Core Viewpoint - Zijin Mining's operating performance has reached a new high, with significant year-on-year growth in net profit and operating cash flow for the first half of 2025 [1][5][9]. Financial Performance - The company expects to achieve a net profit attributable to shareholders of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% [1][5]. - The expected non-net profit is around 215 billion yuan, reflecting a year-on-year growth of approximately 40% [1][5]. - In Q2 2025, the company anticipates a net profit of about 130 billion yuan, up 27% from Q1 [5][6]. Production and Sales - Zijin Mining's production of key minerals such as copper, gold, and silver has increased, with production levels reaching about 50% of the annual targets [2][7]. - The company reported a significant increase in lithium carbonate production, reaching 7,315 tons, a year-on-year growth of nearly 30 times [3][7]. Strategic Acquisitions - The company's strong performance is attributed to strategic acquisitions, including a 137.29 billion yuan acquisition of a 24.82% stake in Zangge Mining, which provided control over additional resources [3][10]. - Zijin Mining continues to pursue acquisitions, including a recent plan to acquire 100% of the Raygorodok gold mine project in Kazakhstan for 1.2 billion USD [11]. Resource Base - As of the end of 2024, Zijin Mining's total resource base includes over 110 million tons of copper, 4,000 tons of gold, and significant amounts of lithium and silver, positioning the company as a key player in the energy transition metals market [10][12]. - The company has shown consistent growth in its resource base, with increases in copper, gold, and silver reserves reported [10][12].

21世纪经济报道记者董鹏 成都报道 紫金矿业，仍在不断刷新其盈利纪录。 7月13日晚间，紫金矿业发布业绩预告，预计上半年净利润约232亿元，同比增加约54%。 其中，二季度预计归属上市公司股东的净利润约130亿元，实现同比、环比增长的同时，再次创出上市 以来单季度净利润的新高。 就公司主营业务来看，上半年国际金价上涨对公司盈利的拉动尤为明显。当期，伦敦金现货涨幅达到 25.84%，同时紫金矿业矿产金产量增长17%，价格涨幅、产量增幅均显著高于公司另一主营产品铜。 需要指出的是，紫金矿业这类公司的盈利增长，往往会滞后于大宗商品价格的上涨，在金、铜价格保持 历史高位的背景下，公司盈利仍然具备增长可能。 价量齐升，黄金立功 周期股的魅力之一，就是行业上行周期所爆发的高弹性、高收益，即便是既有的利润基数已经很高。 紫金矿业就是如此，公司在一季度盈利首次突破100亿元后，二季度利润规模进一步拔高至130亿元左 右。 "矿产金、矿产铜、矿产锌、矿产银销售价格同比上升。"紫金矿业半年度业绩预告指出。 不过，就紫金矿业历史利润构成来看，锌、银所贡献的利润规模较小，公司主要盈利源于金、铜产品。 而就上半年价格走势来看，黄金对其 ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining [4][6] Core Views - The company is expected to achieve a net profit of approximately 23.2 billion yuan in the first half of 2025, representing a year-on-year increase of about 54% [1] - The growth in copper and gold production is expected to be in double digits, with gold prices increasing by 39.5% year-on-year [2][3] - The acquisition of the Akyem gold mine in Ghana and the planned acquisition of the RG gold mine project in Kazakhstan are key strategic moves to expand the company's gold mining footprint [3] Financial Performance - For 2025, the company forecasts a net profit of 41.25 billion yuan, with a year-on-year growth rate of 28.7% [4] - The projected earnings per share (EPS) for 2025 is 1.55 yuan, with a price-to-earnings (P/E) ratio of 12.2 [5] - The company’s revenue is expected to grow from 293.4 billion yuan in 2023 to 334 billion yuan in 2025, reflecting an 8.6% year-on-year growth [5] Production and Pricing - In the first half of 2025, the company achieved a copper production of 570,000 tons, a 10% increase year-on-year, and gold production of 410 tons, a 17% increase year-on-year [9] - The average price of copper in the first half of 2025 was $9,445 per ton, a 2.5% increase year-on-year, while the average gold price was $3,076 per ounce [9] Strategic Acquisitions - The company completed the acquisition of 100% equity in the Akyem gold mine, which is expected to contribute significantly to its gold production targets [3] - The RG gold mine project has a resource reserve of 242.1 tons of gold, with an average grade of 1.01 grams per ton and a remaining service life of 16 years [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to achieve a record high net profit attributable to shareholders of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% [1]. - The second quarter of 2025 is projected to yield a net profit of around 130 billion yuan, a quarter-on-quarter increase of approximately 27% from 102 billion yuan in the first quarter [1]. - The company plans to spin off its overseas gold assets for a listing on the Hong Kong Stock Exchange, which includes eight world-class gold mines located in South America, Central Asia, Africa, and Oceania [2]. - The company is also set to acquire the RG gold mine in Kazakhstan for a consideration of 1.2 billion USD, which is expected to enhance its gold production capacity significantly [3]. Performance Summary - The average spot price of London gold in the first half of 2025 is expected to be 3,090 USD/ounce, a year-on-year increase of 39.5%, while the average LME copper price is projected at 9,445.5 USD/ton, a year-on-year increase of 2.5% [2]. - The company’s copper production for the first half of 2025 is estimated at 570,000 tons, a year-on-year increase of 10%, and gold production is expected to reach 41 tons, a year-on-year increase of 17% [2]. - The lithium carbonate equivalent production is forecasted to increase by 2,961% year-on-year to 7,315 tons [2]. Financial Forecasts and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are adjusted to 470.6 billion yuan, 546.5 billion yuan, and 622.1 billion yuan respectively, reflecting year-on-year growth rates of 47%, 16%, and 14% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 11, 9, and 8 for the years 2025, 2026, and 2027 respectively [4]. - The report anticipates a continued upward trend in gold and copper prices due to factors such as central bank purchases and supply-demand dynamics in the copper industry [3].

