Core Insights - The article highlights the remarkable growth and expansion of Zijin Mining, showcasing its impressive financial performance and strategic acquisitions in the mining sector [3][5][10]. Financial Performance - In the first nine months of 2025, Zijin Mining reported a revenue of 254.2 billion yuan and a net profit of 37.8 billion yuan, marking a 55% increase compared to the previous year [3]. - The company's gold sales reached 43.3 billion yuan, reflecting a nearly 70% increase year-on-year [5]. Strategic Acquisitions - On October 10, 2025, Zijin Mining acquired the RG gold mine in Kazakhstan for 8.6 billion yuan, increasing its number of gold mines to 17 [5]. - The RG gold mine is noted for its low extraction costs and strong profitability, with an average annual gold production of 6 tons expected between 2023 and 2024 [5]. Historical Context - Zijin Mining began its journey from the Zijinshan mining area in Fujian, initially considered a "chicken rib" mine due to low ore quality [8]. - The introduction of heap leaching technology significantly boosted its gold production from zero to over 1,000 kilograms within a few years [8]. Expansion Strategy - The company has aggressively expanded its operations, acquiring quality mines during downturns in gold prices, and has established a presence in 17 countries with over 30 large mining projects [10]. - Zijin Mining's average acquisition cost is reported to be $61.3 per ounce, which is lower than the industry average [10]. Market Dynamics - The surge in global gold prices, rising from $2,700 per ounce at the beginning of the year to $4,300 by mid-October, has significantly contributed to Zijin Mining's market valuation increase of 390 billion yuan [12][13]. - The company's high debt-to-asset ratio of 56.36% indicates a reliance on leverage for its aggressive expansion [13]. Investor Sentiment - There is a mix of optimism and skepticism among employees and the public regarding the company's rapid acquisitions and operational conditions, with some expressing concerns about outdated equipment and safety issues [12]. - The article emphasizes the importance for investors to remain cautious and informed about the high volatility and risks associated with mining stocks [14].

证券代码：601899 股票简称：紫金矿业 编号：临 2025-091 紫金矿业集团股份有限公司 第八届董事会临时会议决议公告 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。 紫金矿业集团股份有限公司（以下简称"公司"）第八届董事会 2025 年第 16 次临时会议于 2025 年 10 月 24 日以通讯方式召开，会议应收董事反馈意见 12 份， 实收 12 份。本次会议的召集和召开程序符合《公司法》和《公司章程》的有关规 定，表决结果合法有效，决议如下： 审议通过《关于全额认购龙净环保定向发行 A 股股票的议案》 董事会同意公司以现金方式全额认购公司控股子公司福建龙净环保股份有限 公司（以下简称"龙净环保"，股票代码 600388）定向发行的不超过 167,926,112 股 A 股股票，认购价格为人民币 11.91 元/股（不低于定价基准日前 20 个交易日股 票均价 14.88 元/股的 80%），认购资金不超过人民币 200,000 万元。龙净环保本次 募集资金拟全额补充流动资金。 截至 2025 年 9 月 30 ...

