Zheng Quan Zhi Xing·2025-08-28 14:19Core Viewpoint - Zijin Mining (601899) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 167.71 billion yuan, an increase of 11.5% year-on-year [1]. - Net profit attributable to shareholders was 23.29 billion yuan, up 54.41% year-on-year [1]. - In Q2 2025, total revenue was 88.78 billion yuan, reflecting a 17.38% year-on-year increase [1]. - Q2 net profit attributable to shareholders was 13.13 billion yuan, a rise of 48.75% year-on-year [1]. - Gross margin improved to 23.75%, with a year-on-year increase of 24.01% [1]. - Net margin increased to 17.08%, up 39.05% year-on-year [1]. Key Financial Metrics - Operating expenses totaled 5.82 billion yuan, accounting for 3.47% of revenue, a slight increase of 1.79% year-on-year [1]. - Earnings per share (EPS) rose to 0.88 yuan, a 52.79% increase year-on-year [1]. - Cash flow per share was 1.08 yuan, up 41.0% year-on-year [1]. - The company's return on invested capital (ROIC) was 13.63%, indicating strong capital returns [1]. Shareholder Activity - The company is held by three prominent fund managers, with recent increases in their holdings [2]. - Notable fund manager Han Chuang from Dachen Fund ranks among the top fifty in the 2024 public fund manager list, with a total fund size of 16.12 billion yuan [2]. Debt and Cash Flow Considerations - The cash flow situation is noteworthy, with cash and cash equivalents to current liabilities ratio at 45.46% [3]. - The interest-bearing debt ratio has reached 38.24%, indicating a significant level of leverage [3]. Fund Holdings - Major funds holding Zijin Mining include: - Huaxia SSE 50 ETF with 322.89 million shares, increased holdings [4]. - Huatai-PineBridge CSI 300 ETF with 292.77 million shares, increased holdings [4]. - E Fund CSI 300 Initiation ETF with 209.19 million shares, increased holdings [4]. - The largest fund, Huaxia SSE 50 ETF, has a total size of 65.44 billion yuan, with a recent net value decline of 1.72% [4].