Core Viewpoint - Zijin Mining Group Co., Ltd. expects to achieve a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, representing an increase of about RMB 8.1 billion or 54% compared to the same period last year [1] Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, up from RMB 15.1 billion in the same period last year, an increase of about RMB 8.1 billion or 54% [1] - The expected net profit after deducting non-recurring gains and losses is approximately RMB 21.5 billion, an increase of about RMB 6.1 billion or 40% year-on-year [1] Production and Sales Performance - The production volume of key mineral products for the first half of 2025 is as follows: - Copper: 570,000 tons, up 10% from 520,000 tons in the same period last year - Gold: 41 tons, up 17% from 35 tons - Zinc (Lead): 200,000 tons, down 9% from 220,000 tons - Silver: 223 tons, up 6% from 210 tons - Lithium Carbonate Equivalent: 7,315 tons, up 2,961% from 239 tons [1] - The sales prices of gold, copper, zinc, and silver have increased year-on-year during the reporting period [1]

Core Viewpoint - The non-ferrous metal industry, particularly lithium, potassium, and copper sectors, has shown significant growth, with Cangge Mining's stock reaching historical highs due to strong fundamentals and strategic changes in ownership [1][2][5]. Group 1: Company Performance - Cangge Mining's stock has increased over 20% this year, with 21 stocks reaching historical highs, including a notable performance in July [1]. - The company expects a net profit of 1.75 billion to 1.90 billion yuan for the first half of 2025, representing a year-on-year increase of 34.93% to 46.49% [2]. - Investment income from its stake in Xizang Julong Copper Industry is projected to be approximately 1.265 billion yuan, a year-on-year increase of about 48.08% [2]. Group 2: Business Segments - Cangge Mining holds a 30.78% stake in Julong Copper, which is expected to contribute 1.928 billion yuan in investment income in 2024, with production capacity increasing in the coming years [3]. - As the second-largest potassium fertilizer producer in China, Cangge Mining maintains stable performance, with plans to produce 1 million tons of potassium chloride in 2025 [3]. - The company has advanced lithium extraction technology, maintaining a gross margin of over 45% despite market challenges, and has significant lithium resources in the Marmizuo Salt Lake project [4]. Group 3: Strategic Changes - The change in control to Zijin Mining has strengthened Cangge Mining's resource acquisition capabilities and positioned it as a core lithium platform within the Zijin system [5][6]. - Zijin Mining's expertise in mining operations and cost control is expected to enhance Cangge Mining's governance and accelerate project implementation [6]. - The commitment from Zijin Mining to prioritize Cangge Mining for lithium and potassium operations indicates potential for significant growth in these sectors [6].