审议通过《关于全额认购龙净环保定向发行 A 股股票的议案》 董事会同意公司以现金方式全额认购公司控股子公司福建龙净环保股份有限 公司（以下简称"龙净环保"，股票代码 600388）定向发行的不超过 167,926,112 股 A 股股票，认购价格为人民币 11.91 元/股（不低于定价基准日前 20 个交易日股票 均价 14.88 元/股的 80%），认购资金不超过人民币 200,000 万元。龙净环保本次募 集资金拟全额补充流动资金。 海外監管公告 此乃紫金礦業集團股份有限公司（「本公司」）登載於中華人民共和國上海證券交易所（「上 交所」）網頁的公告。 2025 年 10 月 24 日 中國福建 * 本公司之英文名稱僅供識別 证券代码：601899 股票简称：紫金矿业 编号：临 2025-091 紫金矿业集团股份有限公司 第八届董事会临时会议决议公告 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。 紫金矿业集团股份有限公司（以下简称"公司"）第八届董事会 2025 年第 16 次临时会议于 2025 年 10 月 24 日以 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 43.29, representing a potential upside of 36% from the current price of HKD 31.76 [2][5]. Core Insights - The company demonstrated strong resilience with performance exceeding market expectations, driven by both gold and copper production [5]. - The company has a diversified global mineral portfolio, effectively mitigating risks associated with price fluctuations of individual metals [5]. - The long-term growth strategy is clear, with ongoing expansions at major mines expected to support production growth in the coming years [5]. Financial Performance Summary - For the fiscal year ending December 31, 2023, the company reported revenues of CNY 293.4 billion, a 9% increase year-over-year, and a net profit of CNY 21.1 billion, reflecting a 5.4% growth [3][6]. - The forecast for 2025 predicts revenues of CNY 363.2 billion, a 20% increase, and net profit of CNY 53.1 billion, a significant 65.7% growth [3][6]. - The company achieved a third-quarter revenue of CNY 86.5 billion in 2025, an 8.14% year-over-year increase, with net profit reaching CNY 14.6 billion, up 57.14% [5]. Production and Operational Highlights - Gold production in the first three quarters of 2025 reached 65 tons, a 20% increase, primarily from projects in Ghana, Shanxi, Guizhou, and Serbia [5]. - Copper production for the same period was 830,000 tons, a 5.1% increase, despite a slight decline due to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [5]. - The company is set to enhance copper production by 150,000 to 200,000 tons with the completion of the tailings dam at the Jilong copper mine by the end of 2025 [5]. Financial Metrics - The company’s earnings per share (EPS) is projected to grow from CNY 0.80 in 2023 to CNY 2.00 in 2025, reflecting a 65.1% increase [3][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 40.9 in 2023 to 16.4 in 2025, indicating improved valuation as earnings grow [3][6]. - The dividend per share is forecasted to rise from CNY 0.26 in 2023 to CNY 0.64 in 2025, with a dividend yield increasing from 0.8% to 1.9% [3][6].

Core Viewpoint - The report from First Shanghai maintains a "Buy" rating for Zijin Mining (02899) with a target price of HKD 43.29, highlighting the company's clear long-term growth logic and strong financial performance in Q3 2025 [1] Financial Performance - In Q3 2025, the company's revenue reached CNY 86.489 billion, a year-on-year increase of 8.14%, while the net profit attributable to shareholders was CNY 14.572 billion, up 57.14% [1] - For the first three quarters of 2025, total revenue amounted to CNY 254.2 billion, reflecting a year-on-year growth of 10.33%, with a net profit of CNY 37.864 billion [1] Gold Production and Copper Mining - The company's gold production in the first three quarters of 2025 reached 65 tons, representing a 20% year-on-year increase, primarily driven by projects in Ghana, Shanxi, Guizhou, and Serbia [1] - The gross margins for gold concentrate and gold ingots were 55.8% and 72.8%, respectively, showing year-on-year increases of 11.22 and 4.71 percentage points [1] Global Diversification and Risk Management - The company has implemented a global strategy covering key minerals such as copper, gold, and lithium, demonstrating strong capabilities in resource acquisition and integration [1] - Recent acquisitions of RGGold Mine and Raygorodok gold mine have not only increased the company's gold resource reserves but also expanded its global influence [1] - The company has strategically entered the new energy metal sector, particularly in lithium resources, although the lithium business currently contributes less to overall revenue [1]

Core Viewpoint - The report maintains a "Buy" rating for Zijin Mining (02899) with a target price of HKD 43.29, highlighting the company's clear long-term growth logic supported by the expansion of world-class mines [1] Financial Performance - In Q3 2025, the company achieved a revenue of CNY 86.489 billion, a year-on-year increase of 8.14%, and a net profit attributable to shareholders of CNY 14.572 billion, up 57.14% [1] - For the first three quarters of 2025, total revenue reached CNY 254.2 billion, growing by 10.33%, while net profit attributable to shareholders was CNY 37.864 billion, reflecting a 55.45% increase [1] - The weighted average return on equity (ROE) was 25.45%, an increase of 5.23 percentage points year-on-year, and net cash flow from operating activities was CNY 52.107 billion, up 44.31% [1] Gold Production - In the first three quarters of 2025, the company's gold production reached 65 tons, a 20% year-on-year increase, primarily driven by projects in Ghana, Shanxi, Guizhou, and Serbia [2] - The gross margins for gold concentrate and gold ingots were 55.8% and 72.8%, respectively, reflecting increases of 11.22 and 4.71 percentage points year-on-year [2] - The company's main gold-producing mines contributed a total of 52 tons, with Zijin Gold International contributing 32 tons and domestic mines along with Bogala contributing 20 tons [2] Copper Production - The copper production for the first three quarters was 830,000 tons, a 5.1% year-on-year increase, although there was a slight decline due to flooding incidents at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [2] - The second phase of the company's Julong copper mine has completed the construction of the tailings dam drainage tunnel, allowing for clean water testing, with production expected to commence by the end of 2025, adding 150,000 to 200,000 tons of copper [2] Global Diversification - The company has implemented a global strategy covering key minerals such as copper, gold, and lithium, showcasing strong capabilities in resource acquisition and integration [3] - Recent acquisitions of RGGold Mine and Raygorodok gold mine have increased the company's gold resource reserves and expanded its global influence [3] - The strategic entry into the lithium sector, although currently contributing limited revenue, is seen as a future growth driver and will attract market attention [3]

