格隆汇9月22日丨中国罕王(03788.HK)宣布，公司于2025年9月22日与认购方订立认购协议，据此，公司 有条件同意发行及配发，而(i)紫金环球基金(认购方一)有条件同意按每股认购股份3.13港元的认购价认 购2500万股认购股份；及(ii)金山(认购方二)有条件同意按每股认购股份3.13港元的认购价认购5000万股 认购股份。每股3.13港元的较认购协议日期在香港联交所报价的每股收市价3.67港元折让约14.7%; 紫金环球基金(认购方一)为一家通过金山资产管理(为紫金矿业集团的全资附属公司)进行管理的基金。 金山(认购方二)为紫金矿业集团的全资附属公司。紫金矿业集团为一家在中国注册成立的公司，其股份 在香港联交所主板(股份代号：02899)和上海证券交易所(股份代号：601899)上市。认购方一及认购方二 均不会在紧接完成后成为公司的主要股东。 公司拟将认购事项所得款项净额与公司自有资金一同用于支持罕王黄金开发澳大利亚金矿项目。本次发 行认购股份是为了开发位于澳大利亚的Cygnet及MtBundy金矿项目。公司正在分拆其附属公司Hanking Gold Limited(「罕王黄金」)于香港联交所主板 ...

Core Viewpoint - The article discusses the performance of the Nonferrous ETF Fund (159880) and its major holdings, highlighting the fund's recent gains and overall returns since its inception [1]. Fund Performance - The Nonferrous ETF Fund (159880) opened with a gain of 0.79%, priced at 1.522 yuan [1]. - Since its establishment on March 8, 2021, the fund has achieved a return of 50.99% [1]. - Over the past month, the fund's return has been 12.17% [1]. Major Holdings - Key stocks in the Nonferrous ETF Fund include: - Zijin Mining: up 1.92% - Luoyang Molybdenum: up 3.76% - Northern Rare Earth: down 0.53% - China Aluminum: up 0.52% - Shandong Gold: up 3.84% - Huayou Cobalt: up 4.69% - Zhongjin Gold: up 3.50% - Ganfeng Lithium: up 0.34% - Chifeng Jilong Gold: up 2.90% - Yun Aluminum: unchanged [1]. Management Information - The fund is managed by Penghua Fund Management Co., Ltd., with Yan Dong as the fund manager [1].

Core Viewpoint - The upcoming IPO of Zijin Gold International is expected to raise HKD 24.984 billion, making it the second-largest IPO in Hong Kong for 2025, following CATL [2][8] Group 1: IPO Details - Zijin Gold International plans to issue 349 million shares at HKD 71.59 per share, aiming for a total fundraising of HKD 24.984 billion [8] - The funds raised will be used for acquiring an overseas gold mine and upgrading existing mining operations [2][24] - The IPO has attracted 29 cornerstone investors, collectively subscribing to shares worth approximately HKD 12.468 billion [8] Group 2: Company Background - Zijin Mining, founded by Chen Jinghe, has transformed from a struggling county-level mining company into a global mining giant over 43 years [2][10] - The company ranks first among global gold enterprises and fourth among metal mining companies in the 2025 Forbes Global 2000 list [2] Group 3: Market Context and Strategy - The global operating environment is complex, with Zijin Mining facing slowing growth and financial pressure [4][20] - Chen Jinghe's strategy includes leveraging capital to continue steady growth, with a focus on acquisitions [5][24] - The company has a history of successful acquisitions, having completed over 40 deals globally, significantly expanding its asset base [12][19] Group 4: Financial Performance - In 2024 and the first half of 2025, Zijin Mining reported revenues of CNY 303.64 billion and CNY 167.71 billion, with year-on-year growth rates of 3.49% and 11.50% respectively [20] - The net profit attributable to shareholders for the same periods was CNY 32.05 billion and CNY 23.29 billion, showing significant growth [20] Group 5: Future Outlook - The IPO is seen as a self-repair mechanism for Zijin Mining, providing new financing channels and alleviating financial pressure [24] - The company aims to continue its growth trajectory by acquiring the Raygorodok gold mine in Kazakhstan and upgrading existing mines [11][24]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.79 CNY based on a PE ratio of 17X for comparable companies in 2025 [5][2]. Core Insights - The company's copper and gold business is expected to continue experiencing growth in both volume and price, which is anticipated to drive performance upward. The company achieved a net profit of 23.29 billion CNY in the first half of 2025, representing a year-on-year increase of 54.41% [9]. - The company is actively pursuing resource exploration and acquisition strategies to enhance its resource base, with significant increases in copper, gold, and lithium resources reported [9]. - The planned spin-off of the overseas gold segment is expected to facilitate further expansion in the gold business and potentially lead to a revaluation of the company's overall value [9]. Financial Forecasts - The company forecasts revenue growth from 293.4 billion CNY in 2023 to 461.9 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 7.6% [3]. - Net profit is projected to increase from 21.12 billion CNY in 2023 to 74.19 billion CNY in 2027, reflecting a CAGR of about 18.8% [3]. - Earnings per share (EPS) are expected to rise from 0.79 CNY in 2023 to 2.79 CNY in 2027, indicating strong growth potential [3]. Key Financial Metrics - The gross margin is expected to improve from 15.8% in 2023 to 27.8% in 2027, while the net margin is projected to increase from 7.2% to 16.1% over the same period [3]. - The return on equity (ROE) is anticipated to reach 31.6% in 2025, reflecting the company's effective use of equity capital [3]. - The price-to-earnings (PE) ratio is expected to decrease from 30.7 in 2023 to 8.7 in 2027, indicating a potentially attractive valuation as earnings grow [3].

