Di Yi Cai Jing·2025-10-18 09:47Core Viewpoint - Zijin Mining's Q3 2025 report shows significant profit growth driven by rising gold prices and increased production, highlighting the company's strong performance in a commodity bull market [1][2]. Financial Performance - For the first three quarters of 2025, Zijin Mining achieved revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45%, both setting historical records for the period [1]. - In Q3 2025, the company reported revenue of 86.488 billion yuan, a year-on-year growth of 8.14%, marking a slowdown from the previous quarter's 17.38% growth [2]. - The gross profit margin for mining operations was 60.62%, an increase of 2.91 percentage points year-on-year [2]. Production Highlights - Zijin Mining's gold production reached 65 tons in the first three quarters, a 20% increase year-on-year, with Q3 production at 24 tons, up 7% quarter-on-quarter [1]. - The company’s copper production decreased by 6% to 260,000 tons in Q3, primarily due to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [3]. - Lithium production for the first three quarters was 11,000 tons, including 3,700 tons from Zangge Mining since May 2025 [3]. Market and Stock Performance - Zijin Mining's stock surged by 52.14% in Q3, with a market capitalization exceeding 800 billion yuan, reaching a historical high of 32.65 yuan post-National Day holiday [3]. - Institutional investors have shown caution, with significant sell-offs, including a reduction of 235 million shares by the Northbound Stock Connect [3]. Future Outlook - The trajectory of gold prices remains a critical factor for Zijin Mining's performance in Q4 2025, with the company facing challenges in cost management to maximize benefits from rising gold prices [4].