Zijin Mining(601899)2024-10-18 09:41Revenue and Profit Growth - Revenue for the third quarter reached RMB 79.98 billion, a 7.11% increase year-over-year[4] - Net profit attributable to shareholders of the company was RMB 9.27 billion, up 58.17% compared to the same period last year[4] - Revenue for the first nine months of 2024 reached RMB 230.396 billion, a year-on-year increase of 2.39%, with net profit attributable to shareholders of RMB 24.357 billion, a year-on-year increase of 50.68%[14] - Q3 2024 revenue was RMB 79.98 billion, a quarter-on-quarter increase of 6%, with net profit attributable to shareholders of RMB 9.273 billion, a quarter-on-quarter increase of 5%[14] - Total operating revenue for the first three quarters of 2024 reached 230.40 billion yuan, a 2.4% increase compared to 225.01 billion yuan in the same period of 2023[25] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 24.36 billion yuan, a 50.7% increase from 16.16 billion yuan in the same period of 2023[29] - Revenue for the first three quarters of 2024 reached 5,316,135,898 RMB, a 21.9% increase compared to 4,360,793,094 RMB in the same period of 2023[37] - Operating profit for the first three quarters of 2024 was 1,480,567,885 RMB, up 6.5% from 1,389,787,688 RMB in the same period of 2023[37] - Net profit for the first three quarters of 2024 was 1,299,012,277 RMB, a slight decrease of 1.9% compared to 1,324,105,365 RMB in the same period of 2023[37] Asset and Liability Management - Total assets increased by 10.22% to RMB 378.06 billion compared to the end of the previous year[5] - Total assets increased to 378,055,900,562 RMB, up from 343,005,706,012 RMB[21] - Current liabilities rose to 84,994,909,973 RMB, compared to 84,182,433,105 RMB[23] - Long-term borrowings decreased to 69,759,576,398 RMB, down from 77,530,909,080 RMB[23] - Total liabilities as of the end of Q3 2024 were 209.38 billion yuan, a 2.3% increase compared to 204.64 billion yuan at the end of Q3 2023[24] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 134.16 billion yuan, a 24.8% increase from 107.51 billion yuan at the end of Q3 2023[24] - Total assets as of September 30, 2024, were RMB 130.98 billion, slightly lower than RMB 131.22 billion at the end of 2023[34] - Long-term equity investments as of September 30, 2024, were RMB 70.09 billion, a 2.3% increase compared to RMB 68.52 billion at the end of 2023[34] - Short-term borrowings as of September 30, 2024, were RMB 3.30 billion, a 19.6% increase compared to RMB 2.76 billion at the end of 2023[34] - Total liabilities as of Q3 2024 were 75,999,524,821 RMB, a 3.4% increase from 73,477,396,511 RMB in the same period of 2023[35] - Total equity as of Q3 2024 was 54,982,195,388 RMB, a 4.8% decrease from 57,740,796,279 RMB in the same period of 2023[35] Cash Flow and Financial Performance - Operating cash flow for the quarter was RMB 15.66 billion, a 61.54% increase year-over-year[4] - Net cash flow from operating activities in the first three quarters of 2024 was RMB 36.11 billion, a 40.4% increase compared to RMB 25.72 billion in the same period of 2023[31] - Net cash flow from investing activities in the first three quarters of 2024 was negative RMB 20.79 billion, an improvement from negative RMB 24.18 billion in the same period of 2023[33] - Cash and cash equivalents at the end of September 2024 stood at RMB 25.42 billion, a 54.8% increase compared to RMB 16.42 billion at the end of September 2023[33] - Cash flow from operating activities for the first three quarters of 2024 was 6,043,236,478 RMB, a 24.3% increase compared to 4,863,347,062 RMB in the same period of 2023[39] - Operating cash flow net amount increased to 2,855,760,309, up 132.6% compared to the previous period[41] - Investment cash inflow totaled 5,243,192,027, a significant increase from 2,608,986,668 in the previous period[41] - Net cash flow from investment activities improved to 2,578,410,076, reversing from a negative 1,265,217,217[41] - Financing cash inflow reached 21,735,868,244, slightly lower than the previous 21,824,408,500[41] - Net cash flow from financing activities was -5,961,495,543, a larger outflow compared to -1,539,632,495 previously[41] - Cash and cash equivalents at the end of the period stood at 4,141,184,849, down from 4,705,500,159 at the beginning[41] - The company received 17,843,796,000 from borrowings, a decrease from 21,124,408,500 in the previous period[41] - Dividend and interest payments amounted to 9,553,872,400, up from 6,669,327,089[41] - The company invested 2,334,991,900 in new investments, down from 3,217,296,451[41] - Exchange rate impact on cash and equivalents was -36,990,152, compared to -9,939,392 previously[41] Production and Operational Performance - The company's production and