“矿茅”业绩出炉！前三季度赚378亿元

Core Insights - The company reported a revenue of approximately 254.2 billion yuan for the first three quarters, representing a year-on-year growth of 10.33%, and a net profit of approximately 37.864 billion yuan, with a year-on-year increase of 55.45% [1] - In the third quarter, the company achieved a revenue of approximately 86.489 billion yuan, showing a year-on-year growth of 8.14%, and a net profit of approximately 14.572 billion yuan, with a year-on-year increase of 57.14% [1] - As of October 17, the company's A-share price closed at 30.17 yuan per share, with a cumulative increase of approximately 104% year-to-date [1] Production and Financial Performance - The company's gold production for the first three quarters was 65 tons, an increase of 20% year-on-year, while copper production was 830,000 tons, up 5% year-on-year [2] - The silver production was 335 tons, a 1% increase year-on-year, and zinc production was 270,000 tons, down 12% year-on-year [2] - The gross margin for mining enterprises was 60.62%, an increase of 2.91 percentage points year-on-year, and the overall gross margin was 24.93%, up 5.4 percentage points year-on-year [2] Quarterly Production Insights - In the third quarter, gold production was 24 tons, a 7% increase quarter-on-quarter, while copper production was 260,000 tons, a 6% decrease quarter-on-quarter [2] - Silver production in the third quarter was 112 tons, down 6% quarter-on-quarter, and zinc production was 90,000 tons, remaining stable quarter-on-quarter [2] - The mining enterprise gross margin for the third quarter was 61.27%, an increase of 0.78 percentage points quarter-on-quarter, and the overall gross margin was 27.23%, up 2.71 percentage points quarter-on-quarter [2] Lithium Business Development - The company produced 11,000 tons of lithium carbonate in the first three quarters, including 3,700 tons from Zangge Mining since May 2025 [4] - The first phase of the lithium mine project in Argentina, with an annual production capacity of 20,000 tons, commenced production by the end of the third quarter [4] - The lithium mining system in Hunan Xiangyuan, with a capacity of 5 million tons per year, is set to begin trial production in the fourth quarter [4] Subsidiary Listing and Financials - The subsidiary, Zijin Gold International, was listed on the Hong Kong Stock Exchange on September 30, issuing 401 million shares at a price of 71.59 HKD per share, raising approximately 28.7 billion HKD [5] - In the first three quarters, Zijin Gold International achieved gold production of 32 tons and a net profit of 9.05 million USD, equivalent to approximately 6.484 billion yuan [5] - Other main gold mines of the group produced 20 tons of gold, generating a net profit of 5.013 billion yuan [5]