasing by 23% year-on-year [2][18] Strategic Insights - **Market Dynamics**: Recent pullback in Zijin's shares attributed to weaker commodity prices and capital rotation out of pro-cyclical stocks amid geopolitical conflicts [3] - **Growth Opportunities**: Supply-side tightness due to mine disruptions, resource nationalism, and structural demand from renewables and AI/data centers present potential growth opportunities [3] - **Acquisition Strategy**: Planned acquisition of a controlling stake in Chifeng Gold expected to add approximately 14.7 tons of gold output in 2026, translating to an additional RMB 1.2 billion in earnings [3][25] Valuation and Target Price - **Target Prices**: - H-share target price remains at HKD 58.00, implying a 66.4% upside - A-share target price adjusted to RMB 50.00 from RMB 51.20, implying a 55.3% upside [5][29] - **Valuation Metrics**: - H-share PE multiple of 15.0x applied to 2027 EPS estimate of RMB 3.32 [28] - A-share PE multiple remains unchanged at 15.0x [29] Risks and Challenges - **Downside Risks**: - Delays in new capacity construction - Lower metal prices - Geopolitical conflicts affecting overseas operations - Overambitious M&A transactions impacting financials - Higher production costs due to inflation and declining ore grades [30] ESG and Operational Highlights - **ESG Metrics**: Clean energy usage increased significantly, with renewable energy generation reaching over 900 million kWh, up 68% year-on-year [25] - **Production Plans**: - Copper output guidance for 2026 is set at 1.20 million tons, with further expansions planned [18] - Lithium output expected to grow significantly, with a compound annual growth rate (CAGR) of approximately 128% from 2025 to 2028 [18] Conclusion - **Investment Recommendation**: Maintain Buy rating on both H- and A-shares due to strong fundamentals, growth potential, and attractive valuation levels despite recent share price weakness [3][29]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 紫金礦業集團股份有限公司 呈交日期： 2026年3月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | A | | 於香港聯交所上市 | | 否 | | | 證券代號 (如上市) 601899 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | | 每股發行/出售價 (註4) | 已發行股份總 ...

Investment Rating - The investment rating for the company is "Buy" [5][5]. Core Views - The company aims to become a "green high-tech first-class international mining group," with expectations for significant value enhancement driven by rising copper and gold prices. The projected net profit growth rates for 2026-2028 are +61%, +25%, and +21% respectively [1][4]. - In 2025, the company achieved record-high operating performance with revenues of RMB 349.1 billion, a 15% year-on-year increase, and a net profit of RMB 51.8 billion, reflecting a 62% year-on-year growth [2][2]. - The company has a strong resource base, with significant increases in gold and copper resources, and has completed several acquisitions that contribute to production and profit [2][2]. Summary by Sections Financial Performance - In 2025, the company reported revenues of RMB 349.1 billion, a 15% increase year-on-year, and a net profit of RMB 51.8 billion, up 62% year-on-year, aligning with the company's profit forecast [2][2]. - The average prices for LME copper and SHFE gold rose by 43% and 9% respectively in 2025 [2][2]. - The company’s gold production reached 90 tons, a 23% increase, while copper production was 1.09 million tons, a 2% increase [2][2]. Future Outlook - The company plans to enhance its resource reserves and production capacity by 2028, aiming for gold and copper production to rank in the top three globally [3][3]. - The projected production for key minerals by 2028 includes 130-140 tons of gold, 150-160 million tons of copper, and 27-32 thousand tons of lithium carbonate equivalent [3][3]. Profit Forecast and Valuation - The net profit forecasts for 2026-2028 are RMB 83.2 billion, RMB 104.1 billion, and RMB 126.1 billion respectively, with adjustments based on expected production increases [4][4]. - The target valuation for the company is set at a PE ratio of 13-16x for 2026, with target prices of RMB 44.93 and HKD 48.50 for A and H shares respectively [4][4].

