斥资近10亿元回购护盘，紫金矿业一季度净利破百亿元创纪录，锂业务为何突然＂隐身＂

Core Viewpoint - Zijin Mining reported a significant increase in revenue and profit for Q1 2025, marking the first time in its history that quarterly net profit exceeded 10 billion yuan, driven by increased production and rising metal prices [2][3] Financial Performance - In Q1 2025, Zijin Mining achieved operating revenue of 78.928 billion yuan, a year-on-year increase of 5.55% - The net profit attributable to shareholders reached 10.167 billion yuan, up 62.39% year-on-year and 32.15% quarter-on-quarter - The non-recurring net profit was 9.881 billion yuan, reflecting a year-on-year growth of 58.76% and a quarter-on-quarter increase of 24.37% [2] Production and Profitability - Gold production increased by 13% to 19.07 tons, with a gross margin of 60.86%, up 9.54% year-on-year; the sales price rose by 40.07% to 641.51 yuan per gram - Copper production rose by 9% to 28.76 tons, with a gross margin of 61.14%, an increase of 3.3% year-on-year; the sales price increased by 16.69% to 62,030 yuan per ton - The gross profit from gold and copper segments increased by 32.9 billion yuan and 17.9 billion yuan respectively [3][4] Market Conditions - The spot gold price rose approximately 19% in Q1 2025, marking the largest quarterly increase since September 1986, while COMEX gold futures rose by 17.12% [4] - The company plans to produce 1.15 million tons of copper, 85 tons of gold, and 44 million tons of zinc (lead) in 2025 [4] Stock Buyback and Market Response - Zijin Mining initiated a stock buyback of nearly 1 billion yuan following a significant drop in stock price due to external tariff policy changes, with plans to repurchase shares at a price not exceeding 17 yuan per share [5] Lithium Business and Future Plans - The company did not report on its lithium business in the Q1 report, despite plans to establish a production capacity of 40,000 tons of lithium carbonate equivalent by 2025 - Zijin Mining's acquisition of control over Zangge Mining is expected to enhance its position in the lithium market, with a focus on low-cost, high-margin projects [6][7]