Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's profitability in the gold sector continues to strengthen, achieving a record high in quarterly performance [1][2] - In the first three quarters of 2025, the company reported revenue of 254.2 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 37.86 billion yuan, up 55.4% year-on-year [1][4] - The gold production volume for the first nine months of 2025 reached 64.9 tons, a 19.7% increase year-on-year, with the third quarter alone contributing 23.8 tons, a 26.0% increase year-on-year [2] - The unit gross profit for gold increased by 64.8% to 451.7 yuan per gram in the first three quarters of 2025, with a gross margin of 62.7% [2] Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 86.49 billion yuan, a year-on-year increase of 8.1%, and a net profit of 14.57 billion yuan, up 57.1% year-on-year [1][4] - The company expects EPS for 2025-2027 to be 1.94, 2.41, and 2.60 yuan respectively, with corresponding P/E ratios of 16, 13, and 12 [3] Gold Segment - The gold segment has become the largest source of profit for the company, contributing 40.4% to the group's gross profit [2] - The increase in gold production is attributed to new acquisitions and enhanced processing capabilities at various mines [2] Copper Segment - The copper production volume for the first nine months of 2025 was 830,000 tons, a 5.1% increase year-on-year, despite a slight decline in Q3 due to flooding at the Kamoa-Kakula copper mine [3] - The unit gross profit for copper in Q3 was 38,000 yuan per ton, reflecting a year-on-year increase of 9.8% [3]

高盛升紫金矿业港股目标价至37.5港元，上季业绩符合预期。 ...

Core Viewpoint - Goldman Sachs reports that Zijin Mining's net profit for Q3 reached 14.6 billion yuan, with earnings per share of 0.548 yuan, representing a 57% year-on-year increase [1] Financial Performance - The recurring net profit for the first three quarters amounted to 34.7 billion yuan, which is equivalent to 69% of Goldman Sachs' forecast for the entire year of 2025 and 73% of market expectations [1] - The recurring performance is largely in line with both Goldman Sachs' and market expectations [1] Earnings Forecast - Based on the global commodities team's revised forecasts for copper and gold prices, along with the impact of the spin-off of Zijin Gold International and the recent acquisition of RG Gold Mine, Zijin Mining's earnings forecasts for the fiscal years 2025 to 2027 have been raised by 1% to 26% [1] - It is anticipated that Zijin Mining will maintain strong profit growth momentum from 2025 to 2026, achieving an approximate 50% annual compound growth rate, primarily benefiting from rising gold and copper prices as well as increased production [1] Target Price Adjustment - The target price for Zijin Mining's H-shares has been raised from 30 HKD to 37.5 HKD, while the target price for A-shares has been increased from 31 CNY to 37.5 CNY, with a maintained "buy" rating [1]

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining (2899.HK) - **Market Cap**: HK$866.4 billion / $111.5 billion - **Industry**: China Basic Materials Key Financial Highlights - **3Q25 Net Profit**: Rmb14.6 billion, up 57% YoY - **EPS**: Rmb0.548 per share - **9M25 Recurring Net Profit**: Rmb34.7 billion, representing 69% of the full-year estimate for 2025 and 73% of Bloomberg consensus [1][2] - **Operating Cash Flow**: Rmb52.1 billion in 9M25, up 44% YoY [26] - **Free Cash Flow**: Positive at Rmb14.3 billion in 9M25 [26] Production and Sales Performance - **Copper Production**: Total mined copper volume was 830kt in 9M25, up 5% YoY, reaching 75% of the full-year estimate [24] - **Gold Production**: 9M25 gold output was up 20% YoY, also at 76% of the full-year estimates [24] - **Realized ASP for Copper**: Rmb63,718/t in 3Q25, up 3% QoQ [24] - **Realized ASP for Gold**: Rmb768/g in 3Q25, up 4% QoQ [24] Cost and Profitability - **Cost of Goods Sold (COGS)**: Increased by 3-4% QoQ for gold and copper in 3Q25; YoY increase of 11-20% due to declining grades and higher royalties [25] - **Profit from Joint Ventures and Associates**: Rmb4.1 billion in 9M25, increased by 32% YoY [25] Strategic Developments - **Zijin Gold International Spin-off**: Completed on September 30, raising HK$28.7 billion with Zijin retaining an 85% stake [27] - **Acquisition of RG Gold Mine**: Completed on October 10 for US$1.2 billion (Rmb8.6 billion), expected to boost gold output by 6.4% in 2026E [29] Commodity Price Forecasts - **Copper Price Forecast**: Revised up by 2-5% for 2025-26E; expected to reach US$4.44/lb in 2025E and US$4.76/lb in 2026E [30] - **Gold Price Forecast**: Revised up by 3% to US$3,400/oz for 2025E, with risks skewed to the upside [31] Valuation and Investment Outlook - **Revised Target Prices**: HK$37.50 for H shares and Rmb37.50 for A shares [2] - **Earnings Growth**: Expected ~50% profit growth CAGR for 2025-26E driven by rising gold/copper prices and volume growth [2] - **Key Risks**: Fluctuations in gold and copper prices, project execution delays, and currency/country risks associated with overseas assets [33] Financial Ratios and Projections - **P/E Ratio**: Expected to be 15.2x in 2025E [12] - **Dividend Yield**: Projected at 2.1% in 2025E [12] - **Net Debt to Equity**: Expected to decline to 33.3% by 2025E [12] Conclusion Zijin Mining is positioned for strong growth driven by rising commodity prices and strategic acquisitions. The company’s financial performance in 3Q25 and 9M25 indicates robust profitability and operational efficiency, making it a compelling investment opportunity in the basic materials sector.