本公告乃根據香港聯合交易所有限公司證券上市規則第 13.43 條而發出。 董事會會議通知 紫金礦業集團股份有限公司（「本公司」）董事會謹此宣佈將於 2026 年 4 月 21 日（星期二） 舉行董事會會議，藉以（其中包括）審議及批准截至 2026 年 3 月 31 日止三個月本公司及其 附屬公司之 2026 年第一季度業績及其發佈。 2026 年 3 月 27 日 中國福建 * 本公司之英文名稱僅供識別 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company achieved a record high in 2025 with revenue of 349.08 billion yuan, a year-on-year increase of 15.0%, and a net profit attributable to shareholders of 51.78 billion yuan, up 61.5% year-on-year [4][6]. - The report highlights significant production increases in gold and copper, with gold production reaching 89.5 tons (up 22.8% year-on-year) and copper production at 1.085 million tons (up 1.6% year-on-year) [6]. - The company plans to further increase production in 2026, targeting 105 tons of gold and 1.2 million tons of copper [6]. - The report notes a rise in gross profit margin for mineral products to 61.56%, an increase of 3.6 percentage points year-on-year [4]. Financial Data Summary - For 2025, the company reported total revenue of 349,079 million yuan and a net profit of 51,777 million yuan, with a projected revenue of 444,557 million yuan for 2026, reflecting a growth rate of 27.4% [5][7]. - The earnings per share (EPS) for 2025 is estimated at 1.95 yuan, with projections of 3.05 yuan for 2026 [5]. - The company's return on equity (ROE) is expected to be 27.9% in 2025, increasing to 32.6% in 2026 [5]. Production and Cost Insights - The report details production plans, including a target of 130-140 tons of gold and 150-160 tons of copper by 2028 [6]. - The cost of gold production in 2025 is reported at 275.2 yuan per gram, reflecting a year-on-year increase of 19.3% [6]. - The selling price of gold in 2025 is projected to be 777.7 yuan per gram, an increase of 49.4% year-on-year [6].

Group 1 - The core point of the news is the decline in the performance of the Huaxia Nonferrous Metals ETF (516650), which opened down 2.08% at 1.840 yuan on March 27 [1][2] - Major holdings of the ETF, including Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth, also experienced declines, with Zijin Mining down 1.84% and Luoyang Molybdenum down 1.54% [1] - The ETF's performance benchmark is the CSI Sub-Industry Nonferrous Metals Theme Index, managed by Huaxia Fund Management Co., with a return of 87.78% since its inception on June 9, 2021, but a recent one-month return of -17.31% [2] Group 2 - The MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [3]

Group 1 - The core point of the news is the performance of the Huabao Nonferrous ETF (159876), which opened down by 1.71% at 0.979 yuan on March 27 [1][2] - Major holdings of the Huabao Nonferrous ETF experienced declines, including Zijin Mining down 1.84%, Luoyang Molybdenum down 1.54%, Northern Rare Earth down 2.06%, and others [1][2] - The Huabao Nonferrous ETF has a performance benchmark of the CSI Nonferrous Metals Index return, managed by Huabao Fund Management Co., with a return of 98.98% since its establishment on March 12, 2021, but a recent one-month return of -17.30% [1][2]

Group 1 - The core point of the news is the decline in the performance of the non-ferrous ETF Penghua (159880), which opened down 1.80% at 1.905 yuan [1][2] - Major holdings of the non-ferrous ETF Penghua experienced significant declines, including Zijin Mining down 1.84%, Luoyang Molybdenum down 1.54%, and Northern Rare Earth down 2.06% [1][2] - The performance benchmark for the non-ferrous ETF Penghua is the Guozhen Non-Ferrous Metal Industry Index return rate, with a return of 93.92% since its establishment on March 8, 2021, and a recent one-month return of -18.09% [1][2] Group 2 - The news mentions the formation of a MACD golden cross signal, indicating potential upward momentum for certain stocks, although specific stocks are not detailed in the provided content [3]

Group 1 - The Silver ETF (159871) opened down 2.06% at 0.952 yuan on March 27 [1][2] - Major holdings in the Silver ETF include Zijin Mining down 1.84%, Luoyang Molybdenum down 1.54%, Northern Rare Earth down 2.06%, and others showing similar declines [1][2] - The Silver ETF has a performance benchmark of the CSI Nonferrous Metals Index return, managed by Silver Fund Management Co., with a return of 94.22% since its inception on March 10, 2021, but a recent one-month return of -17.18% [1][2] Group 2 - The article mentions the formation of a MACD golden cross signal, indicating potential upward momentum for certain stocks [3]

FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2026年3月25日 ...