证券代码：601899 股票简称：紫金矿业 编号：临 2025-062 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年6月30日。 （二）业绩预告情况 紫金矿业集团股份有限公司 2025年半年度业绩预增公告 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。 重要内容提示： 紫金矿业集团股份有限公司（以下简称"公司"）预计2025年半年度实现 归属于上市公司股东的净利润约人民币232亿元（币种下同），与上年同期相比将 增加约81亿元，同比增加约54%。 预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的净利 润约215亿元，与上年同期相比将增加约61亿元，同比增加约40%。 2024年半年度归属于上市公司股东的净利润：151亿元。 2024年半年度归属于上市公司股东的扣除非经常性损益的净利润：154亿元。 2024年半年度基本每股收益：0.574元/股。 经财务部门初步测算，预计2025年半年度实现归属于上市公司股东的净利润 约232亿元，与上年同期151亿元相比，将增加约81亿元，同比增加约 ...

Core Viewpoint - Zijin Mining (601899) expects to achieve a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, representing an increase of about RMB 8.1 billion compared to the same period last year, which is a year-on-year increase of approximately 54% [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of approximately RMB 21.5 billion for the first half of 2025, which is an increase of about RMB 6.1 billion compared to the same period last year, reflecting a year-on-year increase of approximately 40% [1]

Summary of the Conference Call on Deep Sea Technology and Marine Economy Industry Overview - The marine economy in China surpassed 10 trillion yuan in 2024, accounting for 7.8% of GDP, with a contribution of 11.5% to GDP growth, indicating its significance as a key growth driver for the national economy [2][4] - The government has emphasized deep-sea technology in its work report, highlighting the importance of this sector in national strategy [4] Core Areas of Deep Sea Technology - Deep sea technology encompasses three main areas: 1. **Deep Sea Material R&D**: Focused on high-performance steel, alloys, and composite materials to address challenges in extreme environments [6] 2. **Deep Sea Equipment Manufacturing**: Involves underwater robots, detection equipment, and marine engineering equipment [6] 3. **Deep Sea Digital Applications**: Incorporates information and intelligent technologies in deep-sea operations [6] Investment Opportunities - Investment opportunities are concentrated in: 1. **Specialty Steel, Titanium Alloys, and Polymer Materials**: Companies like Baotai Co., Baose Co., and Gangyan Gaona are key players [10] 2. **Underwater Exploration Equipment**: Including underwater robots and detection radar systems [10] 3. **Shipbuilding and Military Equipment**: This sector is seen as a critical area for future growth [10] Regional Development Initiatives - Coastal provinces such as Shanghai, Guangdong, and Fujian have released development plans focusing on high-tech industries, including marine equipment and new energy [7] Global Strategic Importance - The global competition for deep-sea control is driven by the strategic significance of deep-sea regions, with 90% of the world's waters exceeding 1,000 meters in depth [8][9] Current Industry Trends - The marine equipment industry is currently experiencing high demand, particularly in the exploration sector, which has shown strong performance [11] - Offshore wind power installations are on the rise, with significant potential for deep-sea wind power construction and related infrastructure needs [12] Future Directions in Deep Sea Technology - The development of deep-sea technology is increasingly focused on digitalization and intelligence, with the marine electronic information industry transitioning towards networked and intelligent systems [13] - Underwater data centers are emerging as a key infrastructure, utilizing natural cooling to address heat dissipation issues while being cost-effective [14] AI Integration - The integration of AI in deep-sea technology is gaining traction, particularly in communication needs as deep-sea exploration advances [15]

Group 1 - The Hang Seng Index fell over 1%, while the Hang Seng Tech Index declined by 1.5% [1] - Gold stocks led the decline, with Zijin Mining (02899.HK) dropping over 4% [1] - Cryptocurrency-related stocks also experienced a pullback, with Guotai Junan International (01788.HK) falling over 2% [1]