Core Viewpoint - The report maintains a "Buy" rating for Zijin Mining (02899) with a target price of HKD 43.29, highlighting the company's clear long-term growth logic supported by the expansion of world-class mines [1] Financial Performance - In Q3 2025, the company's revenue reached CNY 86.489 billion, a year-on-year increase of 8.14%, while net profit attributable to shareholders was CNY 14.572 billion, up 57.14% [1] - For the first three quarters of 2025, total revenue was CNY 254.2 billion, reflecting a 10.33% year-on-year growth, and net profit attributable to shareholders was CNY 37.864 billion, increasing by 55.45% [1] - The weighted average return on equity (ROE) was 25.45%, up 5.23 percentage points year-on-year, and net cash flow from operating activities was CNY 52.107 billion, a 44.31% increase [1] Gold Production - In the first three quarters of 2025, the company's gold production reached 65 tons, a 20% year-on-year increase, primarily driven by projects in Ghana, Shanxi, Guizhou, and Serbia [2] - The gross margins for gold concentrate and gold ingots were 55.8% and 72.8%, respectively, showing increases of 11.22 and 4.71 percentage points year-on-year [2] - The main gold-producing mines contributed a total of 52 tons, with Zijin Gold International contributing 32 tons and domestic mines along with Bogala producing 20 tons [2] Copper Production and Future Prospects - Copper production for the first three quarters was 830,000 tons, a 5.1% year-on-year increase, although there was a slight decline due to flooding incidents at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [2] - The second phase of the Giant Dragon copper mine's tailings dam drainage tunnel has been completed, allowing for clean water trials, with production expected to commence by the end of 2025, adding 150,000 to 200,000 tons of copper [2] Global Diversification Strategy - The company has implemented a global strategy covering key minerals such as copper, gold, and lithium, showcasing strong capabilities in resource acquisition and integration [3] - Recent acquisitions of RGGold Mine and Raygorodok gold mine have not only increased gold reserves but also expanded the company's global influence [3] - The strategic entry into the lithium resource sector, although currently contributing minimally, is seen as a future growth driver and will attract market attention [3]

Core Viewpoints - The company benefited from the simultaneous increase in gold and copper prices, achieving a revenue of 86.49 billion yuan in Q3 2025, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 14.57 billion yuan, a year-on-year increase of 57.1% and a quarter-on-quarter increase of 11.0% [1] - On September 30, 2025, Zijin Gold International successfully listed on the Hong Kong Stock Exchange, setting multiple records for mining company IPOs, allowing the company to share in the future growth and potentially enhance its overall market value through revaluation [1] Financial Performance - In Q3 2025, the company achieved a gold production of 24 tons, a quarter-on-quarter increase of 7%, while copper production decreased by 6% to 260,000 tons due to the flooding incident at the KK copper mine in the Democratic Republic of Congo [2][3] - For the first three quarters of 2025, the company reported a net profit of approximately 37.9 billion yuan, with gold and copper production increasing by 20% and 5% year-on-year, respectively [2] Price Trends - In Q3 2025, the sales price of gold ingots (excluding tax) was 746 yuan per gram, a year-on-year increase of 44%, while the sales price of copper concentrate was 60,900 yuan per ton, a year-on-year increase of 8% [3] IPO Success - The successful listing of Zijin Gold International on the Hong Kong Stock Exchange raised approximately 28.7 billion HKD, marking the largest IPO in the global gold mining industry to date and the second-largest IPO globally in 2025 [4] - The gold business accounted for 40.4% of the company's gross profit in the first three quarters of 2025, significantly enhancing the company's performance [4] Future Outlook - The company expects net profits attributable to shareholders to reach 50.4 billion yuan, 64.3 billion yuan, and 71.9 billion yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 15.64, 12.26, and 10.96 times [4]