截至2025年9月19日收盘，紫金矿业（601899）报收于25.02元，较上周的25.65元下跌2.46%。本周，紫金矿业9月16日盘中最高价报26.15元。9月 18日盘中最低价报24.11元。紫金矿业当前最新总市值6649.71亿元，在工业金属板块市值排名1/60，在两市A股市值排名19/5153。 2025年9月19日，紫金黄金国际在香港联交所网站刊登招股说明书，启动全球发售。基础发行股数为348,990,700股，其中香港公开发售占10%，国 际发售占90%。超额配售权可额外发行最多52,348,600股，若全额行使，最大发行股数为401,339,300股。发行价格确定为71.59港元/股。香港公开 发售于2025年9月19日开始，预计9月24日结束。新股预计于2025年9月29日在香港联交所挂牌上市。 公司公告汇总 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 紫金矿业拟分拆所属子公司紫金黄金国际有限公司至香港联合交易所有限公司主板上市的相关事宜已获公司2025年第一次临时股东会、2025年第 二次A股类别股东会及H股类 ...

Core Viewpoint - Zijin Mining announced the issuance of a prospectus for its subsidiary, Zijin Gold International, on September 19, 2025, indicating a significant step in its global offering [1] Group 1: Offering Details - Zijin Gold International plans to issue a total of 349 million shares, which represents approximately 13.30% of the total shares post-offering [1] - The offering includes a public sale of 34.89 million shares in Hong Kong, accounting for about 10% of the total offering, while the international offering will consist of 314 million shares, making up 90% of the total [1] - The determined price for the shares is set at HKD 71.59 per share [1] Group 2: Timeline - The Hong Kong public offering is scheduled to begin on September 19, 2025, and is expected to conclude on September 24, 2025 [1] - The new shares are anticipated to be listed and commence trading on the Hong Kong Stock Exchange on September 29, 2025 [1]

Core Viewpoint - Zijin Mining (601899/02899) plans to spin off its subsidiary, Zijin Gold International Co., Ltd., for a listing on the main board of the Hong Kong Stock Exchange [1] Group 1: IPO Details - Zijin Gold International has published its prospectus on the Hong Kong Stock Exchange website on September 19, 2025, with a plan to globally offer 349 million shares, accounting for approximately 13.30% of the total issued shares post-offering [1] - The overall underwriters have the option to exercise an over-allotment option, requesting up to 52.35 million additional shares at the offering price, which could increase the total shares issued to 401 million, representing a significant portion of the offering [1] - The offering price is set at HKD 71.59 per share, with the public offering in Hong Kong starting on September 19, 2025, and expected to end on September 24, 2025, with new shares anticipated to commence trading on September 29, 2025 [1] Group 2: Financial Performance - For the first half of 2025, Zijin Mining reported revenue of CNY 167.71 billion and a net profit attributable to shareholders of CNY 23.29 billion [1]

