Group 1 - The core viewpoint of the article is that the spin-off of Zijin Mining will help unlock value, maintaining a "Buy" rating with a target price of HKD 29.6 [1] - The spin-off of Zijin Gold International aims to raise between HKD 25 billion to HKD 28 billion, with funds allocated for the acquisition of the Raygorodok gold mine in Kazakhstan and future expansion and exploration projects [1] - The IPO of Zijin Gold International has attracted 29 cornerstone investors, who subscribed for nearly 50% of the offering size [1] Group 2 - The positive outlook on the spin-off is based on the limited dilution effect it will have while providing growth potential for the business [1] - Zijin Gold International's production is expected to increase in the second half of 2025 due to the full consolidation of the Akyem mine, with an annual output projected to reach 1.3 million ounces [1] - Following the integration of Raygorodok in 2026, production is anticipated to grow by approximately 20% year-on-year [1] Group 3 - Based on the forecasted gold prices of USD 3,210 per ounce in 2025 and USD 3,400 per ounce in 2026, the net profit from overseas gold mining operations is expected to reach USD 1.2 billion in 2025, with a further 40% growth anticipated in 2026 [1]