连续三个季度净利超百亿 紫金矿业的经营业绩再创历史新高。 长江商报消息 ●长江商报记者 沈右荣 全球黄金价格仍然在顽强上涨，站上了4300美元/盎司，"矿茅"紫金矿业（601899.SH，02899.HK）赚嗨 了。 2025年10月17日晚，紫金矿业披露了2025年三季度报告。前三季度，公司实现营业收入超过12500亿 元，同比增长逾10%；归母净利润约379亿元，同比增长幅度超过50%。其中，第三季度，归母净利润 约146亿元。 长江商报记者发现，前三季度，紫金矿业实现的归母净利润已经超过2024年全年水平，日均盈利数达到 惊人的1.4亿元。 矿产金产量增加，金价大涨是紫金矿业前三季度利润增长的重要引擎。前三季度，公司矿产金产量65 吨，同比增长20%。 紫金矿业的经营现金流大幅回流。2025年前三季度，公司经营现金流净额为521.07亿元，同比增长 48.62%。与之对应的是，公司资产负债率进一步至53.01%，较上年末下降2.18个百分点。 持续并购扩张，紫金矿业的资产规模持续扩大。截至2025年9月底，公司总资产达4830.08亿元，较2024 年末增加863.97亿元。 根据最新披露的2025年三 ...

紫金黃金國際截至 2025 年 9 月 30 日止 9 個月未經審核財務資料及營運情況 隨附紫金礦業集團股份有限公司（「本公司」）附屬公司紫金黃金國際有限公司（「紫金黃金 國際」，其股份於香港聯合交易所有限公司上市（股票代碼：2259））發佈的內幕消息—關於 截至 2025 年 9 月 30 日止 9 個月未經審核財務資料及營運情況的公告。 本公司董事會提醒投資者及股東於買賣本公司證券時，務須謹慎行事。 2025 年 10 月 17 日 中國福建 * 本公司之英文名稱僅供識別 1 紫金黃金國際有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則（「上市 規則」）第 13.09(2)(a)條及證券及期貨條例（香港法例第 571 章）第 XIVA 部項下之內幕消 息條文（定義見上市規則）作出本公告。 本公司董事會（「董事會」）欣然公佈截至 2025 年 9 月 30 日止 9 個月本公司及其附屬公司 （統稱「本集團」）未經審核財務資料及營運情況如下： 以國際財務報告準則編制的截至 2025 年 9 月 30 日止 9 個月未經審核財務資料 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 ...

Core Insights - The report highlights that Zijin Mining's profitability has significantly improved due to rising gold prices, with net profit growth outpacing revenue growth, demonstrating the profit elasticity of high-quality resource leaders during a commodity bull market [1][2] Financial Performance - For the first three quarters of 2025, Zijin Mining achieved a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, up 55.45%, both setting historical highs for the same period [1] - The company's gold production reached 65 tons, a 20% increase year-on-year, with Q3 production at 24 tons, reflecting a 7% quarter-on-quarter growth, making it the fastest-growing among its four main products [1] Business Developments - Zijin Mining successfully spun off its gold segment, Zijin Gold International, for an IPO on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD, marking the largest IPO in the global gold mining industry [1] - The gold segment has become a crucial profit driver, with production exceeding annual targets, primarily due to acquisitions and new projects in Ghana, Xinjiang, and other regions [1] Market Conditions - In Q3 2025, international gold prices showed a strong upward trend, with London spot gold closing up approximately 16.8% from the beginning of the quarter, while Shanghai gold prices rose about 14.5% [2] - The gross margin for Zijin Mining's mining operations was 60.62%, an increase of 2.91 percentage points year-on-year, although revenue and net profit growth rates slowed in Q3 [2] Challenges and Risks - The decrease in copper and silver production in Q3 was noted, with copper output down 6% to 260,000 tons, attributed to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [3] - The company is facing challenges with rising unit sales costs for mineral products, partly due to lower ore grades and increased stripping ratios, as well as high transitional costs from newly acquired mines [2][3] Stock Performance - Zijin Mining's stock surged by 52.14% in Q3, with a market capitalization exceeding 800 billion yuan, reaching a historical high of 32.65 yuan post-National Day holiday [3] - Institutional investors have shown caution, with significant sell-offs in Q3, including a reduction in holdings by major investors [3] Future Outlook - The outlook for Q4 2025 remains uncertain, with gold prices reaching new highs but potential short-term corrections due to market concerns about overbuying [4] - The company's ability to manage costs effectively through refined management and technological innovation will be critical in maximizing benefits from rising gold prices [4]