operational management capabilities improved, leading to increased output of key mineral products and effective cost control[8] - The company's mineral gold production increased by 8% year-on-year in the first nine months of 2024, while mineral copper production increased by 5%, and mineral silver production increased by 7%. Mineral zinc production decreased by 4%[14] - In Q3 2024, mineral gold production increased by 1% quarter-on-quarter, mineral copper production increased by 6%, mineral silver production increased by 12%, and mineral zinc production increased by 8%[14] - The company's gold production in the first nine months of 2024 was 54,265 kilograms, with copper production at 789,459 tons, zinc production at 309,735 tons, and silver production at 331,114 kilograms[15] - Copper smelting production increased to 574,444 tons, up 5.5% from 544,334 tons in the previous period[18] - Zinc smelting production rose to 264,003 tons, a 9.9% increase from 240,182 tons[18] - The company's gold sales in the first nine months of 2024 were 28,721 kilograms, with an average selling price of RMB 516.83 per gram, and a gross margin of 44.57%[17] - Copper sales in the first nine months of 2024 were 469,623 tons, with an average selling price of RMB 56,113 per ton, and a gross margin of 66.58%[17] - Gold bar sales reached 9,699 kg, with a gross margin of 47.64%[19] - Copper concentrate sales amounted to 154,291 tons, achieving a gross margin of 65.78%[19] - Zinc concentrate sales totaled 110,927 tons, with a gross margin of 47.62%[19] Gross Margin and Profitability - The company's mining enterprise gross margin was 57.71% in the first nine months of 2024, an increase of 7.42 percentage points year-on-year, while the comprehensive gross margin was 19.53%, an increase of 4.37 percentage points[14] - In Q3 2024, the mining enterprise gross margin was 58.48%, a quarter-on-quarter decrease of 1.20 percentage points, and the comprehensive gross margin was 20.24%, a quarter-on-quarter decrease of 1.43 percentage points[14] - Comprehensive gross margin improved to 19.53%, up from 15.16%[18] - Mining enterprise gross margin increased to 57.71%, compared to 50.29%[18] Shareholder and Equity Information - The company's top shareholder, Minxi Xinghang State-owned Assets Investment and Management Co., holds 22.89% of the shares[9] - The number of ordinary shareholders at the end of the reporting period was 410,288[9] - Basic earnings per share (EPS) for the quarter was RMB 0.349, up 56.50% year-over-year[4] - Weighted average return on equity (ROE) for the quarter was 7.14%, an increase of 1.34 percentage points[5] - Basic earnings per share (EPS) for the first three quarters of 2024 was 0.923 yuan, up from 0.615 yuan in the same period of 2023[29] - Basic earnings per share for the first three quarters of 2024 were 0.049 RMB, a slight decrease of 2% compared to 0.050 RMB in the same period of 2023[38] Non-Recurring Items and Investments - Non-recurring gains and losses for the quarter amounted to RMB 958.63 million, primarily due to gains from the disposal of long-term equity investments[6] - The company has delayed the production of its Argentina 3Q and Tibet Laguocuo lithium projects to 2025 due to delayed project permits and low lithium carbonate prices[16] Costs and Expenses - Total operating costs for the first three quarters of 2024 were 198.67 billion yuan, a 2.5% decrease compared to 203.71 billion yuan in the same period of 2023[27] - R&D expenses for the first three quarters of 2024 were 1.15 billion yuan, a 2.0% increase from 1.13 billion yuan in the same period of 2023[27] - The company's cash outflow for the purchase and construction of fixed assets, intangible assets, and other long-term assets in the first three quarters of 2024 was RMB 17.84 billion, a 7.5% decrease compared to RMB 19.28 billion in the same period of 2023[33] Interest and Comprehensive Income - Interest income for the first three quarters of 2024 was 1.88 billion yuan, a 35.7% increase compared to 1.39 billion yuan in the same period of 2023[27] - Total comprehensive income for the first three quarters of 2024 was 34.48 billion yuan, a 47.2% increase from 23.43 billion yuan in the same period of 2023[29] - Interest income for the first three quarters of 2024 was 826,939,419 RMB, a significant 179.8% increase from 295,587,549 RMB in the same period of 2023[37] - Total comprehensive income for the first three quarters of 2024 was 1,326,228,365 RMB, a 2.9% increase from 1,288,876,059 RMB in the same period of 2023[38] Sales and Revenue from Goods and Services - Sales revenue from goods and services in the first three quarters of 2024 reached RMB 253.61 billion, a 4.3% increase compared to RMB 243.20 billion in the same period of 2023[31]