Core Viewpoint - Zijin Gold International is set to go public on the Hong Kong Stock Exchange, aiming to leverage its position as a leading gold mining company and enhance its competitive strength in the industry [1][2]. Company Overview - Zijin Gold International is a spin-off from Zijin Mining Group, established in 2000, focusing on gold exploration, mining, and sales [1]. - The company holds 100% ownership by Zijin Mining Group, which operates over 30 major mining projects globally, ranking among the top five mining companies in terms of resources, revenue, and market value [1]. Financial Performance - The company has shown significant growth, with a compound annual growth rate (CAGR) of 28.2% in revenue from 2022 to 2024, reaching revenues of 1.818 billion, 2.262 billion, and 2.99 billion yuan respectively [5]. - Net profit has also increased substantially, with a CAGR of 61.9%, achieving net profits of 184 million, 230 million, and 481 million yuan for the same period [5]. - The gross profit margin improved from approximately 34.13% in 2022 to 37.94% in 2024, reflecting a significant increase of 11.74 percentage points [5]. Mining Operations - Zijin Gold International operates eight gold mines in resource-rich regions, including Central Asia, South America, Oceania, and Africa [3]. - The all-in sustaining cost (AISC) for 2024 is projected at $1,458 per ounce, while the average gold price is expected to be $2,288 per ounce, indicating a healthy profit margin [7]. Market Trends - The global gold demand is projected to grow at a CAGR of 5.8% from 2020 to 2024, reaching 148.1 million ounces in 2024, driven by geopolitical uncertainties and increased central bank purchases [8][11]. - The average gold price is expected to rise, reaching $2,386.4 per ounce in 2024 and potentially $3,387.7 per ounce by 2026, supported by ongoing demand from emerging market central banks [11]. Strategic Positioning - The gold mining industry is experiencing increased concentration, with leading companies achieving economies of scale through mergers and resource integration [11][12]. - Zijin Gold International ranks eleventh globally in gold production among the top 15 producers, with a production growth rate of 21.4% from 2022 to 2024, indicating strong competitive positioning [12]. Future Prospects - The company plans to use the funds raised from the IPO for debt repayment, upgrading existing mines, and general operational expenses, indicating a strategic approach to enhance its growth and operational efficiency [5][6].

Core Viewpoint - The gold stock sector, particularly Zijin Mining (02899.HK), has become a focal point for capital as commodity prices stabilize globally, with the stock showing strong upward momentum since late June [1]. Technical Analysis - Zijin Mining has entered a strong upward channel with clear short to medium-term buy signals, making it one of the most attractive stocks in the gold resource sector for technical deployment [1]. - As of July 4, 2025, Zijin Mining's stock price was 21 HKD, down 1.18%, with a five-day volatility of 10.2%, indicating active capital inflow and strong buying interest [1]. - The stock price has stabilized above all major moving averages, with MA10 at 19.82 HKD, MA30 at 19 HKD, and MA60 at 18 HKD, forming a typical bullish arrangement that supports the short to medium-term upward trend [1]. - Technical summary signals indicate a "strong buy" with a signal strength of 16, suggesting a consensus among major indicators leaning towards bullish [6]. Market Performance - On June 30, Zijin Mining's stock price rose by 5.99%, and related call warrant products performed exceptionally well, with JPMorgan's call warrant 13311 and UBS's call warrant 15682 achieving a 29% increase within two trading days, demonstrating nearly five times leverage [1]. - The high consistency in performance among similar call warrant products reflects a trend where similar terms lead to converging movements in a bullish market environment, providing investors with diversified product options [1]. Momentum Indicators - The RSI currently stands at 74, indicating an overbought condition, but no significant signs of a pullback have emerged, suggesting that the strong trend continues [3]. - The MACD shows a continuous upward trend without negative divergence, indicating substantial buying support [3]. - Multiple support levels are identified at 20 HKD and 18.7 HKD, while the short-term resistance level is at 22.1 HKD; a breakthrough at this level could lead to challenges at higher resistance levels of 22.8 HKD or beyond [3]. Trading Strategy - If the stock price retraces to around 20 HKD without breaking below, it could be seen as an ideal entry opportunity [6]. - The first target price for a short to medium-term strategy is set at 22.1 HKD, with a potential upward movement towards 22.8 HKD if the resistance is breached [6]. - For those optimistic about Zijin Mining's performance, considering call warrants such as those issued by Bank of China (16128 and 16925) could be beneficial, with exercise prices of 21.88 HKD and 25.33 HKD, and leverage ratios of 3.4 and 4.9 respectively [6].

