Group 1 - The core point of the news is that Schroders PLC has reduced its stake in Zijin Mining Group Co., Ltd. from 6.21% to 5.96% by selling 15.168 million shares at an average price of HKD 27.838 per share, amounting to approximately HKD 422 million [1][2]. Group 2 - After the reduction, Schroders PLC's total shareholding in Zijin Mining is now 356,876,162 shares [1][2].

| 股份代號: | 02899 紫全球樂團團設份有限公司 - H基 | 上市法國名稱: | | --- | --- | --- | | 日期(日/月/年): | 10/08/2025 - 10/09/2025 | Concession and Children and Children and Children West Children and | | 表格序数 | 大阪東/董事/愛羅行政人員名 作出接星的 寶入/ 廣出或法及的 華版的平均價 | | 持有單盤的股份數目 佔已發行的 有關事件的日期相關法員股份 價權班權益 | | --- | --- | --- | --- | | | 100 股份數目 | | (轉發開上述*註 有投票權股(日)月/年) 體驗 | | | | | 份画分比 | | | | | 96 GARE | | CS20250909E00195 Schroders PLC | 1201(L) | 15,168,000(L) | HKD 27,8380 356,876,162(L) 5.96(L)05/09/2025 | 减持后，Schroders PLC最新持股数目为356,876,16 ...

香港联交所最新资料显示，9月5日，Schroders PLC减持紫金矿业（601899）(02899)1516.8万股，每股均 价27.838港元，总金额约为4.22亿港元。减持后最新持股数目约为3.57亿股，最新持股比例为5.96%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月5日，Schroders PLC减持紫金矿业(02899)1516.8万 股，每股均价27.838港元，总金额约为4.22亿港元。减持后最新持股数目约为3.57亿股，最新持股比例 为5.96%。 ...

Core Viewpoint - First Shanghai maintains a "Buy" rating for Zijin Mining (02899) and adjusts the net profit forecast for 2025-2027 to CNY 48.5 billion, CNY 54.1 billion, and CNY 59.7 billion respectively, raising the target price to HKD 37.61, corresponding to a 20x PE for 2025 [1] Group 1 - The company achieved its best half-year performance in history, with operating revenue of CNY 167.7 billion in the first half of 2025, an increase of 11.5% year-on-year, and a net profit attributable to shareholders of CNY 23.3 billion, up 54.41% year-on-year [1] - The core mineral products, copper and gold, experienced a dual boost in both volume and price, showcasing the company's ability to accurately grasp the cycle and benefit from the commodities bull market [1] - The global macroeconomic environment in the first half of 2025 provided strong support for non-ferrous metal prices, with gold gross profit contribution surpassing that of copper for the first time due to a significant rise in gold prices [1] Group 2 - The company's resource reserves continue to grow, with the lithium business valuation awaiting recovery [1] - The company implements a globalization strategy, operating significant mining investment projects in 17 countries, covering major minerals such as copper, gold, and lithium, with 47% of its assets located overseas [1] - In the first half of 2025, the company added 2.049 million tons of copper resources and 1.322 million tons of reserves compared to the beginning of the year [1]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [8]. Core Views - The company has shown robust expansion with record-high performance indicators, achieving a revenue of 167.71 billion yuan in H1 2025, a year-on-year increase of 11.50%, and a net profit of 23.29 billion yuan, up 54.41% year-on-year [1][5]. - The company is expected to benefit from the long-term growth of copper and gold prices, supported by increased resource reserves that provide room for expansion [5]. Summary by Sections Performance - In H1 2025, the company achieved a total revenue of 167.71 billion yuan, with a profit of 34.50 billion yuan, and a net profit attributable to shareholders of 23.29 billion yuan, reflecting significant year-on-year growth [1]. Production Volume - The company reported steady increases in the production of its main products: copper production reached 570,000 tons (up 9% YoY), gold production was 41 tons (up 16% YoY), and lithium carbonate equivalent production surged by 2961% to 7,315 tons [2]. Cost and Profitability - The operating cost for H1 2025 was 127.88 billion yuan, a 5.16% increase YoY, primarily due to declining ore grades and increased transportation distances. However, the rise in gold and copper prices contributed to an increase in gross margin by 4.60 percentage points [3]. Expenses - Financial expenses decreased by 13.46% YoY due to lower financing costs, while management expenses rose by 24.25% YoY, attributed to increased labor costs and hiring due to expansion [4]. Investment Recommendations - The report maintains a positive outlook on copper and gold prices, projecting continued revenue and profit growth. The company’s resource reserves have significantly increased, supporting future production expansion. The net profit estimates for 2025, 2026, and 2027 have been raised to 48.17 billion yuan, 53.16 billion yuan, and 59.19 billion yuan respectively [5][6].

