Chang Jiang Shang Bao·2025-07-14 23:46Core 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].