Core Viewpoint - Zijin Mining's Q3 2025 report shows significant profit growth driven by rising gold prices and increased production, highlighting the company's strong performance in a commodity bull market [1][2]. Financial Performance - For the first three quarters of 2025, Zijin Mining achieved revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45%, both setting historical records for the period [1]. - In Q3 2025, the company reported revenue of 86.488 billion yuan, a year-on-year growth of 8.14%, marking a slowdown from the previous quarter's 17.38% growth [2]. - The gross profit margin for mining operations was 60.62%, an increase of 2.91 percentage points year-on-year [2]. Production Highlights - Zijin Mining's gold production reached 65 tons in the first three quarters, a 20% increase year-on-year, with Q3 production at 24 tons, up 7% quarter-on-quarter [1]. - The company’s copper production decreased by 6% to 260,000 tons in Q3, primarily due to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [3]. - Lithium production for the first three quarters was 11,000 tons, including 3,700 tons from Zangge Mining since May 2025 [3]. Market and Stock Performance - Zijin Mining's stock surged by 52.14% in Q3, with a market capitalization exceeding 800 billion yuan, reaching a historical high of 32.65 yuan post-National Day holiday [3]. - Institutional investors have shown caution, with significant sell-offs, including a reduction of 235 million shares by the Northbound Stock Connect [3]. Future Outlook - The trajectory of gold prices remains a critical factor for Zijin Mining's performance in Q4 2025, with the company facing challenges in cost management to maximize benefits from rising gold prices [4].

Core Viewpoint - The performance of gold-related stocks, particularly Zijin Mining, has significantly exceeded market expectations due to rising gold prices and increased production capacity [1][6]. Financial Performance - Zijin Mining reported a total revenue of 254.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.33% [4][5]. - The net profit attributable to shareholders reached 37.86 billion yuan, marking a substantial year-on-year growth of 55.45% [4][5]. - The net cash flow from operating activities was 52.11 billion yuan, up 44.31% compared to the previous year [4][5]. Production and Sales - Gold production for Zijin Mining increased to 65 tons in the first nine months, a 20% rise year-on-year, significantly outpacing the industry average [6]. - The average selling price of gold concentrate was 685.21 yuan per gram, up 41% year-on-year, while the average selling price of gold ingots was 746.43 yuan per gram, up 44% year-on-year [6]. - The company’s copper production reached 830,000 tons, a 5% increase year-on-year, although it saw a 6% decrease in the third quarter compared to the second quarter due to operational disruptions [6]. Market Context - The international gold price has seen a significant rise, with recent trading approaching 4,380 USD per ounce, indicating a potential record year for gold price increases since 1979 [8]. - The overall performance of gold mining companies is benefiting from high gold prices and improved operational efficiencies, with major players like Shandong Gold also reporting substantial profit increases [9]. Future Outlook - Multiple brokerages are optimistic about the continued strength of the gold market, with expectations for China's gold market to exceed 1.2 trillion yuan by 2025 and reach 1.8 trillion yuan by 2030, maintaining a compound annual growth rate of 7% to 9% [10].

Core Insights - The company, Zijin Mining, reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching approximately 254.2 billion yuan, a year-on-year growth of 10.33%, and net profit of about 37.864 billion yuan, up 55.45% [1] - The stock price of Zijin Mining closed at 30.17 yuan per share on October 17, 2023, reflecting a cumulative increase of approximately 104% year-to-date [1] Financial Performance - For Q3 2025, Zijin Mining achieved revenue of approximately 86.489 billion yuan, representing a year-on-year increase of 8.14%, and a net profit of about 14.572 billion yuan, up 57.14% [1] - The gross profit margin for mining enterprises was 60.62%, an increase of 2.91 percentage points year-on-year, while the overall gross profit margin was 24.93%, up 5.4 percentage points year-on-year [3] Production Metrics - In the first three quarters, Zijin Mining's gold production reached 65 tons, a year-on-year increase of 20%, while copper production was 830,000 tons, up 5%, silver production was 335 tons, up 1%, and zinc production was 27 tons, down 12% [3] - In Q3, gold production was 24 tons, a 7% increase quarter-on-quarter, while copper production was 260,000 tons, a 6% decrease quarter-on-quarter [4] Strategic Developments - The increase in gold production was attributed to new acquisitions and projects, including the Ghana Akim Gold Mine, which contributed 3.2 tons of gold, and the new Xinjiang Sava Yalton Gold Mine [4] - The company is actively working on the recovery of the Kamoa-Kakula copper mine in the Democratic Republic of Congo, which was affected by flooding [4] Cost and Pricing Factors - The unit sales cost of mineral products increased due to factors such as declining ore grades and increased transportation distances [5] - The rise in gold prices significantly boosted the company's revenue from gold sales, with the gold segment becoming a key driver of profit growth [6] Subsidiary Performance - Zijin Gold International, a subsidiary, was listed on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD by issuing 401 million shares at a price of 71.59 HKD per share [6] - In the first three quarters, Zijin Gold International produced 32 tons of gold and achieved a net profit of 9.05 million USD, equivalent to approximately 6.484 billion yuan [6]