Group 1 - The core viewpoint of the news is that Zijin Mining has shown significant stock performance with a year-to-date increase of 67.86% and a market capitalization of 6620.47 billion yuan as of September 19 [1] - As of June 30, 2025, Zijin Mining achieved an operating revenue of 1677.11 billion yuan, representing a year-on-year growth of 11.50%, and a net profit attributable to shareholders of 232.92 billion yuan, up 54.41% year-on-year [2] - The company has distributed a total of 534.29 billion yuan in dividends since its A-share listing, with 219.25 billion yuan distributed in the last three years [3] Group 2 - The stock has seen a recent decline of 2.88% over the last five trading days, but has increased by 20.57% over the past 20 days and 25.94% over the last 60 days [1] - The main business revenue composition includes 66.76% from other sources, 41.33% from smelting and trading gold, and 16.26% from copper smelting [1] - As of June 30, 2025, the number of shareholders decreased by 9.27% to 335,700, with an average of 0 circulating shares per shareholder [2]

Core Viewpoint - Zijin Mining is planning to spin off its international gold mining business, Zijin Gold International, for an IPO amid rising gold prices, aiming to raise up to $3 billion [2][3][4]. Group 1: IPO Details - Zijin Gold International has adjusted its fundraising target from $1 billion to $3 billion due to increasing valuations in the gold sector [2]. - The IPO is expected to be one of the largest in Hong Kong this year, potentially becoming the most significant financing operation in the gold sector in recent years [3][4]. - The funds raised will be used for global gold mine acquisitions, enhancing existing mine capacities, and expanding exploration [2]. Group 2: Market Performance - Since the announcement of the spin-off, Zijin Mining's stock price has increased by over 43.5%, reaching a high of 26.35 yuan per share [4]. - The company's stock has seen a maximum increase of 121.66% this year, reflecting strong market interest in gold assets [4]. Group 3: Financial Projections - Zijin Gold International's revenue is projected to grow from $1.818 billion in 2022 to $2.990 billion in 2024, with a compound annual growth rate of 28.2% [7]. - The average gold price for Zijin's mines reached $3,085 per ounce in the first half of the year, contributing to a 42.36% year-on-year revenue increase [7]. Group 4: Operational Challenges - Despite rising revenues, Zijin Gold International faces high mining costs, projected at $1,581 per ounce in 2024, which could pressure profit margins [8]. - The company also faces operational risks from illegal mining activities and land disputes, particularly in politically unstable regions [8]. Group 5: Strategic Implications - The spin-off is seen as a strategic move to enhance the valuation of Zijin's gold business independently from its other metal operations [9][12]. - The separation allows Zijin Gold International to attract long-term investments and provides flexibility for the parent company in its other business segments [12].

证券代码：601899 股票简称：紫金矿业 编号：临 2025-076 紫金矿业集团股份有限公司 紫金黄金国际本次发行的价格确定为 71.59 港元/股。紫金黄金国际香港公开 发售于 2025 年 9 月 19 日开始，预计于 2025 年 9 月 24 日结束。紫金黄金国际本 次发行的新股预计于 2025 年 9 月 29 日在香港联交所挂牌并开始上市交易。 特此公告。 紫金矿业集团股份有限公司 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"）拟分拆所属子公司紫金黄金 国际有限公司（以下简称"紫金黄金国际"）至香港联合交易所有限公司（以下简 称"香港联交所"）主板上市（以下简称"本次分拆上市"）的相关事宜已经公司 2025 年第一次临时股东会、2025 年第二次 A 股类别股东会、2025 年第二次 H 股 类别股东会审议通过。本次分拆上市的具体内容及进展详见公司分别于 2025 年 5 月 1 日、5 月 27 日、6 月 25 日、7 月 1 日、9 月 15 日披露的相关公告 ...