Shang Hai Zheng Quan Bao·2025-08-26 15:21Core Viewpoint - Zijin Mining reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by rising metal prices and production growth [2][4]. Financial Performance - The company achieved operating revenue of 167.71 billion yuan, a year-on-year increase of 11.5% [2]. - Net profit attributable to shareholders reached 23.29 billion yuan, up 54.41% year-on-year [2]. - Operating cash flow was 28.8 billion yuan, reflecting a 41% increase [2]. - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares, totaling 5.85 billion yuan [2][8]. Production and Sales - In Q2 2025, net profit reached 13.13 billion yuan, a 30% increase from Q1 [4]. - Copper production was 570,000 tons, a 9% increase; gold production was 41 tons, up 16%; silver production was 224 tons, up 6% [4]. - The overall gross margin for mineral products was 60.23%, an increase of 3 percentage points year-on-year [4]. Resource Expansion Strategy - The company continues its "exploration + acquisition" strategy, adding 204.9 million tons of copper resources and 88.8 tons of gold resources [6][7]. - Zijin Mining acquired a 26.178% stake in Zangge Mining, adding strategic potassium resources and enhancing copper and lithium reserves [6]. - The company is also expanding its presence in West Africa and Central Asia through acquisitions [6]. Market Outlook - The company anticipates increased demand for gold due to global trade uncertainties, geopolitical tensions, and a weak dollar [2][12]. - The outlook for copper prices remains stable, supported by China's ongoing infrastructure investment and structural supply shortages [12]. - Lithium prices have decreased, which may lead to production cuts or delays in some projects, but demand is expected to continue growing [12].