Xin Lang Cai Jing·2025-08-28 08:31Core Viewpoint - Zijin Mining reported strong financial results for H1 2025, with revenue of 167.71 billion yuan (yoy +11.50%) and net profit attributable to shareholders of 23.29 billion yuan (yoy +54.41%) [1] Financial Performance - In Q2 2025, revenue reached 88.78 billion yuan (yoy +17.38%, qoq +12.49%), with net profit of 13.13 billion yuan (yoy +48.75%, qoq +29.10%) [1][2] - H1 2025 gold business gross profit margin has surpassed that of copper business, indicating a shift in profitability dynamics [2] Production and Cost Analysis - Gold production in Q2 2025 increased by 3.1 tons to 22.1 tons, with gold prices rising 15% to 770 yuan per gram, while costs increased by 8.21% [2] - Copper production in Q2 2025 decreased by 0.8 million tons to 279,000 tons, attributed to the temporary shutdown of the Kamoa copper mine [2] Resource Expansion and Strategic Acquisitions - The company has made significant progress in resource exploration, adding 2.049 million tons of copper resources and 0.888 tons of gold resources in H1 2025 [3] - Zijin Mining completed the acquisition of controlling interest in Zangge Mining, enhancing its strategic mineral resource portfolio [3] Future Outlook and Valuation - The company maintains a "buy" rating, with upward revisions to net profit forecasts for 2025-2027 based on higher-than-expected financial asset investment income [4] - Target valuations for 2025 are set at PE ratios of 15/19/16X for copper/gold/zinc, with corresponding target prices of 28.80 yuan and 32.16 HKD [4]