公司認為，沙坪溝鉬礦是全球罕見的超大型未開發斑岩型鉬礦，具有資源儲量大、成份單一、 礦體集中、品位較高等優勢，其中，鉬金屬品位≥0.3%的資源量達 72 萬噸（國內 65%鉬資 源平均品位不足 0.1%）；項目適合大規模地下開採，礦區基礎設施完善、交通便利，預期 經濟效益較好。 公司認為，鉬是全球稀缺的戰略性金屬，具有高強度、高熔點、高硬度等特性，已廣泛應用 於冶煉、汽車、能源、航空航天、軍工、化工等中高端領域，發展前景廣闊。沙坪溝鉬礦的 開發符合公司戰略規劃，疊加公司旗下巨龍銅礦、多寶山銅礦的現有副產鉬產量，公司未來 有望躍升為全球最大的礦產鉬生產商之一。 二、與金鉬股份簽署《合作意向書》情況 本次交割完成後，公司持有金沙鉬業 84%股權，金堆城鉬業股份有限公司（以下簡稱「金鉬 股份」，上市代碼 601958）、金寨縣城鎮開發投資有限公司（以下簡稱「金寨城開」）分 別持有剩餘 10%、6%股權。 關於安徽沙坪溝鉬礦項目收購完成交割暨簽署《合作意向書》的公告 茲提述紫金礦業集團股份有限公司（以下簡稱「本公司」、「公司」）日期為 2022 年 10 月 21 日的關於收購安徽沙坪溝鉬礦的公告（「該公告」）。除另 ...

证券代码：601899 股票简称：紫金矿业 编号：临 2025-071 紫金矿业集团股份有限公司 关于安徽沙坪沟钼矿项目收购完成交割 暨签署《合作意向书》的公告 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。 2025 年 8 月 28 日，紫金矿业集团股份有限公司（以下简称"公司"）获悉， 公司于 2022 年 10 月 21 日通过公开摘牌方式所获得的安徽金沙钼业有限公司（以 下简称"金沙钼业"）84%股权已完成工商变更登记，正式过户至公司名下。 一、项目交割情况 金沙钼业持有安徽省金寨县沙坪沟钼矿 100%权益。自摘牌以来，公司积极协 调相关方推动沙坪沟钼矿证照办理工作，并在交割前取得项目核准前所需的全部 手续，包括采矿许可证、环评批复等。交割完成后，公司将推动金沙钼业尽快办 理项目核准、安全设施设计审查等剩余手续，并做好建设前期施工准备工作。 沙坪沟钼矿位于安徽省金寨县，项目保有钼金属资源量 210 万吨（含储量）， 平均品位 0.187%，钼金属储量 110 万吨，平均品位 0.2%。项目采矿权有效期至 2053 年 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 | ...

Group 1 - The core point of the article is that Jintong Co., Ltd. (601958) has signed a letter of intent with Zijin Mining (601899) to collaborate on the development of the Shapinggou molybdenum mine in Jinzhai, Anhui [1] - Zijin Mining plans to transfer part of its stake in Jinsha Molybdenum to Jintong Co., Ltd. at cost price, resulting in Zijin Mining (or its affiliates) holding 60% of Jinsha Molybdenum and Jintong Co., Ltd. holding 34% [1] - Both companies intend to jointly invest in the establishment of a smelting company to engage in the smelting and deep processing of molybdenum metal [1] - The letter of intent is a framework agreement, and there is uncertainty regarding the signing of a formal transaction contract in the future [1]

Group 1 - The company reported a significant increase in net profit for H1 2025, with a year-on-year growth of 54.41%, reaching approximately 23.29 billion yuan [1] - The company's revenue for H1 2025 was 167.71 billion yuan, reflecting an 11.5% increase compared to the previous year [1] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 46.45 billion yuan, 51.33 billion yuan, and 57.12 billion yuan respectively [1] Group 2 - In H1 2025, the company saw a 9% increase in copper production to 567,000 tons and a 16% increase in gold production to 41.2 tons [2] - The average selling price of copper increased by 6.21% and gold by 42.51% in H1 2025 [2] - The sales costs for copper and gold rose by 8.85% and 37.34% respectively in Q2 2025, primarily due to declining ore grades and increased operational distances [2] Group 3 - The company signed an agreement to acquire 100% equity of the Raygorodok gold mine in Kazakhstan, enhancing its resource base in Central Asia [3] - The RG gold mine has a resource estimate of 241 million tons with an average gold grade of 1.01 grams per ton, totaling 242.1 tons of gold [3] - This acquisition is expected to strengthen the company's regional control by linking it with existing mines in Central Asia [3]