Group 1 - Gold prices have increased over 60% this year, marking the most significant rise since 1979, with the current status of gold being described as "unshakeable" despite recent adjustments [1] - The global monetary expansion and devaluation have significantly driven up gold prices, with central banks increasing their gold reserves, yet China's gold reserves are still below the global average [1] - To reach the global average of 30% in gold reserves relative to foreign exchange reserves, China would need to increase its gold reserves to 5,500 tons [1] Group 2 - Zijin Mining Group ranks first among global gold companies and fourth among global metal mining companies in the 2025 Forbes Global 2000 list, with significant resource control [2] - The company reported a revenue of 254.2 billion yuan and a net profit of 37.9 billion yuan for the first three quarters of the year, reflecting a 10% and 55% year-on-year increase, respectively [2] - Zijin Mining is expected to achieve a net profit of 50 billion yuan for the year, supported by its substantial resource reserves [2] Group 3 - Zijin Mining operates over 30 significant mining bases across 17 provinces in China and 17 countries overseas, positioning itself to become one of the largest mining groups globally [3]

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining (2899 HK/601899 CH) - **Industry**: Metals & Mining Key Financial Results - **3Q25 Net Profit**: RMB 14.6 billion, an increase of 11% quarter-on-quarter (q-o-q) and 57% year-on-year (y-o-y) [1][10] - **Mined Gold Sales Volume**: Increased by 9% q-o-q and 27% y-o-y [1] - **Mined Copper Sales Volume**: Remained flat q-o-q but increased by 8% y-o-y [1] - **Average Selling Price (ASP) of Mined Gold**: Increased by 4% q-o-q and 43% y-o-y [1] - **Unit Cost of Mined Gold**: Increased by 3% q-o-q and 20% y-o-y to approximately RMB 280/g [1] - **Gross Margin for Mined Gold**: Improved to 63.6%, up 7 percentage points (ppt) y-o-y, flat q-o-q [1] Strategic Outlook - **Output Targets**: - Copper: 1.5-1.6 million tons (mt) by 2028, revised target for 2025 to 1.1 mt [2] - Gold: 100-110 tons by 2028, with Zijin Gold International targeting approximately 100 tons annually by 2030 [2] - **Cost Management**: Focus on cost optimization before scaling lithium output, with full-year cost inflation for gold and copper expected to remain within 5-8% y-o-y [2] - **Earnings Momentum**: Anticipated sustained gold price strength and operational efficiency improvements to support earnings in 4Q25 and FY26 [2] Investment Ratings and Target Prices - **Rating**: Maintain Buy on H/A shares [3] - **Target Prices**: - H-share: Increased to HKD 43.00 from HKD 41.80, implying a 33% upside [3][5] - A-share: Increased to RMB 39.20 from RMB 38.00, implying a 32% upside [3][5] Financial Projections - **Earnings Growth**: Projected compound annual growth rate (CAGR) of 31% for 2024-2027 [3] - **Earnings Estimates**: Increased for 2025/26/27 by 5%/10%/6% respectively [3][23] Risks and Challenges - **Potential Risks**: - Delays in new capacity construction - Lower metal prices - Geopolitical conflicts affecting overseas operations - Overambitious mergers and acquisitions (M&A) impacting financials - Rising production costs due to inflation and stricter regulations [26] Additional Insights - **One-off Gains**: Approximately RMB 1.5 billion from changes in fair value of financial assets [1] - **Market Capitalization**: Approximately HKD 872.25 billion (USD 112.29 billion) [6] - **Free Float**: 77% for both H and A shares [6] This summary encapsulates the key points from the conference call, highlighting Zijin Mining's financial performance, strategic outlook, investment ratings, and associated risks.