Group 1 - The Hong Kong gold sector has seen significant stock price increases this year, with companies like Old Poo Gold and Shandong Gold experiencing price doubles, indicating high market trading sentiment [2] - Zijin Mining Group announced plans to inject its overseas gold mining assets into its wholly-owned subsidiary, Zijin Gold International, and has submitted a listing application to the Hong Kong Stock Exchange [2][3] - The IPO of Zijin Gold International is expected to raise funds for various purposes, including repaying transitional loans for the acquisition of the Kazakhstan Raygorodok gold mine and enhancing existing mining projects [2][9] Group 2 - Zijin Mining's main revenue comes from various metals, with copper being the largest contributor, while the gold mining assets being spun off represent a smaller portion of its overall assets [3] - For the fiscal year 2024, Zijin Mining reported revenues of RMB 303.64 billion, while Zijin Gold International's revenue was approximately USD 2.99 billion (RMB 21.42 billion), accounting for about 7.06% of Zijin Mining's total revenue [3][4] - Zijin Gold International holds rights to eight gold mines across Central Asia, South America, Oceania, and Africa, with significant ownership stakes in most of them [4][5] Group 3 - The financial performance of Zijin Gold International for 2024 includes an adjusted EBITDA of USD 1.384 billion, with a profit margin of 46.3%, benefiting from rising gold prices [5][6] - The acquisition of the Ghana Akim gold mine is expected to contribute significantly to Zijin Gold International's revenue once it is fully integrated into its financials [6] - The Kazakhstan Raygorodok gold mine acquisition is valued at USD 1.2 billion, with expected annual gold production of 5.5 tons, which could enhance Zijin Gold International's earnings [9][10] Group 4 - The stock performance of Zijin Mining has increased by 51.49% this year, attributed to rising gold and copper prices, while its valuation appears lower compared to other gold mining companies [10] - The spin-off of overseas gold mining operations may unlock asset value for Zijin Mining and provide independent financing channels for its subsidiaries [10] - The future performance of Zijin Gold International's IPO will depend on final pricing, offering scale, and market conditions at the time of launch [10]

Group 1 - UBS has raised its copper price forecasts for 2025 and 2026 by 7% and 4% respectively, to $4.24 per pound and $4.68 per pound, reversing previous cautious demand outlooks due to the diminishing impact of tariff uncertainties [1] - UBS maintains an optimistic view on copper prices, supported by favorable supply-side dynamics and long-term demand drivers [1] - UBS has increased the target price for Zijin Mining by 7% to HKD 25.3 and for Luoyang Molybdenum by 12.5% to HKD 9.9, reiterating a "buy" rating [1]

Core Viewpoint - Zijin Mining's stock price reached a new high, reflecting strong market performance and investor confidence [1] Group 1 - Zijin Mining's stock increased by 1.44%, reaching a price of 20.46 CNY per share [1] - The company's total market capitalization surpassed 543.77 billion CNY [1] - The trading volume for the day was 53.59 million CNY [1]