Investment Rating - The investment rating for Zijin Mining is "Buy" (maintained) [1] Core Views - Zijin Mining reported a 54.41% year-on-year increase in net profit attributable to shareholders for H1 2025, with revenue reaching 167.71 billion yuan, a growth of 11.5% [4] - The company expects stable releases in copper and gold production, with an upward revision of profit forecasts for 2025-2027, projecting net profits of 46.45 billion, 51.33 billion, and 57.12 billion yuan respectively [4] - The current price-to-earnings ratio (PE) is projected at 12.9, 11.7, and 10.5 times for 2025-2027 [4] Financial Performance - In H1 2025, Zijin Mining achieved a revenue of 1677.11 billion yuan, with a net profit of approximately 232.92 billion yuan, and a net cash flow from operating activities of 288.30 billion yuan, reflecting a growth of 41.0% [4][5] - For Q2 2025, the company reported a revenue of 887.83 billion yuan, a year-on-year increase of 17.38%, and a net profit of 131.25 billion yuan, up 48.74% [4][5] - The copper production increased by 9% to 567,000 tons, while gold production rose by 16% to 41.2 tons in H1 2025 [5] Price and Cost Analysis - The average selling price for copper increased by 6.21% and for gold by 42.51% in H1 2025 [5] - The sales costs for copper and gold in Q2 2025 rose by 8.85% and 37.34% respectively, attributed to factors such as declining ore grades and increased operational costs [5] Strategic Developments - Zijin Mining signed an agreement to acquire 100% equity in the Raygorodok gold mine in Kazakhstan, which is expected to enhance its resource base and regional control [6] Financial Summary and Valuation Metrics - The projected revenue for 2025 is 377.04 billion yuan, with a net profit of 46.45 billion yuan, reflecting a year-on-year growth of 24.2% [7] - The gross margin is expected to improve to 22.3% by 2025, with a net margin of 12.3% [7] - The return on equity (ROE) is projected to be 24.2% in 2025 [7]

Core Viewpoint - Zijin Mining's stock price increased by over 5% during trading, reflecting positive market sentiment following the release of its interim results for the six months ending June 30, 2025, which showed significant revenue and profit growth [2] Financial Performance - The company reported operating revenue of RMB 167.71 billion, a year-on-year increase of 11.5% [2] - Net profit attributable to shareholders reached RMB 23.29 billion, marking a 54.41% increase compared to the previous year [2] - Basic earnings per share were RMB 0.877, with a proposed cash dividend of RMB 2.2 per 10 shares (tax included) [2] Production Metrics - The production of copper reached 570,000 tons, up 9% year-on-year [2] - Gold production was 41 tons, reflecting a 16% increase [2] - Silver production totaled 224 tons, a 6% increase [2] - Zinc (lead) production was 200,000 tons, and lithium carbonate equivalent production was 7,315 tons [2] Profitability and Cost Management - The overall gross profit margin for mineral products increased by 3 percentage points to 60.23% year-on-year, attributed to rising prices and cost optimization [2] - HSBC Global Research noted that the company expects annual cost increases for copper and gold to be controlled between 5% and 8% [2] - The management believes there is potential for cost reductions in the Akyem gold mine in Ghana and the Zijin Gold project in Xinjiang [2] Future Outlook - HSBC maintains a positive outlook on Zijin Mining, anticipating stable production and profit growth [2] - The gold business's gross profit contribution is expected to increase with rising sales and potential price surges due to interest rate cuts [2]

Core Viewpoint - Zijin Mining (02899) reported a strong interim performance for the six months ending June 30, 2025, with significant increases in revenue and net profit, reflecting robust operational efficiency and market conditions [1] Financial Performance - The company achieved operating revenue of RMB 167.71 billion, a year-on-year increase of 11.5% [1] - Net profit attributable to shareholders reached RMB 23.29 billion, up 54.41% year-on-year [1] - Basic earnings per share were RMB 0.877, with a proposed cash dividend of RMB 2.2 per 10 shares (tax included) [1] Production Metrics - The production of copper reached 570,000 tons, a 9% increase year-on-year [1] - Gold production was 41 tons, reflecting a 16% year-on-year growth [1] - Silver production totaled 224 tons, up 6% year-on-year [1] - Zinc (lead) production was 200,000 tons, and lithium carbonate equivalent production was 7,315 tons [1] Profitability and Cost Management - The overall gross profit margin for mineral products increased by 3 percentage points to 60.23% year-on-year, driven by both volume and price increases as well as cost optimization [1] - HSBC Global Research noted that the company expects annual cost increases for copper and gold to be controlled between 5% and 8% [1] - The management believes there is potential for cost reductions in the Akyem gold mine in Ghana and the Zijin Gold project in Xinjiang [1] Future Outlook - HSBC remains optimistic about Zijin Mining, anticipating stable production and profit growth [1] - The gold business's gross profit contribution is expected to increase with rising sales and potential price surges due to interest rate cuts [1]

Core Viewpoint - Zijin Mining (601899)(02899) reported a strong interim performance for the six months ending June 30, 2025, with significant increases in revenue and net profit, reflecting robust operational efficiency and cost optimization [1] Financial Performance - The company achieved operating revenue of RMB 167.71 billion, a year-on-year increase of 11.5% [1] - Net profit attributable to shareholders reached RMB 23.29 billion, up 54.41% year-on-year [1] - Basic earnings per share were RMB 0.877, with a proposed cash dividend of RMB 2.2 per 10 shares (tax included) [1] Production Metrics - The production of copper reached 570,000 tons, a 9% increase year-on-year [1] - Gold production was 41 tons, reflecting a 16% year-on-year growth [1] - Silver production totaled 224 tons, up 6% year-on-year [1] - Zinc (lead) production was 200,000 tons, with lithium carbonate equivalent production at 7,315 tons [1] Profitability and Margins - The overall gross margin for mineral products increased by 3 percentage points to 60.23% year-on-year, driven by both volume and price increases along with cost optimization [1] Future Outlook - HSBC Global Research noted that the management expects annual cost increases for copper and gold to be controlled within 5% to 8% [1] - There is anticipated cost reduction potential for the Akyem gold mine in Ghana and the Zijin Gold project in Xinjiang [1] - The firm remains optimistic about Zijin Mining, expecting stable production and profit growth [1] - The gold business's gross profit contribution is expected to rise with increased sales and potential price surges due to interest rate cuts [1]