Core Viewpoint - The company maintains a "buy" rating for Zijin Mining (601899) and has adjusted its net profit forecasts for 2025-2027 to 48.5 billion, 54.1 billion, and 59.7 billion yuan, respectively, with a target price raised to 37.61 HKD, corresponding to a 20x PE for 2025, reflecting strong optimism for the company's performance in 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 167.7 billion yuan, an increase of 11.5% year-on-year, and a net profit attributable to shareholders of 23.3 billion yuan, up 54.41% year-on-year, marking the best half-year performance in history [2] - The company's core mineral products, copper and gold, experienced a dual boost in both volume and price, showcasing the company's profit elasticity in response to high metal price conditions [2] Group 2: Commodity Market Dynamics - The global macroeconomic environment in the first half of 2025 provided strong support for non-ferrous metal prices, with gold gross profit contribution surpassing that of copper for the first time due to significant increases in gold prices [3] - The gross profit margins for various mineral products in the first half of the year were 38.6% for gold, 38.5% for copper, 2.1% for lead and zinc, 2.1% for silver, 0.2% for lithium carbonate, and 18.5% for other segments [3] - The company reported a copper production of 567,000 tons, a 9% increase year-on-year, and gold production of 41.2 tons, a 16% increase year-on-year, with a comprehensive gross margin of 23.75%, up 4.60 percentage points year-on-year [3] Group 3: Resource Reserves and Strategic Positioning - The company is implementing a global strategy, operating significant mining investment projects in 17 countries, with 47% of its assets located overseas [4] - In the first half of the year, the company added 2.049 million tons of copper resources and 882 tons of gold resources, along with 834,000 tons of equivalent lithium carbonate resources [4] - The company ranks among the top 10 globally in lithium resource reserves, with ongoing projects in Argentina and Tibet, and the recent stabilization and rebound of lithium carbonate prices may lead to a revaluation of its lithium business [4]

Core Viewpoint - The report maintains a "Buy" rating for Zijin Mining (02899) and adjusts the net profit forecast for 2025-2027 to 48.5 billion, 54.1 billion, and 59.7 billion CNY, respectively, with a target price raised to 37.61 HKD, corresponding to a 20x PE for 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 167.7 billion CNY, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 23.3 billion CNY, a year-on-year increase of 54.41% [1] - The company's core mineral products, copper and gold, experienced a "dual drive" of volume and price, resulting in the best half-year performance in history [1] Group 2: Commodity Market Dynamics - The global macroeconomic environment in the first half of 2025 provided strong support for non-ferrous metal prices, with gold gross profit contribution surpassing that of copper for the first time [2] - The gross profit contributions from various segments in the first half of 2025 were 38.6% for gold, 38.5% for copper, 2.1% for lead and zinc, 2.1% for silver, 0.2% for lithium carbonate, and 18.5% for other segments [2] Group 3: Production and Margins - In the first half of 2025, the company produced 567,000 tons of copper, a year-on-year increase of 9%, and 41.2 tons of gold, a year-on-year increase of 16% [2] - The overall gross margin for the first half of 2025 was 23.75%, an increase of 4.60 percentage points year-on-year, with the mineral product gross margin at 60.23%, an increase of 2.93 percentage points year-on-year [2] Group 4: Resource Reserves and Strategic Positioning - The company operates significant mining investment projects in 17 countries, with 47% of its assets located overseas, and has seen an increase in resource reserves [3] - In the first half of 2025, the company added 2.049 million tons of copper resources and 888 tons of gold resources, along with 834,000 tons of equivalent lithium carbonate resources [3] - The company’s lithium resource reserves rank among the top 10 globally, with ongoing projects in Argentina and Tibet, and the recent stabilization of lithium carbonate prices [3]

Core Viewpoint - Zijin Mining (601899) is experiencing significant stock price appreciation, reaching a historical high, driven by the anticipated IPO of its international gold mining subsidiary, which could raise over $3 billion, making it the second-largest global IPO this year [1] Group 1: Stock Performance - Zijin Mining's stock rose over 4% during trading, peaking at HKD 29.06, and is currently up 2.6% at HKD 28.46, with a trading volume of HKD 1.419 billion [1] Group 2: IPO Details - The IPO of Zijin Gold International is expected to raise more than $3 billion, with the potential to become the second-largest IPO globally this year [1] - Discussions regarding the IPO's scale and timing are ongoing, with the listing possibly occurring as soon as this month [1] - Investor interest in the IPO is notably high due to gold prices hovering near historical highs [1] Group 3: Strategic Implications - CITIC Securities previously indicated that the IPO process for Zijin Gold International may accelerate, coinciding with a rising gold price cycle, which could enhance the company's gold asset valuation [1] - The IPO is expected to facilitate the company's internationalization, broaden access to quality international investors, and improve competitiveness and flexibility in overseas capital market financing and M&A transactions [1]

Core Viewpoint - Zijin Mining (02899) has seen its stock price rise over 4%, reaching a new historical high of 29.06 HKD, with a current trading price of 28.46 HKD and a trading volume of 1.419 billion HKD. The company is planning an IPO for its international gold mining subsidiary, which could raise over 3 billion USD, potentially becoming the second-largest IPO globally this year [1][1][1]. Group 1 - The IPO of Zijin Gold International is expected to raise over 3 billion USD, with the possibility of changes in the fundraising scale and timing [1][1]. - The listing could occur as early as this month, driven by strong investor interest due to gold prices hovering near historical highs [1][1]. - The IPO process is likely to accelerate, coinciding with a rising gold price cycle, which may enhance the company's gold asset valuation [1][1][1]. Group 2 - The IPO is anticipated to facilitate the company's internationalization process and broaden its access to high-quality international investors [1][1]. - It is expected to improve the company's competitiveness and flexibility in financing and merger transactions in overseas capital markets [1][1].