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6月30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7月2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 | ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-07-01 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.50 | | --- | --- | | 总股本/流通股本（亿股）265.78 | / 205.88 | | 总市值/流通市值（亿元）5,183 | / 4,015 | | 52 周内最高/最低价 | 19.78 / 14.15 | | 资产负债率(%) | 55.2% | | 市盈率 | 16.12 | | 第一大股东 | 闽西兴杭国有资产投资 | | 经营有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 紫金矿业(601899) 拟收购哈国金矿，全球布局更进一步 l 公司拟收购哈萨克斯坦 RG 金矿 100%权益 紫金矿业全资子公司紫金黄金国际（拟分拆至香港联合交易所上 市的主体），拟以 12 亿美元对价，收购 Cantec ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Zijin Mining [3]. Core Views - The acquisition of the Raygorodok gold mine project in Kazakhstan is expected to enhance Zijin Mining's resource reserves and gold production capacity, supporting the company's goal of achieving an annual gold output of 100-110 tons by 2028 [6][3]. - The projected net profit for the years 2025-2027 is estimated at 42.7 billion, 47.9 billion, and 56.5 billion CNY, respectively, with corresponding price-to-earnings ratios of 12.1, 10.8, and 9.2 [6][3]. Financial Data and Valuation - Total revenue is projected to grow from 293.4 billion CNY in 2023 to 470.5 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 9% [2][13]. - Operating profit is expected to increase significantly from 31.9 billion CNY in 2023 to 85.8 billion CNY in 2027, reflecting a strong growth trajectory [2][13]. - The earnings per share (EPS) is forecasted to rise from 0.79 CNY in 2023 to 2.13 CNY in 2027 [2][14]. Shareholder Information - The major shareholder is Minxi Xinghang State-owned Assets Investment Management Co., Ltd., holding a 22.89% stake in the company [3]. Market Performance - The current share price is 19.5 CNY, with a total market capitalization of approximately 518.3 billion CNY [3].

Core Viewpoint - Zijin Mining is accelerating its globalization process by planning to acquire 100% equity of the RG gold mine project in Kazakhstan for $1.2 billion, which is approximately 8.598 billion RMB, significantly enhancing its asset scale and profitability [1][2][3] Group 1: Acquisition Details - The acquisition involves the RG gold mine project, which consists of mining assets held by RGG and processing assets held by RGP, with a remaining service life of 16 years and an average annual gold production of approximately 5.5 tons [2][3] - The transaction is aligned with the company's strategy to increase acquisitions of significant resource projects in neighboring countries, enhancing synergies with existing operations in Tajikistan and Kyrgyzstan [2][3] Group 2: Production and Financial Performance - In 2024, Zijin Mining produced 73 tons of gold, a year-on-year increase of approximately 7.78%, and holds nearly 4,000 tons of gold resources, ranking 6th globally [1][3] - The company's revenue has grown from 15.26 billion RMB in 2007 to 303.6 billion RMB in 2024, nearly a 19-fold increase over 17 years, with net profit rising from 2.548 billion RMB to 32.05 billion RMB during the same period [4][5] - In Q1 2025, Zijin Mining achieved revenue of 78.93 billion RMB, a year-on-year increase of 5.55%, and net profit of 10.17 billion RMB, a significant increase of 62.39%, marking the first time quarterly net profit exceeded 10 billion RMB [5][6] Group 3: Financial Health - The company's cash flow from operating activities in Q1 2025 was 12.53 billion RMB, a year-on-year increase of 53.31%, with a debt-to-asset ratio of 54.89%, down 3.41 percentage points [6] - Zijin Mining has consistently paid dividends since its listing, distributing a total of 53.43 billion RMB in cash dividends over 20 occasions, with a payout ratio of 31.45% [6]

Group 1 - EVE Energy has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, reflecting its international strategic layout and potential to broaden financing channels and enhance brand influence [1] - The application is in draft form and may be updated, with the listing subject to various conditions and market considerations, indicating uncertainty in the process [1] Group 2 - LONGi Green Energy plans to use part of the raised funds, amounting to 1.08 billion yuan, to increase capital in its wholly-owned subsidiary LONGi Leye, which will subsequently increase capital in its subsidiary Tongchuan LONGi [2] - This capital increase aims to ensure the smooth implementation of the "Tongchuan LONGi annual production of 12GW high-efficiency monocrystalline battery project," enhancing market competitiveness [2] Group 3 - Zijin Mining intends to acquire a gold mine project in Kazakhstan for 1.2 billion USD, showcasing its global resource layout strategy [3] - The acquisition is based on a "no cash, no debt" principle, ensuring fairness in the transaction and potentially increasing the company's gold reserves and production capacity [3]